Act No. 6 Of 5 December 2008 On Greenland's Bureau Of Minerals Fund

Original Language Title: Landstingslov nr. 6 af 5. december 2008 om Grønlands Råstoffond

Read the untranslated law here: https://www.global-regulation.com/law/greenland/5961140/landstingslov-nr.-6-af-5.-december-2008-om-grnlands-rstoffond.html

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$20 per month, or Get a Day Pass for only USD$4.99.
Act No. 6 of 5 December 2008 on Greenland's Bureau of Minerals Fund

Modified repeals, hovedlov replaces information

Modified by
Parliament Act no. 25 of 9 December 2015 amending the Act on Greenland's Bureau of Minerals Fund
(Changing the entry into force conditions in § 50)


Chapter 1

The establishment and purposes of re


§ 1. The Cabinet set up Greenland's Bureau of Minerals Fund.
Subsection. 2. The Fund is an independent foundation.
Subsection. 3. The Fund's assets belonging to the fund itself, see. However, § 44. The Fund may acquire rights and incur obligations under the normal rules on the matter.

§ 2. The purpose of the Act is to regulate the location and layout of the home rule mining resources and to support long-term considerations in the use of home rule mining revenues.
Subsection. 2. The fund's objective is:
1) to receive home rule mining revenues
2) placing the fund so as to achieve a satisfactory security and the highest return,
3) to ensure that the Fund used to cover the home Rule investment in mining business, cost of raw material costs and costs by accomplishing salvaged tasks in accordance with this county law's rules and pursuant to the adoption of county finance laws or supplementary appropriations
4) to ensure that the fund also paid only to home Rule in accordance with county law's rules and pursuant to the adoption of county finance laws or supplementary appropriations and
5) to help ensure that it is used so that the Greenlandic society in the long term achieve the socioeconomic highest return and most beneficial effects.




Chapter 2

Definitions


§ 3. The mining legislation means the legislation on prospecting, exploration and exploitation of mineral resources in Greenland.
Subsection. 2. The mining company shall mean activities pursued under the mining law.
Subsection. 3. The mineral resource revenues means the Home Rule income by prospecting, exploration and exploitation of mineral resources in Greenland, as specified in the law on home rule entitled to such proceeds. Mining revenue also includes the Home Rule income from its participation in the mining business, including revenue of home rule as a shareholder in a company applied for participation, and the Home Rule income from the transfer of shares in the company.
Subsection. 4. By investing in mining activities shall mean the Home Rule investment in the mining business, including in companies engaged in mining activities. Investment in the mining business also includes the Home Rule investment in infrastructure and facilities, etc., which are required in connection with the mining company and has direct impact on the mining company.
Subsection. 5. The costs of mining company understood the Home Rule costs associated with mining activities, including costs associated with handling of authority functions in the area covered by the mining law, removal and security of facilities, etc. used in the mining business and cleanup, etc. under mining company.
Subsection. 6. By spending by accomplishing salvaged tasks understood the Home Rule expenses by accomplishing tasks that home rule for the county law's entry into force has repatriated the responsibility for the performance of the state, to the extent that expenses are not covered by block grants or other transfer of funds from the state.


Chapter 3

Capital of the Fund and the misappropriation of mining revenues


§ 4. The fund's assets built up by:
1) Home Rule mining revenues.
2) Return of the Fund.
3) Other funds as the adoption of county finance laws or additional appropriations decided to transfer to the fund.

§ 5. The fund will receive home rule mining revenues.
Subsection. 2. The Cabinet must make sure that the Exchequer accounts for a financial year include and separately calculates all home rule mining revenues in the fiscal year.
Subsection. 3. The Cabinet shall ensure that all home rule mining income in a financial year are transferred from the Treasury to the Fund no later than 1 month after the parliament approved the Exchequer accounts for the financial year.




Chapter 4

Fund transfer of funds to the Home Rule


§ 6. The Cabinet must ensure that the county Finance and Exchequer accounting for a fiscal year include and separately calculates all Home Rule investments in the mining business, cost of raw material costs and costs by accomplishing tasks repatriated in the fiscal year.

Subsection. 2. The Fund must ensure that they paragraph. 1 mentioned investments and expenses borne by the Fund in accordance with county law's rules and pursuant to the adoption of county finance laws or additional appropriations.
Subsection. 3. To the extent that the Fund must be used to cover in paragraph. 1 mentioned investments and expenses, the fund must make sure that funds are transferred from the Fund to the Treasury than 2 months after the adoption of the county budget or supplementary appropriation, but not earlier than 1 January of the current fiscal year. If economic and business conditions, including issues regarding the management and investment of the Fund, so warrant, the Government of Greenland on the recommendation of the Fund's Board decide that the shipment must be made at a later date, but no later than 6 months after the adoption of the county budget or supplementary appropriation.
Subsection. 4. Is Home Rule investments in the mining business, cost of raw material costs and costs by accomplishing tasks repatriated in fiscal year less than budgeted in the county budget or supplementary appropriation, an amount equal to the difference is transferred from the Treasury to the Fund.
Subsection. 5.Overførsel of an amount between Treasury and Fund see. Paragraph. 4 is subject to agreement between the board and the government no later than 6 months after the approval of the government's accounts for the financial year.
Subsection. 6.Overførsel of an amount between the Treasury and the fund can only be made in compliance with the legislation on the Greenland Home Rule budget and Regions Budget.

§ 7. Except as stated in § 6 foregoing, the Fund paid only for home rule in accordance with county law's rules and pursuant to the adoption of county finance laws or supplementary appropriations, subject. However paragraph. 2.
Subsection. 2. The Fund shall not be paid to the home rule before the time when home rule mining revenues in a fiscal year for the first time is so great that it causes a reduction in state block grants to home rule under the law on home rule rights for mining revenues and block grants. Since that date the Fund is paid only for home rule to the extent that home rule mining income in a financial year leads to a reduction of the state's block grant to Home Rule, see. However paragraph. 3.
Subsection. 3. When home rule mining revenues in a fiscal year for the first time is so great that it invalidates the state's block grant to the Home Rule, the Fund paid to home rule to a greater extent than home rule revenues during the current and the following financial year is reduced by the cancellation of the state's block grant to home Rule.
Subsection. 4. Once adopted at a county budget or supplementary grant that some of the Fund must be paid to the Home Rule, the Fund shall disburse the funds to the Treasury, to the extent that the requirements of paragraph. 1 and 2 are met. The payment will only be accepted two months after the adoption of the county budget or supplementary appropriation, but not earlier than 1 January of the current fiscal year. If economic and business conditions, including issues regarding the management and investment of the Fund, so warrant, the Government of Greenland on the recommendation of the Fund's Board decide that the payment must be made at a later date, but no later than 6 months after the adoption of the county budget or supplementary appropriation.




Chapter 5

Fund management fees and borrowing, etc.
§ 8. The Fund's administrative and operating expenses incurred by the Fund.
Subsection. 2. To the extent that the cost can not be borne by the Fund covered the cost of home rule according to county finance laws or additional appropriations.
§ 9. The Fund may not borrow, except for short-term loans up to an amount equal to 5% of the fund's assets to be used for temporary financing of transactions, exercise of warrants or similar.

Chapter 6
Relationship with other legislation, etc.
§ 10. The law on foundations does not apply to the Fund.
Subsection. 2. The Fund is not taxable.

Chapter 7
Fund management and administration
§ 11. The Foundation is managed by a board consisting of one chairman, one vice-chairman and three other members. They are appointed in their personal capacity by the Government of Greenland. The Board shall together hold high-level knowledge on legal matters, asset management and investment as well as economic and business conditions relating to the exploration and exploitation of mineral resources.
Subsection. 2. The Board shall be appointed for a period of 2 years with the possibility of re-appointment for a further 2 periods.
§ 12. Board members must be of legal age.
Subsection. 2. Board members may not be landsstyre- or members of Parliament.

Subsection. 3. Board members must retire at the end of the calendar year in which they turn 70 years.
§ 13. A board member may at any time resign from the board.
Subsection. 2. A member shall retire if he is under bankruptcy.
Subsection. 3. A board member who is guilty of an act which makes the unworthy to continue to be a member of the Board of Directors must retire.
Subsection. 4. A board member who because of prolonged illness or other impairment has proven unable to serve as a Member of the Board, or who have proved obviously inadequate, must retire.
Subsection. 5. A board member who is associated with the counter-notification of his duties clearly breached this county law's provisions, must retire.
§ 14. The Cabinet may dismiss a board member who does not comply with § 12. The Cabinet may also dismiss a board member to resign from the Board in accordance with § 13 paragraph. 2-5.
§ 15. If the chairman, deputy chairman or a board member resigns, removed by the Greenland government or dies before the expiry of the appointment period, appoint Landsstyre a successor for the remainder of the appointment period. This county law's provisions on the appointment of directors shall apply for the appointment of replacements for these.
§ 16. The Cabinet appoints a personal alternate for the chairman, deputy chairman and each of the 3 members. The alternates shall be appointed for a period of 2 years with the possibility of reappointment in subsequent periods without limitations. This county law concerning directors shall apply correspondingly to alternates for these.
Subsection. 2. If a member of the board attending, should his deputy must be allowed to enter into said member for the duration of absence. When the Chair and his deputy replaces the Chairperson, shall be the chairman's duties and functions of the Vice President.
§ 17. Board members' remuneration for their duties determined by the Government of Greenland. The decision is made in accordance with the Cabinet's guidelines for determining the remuneration of the fund board members. Such guidelines exist not happen determining basically in accordance with the Cabinet's guidelines for determining the remuneration to the board in the home owned companies.
§ 18. A board member may not participate in consideration of issues on agreements between the Fund and the offender or the action against the person concerned or agreements between the Fund and a third party or cause of action against a third party if the person in it has a substantial interest that may be contrary to the fund.
§ 19. The President or in his absence the Deputy Chairman shall ensure that Board meetings are held when necessary, and that all members are invited to board meetings.
Subsection. 2. The President or in his absence the Vice-President, acts as moderator.
Subsection. 3. The Board has a quorum when the chairman or in his absence the deputy chairman and at least two other members are present.
Subsection. 4. All decisions of the board are taken by a simple majority of those in attendance. Equality of votes, the Chairman, or in his absence the deputy chairman, has the casting vote.
Subsection. 5. Minutes of the board and the decisions taken must be recorded in a minute book to be signed by all Board members present. A board member who does not agree with the Board's decision, has the right to have their views included in the protocol. The board must ensure that the protocol is kept secure.
Subsection. 6. The auditor has the right to participate in the board of directors when annual reports, etc., stamped by the auditor. The auditor has a duty to participate in board meetings, if only one member of the Board so requests.
Subsection. 7. The audit report must be submitted at any board meeting where, according to a decision of the Board or The Cabinet incumbent auditor to conduct an audit, or if the auditor also in agreement with the Fund shall keep an audit. All entries shall be signed by all board members.
§ 20. When there is a prior Board decision thereon, certain narrowly defined matters of the board dealt with in writing, to the extent it is compatible with blanks character. Notwithstanding the 1st clause. be a board meeting held if a director so requires. This county law concerning the organization of board takes in, with the necessary deviations also apply to written board.

Subsection. 2. Board meetings may be held using electronic media (electronic board), to the extent that this is consistent with the performance of the duties. Notwithstanding the 1st clause. be a board meeting by physical attendance, if a director so requires. This county law concerning the organization of board takes in, with the necessary deviations mutatis mutandis to electronic board.
Subsection. 3. The Board of Directors may also decide on the use of electronic document exchange and electronic mail communications for use by an electronic board instead of sending or presenting paper-based documents under this Act.
§ 21. The Board may authorize the President, or in his absence the Vice-President, to make decisions on behalf of the Board, to a certain extent. This does not apply to decisions which can be described as unusual or of great importance.
§ 22. The Board shall manage and operate the Fund in accordance with its purpose, this Act and the regulations established thereunder.
Subsection. 2. The Board of Directors determines in detail the performance of its duties and tasks between the Board and the Fund secretariat for the adoption of rules of procedure. The Board Rules and amendments thereto shall be at least 4 weeks after the adoption be approved by the Greenland government.
Subsection. 3.The Management Board must review the rules of procedure annually to ensure that it is always adjusted to the Fund's needs and is consistent with recognized good corporate governance. Rules must contain a work and task description for the chairman's duties and procedures for management reporting to the Board.
Subsection. 4.The Management Board publishes quarterly releases with information which may affect the assessment of the Fund's operations and development.
§ 23. The activities of the Fund is administered by a secretariat. It is headed by a director who is responsible for the secretariat's activities and operations, including its organization.
Subsection. 2. The Director is appointed and dismissed by the Board on the basis of a written reasoned recommendation of the Chairman. As a director can be set only persons not convicted of more serious tax offenses or convicted of offenses of the Penal Code provisions on economic crime or violence. Furthermore, can be set only persons for which there can be documented formal qualifications at a high professional level at least equal to the level of the board, see. § 11 paragraph. 1. Secretariat staff appointed and dismissed by the Director.
Subsection. 3. In performing their duties the Director and the employees contribute to the fund is operated in accordance with its purpose, this Act and the regulations established thereunder.
§ 24. The Board is responsible for management and organization of the Fund.
Subsection. 2. The Director is responsible for the daily management of the Fund and shall comply with the guidelines and directions given by the Board. The daily management shall not include transactions by the fund conditions and purpose of unusual nature or value, including transactions relating to the use of the Fund to cover the Home Rule investment in mining business, cost of raw material costs and costs by accomplishing salvaged tasks and disburse the fund funds for home rule. Such transactions can only make the Director by special authorization from the board unless the board's decision can not be awaited without significant harm to the Fund. The Director shall in that case as soon as possible, inform the board about the transaction entered.
Subsection. 3. The Director shall ensure that the fund's books are subject to the statutory rules on the matter, and that asset management is carried out safely and in accordance with this Act. The Director shall also ensure that the use and disbursement of the fund is in accordance with this Act, cf.. §§ 6 and 7, and, in connection therewith follow the guidelines and directions given by the Board.
Subsection. 4. The Management Board shall ensure that bookkeeping and asset management are checked in a fund's business situation. The Board is responsible for the use and disbursement of the fund is in accordance with this Act, cf.. §§ 6 and 7, and, in connection therewith giving the director all required guidelines and instructions.
§ 25. The Chairman, or in his absence the Deputy Chairman shall ensure that Board meeting when a director, the director, an accountant or Greenland government requests it.

§ 26. Foundation committed and justified by legal transactions and other transactions, as on behalf of the Fund entered into or carried out by the chairman and one member of the Board or by the Director together with the chairman or two board members.
Subsection. 2. The Board may, by notice of procuration and bank powers to the director and up to 2 of the Secretariat's employees give them the right to act on behalf of the Fund and dispose of the Fund within a determined by the Board limitation.

Chapter 8
fund resources management and location
§ 27. The Board shall ensure that the fund is managed and positioned so as to achieve a satisfactory security and the highest return.
§ 28. The Board shall appoint one or more managers.
Subsection. 2. Managers to be based in Greenland or Denmark and be subject to supervision by the FSA.
Subsection. 3. Managers must have knowledge and expertise in high level of asset management and investment.
Subsection. 4. Managers should be allowed to operate as securities dealers for legislation on financial activities in Greenland or Denmark.
Subsection. 5.Forvalterne submit quarterly reports on. developments in the Fund's income and expenses to the Fund's Board and the government.
Subsection. 6.Forvalternes quarterly and annual reports are sent for evaluation with one of The Cabinet appointed, independent and recognized company specializing in financial analysis. Here, it is judged whether the return on the fund's investments is satisfactory in terms of fh.t. relevant benchmarks. It is also assessed whether the fund's investments are made in an ethically defensible basis. The independent company assessments forwarded to the Fund's Board and to the Cabinet and published simultaneously.
§ 29. Managers must manage and place the fund in accordance with this Act and the regulations established thereunder, and thus, to achieve a satisfactory security and the highest return.
Subsection. 2. Managers shall perform their duties in accordance with the laws of Greenland or Denmark and best international practices for asset management and investment operations as well as with adequate ethical guidelines.
Subsection. 3. legislation on financial undertaking shall apply to the managers' business.
Subsection. 4. Managers must make accounting in accordance with accounting practices. Managers must submit separate annual and quarterly interim financial statements of the managers' activities relating to the Fund and its agents. The financial statements must be prepared in accordance with generally accepted accounting principles and the conditions determined by the Board.
§ 30. The Fund has placed in assets outside Greenland.
Subsection. 2. The Fund has placed the following distribution:
1) Interest Related instruments: 75-85%.
2) Equity-related instruments 15 - 25%.
Subsection. 3. The Fund's investments may not happen in assets relating to business that is socially irresponsible.
§ 31. The Cabinet, after consulting the Fund's Board, establish specific rules for the management and investment of the Fund. The rules must ensure that the management and investment of the Fund occurs:
1) in order to achieve a satisfactory security and the highest return,
2) in accordance with best international practices for asset management and investment operations and
3) under the reassuring ethical guidelines.

Chapter 9
Financial Statements, audit and report to the Greenland government
§ 32. The Fund will make accounting in accordance with accounting practices and fair presentation of financial statements to be prepared in accordance with generally accepted accounting principles.
Subsection. 2. The preparation and presentation of financial statements must follow the rules of law on commercial companies preparing financial statements, etc. (Annual Accounts Act) with the exemptions and adjustments, the fund's special circumstances.
Subsection. 3. The financial statements must be signed by the Board within 4 months after fiscal year end.
§ 33. The Fund's accounts shall be audited by the auditors who audit the Exchequer accounts, and by a chartered accountant appointed by the Board.
Subsection. 2. The task of the Board auditor (board of auditors) are appointed for a period of 1 year with the possibility of re-appointment for a further 2 periods.
§ 34. The auditor must not be:
1) member of the Board of the Fund, the Fund's director or employee of the Fund Secretariat
2) a person who is beholden to the fund, members of its board or the Director or Secretariat staff responsible to provide or verify the accounts or the management of the Fund, or

3) a person who is associated with the Fund's Board, the Director or the third paragraph. 2, the Secretariat staff by marriage, cohabitation, kinship or affinity in ascendants or descendants or sidelines as close as siblings.
Subsection. 2. The Board of Auditors must be of legal age and resident in Greenland or Denmark.
Subsection. 3. An auditor may be dismissed by the Greenland government, if the auditor does not comply with paragraph. 1 and 2, or if the auditor does not meet the § 13 paragraph. 2-5, those requirements.
§ 35. The Board shall ensure that the fund's accounts are presented and subject to audit by the county law's regulations and that at any time appointed a board of auditors.
§ 36. An audit of the Fund's financial statements to be made under the rules of law on commercial companies preparing financial statements, etc. (Annual Accounts Act) with the exemptions and adjustments, the fund's special circumstances.
Subsection. 2. Review of the Fund's accounts shall also be made under the provisions of Rule Act on Greenland Home Rule Accounting,
§ 37. An acceding Board auditor must approach the outgoing board of auditors who are required to provide the incoming Board auditor the reason for his resignation .
§ 38. This county law concerning auditors apply correspondingly to deputy auditors.
§ 39. The Management Board shall deliver an annual report on the activities of the Fund. The report shall be in accordance with recognized international standards and ensure that the public is given timely and accurate information about all matters relating to the Fund including the Fund's financial position, results of operations and management. The information must include description of the procedure and criteria used for selection of each member of the Board as well as information on the supervisory and executive remuneration and severance schemes. It should also indicate which skills each member brings special board. Finally, it is of the report show the internal and professional external evaluation of board members and chairman are implemented in the board.
Subsection. 2. The Cabinet, after consulting the Board lay down rules on its contents.
Subsection. 3.The Management Board shall cause the Fund's financial statements and report simultaneously with the release of The Cabinet forwarded Land Parliamentary Finance Committee and the county council's Audit Committee. The Fund's financial statements and report will be published 14 days after submission to the Government of Greenland.
§ 40. The Board and the Secretariat should provide the auditors access to carry out the studies they deem necessary, and shall ensure that auditors have the information and assistance as the auditors deem necessary for the performance of their duties and assessing fund and its conditions.
Subsection. 2. Paragraph. 1 apply correspondingly to the Cabinet's making of studies and obtaining information.

Chapter 10
Supervision, home, venue etc.
§ 41. The Cabinet oversees the fund.
Subsection. 2. The Greenland government may lay down rules on fund accounting, auditing of the Fund's accounting and Cabinet's oversight of the fund.
§ 42. Foundation office is Nuuk.
Subsection. 2. Lawsuits against the fund can only be brought before the court in Nuuk, unless otherwise provided by international agreements or fund agreed. Disputes concerning the requirements for the activities of the Fund, including private legal claims against parties based in Greenland, Denmark or abroad, the Fund filed with the court in Nuuk, unless otherwise provided by international agreements or fund agreed.

Chapter 11
Confidential Information
§ 43. Foundation Board, the director, staff of the secretariat and the Fund's auditors may not unlawfully disclose or use confidential information obtained during the performance of their duties have been familiar with.

Chapter 12
Fund dissolution
§ 44. Dissolution of the Fund can only be done by Greenland Parliament.
Subsection. 2. Upon dissolution of the Fund accrues to the fund's assets home rule after the fulfillment of the Fund's outstanding obligations.

Chapter 13
Replacement
§ 45. Have etbestyrelsesmedlem or Director in the execution of his duties intentionally or negligently added fund injury, he shall replace the damage.
Subsection. 2. Paragraph. 1 shall also apply to managers and auditors. Is a management company appointed to manage, both the management company and the manager (person) whom the administration has been transferred, liable. 2. section. apply correspondingly to auditors.

Subsection. 3. The compensation may be reduced if this is deemed reasonable, taking into account fault degree, damage and other circumstances.
§ 46. Resolution on bringing actions against directors, the director, managers or accountants can be taken by the Board or the Government of Greenland.
§ 47. The in § 45 paragraph. 1 and 2, the said persons are also liable for damage during the performance of their duties intentionally or negligently added Home Rule, creditors or third parties.
Subsection. 2. § 45 paragraph. 3 shall apply mutatis mutandis.
§ 48. Proceedings against the Board, the Director, managers or auditors may be brought before the Court of Nuuk.

Chapter 14 Penalties

§ 49. stricter measures not prescribed under other legislation, penalties or sanctions under the Criminal Code for Greenland to that
1) is not spontaneously resigned from the Board if the person does not meet the conditions of § 13 paragraph. 2-5
2) as Chairman or Vice Chairman does not comply with one of the Board authorized to decide on behalf of the Board, see. § 21, first paragraph.,
3) as President or Vice-President of Board makes a decision on behalf of the Board, which can be described as unusual or important, see. § 21, second paragraph.,
4) as a board member contributes to the chairman or the deputy on behalf of the Board makes a decision which can be described as unusual or important, see. § 21, second paragraph.,
5) the exercise of its duties as a board member or the position of director is responsible for or contribute to, the Fund is managed or operated in contrary to its purpose, this Act or rules laid down in pursuance thereof, in accordance. § 22 and § 23 paragraph. 3
6) as director does not follow the Board's guidelines and instructions, see. § 24 paragraph. 2
7) as Director carries out transactions for the fund relationships and purpose are unusual or of great importance in cases where there is no specific authorized by the board and its decision was awaited without significant harm to the Fund referred to . § 24 paragraph. 2
8) as director neglects to make sure that bookkeeping, asset management and the use and disbursement of the fund is in accordance with this Act, see. § 24 paragraph. 3
9) as a board member fails to ensure that the fund's bookkeeping and asset controlled in a satisfactory way, see. § 24 paragraph. 4
10) as a board member fails to ensure that the Fund will be payable in accordance with this Act, see. § 24 paragraph. 4
11) as a member of the Governing Board shall ensure that the Director will have the necessary guidelines and instructions regarding compliance with this county law's rules on the application and payment of the Fund, see. § 24 paragraph. 4
12) as President or Vice Chairman does not cause that Board meeting when a director, executive secretary, an accountant or Greenland government requests it, see. § 25
13) as a member of the Governing Board ensure that the fund is managed and positioned so as to achieve a satisfactory security and the highest return, see. § 27
14) operating as a trustee without a license to operate as a securities dealer under the legislation on financial services in Greenland or Denmark, cf. § 28 para. 4
15) which manages not ensure that the fund is managed and placed in accordance with this Act and the regulations established thereunder, and thus, to achieve a satisfactory security and the highest return, see. § 29, paragraph . 1
16) which manages not perform its duties in accordance with the laws of Greenland or Denmark and best international practices for asset management and investment operations as well as with adequate ethical guidelines referred to. § 29 paragraph. 2
17) which manages not ensure that entry in the accounts and financial statements are presented in accordance with good practice and the conditions determined by the Board, in accordance. § 29 paragraph. 4
18) as a board member does not ensure that the Fund's financial statements are prepared and presented in accordance with statutory regulations on Commercial Enterprises' Presentation of Financial Statements, etc. (Annual Accounts Act) and signed by the Board within 4 months after the closing, see. § 32 paragraph. 2 and 3 and § 35
19) as a member of the Governing Board ensures that at any time appointed a board of auditors referred to. § 35
20) as a board member does not ensure that the fund's accounting revised in accordance with the statutory regulations on Commercial enterprises' presentation of Financial Statements, etc. (Annual Accounts Act). § 36 paragraph. 1

21) as incoming auditor appointed by the board did not seek the outgoing auditor, see. § 37
22) counteracts the auditors or Landsstyre get access to conduct surveys. § 40 paragraph. 1 and 2
23) counteracts that the auditors or The Cabinet will have the necessary knowledge and assistance referred to. § 40 paragraph. 1 and 2, or
24) unlawfully pass on or use confidential information that has become familiar with the performance of his duties for fund provided. § 43.
Subsection. 2 pcs. 1 shall apply only if the act or omission was done by intent or gross negligence.

Chapter 15 Commencement

§ 50. Landsting Act shall come into force on 1 January of the year following the calendar year in which the parliament approves the first time a country cash accounting, which shows that home rule mining revenues in the financial year was at least 5 million kr .
Subsection. 2. The Cabinet shall issue an order on this Act enters into force when the conditions in paragraphs. 1 are met.

Greenland, December 5, 2008

Hans Enoksen
/

Kim Kielsen