Law On Innovation Norway

Original Language Title: Lov om Innovasjon Norge

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Law on Innovation Norway.

Date LO-2003-2003 12-19-130
Ministry of The proximity and the fisheries Department
Last modified LAW-2016-06-17-72 from 01.07.2016
Published In 2003 booklet 17
Istrontrecation 01.01.2004
Changing
Announcement
Card title Law of Innovation Norway

Capital overview :

Jf. former law 3 July 1992 No. 1 97. Jof law 30 aug 1991 No. 1 71.

Chapter 1. Almemorial regulations

SECTION 1. Company's purpose

Innovation Norway's purpose is to be the state and county of the county and the county of the government to realize the securities of securities development throughout the country.

The law also applies to Svalbard. The king can determine honest rules about the law's work on the Svalbard of consideration to the site of the site's conditions.

0 Modified by law 28 feb 2014 # 4 (ikr. 1 July 2014 ifg res. 28 Feb 2014 # 218).
SECTION 2. Ownership

The company is owned by the state with 51 percentage shares and the county unicene with 49 percentage shares.

0 Modified by law 9 jan 2009 # 4 (ikr. 1 jan 2010).
SECTION 3. Partposition

The company has even rights and obligations, is party in agreements with private and public authorities and has the party's position with the court and other authorities.

SECTION 4. Vedder

The company is supposed to have ordinance. The betting and changes in the ordinance are passed by the venture meeting.

SECTION 5. Registration in the FortaksRegistry

The company is to be reported to the Foretake Register.

SECTION 6. The relationship with other legislation

The Prevalence Act does not apply to the company, nor when it hits individual ordinance on behalf of the state. The Capital IV-VI of the Management Act does not apply to cases that employees in Norwegian foreign service handler for the company.

Law 10. June 1988 # 40 1 about financing business and financial institutions (the funding enterprise law) does not apply to the company.

Law 18. July 1958 # 2 about public service activists (service law) and law 4. March 1983 # 3 about the state's officials m. (The service party law) does not apply to employees of the company.

Law 25. September 1992 # 107 about municipaticism and county law (municipal law) Section 51 does not apply to indirect guarantees as the county of the county is facing the company.

The company is considered public organ by law on Archive 4. December 1992 No. 126 Section 2 letter g.

0 Modified by laws 19 May 2006 # 16 (ikr. 1 jan 2009 ifg res. 17 oct 2008 No. 1 1118), 9 jan 2009 # 4 (ikr. 1 jan 2010), 25 March 2011 # 7 (ikr. 1 July 2011 ifg. res. 25 March 2011 # 321).
1 Raised, see now law 10 apr 2015 number 17.

Chapter 2. The company's funding m.

SECTION 7. owners deposits

The owners ' deposits in the company are determined in the ordinance and the ordinance of the venture meeting. Later changes of the deposit are passed by the venture meeting.

0 Modified by law 9 jan 2009 # 4 (ikr. 1 jan 2010). Endres by law 17 June 2016 # 72 (ikr. 1 jan 2017 ifg. res. 17 June 2016 # 685).
Section 7 a. The Requirement of the defensible equity
0 Added by law 17 June 2016 # 72 (ikr. 1 jan 2017 ifg. res. 17 June 2016 # 685).
Section 7 b. Prevention of the Infecture of the Infecture
0 Added by law 17 June 2016 # 72 (ikr. 1 jan 2017 ifg. res. 17 June 2016 # 685).
Section 7 c. Prevention of the Infecture of the Infecture without the newly paid
0 Added by law 17 June 2016 # 72 (ikr. 1 jan 2017 ifg. res. 17 June 2016 # 685).
Section 7 d Impact of the acquisition of the
0 Added by law 17 June 2016 # 72 (ikr. 1 jan 2017 ifg. res. 17 June 2016 # 685).
Section 7 e Exchange
0 Added by law 17 June 2016 # 72 (ikr. 1 jan 2017 ifg. res. 17 June 2016 # 685).
SECTION 8. Company funding

The company can fund its business by loans, guarantees and supplements from the state, the county of the county, the county and other public tactics. Further, the company may have revenue from corporate and other private editors. The financing business can determine closer terms for the use of the funds.

0 Changed by law 9 jan 2009 # 4 (ikr. 1 jan 2010), 25 March 2011 # 7 (ikr. 1 July 2011 ifg. res. 25 March 2011 # 321). Endres by law 17 June 2016 # 72 (ikr. 1 jan 2017 ifg. res. 17 June 2016 # 685).
SECTION 9. owners ' responsibility

The owners are responsible for the company's obligations.

If any obligations occur for the company after a borrowing or warranty arrangement, jf. Section 10 # 1, which cannot be covered by the company, the owners are obliged to add to the individual arrangement new capital.

At the resolution of the company, the owners have solidarity duty to shoot into funds within the company of the extent that it is necessary to provide the rest of the consumer foresters coverage.

0 Changed by law 9 jan 2009 # 4 (ikr. 1 jan 2010), 25 March 2011 # 7 (ikr. 1 July 2011 ifg. res. 25 March 2011 # 321). Endres by law 17 June 2016 # 72 (ikr. 1 jan 2017 ifg. res. 17 June 2016 # 685).

Chapter 3. The company's business

SECTION 10. The company's real assets

In order to promote purpose as mentioned in Section 1, the company's funds can be used for :

1. Financing, herding to-gun, loan, warranty, and equity arrangements
2. Advisory and competency measures
3. Network and infrastructure
4. Profiling of Norwegian nutritional living abroad

The owners can give closer rules about the company's real estate funds through the enterprise meeting.

In order to promote the purpose of Section 1, owners through the enterprise meeting, the company is able to provide tasks related to the management of other state and regional real assets, and may in this connection determine further rules about the exercise of such tasks.

0 Modified by law 9 jan 2009 # 4 (ikr. 1 jan 2010). Endres by law 17 June 2016 # 72 (ikr. 1 jan 2017 ifg. res. 17 June 2016 # 685).
SECTION 11. Organisation on regional level

The company is supposed to have an organization tailored to different needs in the regions. The company is going to cooperate with regional tactics. The collaboration is regulated further through its own agreements between the company and the individual editor.

0 Modified by law 9 jan 2009 # 4 (ikr. 1 jan 2010).
SECTION 12. Organisation abroad

The company is going to cooperate with the foreign service in its business outside of Norway.

0 Modified by law 25 March 2011 # 7 (ikr. 1 July 2011 ifg. res. 25 March 2011 # 321).

Chapter 4. Managing and Managing Director

SECTION 13. Company leadership

The company is led by a board of directors and a managing director.

0 Changed by law 9 jan 2009 # 4 (ikr. 1 jan 2010), 17 June 2016 # 72 (ikr. 1 July 2016 ifg. res. 17 June 2016 # 685).
SECTION 14. The forces of the Assembly and

The company is supposed to have a rule of at least nine members.

By the treatment of administrative matters, the Board of Directies with an additional two board members or their commodity members are selected by and among the staff members.

The board is appointed by the venture meeting.

The board is supposed to have a leader and deputy leader chosen by the venture meeting.

The provisions of the Emergency Law Section 20-6 about representation of both gender in the boards apply accordingly.

CEO can't be a member of the board of directors.

0 Changed by law 9 jan 2009 # 4 (ikr. 1 jan 2010), 17 June 2016 # 72 (ikr. 1 July 2016 ifg. res. 17 June 2016 # 685).
SECTION 15. Service Time

The board members are serving for two years. Shorter service time can be determined in special cases. The service time ceases at the expiration of the ordinary venture meeting of the year service time expires.

A board member will remain standing until new board member is chosen even if the service time has expired.

0 Changed by law 9 jan 2009 # 4 (ikr. 1 jan 2010), 25 March 2011 # 7 (ikr. 1 July 2011 ifg. res. 25 March 2011 # 321), 17 June 2016 # 72 (ikr. 1 July 2016 ifg. res. 17 June 2016 # 685).
SECTION 16. Termination of the board of directors before the service time has expired

When the very frank relationship is present, a board member has the right to three back before the service time is out. At the resign, it shall be given reasonable advance notice to the owners and the Board. Member of the Board of Directers selected by the venture meeting, can at any time be removed by the decision of the venture meeting.

The hearing enlisted for a board member before the expiration of the service time, the venture meeting is to be named a new board member for the rest of the period. The appointment may still be able to endure the next ordinary venture meeting if the Board of Directers is passed with the remaining members.

0 Changed by law 9 jan 2009 # 4 (ikr. 1 jan 2010), 25 March 2011 # 7 (ikr. 1 July 2011 ifg. res. 25 March 2011 # 321), 17 June 2016 # 72 (ikr. 1 July 2016 ifg. res. 17 June 2016 # 685).
SECTION 17. The Forces of the

The prevalence of the company is Hearing under the Board, which also resees that the business is being driven in accordance with the rules granted in or in co-law here and in regulation granted in co-compliance with the law.

The board of directors is in charge of a defensible organization of the company and is to impose its business, accounting and formative management is the subject of reassuring control. The board is supposed to be supervising the CEO's leadership of the business.

In the ordinance, it can be determined that certain cases are to be decided by the Board.

0 Changed by law 9 jan 2009 # 4 (ikr. 1 jan 2010), 25 March 2011 # 7 (ikr. 1 July 2011 ifg. res. 25 March 2011 # 321), 17 June 2016 # 72 (ikr. 1 July 2016 ifg. res. 17 June 2016 # 685).
SECTION 18. Board meetings

The management of the Board ensures that the Board is holding meetings as often as it takes. Member of the Board and Managing Director may require the Board of Directiv. Whether not the board of directors of the individual case determines otherwise, the CEO has the right to be present and to comment on the board meetings.

The board meetings are led by the board leader, or in his or her absence, by the deputy leader. Is none of these present, the Board selects even its chair leader.

At the board meetings, protocol shall be taken as underwritten by all of the present board members. If board member or CEO disagrees in the board's decision, they may demand their opinion instituted in the protocol.

0 Changed by law 9 jan 2009 # 4 (ikr. 1 jan 2010), 17 June 2016 # 72 (ikr. 1 July 2016 ifg. res. 17 June 2016 # 685).
SECTION 19. Attachment and multinumber requirements

The board of directors has been passed when more than half of all board members who can participate in the case are present. The board can still not hit the decision unless all of the members of the board as far as possible are given the opportunity to participate in the treatment of the case.

As the board's decision, it applies as the majority of the meeting has voted for, or by voting the chair of the meeting that the chair has voted for. Those voting for a decision still have to always make more than 1/3 of all board members who can participate in the appropriate case.

By choice and employment, it is considered the elected or employee who gets the most votes. The board can in advance decide that it should be held new vote if no one gets the majority of the given votes. Stands the votes equally by choice of the chair of the meeting, the election will be decided at the loddittrekation.

0 Changed by law 9 jan 2009 # 4 (ikr. 1 jan 2010), 25 March 2011 # 7 (ikr. 1 July 2011 ifg. res. 25 March 2011 # 321), 17 June 2016 # 72 (ikr. 1 July 2016 ifg. res. 17 June 2016 # 685).
SECTION 20. CEO of

The company is supposed to have a managing director to be attributed to the Board. The board also establishes the CEO's salary. The board is hitting the ordinance to terminate or dismiss the CEO.

0 Changed by law 9 jan 2009 # 4 (ikr. 1 jan 2010), 17 June 2016 # 72 (ikr. 1 July 2016 ifg. res. 17 June 2016 # 685).
SECTION 21. CEO of the CEO

Managing Director forehand the daily management of the company and should follow the guidelines and cuts that the Board provides. CEO shall ensure that the company's accounting is in compliance with law and regulations, and that the formational administration is arranged in a reassuring manner.

The daily management does not include cases that after the company's relationship is of unusual species or great importance, or as by the ordinance or other ordinance of the venture meeting are hearing under the Board. Such cases, the managing director can only determine whether the board of directors in some case has given him or her authority to it, or the board's decision cannot be expected without significantly disadvantage for the company's business. The board is due to at least immediately undercorrected the case.

0 Changed by law 9 jan 2009 # 4 (ikr. 1 jan 2010), 17 June 2016 # 72 (ikr. 1 July 2016 ifg. res. 17 June 2016 # 685).
SECTION 22. Governance and CEO's representative rights

The board represents the company's public and drawing its company.

The board can give board members or managing director the right to draw the company's company. The Vedtecs can limit the board's authority after the first period and also even provide regulations on the authority of the warrant that mentioned.

CEO, the company represents the company of the public in cases that fall within his or her authority after Section 21.

0 Changed by law 9 jan 2009 # 4 (ikr. 1 jan 2010), 17 June 2016 # 72 (ikr. 1 July 2016 ifg. res. 17 June 2016 # 685).
SECTION 23. Overwriting of the representation court

Has anyone representing the company's public by action on behalf of the company exceeded its authority, the act is not binding on the company if the co-controversy realized or should recognize that the authority has been exceeded and that would be contrary to realty to do right after the action of the current.

Chapter 5. Hability, confidentiality and

SECTION 24 Etical guidelines

The company is supposed to have its own ethical guidelines that involve the company as such and the employee's work on behalf of the company.

SECTION 25. Hability

The employee or have the trust of the company must not participate in treatment or decisions of questions that have such meaning for their own part or close that they must be deemed to have a prominent personal or economic particular interest in the case.

The employee or have the peer of the company must also not take part in treatment or decisions of any question that has prominent economic particular interest in company, association or other public or private institution that they are related to.

Likewise, the person who has been employed or has the peer-level of the company, does not participate in treatment or decision of questions when there are other distinctive conditions that are suitable to weaken the trust of their impartiality.

0 Modified by law 25 March 2011 # 7 (ikr. 1 July 2011 ifg. res. 25 March 2011 # 321).
SECTION 26 Offers against receiving gifts m.

The employee or have the peer of trust in the company must not for themselves or others receive gifts, compositions, services, or other benefits from others than the company that is suitable for, or by the giver, to influence their actions for the company.

Gifts, services, or other benefits mentioned in the first clause must also not be received by their spouse, person that they live with, someone who is related or bedried with them in the right up or down-ascending line, or by company where some person who mentioned in the first clause has a prominent interest.

Gifts mentioned in the first clause can neither be received in the time that the employment or peer-to-peer worker exists or afterwards.

The one that has received performance in violation of the ban in the paractment here, duties to pay an amount corresponding to what the wrongful is received. Overtrecation can further result in order of disorderly conduct or farewell.

SECTION 27. Taushei-liked

Any performing service or work for the company has secrecy about what he or she in connection with the service or work gets knowledge of whether or not others ' business or private relationships with less he or she after law has duty to provide the information.

Tausheme's duties do not apply to the announcements as the Board or someone who has a warrant from the Board of Directions on behalf of the company of the owners.

Tausheme's work is not an obstacle to

1. that the information that clause in the company's treatment of individual cases is made known to financial institutions and other editors underhanded legal secrecy,
2. that the information is used to protect the company's credit interests,
3. that the information co-shared the company's public employers and other public authorities, when this is mandated to uphold these organizers of duty by law, regulation or instruction to bring control of the company's public funds,
4. that the information is used to report or provide information about the offence of the prosecution or the authority of the control authority when necessary for public consideration,
5. that the information is used when no justified interest dictates that they are kept secret, for example when they are commonly known or ordinary available elsewhere, or
6. that the information is used in exchange of information (co-arrangement) as provided in the Law of the Tasks Registry.

When there is reasonable and does not involve unsustainable disadvantage for other interests, it can be determined that information in the individual case may or should be given for use for research without the obstruction of secrecy. The provisions of the Management Act Section 13 d second and third joints and Section 13 e come to the ancability as far as they fit.

Tausheme's work is also not an obstacle to the fact that information can be issued to outsiders after written consent from that information applies.

Taushei-liked after this determination also applies to an owner, employer or other public authorities receiving information from the company, and any performing service or work for these.

0 Changed by law 9 jan 2009 # 4 (ikr. 1 jan 2010), 28 Feb 2014 # 4 (ikr. 1 July 2014 ifg res. 28 Feb 2014 # 218), 17 June 2016 # 72 (ikr. 1 July 2016 ifg. res. 17 June 2016 # 685).

Chapter 6. The Foreface Meeting

SECTION 28. Allment of the enterprises of the company and the Assembly

The owners exercising the top authority of the company in the enterprise meeting. The owners ' authority in the company cannot be inguered besides in the enterprise meeting. Those cases that by law or ordinance belong to under the company shall be processed in the enterprise meeting.

The state represented at the ownership ministry, the county of the county, the company's board of directors, managing director and accountant, has the right to be present and to comment in the enterprise meeting. The CEO and the management of the board of directors have the duty to be present unless this is clearly unnecessary or it has been valid decay. In the latter case, the equalise is supposed to be issued a proxy. The company's auditor has the obligation to be present in the extent that those cases to be processed are of such a species that the auditors are desirable.

By vots in the venture meeting, each owner's voice count will follow by their ownership share.

0 Changed by law 9 jan 2009 # 4 (ikr. 1 jan 2010), 25 March 2011 # 7 (ikr. 1 July 2011 ifg. res. 25 March 2011 # 321), 17 June 2016 # 72 (ikr. 1 July 2016 ifg. res. 17 June 2016 # 685).
Section 28 a. Multinumber requirements

For the decision of the venture meeting, the majority of the released votes are required.

By choice or employment, it is considered or they chosen to get the most votes. The rally can in advance decide that it should be held new vote if no one gets the majority of the released votes. Says the voting number equally, meet the decision by loddwood.

In the ordinance, multinumber requirements can be determined as deviating from what follows of the paragrafen here, and are given anomalous rules about the sequence of vocal resemblance.

0 Added by law 9 jan 2009 # 4 (ikr. 1 jan 2010).
Section 28 b. VedtectChange

The betting changes must be determined in the enterprise meeting and require the deduction from at least two-thirds of the given votes.

0 Added by law 9 jan 2009 # 4 (ikr. 1 jan 2010).
Section 28 c. The Requirement of the Agreement

A decision requires the deduction from all owners when it involves an increase of owner's obligations in relation to the company.

0 Added by law 9 jan 2009 # 4 (ikr. 1 jan 2010). Raised by law 17 June 2016 # 72 (ikr. 1 jan 2017 ifg. res. 17 June 2016 # 685).
SECTION 29. Ordinary enterprises meeting

The Ordinary enterprises will be held within six months after the fiscal year end.

At the ordinary venture meeting, the following questions shall be resolved and decided :

1. Approval of the year-end and annual history of the year, herders of the year-and-end of the year-and-fall coverage of year-round deficit.
2. Other cases that by law or ordinance hear during the venture meeting.
Section 29 a. Decision of enterprises meeting without meeting

The board of directors may be able to make a case for the decision of the venture meeting without calling for a meeting. This applies only if the Board finds that the case can be resolved in a reassuring manner by that written parent's owners to decision.

The board shall in such cases submit the case documents with proposals for decision and justification for the proposal of all the owners and to the general manager and auditor. It shall be specified a due date to cast a vote that cannot be shorter than the deadline to call for enterprises, unless all the owners agree on a shorter deadline. The owners are to be made known that they may require the case of the statute of the parent company in meeting.

The case shall be the parent's venture meeting in meeting if this is required by a board member, an owner or auditor before the expiration of the deadline for making written voice.

0 Added by law 9 jan 2009 # 4 (ikr. 1 jan 2010), modified by law 17 June 2016 # 72 (ikr. 1 July 2016 ifg. res. 17 June 2016 # 685).
SECTION 30. Extraordinary enterprises meeting

The board can decide that it is to be referred to as extraordinary enterprises meeting.

The board shall convene the extraordinary enterprises meeting when auditor or owners who represent at least one-third of the ownership shares require it to be treated a further specific topic. The board shall ensure that the venture meeting is held within a month after the claim has been induced.

0 Changed by law 9 jan 2009 # 4 (ikr. 1 jan 2010), 17 June 2016 # 72 (ikr. 1 July 2016 ifg. res. 17 June 2016 # 685).
SECTION 31 Invitation to venture meeting

The board of directors calls for enterprises meeting and determines the summons manner. The call to ordinary enterprises shall be conducted in writing only one month prior to the meeting, and shall be attached anniversaries, anniversaries and Auditor's account. The calling for extraordinary enterprises is to be conducted at the latest two weeks prior to the meeting, if not shorter notice in particularly the case is invasive necessary.

To the meeting, they are referred to as the following Section 28 different joints have the right to be present in the venture meeting.

The call shall be determined to specify the cases to be processed at the meeting. Will the statutes be proposed changed, the main content of the proposal is rendered in the summons. The event meeting cannot hit the ordinance of other cases than those mentioned in the summons with less all of those who after Section 28 different joints have the right to be present consent to it.

0 Changed by law 9 jan 2009 # 4 (ikr. 1 jan 2010), 25 March 2011 # 7 (ikr. 1 July 2011 ifg. res. 25 March 2011 # 321), 17 June 2016 # 72 (ikr. 1 July 2016 ifg. res. 17 June 2016 # 685).
Section 31 a The owners ' right to get cases processed at the venture meeting

An owner has the right to treat questions at the enterprise meeting that has been signed in writing to the Board in time for it to be included in the summons. Has the summons already taken place, it should be sent out new summons if there are at least two weeks left for the venture meeting to be held.

0 Added by law 9 jan 2009 # 4 (ikr. 1 jan 2010), modified by laws 25 March 2011 # 7 (ikr. 1 July 2011 ifg. res. 25 March 2011 # 321), 17 June 2016 # 72 (ikr. 1 July 2016 ifg. res. 17 June 2016 # 685).
SECTION 32. Meeting of the Union and Protocol

The assessment meeting is led by the management of the board.

The meeting of the Chair shall ensure that it is introduced protocol from the enterprise meeting. Chair shall before the first vote create a roster of the owners who have met, either himself or at the deputy. The term is to indicate how many votes each of them represent.

The protocol shall be underwritten by the chair of the chair and another person chosen among the tiplace. 1 Are some of those who after Section 28 different joints have the right to be present at the meeting, disagree with the decision, their perception shall be admitted into the protocol.

0 Changed by law 9 jan 2009 # 4 (ikr. 1 jan 2010), 25 March 2011 # 7 (ikr. 1 July 2011 ifg. res. 25 March 2011 # 321), 17 June 2016 # 72 (ikr. 1 July 2016 ifg. res. 17 June 2016 # 685).
1 Should be "present".

Chapter 7. Accounting, audit and scrutiny

0 Headline changes by law 17 June 2016 # 72 (ikr. 1 jan 2017 ifg. res. 17 June 2016 # 685).
SECTION 33. Accounting

The company is fiscal liquidly by the fiscal law.

SECTION 34. Revision

The company is supposed to have the auditor chosen by the venture meeting. Accountant should be registered or state authority.

SECTION 35. Granking

An owner can in the enterprise meeting forward proposals of scrutiny of the company or closer to the stated conditions regarding the management of it or its accounting.

The proposal can be placed on an ordained enterprise meeting or at an extraordinary enterprises meeting where it is set forth by the summons that case of such scrutiny should be addressed.

Decision of review requires the deduction of at least one-tenth of the given votes.

The person on behalf of the owners-year scrutiny has the right to conduct those investigations into the company that is necessary, and may in this connection require the necessary assistance of the company. The who is currently under scrutiny can by the Board, Managing Director and any employee or peer-reviewed company, require any enlightenment on the company's relationship as the inquiry makes necessary. The person on behalf of the owners is conducting the inquiry under the same rules that apply to auditors, jf. The accounting law Section 6-1.

0 Changed by law 9 jan 2009 # 4 (ikr. 1 jan 2010), 25 March 2011 # 7 (ikr. 1 July 2011 ifg. res. 25 March 2011 # 321), 17 June 2016 # 72 (ikr. 1 July 2016 ifg. res. 17 June 2016 # 685).
SECTION 36. Kingdom Audit Control

The wealth revision leads control with the administration of the state's interests and can conduct investigations mv. of the company and wholly owned subsidiaries after law of the National Assembly and instruction determined by Parliament Parliament.

0 Modified by law 7 May 2004 # 21 (ikr. 1 July 2004).
Section 36 a. Resolution and deviation
0 Added by law 17 June 2016 # 72 (ikr. 1 jan 2017 ifg. res. 17 June 2016 # 685).

Chapter 8. Istrontrecation and transition regulations. Changes in other laws

SECTION 37. Istrontrecation

This law takes effect from the time the King decides.

0 The law went on ir. 1 jan 2004 ifg. res. 19 des 2003 # 1598.
Section 38. (Raised by law 25 March 2011 # 7 (ikr. 1 July 2011 ifg. res. 25 March 2011 # 321).) SECTION 39. Changes in other laws

From the time the law takes effect, the following changes are made in other laws :---