Articles of Association - Olav Thon's DNT Foundation
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Articles of Association

§ 1

The foundation’s name is Olav Thons DNT-stiftelse (Olav Thon’s DNT Foundation).

§ 2

The foundation is an idealistic foundation with the objective of supporting the Norwegian Trekking Association (DNT) in its nationwide activities to promote mountain hiking and outdoor recreation in Norway. This shall be done in the spirit that has characterised Olav Thon’s interest in and enjoyment of the Norwegian mountains.

The foundation’s funds shall mainly be used in the construction and furnishing of cabins and emergency shelters in the mountains and surrounding areas, and for the marking and maintenance of the trail and route network, but may also be used for other purposes such as the promotion of hiking in Norwegian nature.

§ 3

The foundation’s initial capital comprises the foundation’s equity of NOK 6,813,975.42 as at 31.12.1990.

The foundation’s board may dispose of the foundation’s capital and return on capital in the realisation of the foundation’s objective.

§ 4

The foundation’s board of directors consists of five members. Three of these are appointed by Olav Thon, and two by the national board of the Norwegian Trekking Association (DNT).

After Olav Thon’s death, the members appointed by Olav Thon, or who later represent him, shall jointly appoint new members of this group. New board members who represent Olav Thon shall be appointed as necessary.

Board members appointed by the national board of the Norwegian Trekking Association shall be appointed for a term of office of two years, and with one new board member each year. Board members may be re-appointed. At least one of the appointed board members shall be a member of the national board of the Norwegian Trekking Association. The foundation’s board members appointed by the national board of the Norwegian Trekking Association may not act as members of the board after the year in which they turn 70 years of age.

The chairman of the board is elected from among the board members who represent Olav Thon. The deputy chairman is elected from among the board members who represent the national board of the Norwegian Trekking Association. The chairman and deputy chairman shall be appointed for a term of office of two years.

§ 5

Projects that are provided with funding must be adapted to the needs of the Norwegian Trekking Association. Unless otherwise is agreed, the local trekking association (turlag) acts as the building committee.

The rights of ownership of the projects to which the foundation contributes fall to the local trekking association (turlag).

§ 6

The board’s negotiations are recorded in dedicated minutes.

The board’s secretary is the general secretary of the Norwegian Trekking Association.

The board may appoint a business manager.

Satisfactory accounting practices shall be implemented for the foundation. It is incumbent upon the Norwegian Trekking Association to arrange for the foundation’s financial statements to be audited by a state-authorised auditor. An annual report shall be prepared, which shall contain a minimum of the profit and loss account, balance sheet and the board’s statement of operations.

§ 7

The board may unanimously seek to amend the foundation’s articles of association if this should become necessary due to special circumstances.

In the event of any amendment to the articles, the board shall endeavour to ensure that the articles reflect the basic ideas that Olav Thon has sought to promote.

Oslo, 21 November 2013