The regulation on the approval of the amendments in the financial corporations and financial foundations Date-2015-12-01-1376 Ministry Ministry of finance published in the 2015 clips 13 entry into force 01.01.2016 last modified the Change applies to Norway Pursuant law-2015-04-10-17-section 7-10 Announced at 03.12.2015. 14.30 short title regulations on the approval of the amendments in the finance companies, and more.
Legal authority: established by the Ministry of finance 1. December 2015 under the legal authority of the law 10. April 2015 Nr. 17 on the financial companies and financial group (distribution law) section 7-10 the second paragraph.
§ 1. Scope the regulation applies to financial corporations and financial foundations.
Bylaw changes in financial corporations and financial foundations can be implemented without special approval, unless these regulations stipulate approval.
§ 2. Requirements for the approval of the amendments requiring the approval of the amendments by financial business law section 7-10 the first paragraph shall apply the provisions of bylaw: a) the entity's purpose and the business entity shall operate, b) that not all stocks should give equal right in the enterprise, c) prohibition of pledging of shares, d) transmission of the general Assembly's right to select control to others, s) that up to half of the Board is elected by people other than the general Assembly , f) stricter requirements for majority decisions in the Council than the simple majority, g) provisions on the application of profits and of the wealth by resolution, if the entity by their business should not have to purpose to provide the shareholders the economic dividend, For financial companies that are not organized as a limited company or public limited company, the requirement of approval of the amendments also stipulated the provisions on: a) the entity shall have access to issue negotiable EC , b) how profit is to be applied and the deficit to be covered, as well as rules for the determination of dividend if the company should be able to provide dividends on equity in grunnfondet, c) how the entity will be wound up and the company's capital is in the possession by the liquidation, d) provisions that restrict the right to assign or pledge EC, e) that the deficit in mutual life insurance companies or credit unions should not be are offset on the members.
For mutual insurance companies apply the requirement of approval of the amendments also stipulated the provisions on: a) the number of insurance policies and the overall insurance sum that should be drawn for that undertaking to be able to start the business, b) the rules for membership and the members ' mutual responsibility for the entity's obligations, c) members ' obligations to pay Member deposits and future payments to equity capital For Credit Union comes to the requirement of the approval of the amendments also rules for membership and in the case of rules on Member deposit , the members ' responsibility for the entity's obligations and their responsibilities among themselves.
§ 3. Requirements for the approval of the amendments of the financial foundations Requirements about the approval of the amendments by financial business law section 12-20 second paragraph stipulated the regulations of applicable: a) the Foundation's purpose and the business Foundation will operate, b) the Foundation's equity capital and how the Foundation's funds are to be placed, c) how the Foundation will be wound up and the Foundation's fortune to outline by the liquidation.
§ 4. Requirements for the approval of the amendments of cooperatives that operate as financial corporations requiring the approval of the amendments of cooperatives that operate as financial corporations, the bylaw provisions on: a) the entity's purpose and the business entity shall operate, b) the size of any cooperative deposits, whether they should forrentes, and whether they should be repaid by self-exclusion, c) if it is to be paid subscription, d) how net income to outline.
§ 5. Entry into force these regulations shall enter into force 1. January 2016.
