1. The name of the Foundation is Aktuaaritoiminnan Kehittämissäätiö, in Swedish Stiftelsen för utveckling av aktuarieverksamhet and in English the Foundation for Promotion of the Actuarial Profession. Its domicile is Helsinki.

2. The purpose of the Foundation is to promote research and educational activities in the actuarial field, which includes, besides actuarial mathematics, actuarial matters relating to investment activities, accounting and internationalization of the insurance industry.

In order to promote its aims, the Foundation gives support to educational and research activities, organizes seminars and education and supplies grants to individuals and organizations.

3. Fixed capital is 252 281,89 €.

The assets shall be invested in a prudent and profitable manner.

The Foundation may take donations and wills and obtain property in a way allowed by the Foundations Act.

4. The Foundation is administrated by the Board.

The Board members consist of the Board of the Actuarial Society of Finland reinforced by two members, appointed for a three-year period by the General Meeting of the Actuarial Society of Finland on nomination by the Federation of Finnish Financial Services. The first time the latter two members may be elected in the Annual General Meeting of the Association. In this case their term of office lasts to the fourth Annual General Meeting after the election.

The Chairman and Vice Chairman of the Board are those of the Board of the Actuarial Society of Finland.

5. The Board meets at least twice a year summoned by the Chairman or by the Vice Chairman if the Chairman is prevented from summoning the meeting. The Board constitutes a quorum when at least five members are present. The meeting decides with a simple majority of votes, except in case of amendment of articles of Association and dissolution of the Foundation. In case of a tie, the vote of the Chairman shall be regulated.

The meeting of the Board shall be summoned at least two weeks before the meeting in writing. The invitation shall include the agenda.

6. The Foundation may have a part-time agent appointed by the Board.

7. Chairman and Vice Chairman of the Board or one of them and one person as appointed by the Board have the right to sign the name of the Foundation.

8. The auditors of Actuarial Society of Finland (two auditors) conduct the audit of the Foundation or, when they are prevented from attending their duties, their deputy auditors and one KHT-auditor elected for one year a time by the General Meeting of the Association or when he/she is prevented from attending his/her duties, his/her deputy auditor.

9. The financial year of the Foundation is calendar year. Before the end of January annual report, accounts and financial statement from the previous year as defined in the Foundations Act shall be given to the auditors who shall give their auditors’ report within two weeks.

10. The Board of the Foundation shall send annually to the General Meeting of the Actuarial Society of Finland annual report and financial statement from the previous year as defined in the Foundations Act and the auditors’ report.

A copy from the profit and loss account and balance sheet together with notes to the financial statements, balance sheet specifications, annual report as defined in the Foundations Act and auditors’ report, attested by two persons, shall be sent to National Board of Patents and Registration of Finland by the end of June.

11. An amendment of these articles shall be handled in two successive meetings of the Board, and in both of them at least six board members shall be present. Acceptance of the amendment requires that the Board is unanimous and between the two Board meetings an opinion of the amendment has been acquired from the Monthly General Meeting of the Actuarial Society of Finland.

A decision concerning dissolution of the Foundation shall be made in the same way than decision concerning amendment of articles. In case of dissolution the remaining assets shall be transferred in accordance with a decision of the Board of the Foundation to a purpose that promotes the intended activities.

The Foundation shall apply approval of National Board of Patents and Registration of Finland to amendment of articles and to dissolution of the Foundation.

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