Law On Innovation Norway

Original Language Title: Lov om Innovasjon Norge

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Law on Innovation Norway.

Date law-2003-12-19-130 Ministry industry and Fisheries Ministry Recently changed law-2016-06-17-72 from 01.07.2016 published in 2003 booklet 17 entry into force 01.01.2004 Change Announced short title law on Innovation Norway Chapter overview: Chapter 1. General provisions (sections 1-6) Chapter 2. The company's financing, etc. (§§ 7-9) Chapter 3. The company's operations (§ § 10-12) Chapter 4. Board of Directors and the Managing Director (§ § 13-23) Chapter 5. Impartiality, confidentiality, etc. (§ § 24-27) Chapter 6. Business meeting (§ § 28-32), Chapter 7. Accounting, audit and investigation (§ § 33-36 a) Chapter 8. Entry into force and transitional provisions. Changes in other laws (sections 37-39) cf. the previous law 3 July 1992 No. 97. Cf. the law 30 aug 1991 No. 71. Chapter 1. General provisions § 1. The company's purpose is to Innovation Norway's purpose be State and county municipalities ' instrument to realize the value-added business development throughout the country.
The law also applies to Svalbard. The King can establish special rules about the work in Svalbard for the sake of the on-site conditions.

§ 2. Ownership the company is owned by the State with 51 percent share and the county municipalities with the 49 percent share.

§ 3. -Party position the company has even rights and obligations, are party to agreements with private and public authorities and have party position facing the Court and other authorities.

§ 4. Articles of association the company shall have articles of Association. The statutes and changes of the statute be adopted by business meeting.

§ 5. Registration of business enterprises, the company shall be reported to business enterprises.

section 6. Relationship to other legislation does not apply to Administrative law company, nor when it hits the individual decisions on behalf of the State. Chapters IV-WE in management law does not apply in cases such as employees in the Norwegian Foreign Service Manager for the company.
Law 10. June 1988 No. 401 about financing business and financial institutions (Finance Act) does not apply to the company.
Law 18. July 1958 No. 2 about the public service disputes (service dispute the law) and law 4. March 1983 Nr. 3 about the State's officials and more (service man's law) does not apply to employees of the company.
Law 25. September 1992 No. about 107 municipalities and county municipalities (municipality law) section 51 does not apply to implied warranties that the county municipalities set facing the company.
The company is regarded as a public authority for the law on archive 4. December 1992 No. 126 section 2 letter g.

Chapter 2. The company's financing, and more.

section 7. The owners ' deposit owners ' deposits in the company are determined in the by-laws and be adopted by the business meeting. Subsequent changes of the deposit be adopted by business meeting.

section 7 a. demands for proper equity section 7 b. Increase of the deposited capital at nyinnbetaling section 7 c. Increase of the deposited capital without nyinnbetaling section 7 d. Nedsetting of the deposited capital section 7 e. Dividends section 8. The company's financing Company can finance their business by loans, guarantees and grants from the State, the county municipalities and other public actors. Furthermore, the company may have income from the business community and other private actors. The one that is financing the business can fix closer to the terms of use of the funds.

§ 9. The owners ' responsibility the owners are responsible for the company's obligations.
In the case of the obligations of the company for a loan or guarantee scheme, cf. § 10 Nr. 1, which cannot be covered by the company, the owners obliged to add the individual arrangement new capital.
By resolution of the company has a duty to the owners jointly and severally shooting into funds in the company to the extent that it is necessary to give other claimants coverage.

Chapter 3. The company's business section 10. The company's instruments to promote the purposes as mentioned in section 1, the company's funds are used to: 1. Funding, including grant, loan, guarantee and equity schemes 2.
Counseling and skills upgrading initiatives 3.
Network and infrastructure 4.
Profiling of the Norwegian business community abroad the owners can provide further rules on the company's means through Enterprise meeting.
To promote the purpose of section 1, the owners through the enterprise meeting the company to perform tasks to add related to the management of other State and regional instruments, and in this regard can fix closer to the rules on the exercise of such tasks.

section 11. Organizing at the regional level the company should have an organisation that is adapted to the different needs in the regions. The company will collaborate with regional actors. The cooperation is regulated in more detail through our own agreements between the company and the individual actor.

§ 12. Organization abroad the company will cooperate with the foreign service in its activities outside Norway.

Chapter 4. Board of Directors and Chief Executive Officer section 13. The company's management the company is led by a Board of Directors and a Managing Director.

section 14. Boards ' composition, and more. The company shall have a Board of Directors of at least nine members.
By the treatment of administrative matters be supplemented with two additional Board Directors or their deputies elected by and among the employees.
The Board of directors appointed by the business meeting.
The Board shall have a Chairman and a Deputy elected by the business meeting.
The provisions of the companies Act section 20-6 about the representation of both sexes on the boards also applies.
The Managing Director can not be a member of the Board.

section 15. Service time Board members serve for two years. Shorter service time can be fixed in special cases. Service time expires at the end of the regular meeting of the business year service time expires.
A Board Member will remain until the new Board Member will be selected even if service time has expired.

section 16. The cessation of directorships before service time has expired When specific conditions are fulfilled, a member of the Board the right to three back before the service time is up. By resignation shall be given reasonable prior notice to the owners and the Board. A member of the Board of Directors that is elected by the business meeting, can be removed at any time by decision of the meeting.
Terminates the task for a Board member prior to the expiration of the service time, the enterprise meeting appoint a new Board Member for the rest of the period. The appointment can still be deferred to the next annual business meeting if the Board is vedtaksført with the remaining members.

§ 17. The Board's authority, the management of the company during the Board of Directors, which also ensures that the business is run in accordance with the rules given in or pursuant to the law here and in the regulations issued in pursuance of the law.
The Board is responsible for the proper organization of the company and shall ensure that its activities, accounting and wealth management is the subject of reasonable control. The Board shall supervise the ceo's leadership of the business.
Of the Statute, it can be determined that certain issues to be decided by the Board.

§ 18. Board meetings the Board's leader ensures that the Board hold meetings as often as needed. Member of the Board and the Executive Director may require that the Board would convene. If not the Board of Directors for the individual case otherwise determines, the Chief Executive Officer the right to be present and to make a statement at the Board meetings.
Board meetings chaired by the Chairman of the Board, or in his or her absence, by the Deputy leader. None of these are present, select the Board even his meeting leader.
At Board meetings to be Protocol signed by all present members of the Board. If the Board member or the Managing Director disagrees with the Board's decision, they can claim their opinion introduced in the Protocol.

§ 19. Vedtaksførhet and majority requirements the Board is vedtaksført when more than half of all the Board members that can participate in the case, is present. The Board may still not make a decision unless all the members of the Board as far as possible are given the opportunity to participate in the treatment of the case.
That the Board's decision applies it as the majority among the attending have voted for, or by a tie it as host of the meeting have voted for. Those who vote for a decision, must nevertheless always amount to more than 1/3 of all Board members that can participate in the relevant case.
When selecting and hiring is considered the chosen or employee that gets the most votes. The Board may decide in advance that there will be held new poll if no one gets a majority of the voting. Are the voices the same by the choice of the host, the choice is determined by lot.

section 20. Chief Executive Officer the company should have a ceo that is added by the Board. The Board also sets out the ceo's salary. The Board hit the resolution to terminate or dismiss the Executive Director.

§ 21. Ceo's authority Managing Director supervises the day to day management of the company and shall follow the guidelines and an order that the Board provides. The Executive Director shall ensure that the company's financial statements are in accordance with the law and regulations, and that asset management is arranged in a reassuring way.
The company's management does not include cases that after the company's relationship is of unusual nature or of great significance, or that after the statute or other decision of the enterprise meeting during the Board of Directors. Such matters can only determine if the ceo the Board of Directors in each case have given him or her the authority to it, or the Board's decision can not is pending without significant inconvenience to the company's business. The Board shall in that case be directed as soon as about the case. under

§ 22. The Board's and the ceo's impersonation right the Board represent the company externally and draws its company.
The Board can provide the members of the Board or the Executive Director the right to draw the company's company. The Statute may limit the Board's authority after the first period and also even provide provisions on the authority that where mentioned.
Executive Director represent the company externally in matters that fall within his or her authority under section 21.

§ 23. Overruns of impersonation the Court has some that represent the company externally by action on behalf of the company exceeded its authority, the plot is not binding for the company if the medkontrahenten realized or should realize that the authority is exceeded and it therefore would run counter to fairness to do right after the current action.

Chapter 5. Impartiality, confidentiality, and more.

section 24. Code of ethics, the company should have their own code of ethics which deals with the company as such and the employees ' work on behalf of the company.

§ 25. The impartiality that are employed or have positions of trust in the company must not engage in treatment or decisions of questions that have such meaning for their own part or close associates that he or she must be considered to have a prominent personal or financial special interest in the case.
The who are employed or have positions of trust in the company must also not take part in the treatment or decisions of any question that has prominent economic special interest for the company, association or other public or private institution the person is attached to.
Likewise the person who is employed or have positions of trust in the company, not to participate in treatment or decision of questions when there are other peculiar circumstances that are liable to weaken the confidence of his or her impartiality.

§ 26. Ban on receiving gifts, and more. The employed or have positions of trust in the company must not for themselves or other receiving gifts, commissions, services, or other benefits received from other than the company that is suitable for, or by the dealer intended, to influence their actions for the company.
Gifts, services or other benefits as mentioned in the first paragraph must also not be received by his or her spouse, the person that he or she lives with, some of which are related or besvogret with them in a straight up-or-down ascending line, or of the company which any person as mentioned in the first paragraph has a prominent interest.
Gifts as mentioned in the first paragraph can neither be received in that time the employment or position of trust exists or afterwards.
The who received performance contrary to the prohibition in paragraph here, is obliged to pay an amount equal to that which the wrongful is received. Violation can further lead to order punishment or firing.

§ 27. Confidentiality Any that perform the service or work for the company has sworn to secrecy about what he or she is in connection with the service or the work know about someone else's business or private matters unless he or she by law has a duty to provide information.
Confidentiality does not apply to notices that the Board or someone who has a mandate from the Board of Directors provides on behalf of the company to the owners.
Confidentiality is not an obstacle for the 1.
that the information as part of the company's treatment of individual cases be made known for financial institutions and other actors subject to the statutory duty of confidentiality, 2.
that information is used to protect the company's creditor interests, 3.
that the information be notified to the company's public employers and other public authorities, when this is required in order to safeguard these organers duty by law, regulations or instructions to take control with the company's public funds, 4.
that information is used to review or give information about the offence to the prosecution or the competent control authority when there are needs of general interest, 5.
that information is used when no justified interest dictates that they be kept secret, for example, when they are common knowledge or ordinary available elsewhere, or 6.
that information is used in the exchange of information (coordination) as provided in the law on the Task registry.

When there is reasonable and does not cause disproportionate disadvantage to other interests, it is determined that the information in the individual case, or to be given for the use of research without the obstacle of confidentiality. The provisions of the administrative law section 13 d second and third paragraph and section 13 e applicable so far they fit.
Confidentiality is also not preclude that information may be disclosed to outsiders after the written consent of the information applies to.
Confidentiality under this section also applies to an owner, employer, or other public authorities that receive information from the company, and any that perform the service or work for these.

Chapter 6. Business meeting section 28. Widely about the enterprise meeting's authority and composition the owners the top athlete authority in the company in the business meeting. The owners ' authority in the company may not be exercised except in business meeting. The issues that by law or the statutes of the company, are to be treated in the business meeting.
The State represented by the Ministry of local government, the County owns, the company's Board of Directors, the Managing Director and the auditor has the right to be present and to make a statement in the business meeting. Managing Director and Chairman of the Board has a duty to be present unless this is clearly unnecessary or there are valid due. In the latter case it shall be appointed a Deputy. The company's auditor has a duty to be present to the extent that the issues to be dealt with, is of such nature that the auditor's presence is desirable.
By voteringer in business meeting will each owner's voice the number of result of their stake.

section 28 a. Majority requirements For decision of the meeting required majority of the overall vote.
By choice or employment is considered the chosen that gets the most votes. Business meeting can decide in advance that there will be held new poll if no one gets a majority of the overall vote. Standing vote the number same, meet the decision by lottery.
Of the Statute may be determined majority requirements that differ from that which follows from paragraph here, and given the divergent rules on the consequence of a tie.

section 28 b. stipulated the change amendments must be determined in the business meeting and requires endorsement from at least two-thirds of the overall vote.

section 28 c. requirements for consensus a decision requires consent from all the owners when it implies an increase of the owners ' obligations in relation to the company.

section 29. Ordinary business meeting Ordinary business meeting to be held within six months of the fiscal year's end.
On the mainstream business meeting to the following questions are processed and settled: 1. Approval of the annual accounts and annual report, including the application of the annual profits or coverage of the annual deficit.

2. Other matters which, by law or the articles of association under business hear meeting.

section 29 a. decision of the enterprise meeting without meeting the Board may submit a case to the decision for business meeting without to convene the meeting. This applies only if the Board finds that the case can be treated in a reassuring way, in that the writing be submitted to the owners to the decision.
The Board shall in such cases send documents with suggestions for the decision and the justification for the proposal to all the owners and to the General Manager and an accountant. It should be set a deadline to vote that cannot be shorter than the time limit to convene the meeting unless the enterprise, all the owners agree on a shorter time limit. The owners should be made aware that they may require that the case be submitted to the business meeting of the meeting.
The case shall be submitted to the business meeting of the meeting if so required by a Board Member, an owner or auditor before the expiration of the deadline to submit the written voice.

section 30. Extraordinary enterprise meeting the Board may decide that it should be summoned to extraordinary business meeting.
The Board shall convene extraordinary business meeting when the auditor or owners who represent at least one-third of assets requires it to get treated a specifically topic. The Board shall ensure that the business meeting is held within one month after the claim set forth.

section 31. The notice of the meeting to the Board of directors convenes business enterprise meeting and decide ' written way. Notice of the ordinary Enterprise shall be made no later than the meeting in writing one month before the meeting, and shall be attached to the annual accounts, annual report and Auditor's report. Notice of the extraordinary business meeting shall be made no later than two weeks prior to the meeting, if not shorter notice in the particular case is urgent necessary.
To the meeting summoned those who under section 28 the second paragraph has the right to be present in the business meeting.
The notice shall specify the matters that determined to be treated at the meeting. The by-laws will be proposed, the main content changed in the proposal is reproduced in the notice. Business meeting may not make a decision in other cases than those mentioned in the notice unless all of those under section 28 the second paragraph has the right to be present in the consent.

section 31 a. the owners ' right to get things processed on Enterprise meeting an owner has the right to get treated questions on Enterprise meeting that is reported in writing to the Board in time to be included in the notice. The notice has already taken place, it shall be sent out new notice if there are at least two weeks left to the business of the meeting.

section 32. Meeting management and Enterprise is led by protokollasjon the Chair of the meeting.
The host shall ensure that it is transported Protocol from the enterprise meeting. The host will be before the first poll to create a record of the owners who have met, either himself or by proxy. Of contents to specify how many votes each of them represents.
The Protocol will be signed by the host and another person selected from among the tilstedværende. 1 are some of those who under section 28 the second paragraph has the right to be present at the meeting, disagree in the decision, their perception is diverted into the Protocol.

Chapter 7. Accounting, audit and investigation section 33. Accounting company is regnskapspliktig by fiscal law.

section 34. Revision the company should have the auditor selected by the business meeting. The auditor shall be registered or chartered.

section 35. Investigation an owner can in Enterprise meeting forward put suggestions on investigation of the company or the specified conditions regarding the management of it or its accounting.
The proposal may be filed on an ordinary company meeting or at an extraordinary meeting where this is stated in the enterprise of the notice that the case should be treated if such investigation.
Decision about the scrutiny of at least one endorsement requires the tenth part of the overall vote.
The who on behalf of the owners, supervises has the right to scrutiny to make the investigations of the company as is necessary, and in this regard can claim the necessary assistance of the company. The xenophobia and proofreading, of the Board, the Executive Director and any employee or Union official in the company, require any information about the company's relationship as the investigation makes necessary. The who on behalf of the owners make the investigation has sworn to secrecy by the same rules that apply to Auditors, cf.. accountant law § 6-1.

section 36. Auditor General control Auditor General leads the management of control the State's interests and may make surveys, etc. in the company and wholly-owned subsidiaries after the Auditor General Act and instructions laid down by the Storting.

section 36 a. resolution and liquidation Chapter 8. Entry into force and transitional provisions. Changes in other laws § 37. Entry into force this law enters into force from the time that the King decides.

section 38. (Repealed by law 25 March 2011 No. 7 (ikr. 1 July 2011 CISPR. 25 March 2011 No. 321).)

§ 39. Changes in other laws from the time the Act comes into force, the following changes in other laws:-

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