Approved by
the General Meeting of Members of the
Global Business and Finance Association (GBFA)
Minutes of the Meeting No 2 of February 01, 2018
Madrid, 2018
Articles of the Global Business and Finance Association
1. GENERAL PROVISIONS
2. LEGAL STATUS OF THE ASSOCIATION
3. OBJECTIVES AND SUBJECT OF THE ASSOCIATION
4. PRINCIPLES OF THE ASSOCIATION'S FUNCTIONING
5. FUNCTIONS OF THE ASSOCIATION
6. SOURCES OF FORMATION OF THE ASSOCIATION'S PROPERTY
7. PROCEDURE OF JOINING AND WITHDRAWAL FROM THE ASSOCIATION
8. RIGHTS AND OBLIGATIONS OF ASSOCIATION MEMBERS
9. GOVERNING BODIES OF THE ASSOCIATION
10. GENERAL MEETING OF ASSOCIATION MEMBERS
11. MANAGEMENT BOARD OF THE ASSOCIATION
12. CONTROL OVER THE FUNCTIONING OF THE ASSOCIATION
13. PROCEDURE OF REORGANIZATION AND LIQUIDATION
14. FINAL PROVISIONS
2. LEGAL STATUS OF THE ASSOCIATION
3. OBJECTIVES AND SUBJECT OF THE ASSOCIATION
4. PRINCIPLES OF THE ASSOCIATION'S FUNCTIONING
5. FUNCTIONS OF THE ASSOCIATION
6. SOURCES OF FORMATION OF THE ASSOCIATION'S PROPERTY
7. PROCEDURE OF JOINING AND WITHDRAWAL FROM THE ASSOCIATION
8. RIGHTS AND OBLIGATIONS OF ASSOCIATION MEMBERS
9. GOVERNING BODIES OF THE ASSOCIATION
10. GENERAL MEETING OF ASSOCIATION MEMBERS
11. MANAGEMENT BOARD OF THE ASSOCIATION
12. CONTROL OVER THE FUNCTIONING OF THE ASSOCIATION
13. PROCEDURE OF REORGANIZATION AND LIQUIDATION
14. FINAL PROVISIONS
1
General Provisions
1.1. The Global Business and Finance Association (GBFA) (hereinafter referred to as "the Association") is a non-profit association of legal entities and citizens, based on compulsory membership and created to represent and protect common, including professional, interests, to achieve socially useful goals, as well as other purposes not contrary to the law and having a non-profit nature.
1.2. Being a self-regulating organization, the Association unites business entities based on the unity of the industry of works and services; as well as unites entities of the professional sphere of a certain type.
1.3. The full name of the Association is the Global Business and Finance Association. Abbreviated name of the Association - GBFA.
1.4. The location of the Association is Madrid, Spain.
1.5. The Association is established without limitation of the term of functioning.
1.2. Being a self-regulating organization, the Association unites business entities based on the unity of the industry of works and services; as well as unites entities of the professional sphere of a certain type.
1.3. The full name of the Association is the Global Business and Finance Association. Abbreviated name of the Association - GBFA.
1.4. The location of the Association is Madrid, Spain.
1.5. The Association is established without limitation of the term of functioning.
2
Legal status of the Association
2.1. The Association acquires the rights of a legal entity from the moment of its state registration.
2.2. The Association has separate property on the right of ownership, accounted on its independent balance sheet, is liable for its obligations by this property, can on its own behalf acquire and exercise property and non-property rights, incur obligations, be a plaintiff and defendant in court, has the right to conclude contracts to achieve its goals.
2.3. The Association has an independent balance sheet; it has the right to open accounts, including foreign currency accounts, in banks and other credit organizations in accordance with the established procedure.
2.4. The Association has a round seal containing its full name in English.
2.5. To achieve the goals stipulated by this Articles, the Association may establish other non-commercial organizations and join associations and unions.
2.6. The property transferred to the Association by its members shall be the property of the Association. Members of the Association shall not be liable for its obligations, and the Association shall not be liable for the obligations of its members.
2.2. The Association has separate property on the right of ownership, accounted on its independent balance sheet, is liable for its obligations by this property, can on its own behalf acquire and exercise property and non-property rights, incur obligations, be a plaintiff and defendant in court, has the right to conclude contracts to achieve its goals.
2.3. The Association has an independent balance sheet; it has the right to open accounts, including foreign currency accounts, in banks and other credit organizations in accordance with the established procedure.
2.4. The Association has a round seal containing its full name in English.
2.5. To achieve the goals stipulated by this Articles, the Association may establish other non-commercial organizations and join associations and unions.
2.6. The property transferred to the Association by its members shall be the property of the Association. Members of the Association shall not be liable for its obligations, and the Association shall not be liable for the obligations of its members.
3
Objectives and subject of the Association
3.1. The main purpose of the Association's functioning is to unite subjects of entrepreneurial activity of different spheres and finances; to represent and protect common interests, including professional interests of the Association members in the development of business industry.
Promotion of creative and business activity of entrepreneurs, executives, managers, financiers and economists and other specialists in the field of entrepreneurship; unification of their efforts aimed at expanding cooperation in the field of business.
3.2. The subject of the Association's functioning is:
3.2.1. Developing and establishing the conditions of its membership.
3.2.2. Establishing and applying disciplinary measures against its members.
3.2.3. Maintaining the register of its members.
3.2.4. Representing the interests of its members in their relations with public authorities, as well as with international professional organizations in the field of entrepreneurship, professional education and services.
3.2.5. Developing and approving rules of business and professional ethics in the business sphere.
3.2.6. Development of rules for control over compliance by members of the Association with the requirements for the issuance of admission certificates, the requirements of standards of self-regulatory organizations and self-regulation rules.
3.2.7. Control over professional activities of its members in terms of their compliance with the requirements of legislation, standards and rules of the Association, membership conditions.
3.2.8. Organization of information and methodological support of its members in the sphere of entrepreneurship.
3.2.9. Establishment of arbitration courts to resolve disputes arising between its members.
3.2.10. Organization of exhibitions, congresses, forums, championships, festivals in the sphere of entrepreneurship.
3.2.11. Creation and development of new collective forms of information, legal and advertising services.
3.2.12. Organization of professional training and professional development of entrepreneurs.
3.2.13. Development and implementation of programs of development and improvement of the business sphere.
3.2.14. Participation in public activities aimed at popularization of the business sphere.
3.2.15. Providing consultative and other assistance to the members of the Association.
3.2.16. Sharing of experience and opinions among members
3.2.17. Exercising control over business activities of its members in terms of their compliance with the requirements of standards and rules, terms of membership in the Association.
3.2.18. Providing access to information about the Association by creating and maintaining the official website of the Association in the "Internet" (https://gbfassociation.com), ensuring information transparency of the Association members' activities by publishing information about the Association's activities on the official website of the Association.
3.2.19. Preparation and issue of information materials on business industry issues
3.3. The Association has the right to carry out entrepreneurial activities not prohibited by law and corresponding to the purposes for which it was established.
Promotion of creative and business activity of entrepreneurs, executives, managers, financiers and economists and other specialists in the field of entrepreneurship; unification of their efforts aimed at expanding cooperation in the field of business.
3.2. The subject of the Association's functioning is:
3.2.1. Developing and establishing the conditions of its membership.
3.2.2. Establishing and applying disciplinary measures against its members.
3.2.3. Maintaining the register of its members.
3.2.4. Representing the interests of its members in their relations with public authorities, as well as with international professional organizations in the field of entrepreneurship, professional education and services.
3.2.5. Developing and approving rules of business and professional ethics in the business sphere.
3.2.6. Development of rules for control over compliance by members of the Association with the requirements for the issuance of admission certificates, the requirements of standards of self-regulatory organizations and self-regulation rules.
3.2.7. Control over professional activities of its members in terms of their compliance with the requirements of legislation, standards and rules of the Association, membership conditions.
3.2.8. Organization of information and methodological support of its members in the sphere of entrepreneurship.
3.2.9. Establishment of arbitration courts to resolve disputes arising between its members.
3.2.10. Organization of exhibitions, congresses, forums, championships, festivals in the sphere of entrepreneurship.
3.2.11. Creation and development of new collective forms of information, legal and advertising services.
3.2.12. Organization of professional training and professional development of entrepreneurs.
3.2.13. Development and implementation of programs of development and improvement of the business sphere.
3.2.14. Participation in public activities aimed at popularization of the business sphere.
3.2.15. Providing consultative and other assistance to the members of the Association.
3.2.16. Sharing of experience and opinions among members
3.2.17. Exercising control over business activities of its members in terms of their compliance with the requirements of standards and rules, terms of membership in the Association.
3.2.18. Providing access to information about the Association by creating and maintaining the official website of the Association in the "Internet" (https://gbfassociation.com), ensuring information transparency of the Association members' activities by publishing information about the Association's activities on the official website of the Association.
3.2.19. Preparation and issue of information materials on business industry issues
3.3. The Association has the right to carry out entrepreneurial activities not prohibited by law and corresponding to the purposes for which it was established.
4
Principles of the Association's functioning
4.1. The Association acts on the basis of the following principles, in carrying out its functioning:
4.1.1. Voluntary entry of individuals and entrepreneurs into the Association membership and withdrawal from the Association at any time at the discretion of the Association member.
4.1.2. Equality of rights and obligations of all members of the Association.
4.1.3. Decision-making by the management bodies of the Association taking into account the interests of the majority of the Association members.
4.1.4. Self-regulation, information transparency.
4.1.5. Performance of activities by members of the Association in accordance with the requirements established by international legislation, this Articles, other internal documents of the Association.
4.1.6. Control by the Association over the activities of its members, which are the subject of self-regulation.
4.2. The Association shall not have the right to establish business partnerships and companies engaged in business activities that are the subject of self-regulation for the Association, and to become a participant in such business partnerships and companies.
4.3. The Association shall not, unless otherwise provided by law, have the right to perform the following actions and enter into the following transactions:
4.3.1. Pledge property belonging to it for securing performance of obligations of other persons.
4.3.2. Issue sureties for other persons, except for its employees.
4.3.3. To purchase shares, bonds and other securities issued by members of the Association, except if such securities are traded on organized trades.
4.3.4. Ensure securing performance of obligations by pledging the property of the Association members, guarantees and sureties issued by them.
4.3.5. Act as an intermediary (commission agent, agent) for the sale of goods (works, services) produced by members of the Association.
4.1.1. Voluntary entry of individuals and entrepreneurs into the Association membership and withdrawal from the Association at any time at the discretion of the Association member.
4.1.2. Equality of rights and obligations of all members of the Association.
4.1.3. Decision-making by the management bodies of the Association taking into account the interests of the majority of the Association members.
4.1.4. Self-regulation, information transparency.
4.1.5. Performance of activities by members of the Association in accordance with the requirements established by international legislation, this Articles, other internal documents of the Association.
4.1.6. Control by the Association over the activities of its members, which are the subject of self-regulation.
4.2. The Association shall not have the right to establish business partnerships and companies engaged in business activities that are the subject of self-regulation for the Association, and to become a participant in such business partnerships and companies.
4.3. The Association shall not, unless otherwise provided by law, have the right to perform the following actions and enter into the following transactions:
4.3.1. Pledge property belonging to it for securing performance of obligations of other persons.
4.3.2. Issue sureties for other persons, except for its employees.
4.3.3. To purchase shares, bonds and other securities issued by members of the Association, except if such securities are traded on organized trades.
4.3.4. Ensure securing performance of obligations by pledging the property of the Association members, guarantees and sureties issued by them.
4.3.5. Act as an intermediary (commission agent, agent) for the sale of goods (works, services) produced by members of the Association.
5
Functions of the Association
To achieve its objectives, the Association shall perform the following main functions:
5.1. Development and approval of documents:
5.1.1. The Association shall develop and approve the following documents:
5.1.1.1. Standards and rules of business activities (hereinafter - standards and rules of the self-regulating organization), establishing requirements for the implementation of business activities, mandatory for all members of the self-regulating organization.
5.1.1.2. Establishing the procedure for control over compliance by members of the self-regulatory organization with the requirements of the standards and rules of the
self-regulatory organization, the terms of membership in the self-regulatory organization and the procedure for applying disciplinary measures against members of the self-regulatory organization.
5.1.1.3. Documents of information disclosure, which establishes the procedure for ensuring information transparency of the activities of the self-regulatory organization and the activities of its members.
5.1.1.4. Documents of the register of members of the Association.
5.1.1.5. Documents of the procedure for consideration of complaints about actions (inaction) of members of the self-regulatory organization and other appeals received by the self-regulatory organization.
5.1.1.6. Documents of the self-regulatory organization's analysis of its members' activities based on the information submitted by them in the form of documentary reports.
5.1.1.7. Documents of membership in the self-regulatory organization, including requirements for members of the self-regulatory organization, the amount, calculation procedure and payment of the entrance fee, membership fees.
5.1.2. Additional documents:
5.1.2.1. The Association has the right to develop and approve documents of insurance by members of a self-regulating organization of the risk of civil liability and the risk of liability for breach of the terms and conditions of a contract for the provision of services, as well as other internal documents.
5.1.3. Application of disciplinary measures:
The Association shall apply measures of disciplinary action against a member of the Association who has committed a violation of the requirements for issuing certificates of admission to work, standards and rules of self-regulation.
5.1.4. Control and ensuring information transparency:
The Association shall exercise control over compliance by members of the Association with the requirements for issuance of a certificate of authorisation to work, ensure information
transparency of its activities and activities of its members in accordance with the procedure established by international legislation.
5.1.5. Register maintenance and provision of information:
The Association shall maintain the register of members of the Association in accordance with the requirements of the legislation, provide, upon request of an interested party, an extract from the register of members of the Association.
5.1.6. Keeping of documents:
The Association shall maintain and store the files of the Association members.
5.1.7. Representation of interests:
The Association represents the interests of the Association members in their relations with public authorities and other organizations
5.1.8. Organisation of professional training and certification:
The Association organizes professional training, attestation and conducts independent assessment of qualifications of the Association members or certification of goods, works, services produced by them.
5.1.9. Challenging acts and decisions:
The Association on its own behalf shall challenge in the manner prescribed by law any acts, decisions and (or) actions.
5.1.10. Provide consulting support to its members on issues related to business activities, as well as self-regulation issues;
5.1.11. Analyze the entrepreneurial market and develop recommendations for its development and improvement;
5.1.12. Organize events to promote and popularize entrepreneurship, including exhibitions, conferences, seminars and other formats;
5.1.13. Cooperate with international organizations and associations aimed at the development of the business sphere in order to share experience and implement best practices;
5.1.14. Develop and implement projects on social support and development of the Association members, as well as other socially significant initiatives;
5.1. Development and approval of documents:
5.1.1. The Association shall develop and approve the following documents:
5.1.1.1. Standards and rules of business activities (hereinafter - standards and rules of the self-regulating organization), establishing requirements for the implementation of business activities, mandatory for all members of the self-regulating organization.
5.1.1.2. Establishing the procedure for control over compliance by members of the self-regulatory organization with the requirements of the standards and rules of the
self-regulatory organization, the terms of membership in the self-regulatory organization and the procedure for applying disciplinary measures against members of the self-regulatory organization.
5.1.1.3. Documents of information disclosure, which establishes the procedure for ensuring information transparency of the activities of the self-regulatory organization and the activities of its members.
5.1.1.4. Documents of the register of members of the Association.
5.1.1.5. Documents of the procedure for consideration of complaints about actions (inaction) of members of the self-regulatory organization and other appeals received by the self-regulatory organization.
5.1.1.6. Documents of the self-regulatory organization's analysis of its members' activities based on the information submitted by them in the form of documentary reports.
5.1.1.7. Documents of membership in the self-regulatory organization, including requirements for members of the self-regulatory organization, the amount, calculation procedure and payment of the entrance fee, membership fees.
5.1.2. Additional documents:
5.1.2.1. The Association has the right to develop and approve documents of insurance by members of a self-regulating organization of the risk of civil liability and the risk of liability for breach of the terms and conditions of a contract for the provision of services, as well as other internal documents.
5.1.3. Application of disciplinary measures:
The Association shall apply measures of disciplinary action against a member of the Association who has committed a violation of the requirements for issuing certificates of admission to work, standards and rules of self-regulation.
5.1.4. Control and ensuring information transparency:
The Association shall exercise control over compliance by members of the Association with the requirements for issuance of a certificate of authorisation to work, ensure information
transparency of its activities and activities of its members in accordance with the procedure established by international legislation.
5.1.5. Register maintenance and provision of information:
The Association shall maintain the register of members of the Association in accordance with the requirements of the legislation, provide, upon request of an interested party, an extract from the register of members of the Association.
5.1.6. Keeping of documents:
The Association shall maintain and store the files of the Association members.
5.1.7. Representation of interests:
The Association represents the interests of the Association members in their relations with public authorities and other organizations
5.1.8. Organisation of professional training and certification:
The Association organizes professional training, attestation and conducts independent assessment of qualifications of the Association members or certification of goods, works, services produced by them.
5.1.9. Challenging acts and decisions:
The Association on its own behalf shall challenge in the manner prescribed by law any acts, decisions and (or) actions.
5.1.10. Provide consulting support to its members on issues related to business activities, as well as self-regulation issues;
5.1.11. Analyze the entrepreneurial market and develop recommendations for its development and improvement;
5.1.12. Organize events to promote and popularize entrepreneurship, including exhibitions, conferences, seminars and other formats;
5.1.13. Cooperate with international organizations and associations aimed at the development of the business sphere in order to share experience and implement best practices;
5.1.14. Develop and implement projects on social support and development of the Association members, as well as other socially significant initiatives;
6
Sources of formation of the Association's property
6.1. The property of the Association shall be used to achieve the goals for which it was established. General principles of formation and use of the Association's property shall be determined by the General Meeting of Association members.
6.2. The Association may own land plots, buildings, structures, constructions, housing fund, transport, equipment, inventory, property of cultural, educational and health-improving purpose, money, shares, other securities and other property, which is reflected on the independent balance sheet of the Association.
6.3. The Association shall have the right of ownership of money, property and other property transferred by individuals and legal entities in the form of contribution, gift, donation or by will.
6.4. The Association shall have the right to attract additional financial, including currency, resources, donations and target contributions from legal entities and individuals, including foreign ones, in accordance with the procedure established by the legislation.
6.5. The sources of formation of the Association's property in monetary and other forms are:
6.5.1. Entrance, annual and target contributions of the Association members (hereinafter referred to as "membership fees");
6.5.2. Voluntary asset contributions and donations;
6.5.3. Income received from the property of the Association;
6.5.4. Proceeds from the sale of goods, works, services;
6.5.5. Dividends (income, interest) received on shares, bonds, other securities and deposits;
6.5.6. Funds received from rendering services on provision of information which may be disclosed on a paid basis;
6.5.7. Funds received from the provision of educational services related to business activities, commercial or professional interests of members of the self-regulatory organization;
6.5.8. Funds received from the sale of information materials related to business activities, commercial or professional interests of members of the self-regulatory organization;
6.5.9. Income received from placing funds on bank deposits;
6.5.10. Other sources not contradicting the current legislation.
6.6. Entrance fees: the amount of the entrance fee for members of the Association is determined by the Regulations on membership fees and can be further changed by the decision of the General Meeting of Association members. Entrance fees shall be paid within 30 days from the date of the General Meeting of the Association members' decision on admission to the Association membership.
6.7. Annual membership fees: the amount, procedure and terms of payment of annual membership fees are defined in the Regulations on the Association's membership fees and may be subsequently amended by a decision of the General Meeting of Association members.
6.8. Target contributions: target contributions are intended to finance specific activities and programmes. The term, amount and form of their payment shall be established by the General Meeting of Association members.
6.9. Members of the Association are obliged to timely pay membership and other fees in the order, amount and terms defined in the Regulations on membership fees.
6.10. Entrance and annual membership fees shall be used for the needs and maintenance of the Association and ensuring the activities stipulated by this Articles.
6.11. Profit received by the Association may not be redistributed among the members of the Association and shall be used only for the fulfillment of statutory purposes.
6.12. Profit that may arise as a result of the Association's statutory activities shall not be distributed among the Founders and members of the Association, but shall be directed to the target funding fund, as well as, if necessary, to other funds.
6.2. The Association may own land plots, buildings, structures, constructions, housing fund, transport, equipment, inventory, property of cultural, educational and health-improving purpose, money, shares, other securities and other property, which is reflected on the independent balance sheet of the Association.
6.3. The Association shall have the right of ownership of money, property and other property transferred by individuals and legal entities in the form of contribution, gift, donation or by will.
6.4. The Association shall have the right to attract additional financial, including currency, resources, donations and target contributions from legal entities and individuals, including foreign ones, in accordance with the procedure established by the legislation.
6.5. The sources of formation of the Association's property in monetary and other forms are:
6.5.1. Entrance, annual and target contributions of the Association members (hereinafter referred to as "membership fees");
6.5.2. Voluntary asset contributions and donations;
6.5.3. Income received from the property of the Association;
6.5.4. Proceeds from the sale of goods, works, services;
6.5.5. Dividends (income, interest) received on shares, bonds, other securities and deposits;
6.5.6. Funds received from rendering services on provision of information which may be disclosed on a paid basis;
6.5.7. Funds received from the provision of educational services related to business activities, commercial or professional interests of members of the self-regulatory organization;
6.5.8. Funds received from the sale of information materials related to business activities, commercial or professional interests of members of the self-regulatory organization;
6.5.9. Income received from placing funds on bank deposits;
6.5.10. Other sources not contradicting the current legislation.
6.6. Entrance fees: the amount of the entrance fee for members of the Association is determined by the Regulations on membership fees and can be further changed by the decision of the General Meeting of Association members. Entrance fees shall be paid within 30 days from the date of the General Meeting of the Association members' decision on admission to the Association membership.
6.7. Annual membership fees: the amount, procedure and terms of payment of annual membership fees are defined in the Regulations on the Association's membership fees and may be subsequently amended by a decision of the General Meeting of Association members.
6.8. Target contributions: target contributions are intended to finance specific activities and programmes. The term, amount and form of their payment shall be established by the General Meeting of Association members.
6.9. Members of the Association are obliged to timely pay membership and other fees in the order, amount and terms defined in the Regulations on membership fees.
6.10. Entrance and annual membership fees shall be used for the needs and maintenance of the Association and ensuring the activities stipulated by this Articles.
6.11. Profit received by the Association may not be redistributed among the members of the Association and shall be used only for the fulfillment of statutory purposes.
6.12. Profit that may arise as a result of the Association's statutory activities shall not be distributed among the Founders and members of the Association, but shall be directed to the target funding fund, as well as, if necessary, to other funds.
7
Procedure of joining and withdrawal from the Association
7.1. For new members to join the Association, it is necessary to show remarkable achievements in the field of entrepreneurship, economics, finance, marketing, or business consultancy, or demonstrate a significant contribution to the development of the business environment; or be the author/creator of innovative goods, provide services, or deliver strategies that significantly improve the quality of life in society.
Business spheres, candidates from which are considered for membership in the Association
● Manufacturing
● Construction and Real Estate Development
● Trade and Retail (including E-commerce)
● Services (B2B and B2C)
● Fashion, Beauty, and Lifestyle
● Events, Mass Events, Hospitality, and Tourism
● Banking, Finance, Credit, and Investment Sector
● Restaurant, Food Industry, and Catering
● Information Technology, Software Development, and Startups
● Digital Education and EdTech
● Marketing, Advertising, and Media
● Logistics, Transportation, and Supply Chain
● Healthcare, Medical Technologies, and Biotechnology
● Energy, Renewable Energy, and Environmental Technologies
● Agriculture, AgriTech, and FoodTech
● Creative Industries (Design, Art, Culture, Entertainment)
● Consulting, Legal, and Corporate Services
● Real Estate, Property Management, and Urban Development
Only professionals with a high level of competence and experience in the business industry and finance can be members of the Association. The following are the criteria for membership in the Association:
7.1.1. Professional achievements: candidates must provide evidence of high achievements in the business environment.
7.1.2. Work Experience:
Applicants must have significant professional experience, with at least 5 years of proven work in their field, confirmed by relevant documentation such as certificates or letters of recommendation.
7.1.3. Participation in Professional Events:
Applicants should actively participate in seminars, masterclasses, and other educational events related to their professional field.
7.2. Verification Procedure for Joining the Association:
To join the Association, candidates must successfully complete a verification process to confirm their professional qualifications and outstanding achievements in their designated field.
Applicants are required to submit a complete and properly prepared package of documents, which will undergo a thorough and comprehensive validation by the Management Board of the Association.
The final decision regarding membership is made by the General Meeting of Members based on the submitted application. Once approved, the candidate’s information will be entered into the official member register. Upon acceptance, the candidate will receive an e-certificate, a commemorative medal, and their name will be listed on the Association’s official website.
7.3. Procedure of joining the Association
7.3.1. Submission of application. The candidate must personally draw up an application, where he/she must indicate his/her biography in detail.
7.3.2. Provide a list of professional achievements and awards (it may be a list of scientific publications, participation in international conferences and forums, speaking at thematic conferences, membership of the jury in professional competitions)
7.3.3. Recommendations. Letters of recommendation from well-known entrepreneurs or persons who have made a significant contribution to the development of business and finance, famous or media personalities should be provided.
7.3.4. Active participation: candidates who are actively involved in social life and events of the professional community have priority for admission
7.3.5. Interview: an interview (online) is required.
7.3.6. The final decision on the candidate's acceptance will be made by the members of the Board of the Association
7.4. Membership in the Association shall be terminated in cases of:
7.4.1. Withdrawal from the Association;
7.4.2. Exclusion from the Association.
7.5. Withdrawal from the Association is carried out at the request of a member of the Association.
7.6. A member of the Association may be expelled from the Association by decision of the other members.
Business spheres, candidates from which are considered for membership in the Association
● Manufacturing
● Construction and Real Estate Development
● Trade and Retail (including E-commerce)
● Services (B2B and B2C)
● Fashion, Beauty, and Lifestyle
● Events, Mass Events, Hospitality, and Tourism
● Banking, Finance, Credit, and Investment Sector
● Restaurant, Food Industry, and Catering
● Information Technology, Software Development, and Startups
● Digital Education and EdTech
● Marketing, Advertising, and Media
● Logistics, Transportation, and Supply Chain
● Healthcare, Medical Technologies, and Biotechnology
● Energy, Renewable Energy, and Environmental Technologies
● Agriculture, AgriTech, and FoodTech
● Creative Industries (Design, Art, Culture, Entertainment)
● Consulting, Legal, and Corporate Services
● Real Estate, Property Management, and Urban Development
Only professionals with a high level of competence and experience in the business industry and finance can be members of the Association. The following are the criteria for membership in the Association:
7.1.1. Professional achievements: candidates must provide evidence of high achievements in the business environment.
7.1.2. Work Experience:
Applicants must have significant professional experience, with at least 5 years of proven work in their field, confirmed by relevant documentation such as certificates or letters of recommendation.
7.1.3. Participation in Professional Events:
Applicants should actively participate in seminars, masterclasses, and other educational events related to their professional field.
7.2. Verification Procedure for Joining the Association:
To join the Association, candidates must successfully complete a verification process to confirm their professional qualifications and outstanding achievements in their designated field.
Applicants are required to submit a complete and properly prepared package of documents, which will undergo a thorough and comprehensive validation by the Management Board of the Association.
The final decision regarding membership is made by the General Meeting of Members based on the submitted application. Once approved, the candidate’s information will be entered into the official member register. Upon acceptance, the candidate will receive an e-certificate, a commemorative medal, and their name will be listed on the Association’s official website.
7.3. Procedure of joining the Association
7.3.1. Submission of application. The candidate must personally draw up an application, where he/she must indicate his/her biography in detail.
7.3.2. Provide a list of professional achievements and awards (it may be a list of scientific publications, participation in international conferences and forums, speaking at thematic conferences, membership of the jury in professional competitions)
7.3.3. Recommendations. Letters of recommendation from well-known entrepreneurs or persons who have made a significant contribution to the development of business and finance, famous or media personalities should be provided.
7.3.4. Active participation: candidates who are actively involved in social life and events of the professional community have priority for admission
7.3.5. Interview: an interview (online) is required.
7.3.6. The final decision on the candidate's acceptance will be made by the members of the Board of the Association
7.4. Membership in the Association shall be terminated in cases of:
7.4.1. Withdrawal from the Association;
7.4.2. Exclusion from the Association.
7.5. Withdrawal from the Association is carried out at the request of a member of the Association.
7.6. A member of the Association may be expelled from the Association by decision of the other members.
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Rights and obligations of the Association members
8.1. Members of the Association shall have equal rights regardless of the time of joining the Association and the period of their membership.
8.2. Each member of the Association has the right to participate in the management of the Association's affairs personally or through a representative. The representative of a member of the Association shall act on the basis of lawful authority or a duly executed power of attorney.
8.3. Members of the Association shall have the right:
8.3.1. Participate in the management of the affairs of the Association, including to demand (in accordance with the provisions of this Articles) the convening of General Meetings of the Association members, to make proposals to the agenda of the General Meetings and nominations to the list of candidates for election to the management bodies of the Association, to participate in the General Meetings and to vote on all agenda items of the General Meetings of the members.
8.3.2. Receive information on the Association's activities in accordance with the procedure established by this Articles.
8.3.3. To withdraw from the Association at its discretion.
8.3.4. Contact the management bodies of the Association on any issues related to its activities.
8.3.5. Transfer property into the ownership of the Association.
8.3.6. To receive, in case of liquidation of the Association, a part of its property remaining after settlements with creditors, transferred by them into the ownership of the Association.
8.3.7. To elect and be elected to the management bodies of the Association.
8.3.8. To make proposals to improve the Association's activities.
8.3.9. Participate in the development of documents of the Association.
8.3.10. Participate in events organized by the Association.
8.3.11. Directly apply to the Association for assistance and help in defense of his/her interests related to the goals and subject of the Association's activity.
8.3.12. To use the information base of the Association excluding access to official, commercial and other classified information about the Association members.
8.3.13. To make voluntary contributions and donations to the Association.
8.3.14. On an equal basis with other members of the Association to use its services free of charge, unless otherwise provided by law.
8.4. Members of the Association may have other rights provided by law for members of self-regulatory organizations.
8.5. Members of the Association shall:
8.5.1. Comply with the provisions of this Articles of Association and other internal documents of the Association.
8.5.2. Execute decisions of the Association's governing bodies made in accordance with their competence.
8.5.3. Timely pay annual membership fees, the amount of which is determined by the General Meeting of Association members.
8.5.4. To assist the Association in achieving its goals.
8.5.5. Strictly comply with the provisions of this Articles and local acts of the Association (including standards and rules).
8.5.6. To fulfill in full the obligations assumed in relation to the Association.
8.5.7. Timely and fully pay membership and other fees of the Association.
8.5.8. To participate in the formation of the Association's property in the necessary amount in the manner, method and within the terms stipulated by the current legislation and this Articles.
8.5.9. Not to disclose confidential information about the Association's activities.
8.5.10. To participate in making corporate decisions without which the Association cannot continue its activity in accordance with the law, if his/her participation is necessary for making such decisions.
8.5.11. Not to commit acts intentionally aimed at causing harm to the Association.
8.5.12. Not to perform actions (inaction) that significantly hinder or make impossible the achievement of the goals for which the Association was established.
8.5.13. To fulfill the decisions of the Association's management bodies made within their competence.
8.5.14. To respect the interests of other members of the Association, to avoid actions capable of causing damage to other members or the Association itself, to strictly comply with the terms of agreements and contracts.
8.5.15. Provide the Association with necessary information to resolve issues related to the activities of the Association or its members, including control over the activities of the Association members.
8.2. Each member of the Association has the right to participate in the management of the Association's affairs personally or through a representative. The representative of a member of the Association shall act on the basis of lawful authority or a duly executed power of attorney.
8.3. Members of the Association shall have the right:
8.3.1. Participate in the management of the affairs of the Association, including to demand (in accordance with the provisions of this Articles) the convening of General Meetings of the Association members, to make proposals to the agenda of the General Meetings and nominations to the list of candidates for election to the management bodies of the Association, to participate in the General Meetings and to vote on all agenda items of the General Meetings of the members.
8.3.2. Receive information on the Association's activities in accordance with the procedure established by this Articles.
8.3.3. To withdraw from the Association at its discretion.
8.3.4. Contact the management bodies of the Association on any issues related to its activities.
8.3.5. Transfer property into the ownership of the Association.
8.3.6. To receive, in case of liquidation of the Association, a part of its property remaining after settlements with creditors, transferred by them into the ownership of the Association.
8.3.7. To elect and be elected to the management bodies of the Association.
8.3.8. To make proposals to improve the Association's activities.
8.3.9. Participate in the development of documents of the Association.
8.3.10. Participate in events organized by the Association.
8.3.11. Directly apply to the Association for assistance and help in defense of his/her interests related to the goals and subject of the Association's activity.
8.3.12. To use the information base of the Association excluding access to official, commercial and other classified information about the Association members.
8.3.13. To make voluntary contributions and donations to the Association.
8.3.14. On an equal basis with other members of the Association to use its services free of charge, unless otherwise provided by law.
8.4. Members of the Association may have other rights provided by law for members of self-regulatory organizations.
8.5. Members of the Association shall:
8.5.1. Comply with the provisions of this Articles of Association and other internal documents of the Association.
8.5.2. Execute decisions of the Association's governing bodies made in accordance with their competence.
8.5.3. Timely pay annual membership fees, the amount of which is determined by the General Meeting of Association members.
8.5.4. To assist the Association in achieving its goals.
8.5.5. Strictly comply with the provisions of this Articles and local acts of the Association (including standards and rules).
8.5.6. To fulfill in full the obligations assumed in relation to the Association.
8.5.7. Timely and fully pay membership and other fees of the Association.
8.5.8. To participate in the formation of the Association's property in the necessary amount in the manner, method and within the terms stipulated by the current legislation and this Articles.
8.5.9. Not to disclose confidential information about the Association's activities.
8.5.10. To participate in making corporate decisions without which the Association cannot continue its activity in accordance with the law, if his/her participation is necessary for making such decisions.
8.5.11. Not to commit acts intentionally aimed at causing harm to the Association.
8.5.12. Not to perform actions (inaction) that significantly hinder or make impossible the achievement of the goals for which the Association was established.
8.5.13. To fulfill the decisions of the Association's management bodies made within their competence.
8.5.14. To respect the interests of other members of the Association, to avoid actions capable of causing damage to other members or the Association itself, to strictly comply with the terms of agreements and contracts.
8.5.15. Provide the Association with necessary information to resolve issues related to the activities of the Association or its members, including control over the activities of the Association members.
9
Governing Bodies of the Association
9.1. The governing bodies of the Association are:
9.1.1. General Meeting of the Association members.
9.1.2. Management Board of the Association.
9.1.3. Supervisory Board.
9.2. Members of the Association management bodies, when exercising their rights and performing their duties, shall act in the interests of the Association, exercise their rights and perform their duties in relation to the Association in good faith and reasonably.
9.3. The functions of the permanent collegial management body shall be performed by the General Meeting of the Association members.
9.1.1. General Meeting of the Association members.
9.1.2. Management Board of the Association.
9.1.3. Supervisory Board.
9.2. Members of the Association management bodies, when exercising their rights and performing their duties, shall act in the interests of the Association, exercise their rights and perform their duties in relation to the Association in good faith and reasonably.
9.3. The functions of the permanent collegial management body shall be performed by the General Meeting of the Association members.
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General Meeting of the Association members
10.1. The supreme governing body of the Association is the General Meeting of the Association members.
10.2. The competence of the General Meeting of Association members includes:
10.2.1. Determination of the Association's priorities, principles of formation and use of its property.
10.2.2. Approval and amendment of the Association Articles.
10.2.3. Determination of the procedure for admission of members of the Association and expulsion of members of the Association from the Association.
10.2.4. Approval of annual reports and accounting (financial) statements of the Association.
10.2.5. Participation of the Association in other legal entities, as well as making decisions on establishing branches and opening representative offices of the Association.
10.2.6 Reorganization and liquidation of the Association; appointment of the Association's liquidator; approval of the liquidation balance sheet.
10.2.7. Election of an auditor; appointment of an individual auditor of the Association.
10.2.8. Election of Members of the Management Board of the Association and early termination of their powers.
10.2.9. Making decisions on the procedure for determining the amount and method of payment of membership fees, on additional property contributions of the Association members to its property and on the amount of their subsidiary liability for the obligations of the Association.
10.2.10. Approval of the Rules of Procedure of the General Meeting of Members of the Association, the Rules of Procedure on Membership, the Rules of Procedure on Membership Fees and other provisions.
10.2.11. Election of the Chairman of the General Meeting of the Association members
10.2.12. Approval of the agenda of the General Meeting of Members.
10.3. Issues within the competence of the General Meeting of Members of the Association may not be referred to the decision of the Members of the Management Board of the Association.
10.4. Issues of the General Meeting of Members of the Association listed in subparagraphs 10.2.1-10.2.10 of paragraph 10.2. of this Articles are within the exclusive competence of the General Meeting of Members of the Association. Issues within the exclusive competence of the General Meeting of Association members shall be adopted by a qualified majority of votes (more than 2/3 of the total number of those present at the meeting).
10.5. The General Meeting of the Association members shall be competent if more than half of the Association members are present at the said meeting. In the absence of a quorum for the General Meeting of the Association members, the date of the repeated General Meeting of the Association members shall be announced not later than in 20 (twenty) days with the same agenda.
10.6. Each member of the Association shall have one vote at the General Meeting of Association members. Counting and processing of ballots shall be carried out by the Secretary of the General Meeting. The decision of the General Meeting shall be approved by a majority of votes of the members present at the meeting.
10.7. The General Meeting of the Association members may be ordinary or extraordinary. An ordinary General Meeting of the Association members shall be held at least once a year, not later than six months from the beginning of the relevant financial year in which it is held. An ordinary General Meeting of the Association members shall be convened by the President of the Association.
10.8. The General Meeting of the Association members organized earlier than the term specified in clause 10.5 of the Articles shall be extraordinary. An Extraordinary General Meeting of the Association members may be convened on the initiative of the Association Board Members, the Association Auditor or at least 1/3 of the Association members determined on the date of convening the Extraordinary General Meeting.
10.9. The General Meeting of the Association members shall be convened by notifying all members at least thirty days prior to the date of the General Meeting.
10.10. Notification of the Association members of the date, venue and agenda of the General Meeting shall be carried out by postal notification.
10.11. The agenda of the General Meeting of the Association members shall be approved by the General Meeting of the Association members. Members of the Association may add issues to the agenda of the General Meeting by sending a corresponding application to the Chairman of the General Meeting not later than fifteen days before the date of the General Meeting.
10.12. Other issues related to the convocation, preparation and holding of the General Meeting of Association members shall be regulated by an internal document approved by the General Meeting of Association members.
10.2. The competence of the General Meeting of Association members includes:
10.2.1. Determination of the Association's priorities, principles of formation and use of its property.
10.2.2. Approval and amendment of the Association Articles.
10.2.3. Determination of the procedure for admission of members of the Association and expulsion of members of the Association from the Association.
10.2.4. Approval of annual reports and accounting (financial) statements of the Association.
10.2.5. Participation of the Association in other legal entities, as well as making decisions on establishing branches and opening representative offices of the Association.
10.2.6 Reorganization and liquidation of the Association; appointment of the Association's liquidator; approval of the liquidation balance sheet.
10.2.7. Election of an auditor; appointment of an individual auditor of the Association.
10.2.8. Election of Members of the Management Board of the Association and early termination of their powers.
10.2.9. Making decisions on the procedure for determining the amount and method of payment of membership fees, on additional property contributions of the Association members to its property and on the amount of their subsidiary liability for the obligations of the Association.
10.2.10. Approval of the Rules of Procedure of the General Meeting of Members of the Association, the Rules of Procedure on Membership, the Rules of Procedure on Membership Fees and other provisions.
10.2.11. Election of the Chairman of the General Meeting of the Association members
10.2.12. Approval of the agenda of the General Meeting of Members.
10.3. Issues within the competence of the General Meeting of Members of the Association may not be referred to the decision of the Members of the Management Board of the Association.
10.4. Issues of the General Meeting of Members of the Association listed in subparagraphs 10.2.1-10.2.10 of paragraph 10.2. of this Articles are within the exclusive competence of the General Meeting of Members of the Association. Issues within the exclusive competence of the General Meeting of Association members shall be adopted by a qualified majority of votes (more than 2/3 of the total number of those present at the meeting).
10.5. The General Meeting of the Association members shall be competent if more than half of the Association members are present at the said meeting. In the absence of a quorum for the General Meeting of the Association members, the date of the repeated General Meeting of the Association members shall be announced not later than in 20 (twenty) days with the same agenda.
10.6. Each member of the Association shall have one vote at the General Meeting of Association members. Counting and processing of ballots shall be carried out by the Secretary of the General Meeting. The decision of the General Meeting shall be approved by a majority of votes of the members present at the meeting.
10.7. The General Meeting of the Association members may be ordinary or extraordinary. An ordinary General Meeting of the Association members shall be held at least once a year, not later than six months from the beginning of the relevant financial year in which it is held. An ordinary General Meeting of the Association members shall be convened by the President of the Association.
10.8. The General Meeting of the Association members organized earlier than the term specified in clause 10.5 of the Articles shall be extraordinary. An Extraordinary General Meeting of the Association members may be convened on the initiative of the Association Board Members, the Association Auditor or at least 1/3 of the Association members determined on the date of convening the Extraordinary General Meeting.
10.9. The General Meeting of the Association members shall be convened by notifying all members at least thirty days prior to the date of the General Meeting.
10.10. Notification of the Association members of the date, venue and agenda of the General Meeting shall be carried out by postal notification.
10.11. The agenda of the General Meeting of the Association members shall be approved by the General Meeting of the Association members. Members of the Association may add issues to the agenda of the General Meeting by sending a corresponding application to the Chairman of the General Meeting not later than fifteen days before the date of the General Meeting.
10.12. Other issues related to the convocation, preparation and holding of the General Meeting of Association members shall be regulated by an internal document approved by the General Meeting of Association members.
11
Management Board of the Association
11.1. The Association shall elect an executive body - the Management Board.
11.2. Members of the Management Board shall manage the current activities of the Association, organize the implementation of decisions of the General Meeting of Association members, as well as solve all issues of the Association's work organization, which do not constitute the competence of the General Meeting of Association members defined by this Articles.
11.3. Members of the Management Board shall be elected by the General Meeting of Association members for a term of 3 (three) years.
11.4. When exercising their rights and performing their duties, members of the Management Board of the Association shall act in the interests of the Association, exercise their rights and perform their duties in relation to the Association in good faith and reasonably. Members of the Management Board of the Association shall be liable to the Association for losses caused to the Association by their culpable actions (inaction) in cases stipulated by international legislation
11.5. Members of the Management Board of the Association shall act on behalf of the Association without power of attorney, including, subject to the restrictions provided for by the current legislation and this Articles:
11.5.1. Ensure the fulfillment of the Association's activity plans necessary for solving its tasks.
11.5.2. Organize accounting and reporting in the Association.
11.5.3. Dispose of the Association's property, make transactions on behalf of the Association within the powers granted to them by this Articles, issue powers of attorney.
11.5.4. Issue orders, approve (adopt) instructions, local normative acts and other internal documents of the Association on issues within their competence, give instructions obligatory for fulfillment by all employees of the Association.
11.5.5. Approve Regulations on branches and representative offices of the Association.
11.5.6. Approve the organizational structure of the Association.
11.5.7. Decide other issues of management of the current activities of the Association in accordance with the decisions of the General Meeting of Members and other internal documents of the Association, as well as issues submitted for consideration to the Members of the Management Board of the Association.
11.2. Members of the Management Board shall manage the current activities of the Association, organize the implementation of decisions of the General Meeting of Association members, as well as solve all issues of the Association's work organization, which do not constitute the competence of the General Meeting of Association members defined by this Articles.
11.3. Members of the Management Board shall be elected by the General Meeting of Association members for a term of 3 (three) years.
11.4. When exercising their rights and performing their duties, members of the Management Board of the Association shall act in the interests of the Association, exercise their rights and perform their duties in relation to the Association in good faith and reasonably. Members of the Management Board of the Association shall be liable to the Association for losses caused to the Association by their culpable actions (inaction) in cases stipulated by international legislation
11.5. Members of the Management Board of the Association shall act on behalf of the Association without power of attorney, including, subject to the restrictions provided for by the current legislation and this Articles:
11.5.1. Ensure the fulfillment of the Association's activity plans necessary for solving its tasks.
11.5.2. Organize accounting and reporting in the Association.
11.5.3. Dispose of the Association's property, make transactions on behalf of the Association within the powers granted to them by this Articles, issue powers of attorney.
11.5.4. Issue orders, approve (adopt) instructions, local normative acts and other internal documents of the Association on issues within their competence, give instructions obligatory for fulfillment by all employees of the Association.
11.5.5. Approve Regulations on branches and representative offices of the Association.
11.5.6. Approve the organizational structure of the Association.
11.5.7. Decide other issues of management of the current activities of the Association in accordance with the decisions of the General Meeting of Members and other internal documents of the Association, as well as issues submitted for consideration to the Members of the Management Board of the Association.
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Control over the functioning of the Association
12.1. The Association shall keep accounting and statistical reports in accordance with the procedure established by international legislation.
12.2. The Association shall provide information on its activities to state statistics and tax authorities, founders and other persons in accordance with the legislation and this Articles.
12.3. The amount and structure of the Association's income, as well as information about the amount and composition of the Association's property, its expenses, the number and composition of employees, their remuneration, the use of gratuitous labor of citizens in the Association's activities may not be subject to commercial secrecy.
12.2. The Association shall provide information on its activities to state statistics and tax authorities, founders and other persons in accordance with the legislation and this Articles.
12.3. The amount and structure of the Association's income, as well as information about the amount and composition of the Association's property, its expenses, the number and composition of employees, their remuneration, the use of gratuitous labor of citizens in the Association's activities may not be subject to commercial secrecy.
13
Procedure of reorganization and liquidation
13.1. Reorganization of the Association shall be carried out in accordance with the procedure stipulated by the current international legislation. Reorganization may be carried out in the form of merger, accession, division, separation and transformation.
13.2. By decision of the General Meeting of Members, the Association may be transformed into a public organization, an autonomous non-profit organization or a foundation.
13.3. Liquidation of the Association shall be carried out by the decision of the General Meeting of Members of the Association or by the court.
13.4. The General Meeting of Association members shall appoint a liquidation commission and establish the procedure and terms of liquidation of the Association.
13.5. From the moment of appointment of the liquidation commission, it shall take over the powers to manage the affairs of the Association.
13.6. The liquidation commission shall publish in the press about the liquidation of the Association, the procedure and term for the submission of claims by its creditors.
13.7. Upon expiration of the period for submission of claims by creditors, the liquidation commission shall draw up an interim liquidation balance sheet. The interim liquidation balance sheet shall be approved by the General Meeting of Association members.
13.8. After completion of settlements with creditors, the liquidation commission shall draw up a liquidation balance sheet, which shall be approved by the General Meeting of Association members or by the body that made the decision on liquidation.
13.9. The property remaining after satisfaction of creditors' claims or its value shall be distributed among the members of the Association within the amount of their property contributions. The property remaining after satisfaction of creditors' claims shall be distributed for the purposes provided by the Articles and (or) for charitable purposes.
13.10. The remaining part of the property, the value of which exceeds the amount of property contributions of the Association members, shall be allocated for the purposes in the interests of which the Association was established and (or) for charitable purposes.
13.11. In case of reorganization of the Association's activities, all documents (managerial, financial and economic, personnel, etc.) shall be transferred to its legal successor in accordance with the established rules.
13.2. By decision of the General Meeting of Members, the Association may be transformed into a public organization, an autonomous non-profit organization or a foundation.
13.3. Liquidation of the Association shall be carried out by the decision of the General Meeting of Members of the Association or by the court.
13.4. The General Meeting of Association members shall appoint a liquidation commission and establish the procedure and terms of liquidation of the Association.
13.5. From the moment of appointment of the liquidation commission, it shall take over the powers to manage the affairs of the Association.
13.6. The liquidation commission shall publish in the press about the liquidation of the Association, the procedure and term for the submission of claims by its creditors.
13.7. Upon expiration of the period for submission of claims by creditors, the liquidation commission shall draw up an interim liquidation balance sheet. The interim liquidation balance sheet shall be approved by the General Meeting of Association members.
13.8. After completion of settlements with creditors, the liquidation commission shall draw up a liquidation balance sheet, which shall be approved by the General Meeting of Association members or by the body that made the decision on liquidation.
13.9. The property remaining after satisfaction of creditors' claims or its value shall be distributed among the members of the Association within the amount of their property contributions. The property remaining after satisfaction of creditors' claims shall be distributed for the purposes provided by the Articles and (or) for charitable purposes.
13.10. The remaining part of the property, the value of which exceeds the amount of property contributions of the Association members, shall be allocated for the purposes in the interests of which the Association was established and (or) for charitable purposes.
13.11. In case of reorganization of the Association's activities, all documents (managerial, financial and economic, personnel, etc.) shall be transferred to its legal successor in accordance with the established rules.
14
Final provisions
14.1. Amendments and additions to the Articles shall be approved at the General Meeting of the Association members.
14.2. The decision of the General Meeting on making amendments and additions to the Articles shall be adopted by a qualified majority of votes (more than 2/3 of the total number of those present at the meeting).
14.2. The decision of the General Meeting on making amendments and additions to the Articles shall be adopted by a qualified majority of votes (more than 2/3 of the total number of those present at the meeting).
