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School of Engineering and Natural Resources
Rules of the Oulu Technical University Foundation
- Section 1
- The name of the Foundation is the Oulu Technical University Foundation and its domicile is Oulu.
- Section 2
- The purpose of the Foundation is to support and promote training and associated operations in the School of Engineering continuing the work of the earlier Technical University of Oulu..
- Section 3
- To meet this purpose, the Foundation may award grants or assistance for the purpose of studies, research etc. to those studying technology and engineering in the School or working there; support art and other educational pursuits, study trips, students’ leisure activities and associations as well as sports and physical education; invite visiting teachers and lecturers; issue publications; arrange teaching and research that meets the Foundation’s purpose; purchase and own equipment and research tools; and support and promote activities related to the purpose of the Foundation in other comparable ways.
- Section 4
- The Foundation’s initial capital is FIM 150,600 as indicated in the Charter of Foundation.
- Assets donated to the Foundation for a certain purpose may be treated as a separate Fund, if the donator’s instructions are in agreement with the Rules of the Foundation, and the Board of the Foundation has agreed to this purpose when accepting the donation under the conditions it has formally laid down.
- The assets of the Foundation shall be managed carefully and invested securely and profitably. The Foundation may also own and purchase property.
- Section 5
- The Foundation is managed by the Board of the Foundation appointed by Oulun Tekuseura ry., which also holds the decision-making power in the Foundation. The Board consists of at least six but no more than ten members with the term of office of two calendar years. At least four members shall be members of the permanent teaching staff of the School continuing the work of the Technical University of Oulu. Oulun Tekuseura ry. appoints the Chairman and the Vice-Chairman of the Board of the Foundation for one calendar year at a time. The Board of the Foundation appointed by the teaching staff of the Technical University of Oulu will continue until its term of office ends at the end of 1998.
- Half of the members of the Board shall resign every year. The order of resignation of the members of the first Board appointed by Oulun Tekuseura ry. shall be chosen by lot.
- The Board of the Foundation may appoint a President and other officers as necessary.
- Section 6
- The Board meets as convened by the Chair or the Vice-Chair or whenever any of the Board members makes a request to that effect to the Chair in writing. A written invitation to the meeting shall be sent at least three days before the meeting, and the agenda of the meeting shall be included in the invitation.
- The Board shall have a quorum when at least half of the Board members are present, including the Chair or the Vice-Chair. In the event of a tie, the Chair shall have the casting vote, except in the event of an election, when the decision shall be taken by drawing lots. However, in case of a decision concerning the dissolution of the Foundation, an amendment of the Rules or a mortgage on or a conveyance of a property, the decision shall be supported by 2/3 of the Board members.
- Section 7
- The Board of the Foundation shall have an annual meeting in March. In this meeting, the Board shall:
- acknowledge the composition of the Board in the current calendar year
- discuss the annual report, annual accounts and audit report concerning the previous year of the Foundation and decide on necessary measures, if any.
- Section 8
- The Foundation’s accounts are audited by two auditors appointed by Oulun Tekuseura ry. for one calendar year at a time, of which one shall be an auditor approved by the Central Chamber of Commerce or a registered accountant approved by the Chamber of Commerce. Deputies meeting these conditions shall be appointed for both auditors. Annually closed accounts and the annual report prepared by the Board shall be submitted to the auditors at least two weeks before the annual meeting.
- Section 9
- The maximum compensation for the members of the Board is determined according to the same criteria as for the members of the committees appointed by the State.
- Section 10
- The signatories of the Foundation are the Chair and the Vice-Chair, both on their own, or two members of the Board together, or the sole signatory of the Foundation is the officer appointed to that position by the Board.
- Section 11
- Every year, the Board of the Foundation shall by the end of April submit certified copies of the profit and loss statements and balance sheets (including annexes), balance sheet specifications, annual report and audit report to the relevant register authority and to Oulun Tekuseura ry. for information.
- Section 12
- In the event of dissolution of the Foundation, its assets shall be spent on the purpose mentioned in Section 2 in the manner which the last Board defines more precisely. In such an event, donators’ wishes shall be taken into account to the best possible extent.