§ 1 The name of the foundation is Acuparia and it pursues exclusively and directly charitable purposes in accordance with the (Icelandic) Foundation Act No 19/1988. The foundation does not engage in any gainful occupation.
§ 2 Place of residence of the foundation is in Garðabær.
§ 3 The purpose of the foundation is the promotion of nature and environmental protection as well as reforestation. The funds of the foundation shall be used exclusively for this purpose. The purpose of the foundation is realized in particular through:
Procurement of funds and suitable land.
Improving the soil by sowing lupines or other vegetation, in particular to prevent erosion.
Planting and seeding trees.
Restoring wetlands, increasing carbon sequestration and biodiversity, in particular by creating bird habitats.
Promotion of knowledge of environmental protection and forestry.
§ 4 The founder of Acuparia is Albrecht Ehmann.
§ 5 The assets of the foundation amount to IKR 1,200,000, which was contributed by the founder in accordance with § 4. The assets of the foundation are to be maintained permanently and undiminished. The foundation may accept endowments and donations.
The foundation is liable for its obligations with all its assets, including other valuables that it may later obtain. The founder has no privileges in the organization.
§ 6 The Board of the foundation consists of three members with a 5-year term of office. Two members should be elected as deputies at the same time and with the same term of office. The founder appoints the first board, but subsequently the outgoing board will elect the next board.
A simple majority shall determine the election of the members of the board. The executive committee distributes the tasks among itself. The board controls the whole organisation and acts externally on its behalf. The Board ensures that the structure and activities of the foundation are always in good condition. Resolutions of the majority of the board commit the organisation. The Board may grant others a power of attorney for the organisation.
The board meeting is quorate if the majority of the board attends. Important decisions can only be taken if all members of the board have discussed the matter, if there is a possibility of doing so. Minutes must be taken of the meetings.
§ 7 The chairman announces board meetings. Any member of the board may request that a board meeting be held. The Board of Directors may determine the elaboration of further details for the fulfilment of its tasks.
§ 8 The board of directors may appoint one or more managing directors. The managing director has the right to attend board meetings even though he is not a member of the board, and he has no voting rights. The managing director shall provide the board of directors and the auditor with all requested information on the operation of the foundation within the legal framework.
§ 9 The Board shall appoint one or more auditors or accountants to carry out an annual audit of the foundation's accounts. Auditors may not be members of the foundation.
§ 10 The business year of the foundation is the calendar year and the first accounting period is the period from the foundation until the next turn of the year.
§ 11 In order to change the statutes, merge the foundation with another foundation or dissolve it, the consent of all board members is required. Such decisions (on extension of purpose, change of purpose, merger or dissolution) are only effective after approval by the Foundation Supervisory Authority (Embætti sýslumannsins á Norðurlandi vestra). In the event of dissolution of the foundation, the net assets of the foundation shall be used to promote the objectives mentioned in paragraph 3 or related objectives.
§ 12 The foundation is subject to state supervision, which must be confirmed by the district administrator in the Northwest.