Bylaws of Foundation Dharma

I General provisions

1.1. The name of the organization shall be Foundation DHARMA (hereinafter referred to as the Foundation)

1.2. The location of the Foundation shall be in Tallinn, the Republic of Estonia.

1.3. The Foundation's objective shall, for public interests, be promoting culture, education, mental sphere, sports, and supporting those in need.

1.4. The Foundation is a private legal person. In its activities the Foundation shall proceed from the Foundations Act of the Republic of Estonia and other legal acts and the given by-laws.

1.5. Upon establishing the Foundation money shall be transferred to the bank account of the Foundation according to the foundation resolution. The Foundation may obtain tangible and intangible rights and have obligations, may become plaintiff or defendant in court and arbitration court, have its own assets, independent balance sheet and bank accounts. The Foundation shall be responsible for its obligations with all its assets.

1.6. The Foundation shall not share its assets or returns nor provide tangible award or allowances evaluated in money for its founder, members of its management or control bodies nor people related to them.

1.7. Administrative expenditure of the Foundation cannot exceed the rate justified by the nature of activity and objectives specified in the by-laws.

1.8. The charge paid to the officers or members of the management or control boards of the Foundation shall not exceed the salary usually paid in business for the same kind of work.

 

II Foundation's objectives and fields of activity

2. 1. The Foundation's objective shall be promoting culture, education, mental sphere, sports, and supporting those in need for public interests.

2.2. The Foundation's main fields of activity shall be:

  • controlling the disposal of the Foundation's funds;
  • assessing filed projects and arranging them to be carried out;
  • arranging charity events, concerts;
  • gathering information on social welfare, raising money for it and distribute it to people in need;
  • arranging exhibitions and promotion events;
  • organizing courses and trainings;
  • organizing children camps and other events;
  • creating charity centres;
  • arranging commercial activity for charity purposes;
  • distributing scholarships and support for individuals.

 

III Officers of the Board

3.1. The Foundation shall be managed and represented by officers of the Board of one to five members.

3.2. The Board shall be obliged to report to the Board of Directors and act in accordance with the Act on Non-Profit Associations.

3.3. In every legal act the Foundation may be represented by any officer of the Board.

3.4. Officers of the Board shall be appointed on founding by the foundation resolution, hereafter the Foundation's Board shall decide about making alterations in its memberships and removal of members. The powers of the officer of the Board shall last for four (4) years.

3.5. The Board shall decide upon remuneration and order of payment.

 

IV Board of Directors

4.1. The Board of Directors shall plan the Foundation's activity and monitor the Foundation's activity.

4.2. The Board of Directors shall comprise three to seven members.

4.3. For the first three (3) years the members shall be fixed by the resolution of foundation. Later members of the Board of Directors shall be appointed by the Foundation's founders.

4.4. The powers of the member of the Board of Directors shall last for five (5) years.

4.5. The Board of Director shall act in accordance with the Act on Non-Profit Associations.

4.6. The member of the Board of Directors may get a fee for his or her tasks depending on the Foundation's economic situation. The founder shall decide upon paying and the amount of fee.

4.7. The Foundation may have departments, not in the rights of a legal person. It is the Board of Directors that makes up and ends the activity of the department. The department shall be run by the head of department whose competence shall be specified by the statutes approved of by the resolution of the Board of Directors.

 

V Foundation's assets, financial and business activity

5.1. The Foundation's assets are tangible valuables and monetary resources coming from:

  • the founder's down payment;
  • voluntary donations by legal persons and individuals, and allocations intended for a specific purpose;
  • other proceeds pursuant to law.

5.2. The money being donated to the Foundation shall be transferred to the Foundation's bank account. Assets valuable in money being transferred to the Foundation shall be fixed in the Agreement or Instrument of delivery and receipt, or another document on it.

5.3. The Foundation may possess any assets necessary to achieve the objectives in the By-laws and if it is in harmony with law to possess them. The Foundation shall own, dispose of and employ all its assets independently; it shall be entitled to purchase and sell, encumber with limited real right, let out, rent, make a present of, exchange or write off depreciated or morally outdated fixed assets.

5.4. Foundation's assets shall be employed for:

  • arranging the Foundation's work;
  • paying for contractual work;
  • paying remuneration to people in work relationship with the Foundation;
  • procuring fixed assets and current assets;
  • establishing special funds;

Foundation has a right organizing raising funds for specific purposes.

5.5. The Board of Officers shall decide upon employing and disposing of assets, except from movable property and immovable property entered into the registry, or encumbering it with real right and obtaining and terminating shareholding in a business company which requires a prior consent by the Board of Directors.

5.6. According to the Accounting Act and Foundations Act of the Republic of Estonia the Foundation's accounting shall be organized by the Board of Officers.

 

VI Inspection

6.1. To inspect the Foundation's activity the Board of Directors shall appoint an auditor and decide his or her removal. The auditor shall be nominated for a single audit to be carried out or up to one (1) year.

6.2. The rights and obligations prescribed by the Foundations Act shall apply to the auditor.

6.3. The financial year of the Foundation shall begin on 1 January and end on 31 December.

 

VII Amending the By-laws

7.1. After entering the Foundation to the Registry the founder may only amend the By-laws under changed circumstances following the objective of the Foundation.

7.2. The Board of Directors can amend the By-laws taking into account changed circumstances following the objective of the Foundation in case the founder shall have dropped out.

7.3. Amendments to the By-laws shall take effect after entering the amendments into the Registry. The application of entering the amendments into the Registry shall be accompanied by the resolution on the amendment of the By-laws and by a new text of the By-laws.

 

VIII Termination of the Foundation's activity

8.1. Termination of Foundation's activity shall follow the Foundations Act.

8.2. In case the Foundation's activity does not correspond to Foundation's objectives the founder shall be entitled to terminate Foundation's activity.

8.3. In case the Foundation's activity be terminated and after satisfying the creditors the assets still there shall be delivered to a foundation or a non-profit organization with like objectives, or to a legal person governed by public law.

The By-laws of Foundation DHARMA has been approved by the resolution on foundation on 5 October 2001, amended on 30 January 2006, 2 February 2007, on 29 May 2007.

Tarmo Keskküla, Member of the Officers of the Board

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