The Competence Development Fund of Southern Norway

Articles of Association for the Competence Development Fund of Southern Norway

§ 1
The foundation's name is "Sørlandets Kompetansefond".
(Editors note: In this English section of the website, we use the translation "The Competence Development Fund of Southern Norway".) 

The foundation was established by the local authorities of Kristiansand, Audnedal, Kvinesdal, Mandal, Songdalen, Søgne, Flekkefjord, Vennesla, Lindesnes, Marnadal, Hægebostad, Sirdal, Åseral, Lyngdal and Farsund to ensure that assets accrued by Vest-Agder energiverk can serve the inhabitants of the county of Vest-Agder in the long term.

§ 2
The foundation's registered office is in the municipality of Kristiansand.

§ 3
The foundation is a public foundation pursuant to Chapter III of the Norwegian Foundation Act.

§ 4
The objects of the foundation are to contribute to improved competence in the county of Vest-Agder in order to secure and create jobs and good living conditions, including assisting in the development of the University of Southern Norway.

Competence here means the ability to establish and utilize knowledge for practical purposes.

Institutions that receive support must develop knowledge at university college/university level, for the benefit of the institution's own development and/or local industry and/or the local public administration.

Institution here means public or private research/educational institutions, local authorities, and public and private enterprises.

§ 5
The foundation's basic capital at the time of its founding consists of … shares in Agder Energi AS. The board of directors of the Competence Development Fund of Southern Norway may sell shares and invest the funds raised in other assets as designated in the articles of association.

Every year a sufficient amount of capital shall be added to the basic capital in the Competence Development Fund of Southern Norway in order to maintain the real value of the fund. The remaining income may be used in the year in which it is accrued in order to promote the objects of the Competence Development Fund of Southern Norway or it may be added to an interest-bearing fund for use in subsequent years.

The basic capital and supplementary capital must never be encroached upon. If the Competence Development Fund of Southern Norway's assets fall so much in value that the basic capital and supplementary capital has to be encroached upon, annual disbursements shall not be made until such time as the basic capital and supplementary capital have been replenished.

§ 6
The assets of the Competence Development Fund of Southern Norway are managed by the fund's board of directors. The board may delegate management to a general manager, but the board must issue instructions and guidelines for such management. The capital of the Competence Development Fund of Southern Norway shall at all times be managed to ensure that security is maintained in a fully justifiable manner in relation to its objectives, and that the yield is satisfactory in order to safeguard the objects of the fund.

The fund's assets shall preferably be invested in shares, bonds, unit trust funds or in real property.

The Competence Development Fund of Southern Norway may not borrow funds or furnish guarantees etc.

§ 7
The board of the Competence Development Fund of Southern Norway shall consist of seven members, each of whom shall have a personal deputy.

The board shall be appointed by a council, although the municipality of Kristiansand may appoint one board representative. The municipality of Kristiansand appoints its representative before the council elects the board of directors. The board shall be representative for the entire county of Vest-Agder.

The board shall consist of representatives with expertise from industry, politics and research/education.

The board shall be appointed for four years at a time, with three or four board members and their deputies being elected every other year.

Board members may be re-elected, but no board member may be elected for more than three periods.

The chairman of the board is elected by the council.

The board forms a quorum when more than half of the board members are present.

Board decisions are made by simple majority,

The board chairman and general manager or two board members together may sign on behalf of the Competence Development Fund of Southern Norway.

§ 8
The council consists of the mayors of the local authorities in the county of Vest-Agder, with their deputy mayors acting as personal deputies. If a mayor is elected as a permanent member of the board, the deputy mayor shall take up the position of permanent member of the council. The local authority shall then itself choose a deputy for the deputy mayor.

The council elects its own chairman.

The chairman of the council arranges a meeting by the end of June each year and otherwise as often as requested by the chairman, board or at least three board members. At least fourteen days' written notice of council meetings shall be issued. The notice of meeting shall state which business is to be discussed. Notice of any other business that a member wishes to discuss in particular must be given to the board no later than one week before the meeting is held. The council shall also be notified in writing of any other business.

Minutes shall be kept of discussions. These minutes shall be signed by the meeting leader and two other individuals appointed by the council from among those present.

The council forms a quorum when at least half of its members are present.

§ 9
The council shall elect the board, and may remove board members.

The council shall determine the board's remuneration.

The council shall elect an auditor and adopt the auditor's fee.

The council shall discuss matters concerning reorganisation and dissolution.

§10
The board shall engage a general manager and determine his/her working conditions.

The board may also engage external assistance in connection with assignments in so far as the board finds this necessary.

The general management shall, among other things, ensure that the funds are managed in accordance with the board's guidelines, process applications for grants and recommend to the board who shall receive funding. The general management shall also follow up projects in which the board is involved.

§ 11
The board shall be dissolved when legal requirements concerning dissolution exist, or at the recommendation of more than two-thirds of the council's representatives.

At the recommendation of two-thirds of the council's representatives, the board may seek to reorganise the foundation.

Kristiansand, 28 June 2000.