These rules will govern Akelius Foundation.
Adopted 2017-12-04 and 2018-04-20.
On 2017-12-04, at the council meeting, the Founder amended the original version, initially with the name Akelius University Foundation dated 2007-04-04, and signed this charter under the laws of the Commonwealth of The Bahamas.
The Foundation Council has at its meetings 2017-12-04 and 2018-04-20 decided to adopt the suggested modifications to the charter.
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 two persons who are not council members.
The protectors shall act as internal auditors for the Foundation 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, USD 15,000.
On 2007-06-22 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 the 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 Foundation will donate to
- Akelius Business School and its students, providing grants and allowances to students for studies, research and to contribute to the development of courses
- children in need, such as the ongoing cooperation with SOS Children's Villages helping thousand children over a twenty-five year period
- refugees and other people suffering from government actions in need of medical care
Akelius Foundation may not donate to other purposes such as
- supporting wildlife
- human rights
- gender rights
Within a given calendar year, donations may not exceed five percent of the Foundation's assets value.
The Council can act on behalf of Akelius Foundation in any matters pertaining to the Foundation’s purpose and is authorized to legally bind the Foundation.
All decisions within or with Akelius 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
Akelius Foundation will publish financial information and other relevant information on the internet or through similar public media.