ARTICLES OF ASSOCIATION

ABC CHILDREN´S AID

Sect. I

Par. 1

ABC Children?s Aid is a charitable organization with our permanent address in Reykjavík, Iceland.

Par. 2

ABC Children?s Aid is operated on a Christian basis, especially bearing in mind the commandment to love thy neighbors as one self.

ABC Children?s Aid shall look for co-operation and support from Christian individuals and congregations, and also any others who wish to support the work of the organization.

Par. 3

The aim of the organization is to help people to help themselves and to manage on their own. Although the goal of the relief work is not intended as emergency help, the organization is authorized to take on such work. Especially if such work is a step in helping others to become independent, and results in their resulting in them being able to manage on their own.

Par. 4

One principal aim of the work of ABC Children?s Aid concerns teaching people to read and write, and various other educational activities.

ABC Children?s Aid shall seek to work closely and in cooperation with the local people in each country they operate in to the extent that operations in the relevant country comply with the goals and purpose of ABC Children?s Aid.

Sect. II

Par. 5

The highest jurisdiction over affairs of the organization resides with the Board of Directors.

The Board of Directors shall be composed of 7 people chosen by a nominating committee

The Directors shall each be elected for a two year term.

An attempt shall be made to renew the Board by replacing one member not less than every two years.

A member of the Board may be re-elected as often as he or she is considered necessary.

A majority vote of the Board is required to approve the election of a new member of the Board.

Dismissal of a member of the Board shall require the vote of 5 Board members.  

Par. 6

The initial capitalization of ABC Children?s Aid shall amount to ISK one hundred and fifty thousand.

Par. 7

A majority vote shall be required at Board meetings to pass a proposal; in case of a tie, the Chairman of the Board shall have the deciding vote.

Par.8

A meeting with as few as 4 members of the Board present shall be considered a quorum if they have been legally notified of the meeting.

As deemed necessary, appointing alternate members to the Board is authorized, on the proposal of 4 Board members, even though such a decision has not been formally approved at a Board meeting.

The Board can dismiss an alternate with a simple majority vote.

Par. 9

The Board shall itself decide on the division of the workload.

Par. 10

The Board shall keep minutes of its meetings which shall show all decisions, recommendations and conclusions made by the Board. The minutes shall be kept in a bound book with numbered pages.

Sect. III

Par. 11

These Articles of Association may be amended by a vote of 5 members of the Board.

Sect. IV

Par. 12

ABC Children?s Aid intends to raise money by seeking donations and by various other fund-raising means.

Par. 13

The Board of Directors of ABC Children?s Aid shall make certain that the general public shall always have access to information about then financial affairs of the organization, for example, by publishing a newsletter.

The organization is required to make public the worth of everything received, and what methods have been used to allocate expenditures for operation expenses and for relief work.   

Sect. V

Par. 14

The organization shall be required to keep its books in accordance with those accounting principles and regulations in force at any given time.

The calendar year shall constitute the organization?s financial year.

Par. 15

The annual accounts shall be kept in accordance with the generally accepted accounting practices for each period of time.

Par. 16

Should ABC Children?s Aid be liquidated, a vote of 5 members of the Board shall be required and any assets held by the organization at that time shall go to another relief agency in accordance with the further decision of the Board of ABC Children?s Aid, as decided by a simple majority vote. The agreement of the government shall be sought if ABC Children?s Aid is closed down.

Sect. VI

Par. 17

The confirmation of the President of Iceland shall be sought for these Articles of Association. 

Presently the ABC Children?s Aid supports about 4000 poor and destitute children with education, medical help, food and clothing. Approximately 1900 of them receive full support and housing from the ABC home?s.

In addition to the support of needy children the ABC Children?s Aid has founded and supported the following projects.