BYLAWS

INTERNATIONAL ASSOCIATION OF
ECONOMICS AND FINANCE
(IAEF)

APPROVED
by decision of the General Meeting of Members
International Association of Economics and Finance (IAEF)

1. GENERAL PROVISIONS

1.1. The International Association of Economics and Finance (IAEF), hereinafter referred to as the Association, is a corporate, non-profit organization comprising international professionals and reputable organizations active in global economics and finance. It includes progressive research institutions, leading companies, and esteemed practitioners who develop and implement innovative economic models, financial strategies, and solutions to enhance the world’s economic and financial systems.

1.2. The Association was established to undertake socially beneficial economic initiatives and effectively represent and safeguard its members’ collective, including professional, interests in strict accordance with international standards and the provisions of this Charter.

1.3.    The Association includes leading organizations engaged in consulting and educational activities and research and development in finance, economics, and sustainable development. It actively participates in realizing innovative international projects and initiatives aimed at developing financial and economic systems, resource conservation, sustainable growth, and financial literacy improvement.

1.4.    Members of the Association can be well-known financial and economic institutions, international organizations, authoritative scientific and educational institutions, as well as advanced companies engaged in monetary and financial consulting, public and private organizations involved in the development and implementation of solutions aimed at improving global economic processes, as well as innovative companies and organizations working in the field of financial technology, sustainable development, and engaged in educational activities, including

1.5.    Special attention is paid to the participation of distinguished professionals whose contribution to the development of financial and economic systems is internationally recognized.

1.6.    The Association is formed on the principles of voluntary association of its members.

1.7.    Full name – International Association of Economics and Finance.

1.8.    The abbreviated name is IAEF.

1.9.    The Association shall be established without limitation of the term of validity.

1.10.  The Association has separate property in ownership, is liable for its obligations with this property, can on its behalf acquire and exercise property and non-property rights, incur obligations, be a plaintiff and defendant in court. The Association has an independent balance sheet.

1.11. The Association shall have the right to open settlement, currency, and other accounts in banking and other credit organizations in accordance with the established procedure.

1.12. The Association has a round seal bearing its full name and the right to use its name on stamps and letterhead.

1.13. The members of the Association shall retain their independence.

1.14. The Association does not set the goals of sponsoring political and other activities directed or related to political activities, various organizations, parties, or public associations.

1.15. The Association is not liable for its members’ obligations, and the members are not liable for the Association’s obligations, except in cases of establishing subsidiary liability of the Association members.

2. ASSOCIATION MISSION

2.1.    Creating a global network to disseminate knowledge, share experience, and implement effective solutions in economics, finance, and business, focusing on building resilience to external economic shocks and crises.

3. GOALS, OBJECTIVES, AND ACTIVITIES OF THE ASSOCIATION

3.1.    The main goal and objective of the Association is to coordinate and develop joint activities of outstanding participants in economic growth, financial stability, and sustainability of the world financial systems, improvement of the quality of economic processes, and development of innovative solutions in the economy. The Association acts in the interests of the world economy and society, striving to achieve socially beneficial goals and promote innovative and advanced solutions in economics, finance, and sustainable growth.

3.2.    The Association’s activities aim to achieve innovative and sustainable solutions to improve the global economy, stabilize financial systems, and develop advanced strategies for sustainable development.

3.3.    The priority objectives of the Association’s activities include:

3.3.1.     Advocating for effective economic development models that promote growth in countries with different levels of economic development.

3.3.2.     Development and implementation of policies and practices to maintain financial stability and minimize risks in the international monetary system.

3.3.3.     Establish and support partnerships between countries, organizations, and financial institutions to address global economic challenges and achieve mutually beneficial solutions.

3.3.4.     Carry out educational activities and programs to raise financial awareness among the population, organizations, and governments.

3.3.5.     Promoting and supporting research, innovative solutions, and technologies in economics and finance that can improve global processes.

3.4.    The subject of the Association’s activity is the organization of assistance to the Association members in carrying out activities aimed at sustainable development in the field of economy and finance, including innovative technologies and sustainable financial solutions.

3.5.    To achieve the goals specified in the paragraphs of this Charter, the Association shall have the right to carry out the following activities:

3.5.1.     Promotion of entrepreneurship development in the economy and finance, improvement of the quality of services provided in the financial and economic spheres.

3.5.2.     Assistance to the Association members in realization of innovative projects and strategies in the sphere of economy and finance.

3.5.3.     Provision of favorable conditions for effective interaction between participants of legal relations in the field of economy, finance, and sustainable development.

3.5.4.     Study and disseminate successful international experience in economy, finance, and sustainable development.

3.5.5.     Assistance in creating conditions for developing and implementing advanced technologies in finance and economy.

3.5.6.     Assistance in the development, implementation, and compliance with quality standards aimed at improving efficiency in the field of economy and finance.

3.5.7.     Participation in developing and discussing proposals to improve the legal and regulatory framework in economics and finance.

3.5.8.     Participation in public examination of draft economic, finance, and sustainable development laws.

3.5.9.     Assistance in creating conditions for the practical activity of the Association members, provision of methodical, informational, and consulting assistance.

3.5.10.   Facilitate media coverage of economic, financial, and sustainable development issues and achievements.

3.5.11.   Promotion of professional consolidation of specialists working in the field of economics, finance, and sustainable development.

3.5.12.   Assistance in implementing educational projects aimed at improving the qualifications of citizens, economic and financial workers, and specialists in sustainable development.

3.5.13.   Work organization monitoring the state and economy, finance, and sustainable development.

3.5.14.   Implementation of methodological activities, preparation of methodological manuals, and recommendations on the issues of economy, finance, and sustainable development.

3.5.15.   Carrying out publishing activities, including the release of film, photo, TV, audio and video products, and printed products, according to the statutory objectives of the Association.

3.5.16.   Create and maintain an information portal on the Association’s topics.

3.5.17. Participation in research activities and innovative developments in economics and finance.

3.5.18.   Organization and participation in awards, contests, exhibitions, conferences, seminars, and forums aimed at disseminating the best practices in economics and finance.

3.5.19.   Carrying out income-generating activities, including the provision of services, performance of works, sale of goods, and intellectual property transactions, within the framework of achieving the goals of the Association.

3.6.    The Association shall accomplish the following tasks:

3.6.1.     Organization of international forums and conferences: Holding regular meetings, symposiums, forums, congresses, and other events to exchange experience, discuss current problems, and find solutions to international economic challenges, such as sustainability of financial markets, adaptation to changes in the global economy, etc.

3.6.2.     Research and analytics: Preparation and dissemination of analytical materials, reports, and studies on key economic and financial issues at the international level. Assessment of current monetary and financial trends, monitoring of global and regional economic risks.

3.6.3.     Development of recommendations for countries and organizations: Providing advisory services, developing strategies to help governments, financial institutions, and organizations improve their economic and financial performance, and developing analytically based proposals to improve different countries’ monetary and financial structures.

3.6.4.     Networking initiatives and partnerships: Create platforms and networks to connect economic and financial experts, professionals, and organizations worldwide—initiatives to build international partnerships for effective problem solving.

3.6.5.     Educational programs: Development and implementation of educational courses and programs on financial literacy, economics, international trade, and investment for all stakeholders. Assistance in creating online courses and organizing academic events (seminars, training, master classes).

3.6.6.     Monitoring and evaluating international initiatives: Evaluation of the effectiveness of global economic and financial programs and proposals to identify best practices and their adaptation in different countries. Collect statistical data to monitor the success of economic reforms and financial strategies.

3.7.    Main areas of activity:

3.7.1.     Research in economics and finance: Conducting and supporting scientific research on topical issues of economics, financial markets, macroeconomics, and microeconomics. Studying the impact of global economic processes on national economies. Development and implementation of new economic models and theories adapted to modern challenges.

3.7.2.     Education and professional development: Organization of educational programs, courses, seminars, and trainings for specialists in the field of economics and finance. Exchange of experience between countries and professionals through conferences and forums. Supporting research and scientific publications in the field of finance and economics.

3.7.3.     Cooperation with international financial organizations: Interaction with international banks, financial institutions, and public and private organizations to develop global economic stability. Supporting projects to improve financial systems and institutions and the sustainability of financial markets.

3.7.4.     Financial Literacy: Improving financial literacy among various population segments, including the business community and individuals. Development of educational materials and initiatives to teach the basics of finance and economic processes.

3.7.5.     Consulting and advisory services for countries and organizations: Providing advisory services to governments, international organizations, and private companies on financial policy, economic strategy, and risk management and assessing macroeconomic and financial trends and helping to create effective economic models for different countries.

3.7.6.     Sustainable Development and Economic Policy: Exploring sustainable development issues in the context of the global economy, such as climate change, resource efficiency, and green technology development, and developing economic policy recommendations to stimulate growth and address issues of poverty, inequality, and social justice.

4. LEGAL STATUS OF THE ASSOCIATION

4.1.    To achieve the goals stipulated by this Charter, the Association may establish other non-profit organizations and business entities and join associations and unions.

4.2.    To implement the state, social, economic, and tax policy, the Association shall preserve documents (managerial, financial and monetary, personnel records, etc.). It shall ensure the transfer of documents of scientific and historical importance to the state storage.

4.3.    The Association shall establish the amount and procedure for payment of membership fees by the members of the Association. It shall provide information and methodological support to the members of the Association.

5. ASSOCIATION PROPERTY

5.1.    The Association may own buildings, structures, housing stock, equipment, inventory, money, securities, and other property that does not contradict the legislative norms.

5.2.    The sources of formation of property and financing of the Association’s activities shall be:

5.2.1.     Regular and non-recurring income from the members of the Association;

5.2.2.     Voluntary property contributions and donations;

5.2.3.     Revenue from sales of services;

5.2.4.     Income derived from the Association’s property;

5.2.5.     Other income not prohibited by international law.

5.3.    The amount of admission and membership fees and the terms and procedure for their payment shall be determined by the internal Regulations on Membership in the Association.

5.4.    Contributions of members, income received by the Association, and all property acquired by the Association at its own expense shall be the property of the Association, may be used exclusively for the realization of statutory objectives, and shall not be distributed among the members of the Association.

5.5.    The Association shall keep accounting, tax, and statistical records and reports by the procedure established by law.

5.6.    The Association shall own the right of ownership of monetary funds, other property, and other property items transferred by individuals and legal entities as a contribution, gift, donation, by will, or otherwise.

5.7.    In case of liquidation of the Association, the remaining property after satisfying creditors’ claims shall be used by its Charter for the purposes for which it was established and (or) for charitable purposes.

6. ASSOCIATION MEMBERSHIP

6.1.    Membership in and withdrawal from the Association is voluntary and open to all interested in supporting sustainable development and innovative approaches in economics and finance.

6.2.    Members of the Association can be legal entities and individuals who carry out progressive activities in sustainable economic and financial development and participate in developing and implementing innovative solutions.

6.3.    Membership in the Association is divided into Honorary Members and Members of the Association.

6.4.    Honorary members of the Association:

6.4.1.     Famous and reputable individuals who have reached the age of majority, have exceptional abilities, and are recognized internationally for their significant contribution to the development of the financial and economic sphere can become honorary members, at that only by special invitation of the Association, which is executed by an official letter.

6.4.2.     Honorary members form the composition of the Expert Committee.

6.4.3.     Honorary members of the Association take part in the Competition Commissions (jury) held by the Association. The Commission is responsible for forming the candidates’ list and determining the winners based on the evaluation results.

6.4.4.     Honorary members of the Association receive a personal certificate and a personal ID card of the Honorary Member of the Association.

6.5 Members of the Association:

6.5.1.     Individuals or legal entities who have reached the age of majority, have significant achievements in the field of economics and finance, share the goals and objectives of the Association, fulfill the requirements of the Charter, and actively participate in the work of the Association may become members of the Association.

6.5.2.     Acceptance of a new Member of the Association shall be based on a written application submitted on the recommendation of an existing Member of the Association addressed to the President of the Association.

6.5.3.     Members of the Association shall be obliged to pay monthly membership fees.

6.6.    A member of the Association shall be presented with a Certificate of Membership in accordance with the established sample approved by the General Meeting.

6.7.    The record of the Association members shall be kept by the Association Council, which shall enter the information into the Unified Register of Association members.

7. RIGHTS AND OBLIGATIONS OF ASSOCIATION MEMBERS

7.1.    Members of the Association have equal rights and responsibilities, regardless of their size and the industry in which they operate, and actively promote the innovative and sustainable goals of the Association.

7.2.    A member of the Association may withdraw from the Association at any time by applying at least five working days before the proposed date of withdrawal.

7.3.    A member of the Association may be expelled from the Association based on a decision of the General Meeting adopted by a qualified majority in the case of:

7.3.1.     Gross violations of the Charter and normative acts of the Association;

7.3.2.     Delinquency of membership fees for more than 6 months;

7.3.3.     Failure to fulfill or improper fulfillment of duties, obstructing the Association’s activities.

7.4.    Members of the Association shall have the right to:

7.4.1.     To participate in the management of the Association by the procedure established by the Charter.

7.4.2.     Receive information about the Association’s activities and familiarize yourself with its documentation.

7.4.3.     To appeal against decisions of the Association bodies having civil law consequences.

7.4.4.     To challenge the Association’s transactions and demand their invalidity.

7.4.5.     To demand compensation for losses on behalf of the Association.

7.4.6.     Use the services of the Association on equal terms.

7.4.7.     Following the established procedure, to withdraw from the Association at any time.

7.4.8.     Exercise other rights stipulated by the legislation.

7.5.    Membership rights cannot be transferred to third parties.

7.6.    Members of the Association shall:

7.6.1.     To pay admission and regular fees within the term and in the amounts established by the Regulations.

7.6.2.     Observe the requirements of the legislation, the Charter, and decisions of the Association bodies.

7.6.3.     Not to disclose confidential information about the Association’s activities.

7.6.4.     Actively contribute to achieving the Association’s goals and participating in its activities.

7.6.5.     Respect the interests of other members of the Association and comply with the terms of contracts.

7.6.6.     Not to perform actions knowingly aimed at causing harm to the Association.

7.6.7.     Not to hinder the achievement of the Association’s goals.

7.6.8.     Not to abuse rights and not to conduct unfair activities.

7.6.9.     Be liable within the limits of their contributions.

8. GOVERNING BODIES OF THE ASSOCIATION

8.1.    The governing bodies of the Association are:

8.1.1.     The General Meeting of Association members is the supreme governing body of the Association;

8.1.2.     The Association Council is a permanent collegial management body;

8.1.3.     The President of the Association is the sole executive body of the Association.

8.2 The Association’s management bodies shall act according to the competence defined by this Charter, based on the provisions of the relevant management bodies approved in the manner prescribed by this Charter.

8.3 The General Meeting of Association members is the supreme management body of the Association. It considers the issues within its competence referred to by the current legislation.

8.4.    The General Meeting of Association members shall be convened at least once a year in accordance with the procedure established by the Charter. The Association Council shall decide to convene an extraordinary General Meeting of the Association members on the following grounds:

8.4.1.     On its initiative for the need to solve the issues of the Association’s activity;

8.4.2.     At the request of the members of the Association Council, the Chairman of the Association Council, the President of the Association, as well as members of the Association in the number of at least 10% (ten) percent of the total number of members of the Association;

8.5.    The following issues shall fall within the exclusive competence of the General Meeting of Association members:

8.5.1.     Approval of the Charter of the Association, amendments thereto;

8.5.2.     Determination of priority directions of the Association’s activities, principles of formation, and use of its property;

8.5.3.     Approval of the quantitative and personal composition of the Association Council, election of members of the Association Council, and adoption of decisions on early termination of powers of the Association Council;

8.5.4.     Approval of the internal Regulations of the Association.

8.5.5.     Election of the President of the Association, as well as making decisions on early termination of their powers;

8.5.6.     Decision-making on the Association’s establishment of other legal entities, on the Association’s participation in other legal entities, on withdrawal from different legal entities;

8.5.7.     Approval of the annual report and accounting (financial) statements of the Association;

8.5.8.     Approval of the auditing organization to audit the accounting and financial (accounting) statements of the Association, making decisions on auditing the activities of the President of the Association;

8.5.9.     Establishing the amount of entrance and membership fees, as well as the method and procedure of their payment;

8.5.10.   Establishment of branches and representative offices of the Association, approval of their regulations, approval of candidates for the position of their heads of branches and representative offices of the Association, as advised by the President of the Association;

8.5.11.   Approval of the list of issues on which the subsidiary liability of the Association members will be established;

8.5.12.   Approval of the amount of subsidiary liability and procedure of payment for the Association’s obligations;

8.5.13.   Adoption of a decision on reorganization and liquidation of the Association, appointment of a liquidator or liquidation commission, and approval of the liquidation balance sheet.

8.6 Decisions of the General Meeting of Association members on issues of exclusive competence specified in this Charter shall be deemed adopted if a qualified majority (2/3) of the Association members who participated in the General Meeting of Association members voted on this issue. At the same time, the General Meeting of Association members shall be deemed competent (quorum) if more than half of all members of the Association are present.

8.7.    The Annual General Meeting of the Association members shall be held annually not earlier than 4 (four) and not later than 6 (six) months after the end of the reporting year.

8.8.    General Meetings of the Association members held in addition to the annual (regular) General Meeting of the Association members shall be extraordinary.

8.9.    The General Meeting of the Association members shall be held in the form of joint presence of the Association members to discuss the agenda items and make decisions on the issues put to vote and/or absentee voting.

8.10. Members of the Association shall participate in the General Meeting of Members of the Association through their authorized bodies or representatives (the latter’s powers shall be duly executed).

8.11. Voting on all issues on the agenda of the General Meeting of Association members shall be carried out by voting ballots.

8.12. In-person meetings of the General Meeting of Association members may be held in the joint presence of Association members or in forms that do not require their mandatory joint presence (videoconference) using a method that allows unambiguous identification of the participant’s identity or in a mixed form.

8.13.  Absentee voting of the General Meeting of the Association members may be conducted by ballot using the exchange of documents by postal, telegraphic, teletype, telephone electronic, or other communication ensuring authenticity. In this case, the Association shall obligatorily send notices of the proposed agenda, the start and end date of the voting procedure to all members of the Association, ensure the possibility for all members of the Association to familiarize themselves with all necessary information materials before voting, as well as provide the possibility to make proposals for inclusion of additional issues in the agenda, before voting of the amended agenda.

8.14. The permanent collegial management body of the Association is the Association Council, consisting of at least 5 (five) persons, elected at the General Meeting of Association members for 5 (five) years and accountable to it. The primary members of the Association Council shall be elected by the Association Founders at the General Meeting of the Association Founders for 5 (five) years. The Association Council is headed by the Chairman of the Association Council, whose term of office is equal to the term of office of the Association Council. The Association Council shall elect the Chairman of the Association Council from among its members. The Chairman of the Association Council organizes its work, convenes and presides at the meetings of the Association Council, organizes minutes at the meetings, and performs other powers specified in the Regulations on the Association Council.

8.15. The competence of the Association Council shall include:

8.15.1.   Convening regular and extraordinary General Meetings of the Association members;

8.15.2. Hearing of reports of the President of the Association, the Expert Committee, heads of working groups, and specialized commissions of the Association;

8.15.3. Preparation of proposals on priority directions of the Association’s activity;

8.15.4. Control over the implementation of the Association’s priority activities;

8.15.5.   Election of the Chairman of the Association Council and termination of his powers;

8.15.6. Submission of a candidate or candidates for election to the position of the President of the Association for approval by the General Meeting of Association members;

8.15.7. Submission to the General Meeting of Association members of proposals on candidates for elective positions in the Association, taking into account the proposals received in accordance with the established procedure;

8.15.8.   Approval of the Association’s budget, making amendments to it;

8.15.9. Making decisions on conducting an audit of the activity of the President of the Association;

8.15.10. Approval of the quantitative and personal composition of the Expert Committee, election of members of the Expert Committee, as well as making decisions on withdrawal of individual members from the Committee;

8.15.11. Setting limits for any agreements (contracts) and transactions that the President may enter into on behalf of the Association without separate approval of the Association Council;

8.15.12. Decision-making on other issues that do not fall within the competence of the General Meeting of Association members and the President of the Association.

8.16. The decision of the Council of the Association shall be considered adopted if a qualified majority (2/3) of the Association members who participated in the General Meeting of the Association members voted for the decision on this issue. A meeting of the Council shall be competent if more than half of the elected members of the Council are present. The Chairman of the Council of the Association shall not have a casting vote when making decisions by the Council of the Association.

8.17. The President of the Association is the sole executive body of the Association, accountable to the General Meeting of the Association members and the Association Council.

8.18.  Upon the establishment of the Association, the President of the Association shall be elected by the Founders of the Association at the General Meeting of the Founders for 5 (five) years, thereafter elected by the General Meeting of the Association members for 5 (five) years, and shall perform the following functions:

8.18.1 Without power of attorney, acts on behalf of the Association, representing it in the international scientific, professional, and other space;

8.18.2.   Participates in the development of plans and budget of the Association and organizes (after approval) their implementation;

8.18.3. Ensure timely financing of the Association’s programs and projects accepted for execution;

8.18.4.   Disposes of the Association’s property within the limits established by the Association Council;

8.18.5. Acts on behalf of the Association when concluding any agreements (contracts) and transactions within the limits of the amounts established by the Association Council;

8.18.6. Manage financial and economic activities of the Association, ensure timely payment of tax and other mandatory payments and dues;

8.18.7.   Issue powers of attorney, sign bills of exchange and other monetary obligations, open bank accounts, dispose of funds and credits;

8.18.8.   Submit on behalf of the Association claims and suits against legal entities and/or individuals, act on behalf of the Association in the arbitration court and other judicial bodies;

8.18.9.   Organizes, in accordance with the established procedure, accounting and tax accounting and reporting, preparation of reports, balance sheets, estimates, and current work plans of the Association;

8.18.10. Appoints the financial manager of the Association;

8.18.11. Submits candidates for admission of new members to the Association and expulsion of members from the Association to the General Meeting for approval;

8.18.12. Supervises economic and financial activities of branches and representative offices;

8.18.13. Determines the structure, staff schedule, and terms of remuneration of the Association’s employees within the limits of the budget and cost estimates for the maintenance of the Association’s apparatus;

8.18.14. Concludes labor agreements with the employees of the Association.

8.18.15. Participates in the preparation of materials for the General Meeting of Association members and the Association Council, performs other functions arising from the statutory goals and objectives of the Association.

9. EXPERT COMMITTEE, WORKING GROUPS, SPECIALIZED COMMISSIONS

9.1.    To fulfill the functions assigned to the Association, the Association Council may establish specialized commissions, committees, working groups, and other platforms, including those with the involvement of external experts and specialists, which act based on regulations approved by the Association Council.

9.2.    The Association Council will decide to form an Expert Committee, which is not a management body. The Expert Committee comprises outstanding and recognized economics, finance, and sustainable development professionals actively contributing to the Association’s development. The Honorary Members of the Association will form the expert committee on the recommendation of the Association members, members of the Association Council, and the President of the Association.

The objectives of the Expert Committee of the Association are:

9.2.1.     Conduct research and analysis of achievements of international professionals in economics and finance to effectively evaluate candidates for inclusion in the honorary members of the Association. This includes studying the world’s best practices, successful cases, and achievements of professionals who can bring valuable expertise and knowledge to the development of the Association.

9.2.2.     Advises the Association Council on strategy, priority areas, and innovations, proposing new ideas and solutions based on professional knowledge.

9.2.3.     Assists in evaluating new initiatives and projects of the Association, including business, start-ups, investments, and research, determining their economic feasibility and risks.

9.2.4.     Analyzes global and local business development trends and guides the Association in the right direction.

9.2.5.     Members of the Expert Committee may participate in creating scientific publications and participate in forums, conferences, and seminars organized by the Association.

9.2.6.     Assists the Association in establishing partnerships with external organizations, governmental structures, and the private sector, including attracting investments and supporting scientific initiatives.

9.2.7.     Contributes to expanding the Association’s network of contacts by attracting new members, sponsors, and partners.

9.2.8.     Contributes to maintaining high moral and ethical standards in the Association’s activities, serving as an example of honesty and transparency.

9.2.9.     Participates in strategic sessions and solutions to key issues of the association’s internal and external policies.

9.2.10.   Considers proposals to improve the Association’s structure, resources, and processes.

9.2.11.   Promotes the introduction of innovative technologies and improved business practices.

10. AWARDS, INTERNATIONAL COMPETITIONS, AND PRIZES

10.1.  The Association organizes awards, competitions, and international prizes to recognize and support outstanding achievements in science, technology, economics, business, and economic education.

10.2. The primary purpose of awards, contests, and prizes of the Association is to identify and encourage the best practices, innovative projects, industry leaders, and those who make a significant contribution to the development of economy and finance, as well as contribute to the strengthening of international economic relations.

11. BRANCHES, REPRESENTATIVE OFFICES OF THE ASSOCIATION

11.1. The Association may establish branches and open representative offices. Branches and representative offices of the Association shall not be legal entities, shall be vested with the property of the Association, and shall act based on the approved Regulations. The property of a branch or representative office shall be accounted for on a separate balance sheet and the Association’s balance sheet.

11.2. The branch and representative office shall carry out activities on behalf of the Association. The Association shall be responsible for the activities of its branches and representative offices.

11.3. The President of the Association shall appoint heads of branch and representative offices in coordination with the General Meeting of Association members and act based on a power of attorney issued by the President of the Association.

12. PROCEDURE FOR THE ASSOCIATION’S PERFORMANCE INDIVIDUAL TRANSACTIONS

12.1 For this Charter, the President of the Association shall be deemed to be interested in the Association’s performance of specific actions, including transactions, with other organizations or citizens.

12.2 If the President of the Association (his/her deputies), members of the Association and members of the Association Council have an interest in a transaction to which the Association is or intends to be a party, as well as in case of any other conflict of interests of the said persons and the Association concerning an existing or proposed transaction, they shall notify the Association Council of their interest before deciding to enter into the transaction;

12.3 The Association Council must approve the transaction.

12.4 An interested party transaction, which was made in violation of the requirements of this Article, may be recognized invalid.

13. REORGANIZATION AND LIQUIDATION OF THE ASSOCIATION

13.1 The Association may be reorganized by merger, consolidation, division, separation, spin-off, or transformation. The Association, by the decision of its members, may be transformed into a public organization, autonomous non-profit organization, or foundation.

13.2.  Reorganization of the Association entails the transfer of property and non-property rights and obligations belonging to the Association to its legal successor.

13.3.  The decision of the General Meeting of Association members shall carry out the liquidation of the Association. From the moment the decision on liquidation of the Association is taken, the term of fulfillment of its obligations to creditors shall be deemed to have come.

13.4.  From the moment of appointment of the liquidation commission, it shall have the authority to manage the affairs of the Association. The liquidation commission shall act in good faith and reasonably in the interests of the Association being liquidated and its creditors.

13.5.  The liquidation commission shall publish in the mass media a notice on liquidation and the procedure and term for claiming claims by creditors. This term may not be less than two months from the publication date of the liquidation notice.

13.6 The liquidation commission shall identify creditors, collect receivables, and notify creditors in writing of the Association’s liquidation.

13.7.  After the deadline for submission of claims by creditors, the liquidation commission shall draw up an interim liquidation balance sheet, which shall contain information on the composition of the property of the Association being liquidated, the list of claims submitted by creditors, the results of their consideration, as well as the list of allegations satisfied by an effective court decision, regardless of whether the liquidation commission has accepted such claims.

13.8.  Payment of monetary amounts to the creditors of the liquidated Association shall be made by the liquidation commission in the order of priority, in accordance with the interim liquidation balance sheet from the date of its approval.

13.9.  In case of reorganization of the Association’s activities, all documents (management, financial and economic, personnel and other) shall be transferred to the legal successor in accordance with the established procedure. In case of liquidation, the documents of permanent storage having scientific and historical significance shall be transferred to the archive for state storage. The transfer and arrangement of records shall be carried out at the Association’s expense by the archival authorities’ requirements.

14. APPROVAL OF THE CHARTER AND PROCEDURE AMENDMENTS TO THE ASSOCIATION’S CHARTER

14.1.  The decision of the General Meeting of Association members shall approve the new version of the Charter and amendments to the Charter.

14.2. The new version of the Charter or amendments to the Charter of the Association shall come into force from its approval by the decision of the General Meeting of Association members.