Erna & Knut Eng's Children Foundation

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§ 1 The name of the Fund

The name of the foundation is Erna og Knut Engs Barnefond.

§ 2 The type of Fund

The Fund is a private foundation that falls under currently applicable provisions pertaining to foundations.

§ 3 The address of the Fund

The foundation’s office is in Oslo (Norway).

§ 4 The Fund's capital

The objects of Erna og Knut Engs Barnefond are to distribute the funds that are each year transferred from any funds transferred privately from Erna and Knut Eng, to benefit economically disadvantaged children. After the donor's death and after their assets are realized in relation to mutual testament, the capital shall be placed very conservative. The proposal is that some are put in inflation-related deposits or bonds, so that the fund will distribute real return on investment and the Fund's real value is intact at all times.

§ 5 The objects of the Fund

The Fund shall distribute financial aid to children and teenagers who, for reasons of physical or mental illness or as a result of social conditions, require financial support for medical or other assistance, including financial support towards their education. 
It is important to have control of those responsible for funds implementation, and that they are serious and responsible people or organizations.

The Fund may in distributing received funds also provide support towards medical research on disorders affecting children or contribute towards the purchase of equipment in hospitals where children are treated.

§ 6 The Fund's Board of Directors

The Fund shall have a Board of Directors consisting of up to six members who, by means of majority resolutions, are responsible for distributing financial aid in compliance with the objects of the Fund.
The two donors, Erna and Knut Eng, are entitled to sit on the Board of Directors for as long as they wish.

§ 7 Distribution of financial aid

The Board of Directors shall in distributing the received funds seek expert advice depending on the beneficiary in question. In all other respects, the Board of directors may freely choose the approach it takes in distributing financial aid from the Fund, while at the same time ensuring compliance with the objects of the Fund.
The Board of Directors shall ensure that administration costs are kept to a minimum (a maximum of 2.5 per cent of the financial aid paid out each year). No fee shall be paid to the members of the Board of Directors. Verified costs are to be covered by the Fund.

The Fund shall distribute financial aid to a maximum of ten beneficiaries each year.
The Fund shall not normally distribute more than 20 per cent of the funds available in one calendar year to a single beneficiary.

§ 8 Business manager

The Fund's administration shall be managed by a business manager who shall be appointed by the Board of Directors. The Board of Directors may alternatively manage the administration itself.

§ 9 Powers of attorney

Two members of the board of directors jointly or the board chairman alone may sign on behalf of the Fund.

§ 10 Election of the Board of Directors

Erna and Knut Eng are entitled to elect the members of the Board of Directors. In the event of the death of either Erna or Knut Eng, the surviving individual shall be entitled to elect the members of the Board of Directors. Upon the death of the surviving individual, this aforementioned right shall be exercised by the University of Oslo (Norway) or whomsoever that body appoints.

§ 11. The Fund's Capital

The Fund's capital is NOK 150 million.

Oslo June 22nd, 2009
Erna Eng, Board Chairman
Ingrid Stange, Board Member
Kåre Grønli, Board Member
Margret Stray-Pedersen, Board Member
Sten L. Ruud, Board Member

Last Updated on Wednesday, 28 March 2018 15:50