ARTICLES of the Martinus Leyenhorst Trust
Martinus Leyenhorstin rahaston säännöt
1 § NAME OF THE TRUST
The name of the Trust is The Martinus Leyenhorst Bequest Trust
2 § OBJECTIVES OF THE TRUST
The purpose of the Trust is to function as an endowment fund to support the activities of the Anglican Church in Finland.
3 § IMPLEMENTATION OF THE TRUST’S OBJECTIVES
The Trust shall implement its objectives by making assistance grants, donations, and scholarships or by financially promoting by other means the Trust’s objectives.
4 § THE TRUST’S BASIC CAPITAL
The basic capital of the Trust consists of the deeds to the approximately 41 m2 apartment at the address Klaavuntie 14 F 59 Helsinki which were bequeathed to the Anglican Church in Finland by the will of Martinus Leyenhorst dated 4 July 1993.
The Fund may acquire funds through donation or bequest where the purposes of the Trust are in conformity with the wishes of the donor or testator.
5 § FINANCIAL MANAGEMENT AND BOOK-KEEPING OF THE TRUST
The Trust shall be under the ownership and control of the Anglican Church in Finland. The assets of the Trust shall be managed as a fund distinct from the other finances of the Church. The assets of the Trust shall be invested in a prudent and profitable manner.
The financial year of the Trust shall be the calendar year.
6 § MANAGEMENT OF THE TRUST AND USE OF ITS FUNDS
A Board of Trustees shall be elected annually at a General Meeting of the Church and consisting of three members of the Anglican Church in Finland and one deputy member to manage affairs of the Trust and act on its behalf. The members of the Board shall elect the Chair of the Board from among their number.
The Chair of the Board of Trustees together with a member of the Board may sign on behalf of the Trust.
When necessary the Board of Trustees may also co-opt an additional member to serve until the following General Meeting of the Church.
The Board of Trustees shall meet as summoned by the Chair or where the Chair is prevented by the Vice Chair. A quorum of the Board shall be constituted when more than half of all the members are present. More detailed regulations governing the summoning of the Board or the taking of decisions and other procedural matters shall be decided by the Board.
Minutes shall be kept of the Board’s meetings.
Fees to be paid to the members of the Board and to the Auditors and the discharge of Board members from liability shall be determined at a General Meeting of the Church.
7 § USE OF ASSETS
The distribution of the Trust’s assets shall be determined by a General Meeting of the Church on the basis of a proposal drafted by the Board.
Following approval of the Report for the Year no less than 60 per cent of the net profit for the financial year should normally be distributed in support of the Trust’s objectives. In the event that the profit for the year is low a lower proportion of the profit may be distributed or no distribution may be made at all for the financial year in question.
In the event that the Trust acquires additional assets through donation or bequest, and unless otherwise specified in the terms of such donation or bequest, no more than one-third of the initial total of such assets may be distributed during the five years following completion of receipt of such assets.
Decisions regarding the sale of assets or the acquisition of additional assets in lieu shall be subject to approval by a General Meeting of the Church.
8 § REVIEW AND SUPERVISION OF OPERATIONS
Toiminnan tarkastus ja valvonta
The Board shall for each year present to the Annual General Meeting of the Church a Report for the Year concerning financial management during the preceding financial year. The Report shall include a financial statement detailing income and expenditure and a proposal for the use of the assets from the preceding year.
The Report for the Year shall be submitted in advance of the Annual General Meeting to two auditors appointed by the Meeting.
9 § AMENDMENTS TO THIS CONSTITUTION
Amendments to these Articles may be approved by majority of not less than three quarters of the votes at the General Meeting. The Articles must be compatible with the regulations of the Church of England Diocese in Europe.
10 § CONTINUED EXISTENCE OF THE TRUST
The Trust is intended as an on-going and permanent institution. It may only be dissolved by a majority decision of a General Meeting of the Church as specified in Article 9 and in the event that its continued operation is rendered illegitimate through changes in legislation or impracticable through diminution of its assets or other cause. Any remaining assets shall in that case remain in the possession of the Anglican Church in Finland to be used at the discretion of a General Meeting of the Church in a manner conforming with the purposes of the Trust.
In the event that the Church or its assets are merged with those of a different church, the Trust shall notwithstanding continue to exist in its present form. In that event, the prime purpose of such assets shall be to fund the provision by a church of divine services in English in Finland in accordance with the most recent book of common worship of the Anglican Church.