These rules will govern the Akelius Foundation.
Adopted 16 april and 16 July 2012
On April 7, 2011, at the Council´s annual meeting, the Founder amended the original version, initially with the name Akelius University Foundation dated April 4, 2007, and signed this charter under the laws of the Commonwealth of The Bahamas. The foundation council has on its meetings 16 April and 16 July 2012 decided to adopt the suggested modifications to the Charter.
The Akelius Foundation
a) is registered and domiciled in the Bahamas according to The Foundation Act, 2004, of The Commonwealth of The Bahamas. The Registrar issued Certificate Number 73F. The registered office of the Foundation is L.C. Hull & Co, P.O Box 20415, 700 Don MacKay Boulevard, Marsh Harbour, Bahamas. The secretary of the Foundation is attorney Rhonda Hull with the same address,
b) is a legal entity that performs business and owns equities,
c) is not owned by anyone,
d) will elect responsible staff itself for its management,
e) is established for an indefinite period.
Akelius Foundation´s legal body, the Council, consists of five members. These members perform their duties with similar responsibility as the members of a board of directors of a Swedish limited company.
The Council governs the Foundation according to:
a) The Foundation Act of 2004 and other applicable Bahamian laws,
b) This charter, any articles hereafter adopted and the Founder´s intentions.
The Protectors consist of five members who are not Council members. The Protectors shall act as internal auditors for the Akelius Group with the prime responsibility of ensuring that the Council members and the Foundation perform their and its mandate.
The initial endowment of the Foundation was fifteen thousand (15,000) US dollars. On June 22, 2007, an additional transfer to the Foundation was made of eighty-five thousand (85,000) shares in Akelius Apartment Ltd, a company incorporated and registered in Cyprus. As all assets in the Foundation are now vested, such assets are the sole property of the Foundation. All Foundation assets have ceased to be the property of the Founder or any other person, and shall not become the property of any beneficiary unless distributed in accordance with the provisions of this charter and the articles.
With an emphasis on owning and managing residential real estate, business will continue in the Akelius Group for at least this century. The Foundation may not have assets with a total value of less than ten thousand (10,000) Bahamian dollars or the equivalent in any other currency.
The purpose is charity
The Akelius Foundation will donate to
a) homes for children in need. Presently the Foundation is financially responsible for four villages managed by SOS Children’s Villages.
b) research and education regarding residential real estate.
c) any other humanitarian, philanthropic project if the Founder later declares it in a separate article.
No single person may accumulate donations that exceed two per cent of the Foundation´s net assets.
The Foundation will not contribute to any religious or political campaign.
The Council can act on behalf of the Foundation in any matters pertaining to the Foundation´s purpose and is authorized to legally bind the Foundation.
All decisions within or with the Foundation will be executed only after three Council members have signed them.
After the Founder has passed away, no one may change beneficiaries or their benefits and
a) selling shares of any major subsidiary or
b) changing the articles requires unanimous decision in two Council meetings with at least three months between them.
The Foundation will publish its annual statements and other relevant information on the Internet or through similar public media.