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The Law Of Finnish National Fund

Original Language Title: Laki Suomen itsenäisyyden juhlarahastosta

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Law on the celebration of Finland's independence

See the copyright notice Conditions of use .

In accordance with the decision of the Parliament:

Chapter 1

General provisions

ARTICLE 1

The Bank of Finland, which was set up by a decision of the Parliament, is held by the Bank of Finland, which is owned and controlled by the Bank of Finland, 1967, whose rules are set out in a set of regulations published by the Council Decision of 21 December 1967 (186/86) , is hereby amended as a Fund for Finland's independence, hereinafter referred to as 'the Fund'.

The Fund is a fund to be found by the Parliament. It shall be called Sitra in its activities. (23.12.1999/1252)

The management of the fund in the State Council belongs to the Ministry of Finance.

ARTICLE 2

The objective of the Fund is to contribute to the stable and balanced development of Finland, to economic quantitative and qualitative growth and to international competitiveness and cooperation, in particular with a view to implementing projects that affect: The efficiency of the use of national resources or the level of research and training, or which provide for future development options.

ARTICLE 3

In order to achieve its objectives, the Fund may:

(1) conduct and commission studies and studies;

(2) granting loans and other forms of financing, the repayment of which may be made conditional;

(3) grants grants;

(4) guarantees guarantees and guarantees; and

5) to participate in cooperation projects and to own shares and participations in enterprises.

Chapter 2

Economy

§ 4

The Fund shall have a basic capital which must be invested in a safe and productive manner.

§ 5

The Fund shall be financed by the proceeds of the basic capital and the financial activities.

The basic capital may be used to cover its payment obligations only if the other funds of the Fund are not sufficient.

The Fund shall be allowed to borrow on the basis of its liquidity.

ARTICLE 6

An appropriation may be entered in the statement of revenue and expenditure of the State in order to raise the basic capital of the Fund. This appropriation may also be used to finance the activities referred to in Article 3.

§ 7

The fund may own the property, shares and units necessary for its activities.

Chapter 3

Administration

§ 8

The Fund shall be administered by the Management Board, the Board of Directors and the High Representative.

The Board of Directors shall be composed of the bank councillors appointed by the Parliament. The Board of Supervisors shall be chaired by the Chairperson of the Board of Governors and Vice-President of the Board of Governors. The Board members' fees shall be determined by the Ministry of Finance. (23.12.1999/1252)

§ 9

It is up to the Management Board to supervise the management of the Fund and decide on the principles of action. In particular, the Management Board shall:

(1) select and release the President of the Government, the Vice-President and the other members and the High Representative and provide for their remuneration and benefits;

(2) lay down general guidelines for the financial activities and investment activities of the Fund;

(3) adopt the annual economic and action plan and the rules of procedure of the Fund;

(4) adopt an annual economic and action plan for the next six years;

(5) make a proposal for the amount referred to in Article 6 and decide on the use of basic capital as referred to in Article 5 (2);

(6) decide how to organise an internal audit of the management and operation of the Fund;

(7) fix the profit and loss account and balance sheet of the Fund;

(8) decide on the discharge to the members of the Board of Directors and the High Representative;

(9) submit an annual report on the activities of the Fund to the Parliament; and

(10) address other issues raised by the government.

ARTICLE 10

The Board shall consist of six members. The Ministry of Finance, the Ministry of Trade and Industry and the Ministry of Education must be represented in the government. The High Representative is a member of the Board.

ARTICLE 11

The Board is responsible for the management of the Fund.

The Board of Directors shall meet at the invitation of the Chairperson or The Board of Directors has a quorum when the President and two other members are present. Cases shall be settled by simple majority. In the event of a tie, the President shall vote.

The Board's term of office shall be two years.

ARTICLE 12

The task of the Ombudsman shall be to manage the management of the Fund and to develop the Fund in accordance with instructions and instructions issued by the Management Board and the Board of Directors.

ARTICLE 13

The Fund shall have rules of procedure giving more detailed provisions on the powers and tasks of the Management Committee and of the other staff of the Fund.

Chapter 4

Outstanding provisions

ARTICLE 14

The Fund's accounts shall respect, where appropriate, the accounting law (65/73) .

The financial year shall be the calendar year.

Accounting L 655/1973 Has been repealed by the Accounting L 13,66/1997 .

§ 15 (23.12.1999/1252)

§ 15 has been repealed by L 23.12.1999/1252 .

ARTICLE 16

The annual audit of the Fund shall be carried out annually by the end of March following the financial year.

Auditors shall submit to the Governing Board a written inspection report containing opinions on the statement of the profit and loss account, on the discharge and on the proposal for measures relating to the result of the Fund and any Reminders that may affect the confirmation of the profit and loss account and the balance sheet and the discharge.

§ 17 (21.5.1999)

Article 17 has been repealed by L 21.5.1999/623 .

ARTICLE 18 (21.4.1995/647)

Article 18 has been repealed by L 21.4.1995/647 .

§ 19

The administrative board and the member of the Board of Directors, the High Ombudsman and the other staff member shall be in force: (598/82) Articles 1 and 2, and Article 11, provide for the official's aesthetic and the effect of aesthetic.

Administrative procedure L 598/1982 Has been repealed by the Administrative L 434/2003 . See the aesthetic criteria for the official 434/2003 ARTICLE 28 . See the impact of the official's aesthetic Management L 434/2003 § 27 and 30.

§ 20

The Fund may be a party to the courts and other authorities.

ARTICLE 21

The Fund shall approve the apostles or comparable arrangements, accept the amount of the financial guarantee or the amount of the guarantee as collateral for the assets of the guarantee, and shall waive the amounts receivable. The Fund may also conclude contracts with the beneficiaries of the fund or guarantee the reimbursement of the Fund's receivables.

§ 22

Charges for direct payments other than those of Section 3 of the Fund shall be charged on the basis of the State payment law (180/73) Is provided for.

State contribution base 980/1973 Has been repealed by the State payment instrument 150/1992 .

Chapter 5

Entry and transitional provisions

ARTICLE 23

This Act shall enter into force on 1 January 1991 and shall repeal the provisions of the 1967 Fund for Finland's independence. However, in respect of the final financial statements, the financial statements and the activity report for the last financial year of the 1967 FPAP, the provisions and provisions applicable to that Fund before the end of Entry into force.

§ 24

As a core capital of the Fund, the capital of the Bank of Finland, the Bank of Finland, shall be transferred to the Bank of Finland for the financial year ending before the entry into force of this Act.

The assets and entitlements of Finland's independence in the final financial year of the 1967 trust fund and the other entitlements and rights of Finland's independence to the 1967 Fund shall be transferred to the Fund at the entry into force of this Act. The Fund shall be responsible for the debts and other obligations of the Fund for Finland's independence in 1967.

ARTICLE 25

At the time of entry into force of this Act, the staff of the 1967 trust fund will be transferred to the fund.

Measures may be taken before the entry into force of this Act.

Government proposal 6/90, Bank Committee. 3/90, the great committee. Miet. 59 OVER 90

Entry into force and application of amending acts:

21.4.1995/647:

This Act shall enter into force on 1 September 1995.

THEY 94/93 , LaVM 22/94, SuVM 10/94

21.05.1999/623:

30/1998 , Case 31/1998, EV 303/1998

23.12.1999/1252:

This Act shall enter into force on 1 March 2000.

THEY 148/1999 , EV 103/1999,