Statutes for the British-Icelandic Chamber of Commerce

Statutes for the British-Icelandic Chamber of Commerce

 

 I.     NAME 

Art. 1

The name of the association is The British-Icelandic Chamber of Commerce, hereinafter referred to as the “Chamber”.

The Chamber’s domicile is in Reykjavik and its legal status is subject to Icelandic law and jurisdiction.

 

 II.    OBJECTIVE AND FUNCTION

Art. 2

The objective of the Chamber is to promote and maintain commercial links between Britain and Iceland, and further ties in the fields of education, culture, business and politics.

 

Art. 3

In accordance with the Chamber’s objective it shall i.e. undertake the following:

a) Organize meetings and conferences concerning common matters between the two countries.

b) Organize visits by parties within the business community of both countries.

c) Guard the commercial interest of its members in respect of British and Icelandic authorities.

d) Render direct services as decided by the Board, i.e. providing information about business contacts, assisting in establishing links between companies and distributing information relating to commerce in the two countries.

 

III.   MEMBERS

Art. 4

Those may become members of the Chamber:

a) Individuals being either Icelandic or British citizens or individuals engaged in business in either counties, as well as organizations formed by such individuals.

b) Legal persons established or having considerable portion of their business operations in either counties, as well as organizations formed by such entities

c) Honorary members, cf. Art 6.

In case of membership of a legal person or an organization a notice shall be given to the Chamber of who shall represent the membership on behalf of that legal person or organization and of amendments to that arrangement.

 

Art. 5

Membership of the Chamber must be applied for in writing. The Board of the Chamber will decide on membership.

 

Art. 6

The Chamber’s Board may propose to the Annual General Meeting that a specific individual (or individuals) who has/have lent special support to strengthening the Chamber, its aims or relations between the countries will be made Honorary Member(s) of the Chamber. Such a motion requires the approval of two-thirds (2/3) of the votes of those present. An Honorary Member may attend the Chamber’s General Meetings with the right to speak.

 

Art. 7

Withdrawal from the Chamber shall be in writing and shall take effect at the beginning of the year following its receipt. A withdrawal has no effect on a member’s duty to pay the annual fee for the current year.

  

Art. 8

The Chamber’s Board may by the means of two-thirds (2/3) of votes decide to dismiss a member from the Chamber under exceptional circumstances, such as serious violation of the Chamber’s interests and objectives, violation of its Statutes or serious breach of national legislation.

 

IV.  ANNUAL GENERAL MEETING AND GENERAL MEETINGS

Art. 9

The Annual General Meeting of the Chamber shall be held no later than end of June each year. The Annual General Meeting shall be called in a proper manner with at least 2 weeks’ notice in writing. Notice via email and / or entry on the Chambers web site is considered sufficient notice.

An Agenda shall be sent with the notice of a meeting together with motions to amend the Statutes if any. A meeting is valid if a notice has been duly given in conformity with the Statutes.

 

Art. 10

The Agenda of an Annual General Meeting shall be as follows:

1. Report by the Board.

2. Annual Accounts.

3. Election of a Chairman

4. Election of Board members

5. Election of an Auditor.

6. Introduction of the budget for the next fiscal year and determination of annual fee

7. Amendments to the Statutes.

8. Any other business.

It is permissible to alter the order of items on the Agenda with the approval of the Annual General Meeting.

 

Art. 11

The Chamber’s Board may call a General Meeting of the Chamber with at least 2 weeks’ notice. 

 

Art. 12

All members who have paid the annual fee are entitled to attend the Chamber’s meetings, submit motions and cast votes.

Each member has one vote. A member is entitled to appoint a proxy to attend and to vote instead of him, but a proxy may, however, not represent more than 5 members.

Votes shall be cast by a show of hands, unless a written poll has been specifically requested.

 

Art. 13

The Chairman of the Board shall chair meetings of the Chamber or nominate a special Chairman for the meeting. The Chairman of the meeting shall nominate a secretary for the meeting. Minutes shall be kept of the proceedings of the meeting and these shall be signed by the Chairman for the meeting and Secretary of the meeting and sent to the members or posted on the Chambers Web site.

 

V.   THE BOARD

Art. 14

The Chamber’s Board consists of a Chairman and 9 Members who shall be elected at an Annual General 

Meeting for a term of two years at a time in such manner that the Chairman and 5 Board Members be elected every other year and 4 Board Members during the alternative year. Membership of the Board is personal. 

It is the policy of the Chamber that the number of Icelandic Board Members shall be as close to equal as possible at any given time to the numbers of British Board Members. In case of a membership of a legal person or an organization only one representative of such members can take a seat on the board.

 

Art 15

A Chairman shall be elected separately but other Board Members shall be elected in one vote. In case there are more people offered for election than the number of vacant seats votes shall be taken in writing and cast in one lot. A voter may cast votes for as many candidates as there are seats available on the Board, but it is permitted to vote for a lesser number of candidates. The number of votes will determine the results, but in case of equal votes lots shall be drawn to decide the issue.

A newly elected Board shall elect a Vice-Chairman and further detail duties among themselves. 

The Chairman can make decisions regarding general issues about the cooperation with other bilateral chambers without the Board’s intervention.

Members who wish to stand for election to the Board, shall inform the Chairman or Executive Secretary no later than 2 weeks prior to the announced meeting.

 

Art. 16

The Chamber’s Board has the authority to engage an Executive Secretary to undertake the Chamber’s daily business. The Executive Secretary shall be entitled to attend all meetings of the Chamber, unless the majority of those attending a meeting decide otherwise.

Meetings of the Board shall be called in a proper manner with at least one week’s notice in writing, unless there is an urgent necessity for an alternative arrangement. Notice sent via email would suffice as a notice in writing.

The Board is competent for making decisions if at least 3 Board Members attend a meeting. A simple majority decides on issues.  In case of even votes the Chairman’s, vote will decide the issue.

The Chairman represents the Chamber in the cooperation of other bilateral chambers and the Iceland Chamber of Commerce. The Chairman can make decisions at that niveau without Board’s intervention.

 

Art. 17

The Chamber’s Board has the authority to engage an Executive Secretary to undertake the Chamber’s daily business. The Executive Secretary shall be entitled to attend all meetings of the Chamber, unless the majority of those attending a meeting decide otherwise.

 

Art. 18

The Chairman of the Board and the Executive Secretary are authorized to commit the Chamber by means of their signature. In case an Executive Secretary has not been engaged the Chamber will be bound by the signatures of the Chairman or Vice-Chairman and one more member of the Board.

 

VI.  FINANCIAL AFFAIRS 

Art. 19

The Chamber’s fiscal year extends from 1st of January to 31st of December each year.

 

Art. 20
Accounts shall be audited by a Chartered Accountant in accordance with the decision of an Annual General Meeting.  The accounts shall be submitted for approval at an Annual General Meeting.

 

VII. AMENDMENTS TO THE STATUTES 

Art. 21

Motions for amendments to the Statutes shall be received by the Board in time so that these may be announced in the notice of a meeting of the Chamber.  A decision on amendments to the Statutes shall be made at a meeting of the Chamber and for a motion to be passed at least two-thirds of those attending must approve of it.

 

Art. 22
Motions to dissolve the Chamber shall be subject to the same procedure as motions for amendments to the Statutes.

In case a decision to dissolve the Chamber is approved a meeting of the Chamber shall also determine in which manner the net assets of the Chamber shall be appropriated. Upon such a decision the Chambers assets should in principle be passed to one or more organizations with similar objectives. A meeting of the Chamber shall also elect a Committee of Administrators to finalize the Chamber’s liabilities and appropriate the assets remaining in conformity with the decision by the meeting.

 

The present Statutes were approved at the re-establishment meeting of The British-Icelandic Chamber of Commerce held in Reykjavik on 12th of November 1997 and in London 13th on November 1997, with amendments approved at the Annual General Meeting on 2nd of October 2002 and amendments approved at the Annual General Meeting 23rd of February 2017 and amendments approved at the Annual General Meeting 25th of May 2018.