The following laws were approved at the inaugural meeting on 28.09.15. Last changed during the Annual General Meeting on 27.05.21.

  • Sec. 1

    The organization these laws apply to is named Ungar Athafnakonur (hereafter “UAK” or “the organization”). The organization’s domicile and jurisdiction is in Reykjavik, Iceland.

  • Sec. 2

    The organization’s purpose is to strengthen young women, increase knowledge of women and men’s roles 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 Assembly (hereafter “G.A.”) 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 G.A. is permitted by email. Applications for the Board of Directors shall be publicized in the meeting notice. It shall be indicated in the meeting notice if any legislative amendments have been submitted.

    The organization’s laws shall only be changed at the General Assembly. All members can propose an amendment and must deliver them before midnight, two days prior to the G.A.

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

    Members must have been registered to the organization at least two weeks prior to the G.A., and must also have paid their membership fee in order to have voting rights at the G.A.

    The G.A. 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 7 women elected for two years at a time. Four women shall be voted in every other year and three women the opposing year.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 G.A.

    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 G.A.

    Eligible members for the board of UAK are all members, 18 years and older, who have been registered to the organization and paid their registration fees at least two weeks prior to the G.A.

    If the available board seats are equal to or greater in number than candidates running, each candidate must receive a majority of the votes to be elected.

  • Sec. 7

    At the General Assembly members must vote for a new chairman. When running for a board seat, one shall indicate specifically whether the candidate is also running for chairman. If a sitting board member has interest in becoming chairman, she shall also announce her running before the G.A., within the same timeframe as other candidates.

    The Board of Directors shall meet as necessary between annual meetings as decided by the chairman.

    If a board member resigns before the end of her term, elections must be called and a new member voted in to replace her. This election shall be announced and advertised the same way as a G.A. If there are less than two months left of her term, the board may, without elections, continue working until the G.A.

    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 G.A. for approval. Membership fees are charged annually.

  • Sec. 9

    The organization’s board is authorized to appoint temporary committees. A majority approval from the board is required to establish such a committee.

    The working period of a committee will be decided during a board meeting. If the committee’s working period is longer than one year, the board shall submit proposals for amendments to the bylaws including a detailed description of the projects and responsibilities of the committee.

    The committee’s projects shall be decided at a board meeting. The board can decide whether the whole board or individual board members take responsibility for the committee’s work. This shall be decided with regard to the projects at hand. The board or individual board members are responsible for advertising for members of such committees.

  • Sec. 10

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

  • Sec. 11

    Decisions to terminate the organization shall be made at the G.A. by a simple majority.