Laws of UAK

The following laws were approved at the inaugural meeting on 28.09.15. Last changed during the Annual General Meeting on 01.06.18.

  • Sec. 1

    The organization that these laws apply to, is named Ungar athafnakonur. The organization’s domicile and jurisdiction is in Reykjavik.

  • Sec. 2

    The organization’s purpose is to strengthen young women, increase knowledge of women and men’s role in the economy and promote a society where women and men are equal and offered the same opportunities.

  • Sec. 3

    The organization aims to serve its purpose by creating a forum for young women that drives them to meet, learn from and promote each other. Events on behalf of the organization reflect its purpose and objectives.

  • Sec. 4

    Membership is available to all women who are interested in the economy and have ambition for their careers and the will to excel.

  • Sec. 5

    The Annual General Meeting shall be held no later than 1st of June each year and shall be announced at least two weeks in advance with verifiable means. Calling for the Annual General Meeting is permitted by email. Applications for the Board of Directors shall be publicize in the meeting notice. It shall be indicated in the meeting notice if any legislative amendments have been submitted.

    The Annual General meeting is legal if properly convened. Decisions made at the Annual General Meeting shall be by a simple majority of votes from those members attending the meeting.

    The Annual General Meeting shall include the following issues:
    1. Report of the Board submitted
    2. Discussions of accounts
    3. Amendments
    4. Other issues

  • Sec. 6

    The Board of Directors shall consist of 5 or 6 women elected for two years at a time. The Board of Directors shall designate one board member to undertake the preparation and execution of the election.

    Applications for the Board of Directors shall be received no later than 3 days before the Annual General Meeting.

    Elections for the Board of Directors can be established in writing or by electronic means. In the event of written election, it shall be conducted at the Annual General Meeting. If electronically, it shall be completed before 11 pm the day before the AGM.

  • Sec. 7

    At the first meeting of the Board of Directors after the Annual General Meeting, the Board shall elect a chairman and vice-chairman from among the board members. The Board of Directors shall meet as necessary between annual meetings as decided by the chairman.

    If a board member resigns before her term of office expires, the board may elect a new board member who sits on the Board of Directors until the next legal general meeting.

    Each board member may serve in office for two consecutive election periods at a time.

  • Sec. 8

    The Board of UAK sets rules about the organization’s annual fee and presents at the Annual General Meeting for approval. Membership fees are charged annually.

  • Sec. 9

    Profit/surplus from the organization’s operations shall be spent during next year’s operations.

  • Sec. 10

    Decision to terminate the organization shall be made at the Annual General Meeting by a simple majority.