4.2. SOCIAL SPHERE
4.2.5.
ANALYSIS OF THE NON-GOVERNMENTAL INSURANCE PENSION FUND.
Appendix
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(2) Articles of association of the mixed
partnership "Nizhni
Novgorod oblast division of the association for social
protection of employees (Russian Insurance Pension Fund
(RIPF))"
Article 1. General Provisions.
1.1. Territorial division of RIPF, hereinafter referred
to
as the "Division", is established in accordance
with the
statutory agreement of July 2, 1992, and the present
Articles of Association.
1.2. The Division shall obtain the status
of legal entity
from the date of its state registration.
1.3. The official title of the Division
shall be the Nizhni
Novgorod Oblast Division of the Association of the RIPF.
1.4. The legal address of the division shall
be: Lenin
Avenue 54-a, Nizhniy Novgorod, 603149
Office 412
1.5. The Division has a current bank account,
emblem, seal
with its title on it, forms and other attributes of a legal
entity, the samples of which and procedure of their
application shall be defined by the Founders.
The official title and the emblem shall
be used on the seal
and forms of the Division and after due registration shall
be protected by law.
Usage of the full title of the Association
"Russian
Insurance Pension Fund" or the abbreviation "RIPF"
on the
emblem, seal and forms shall be obligatory.
1.6. The organizational and legal form of
the Division shall
be a mixed partnership, based on the total assets of the
Founders and other persons.
1.7. The Division acts in accordance with
the current
legislation of the Russian Federation, the Articles of the
RIPF Association, the present Articles of Association and
the Statutory Agreement.
1.8. The Division has no right to conduct
commercial
activities at the expense of pension assets.
1.9. In its operations the Division shall
report to the
Executive Directorate of the RIPF Association in accordance
with item 2.4 of the present articles of Association.
1.10. The insurance activity of the Division
shall be
performed on the basis of the General Licence granted to
the
RIPF Association.
Article 2. Aims, Goals and Subject of Activity of the
Division.
2.1. The aim of the Division shall be to
enhance the social
security of the citizens of the region through individual
and collective voluntary insurance of the elderly, and other
kinds of insurance effected at the expense of personal funds
of the citizens and enterprises, hereinafter referred to
as
"the Insured".
2.2 The subject of activity of the Division
shall be:
- voluntary additional individual and collective
pension
insurance of the citizens in the region, and other kinds
of
insurance;
- maintaining personal insurance accounts;
- participation in the organizational provisions
for
investment activity of RIPF;
- control over the use of the assets of
RIPF invested into
the region.
2.3. The goals of the Division shall be:
- to create and develop a regional network
of non-state
pension funds and those of enterprises with the status of
representations, agencies and affiliates of the territorial
division, and concentration on this basis of the funds at
the expense of long-term insurance payments of the Insured;
- to create a highly effective and reliable
regional
automatized system of accounting and control over the flow
of the insurance payments from the Insured, ensuring their
absolute safety;
- to perform methodical, continuous and
operational
management of the affiliates, agencies and representations,
and institutions of the Division;
- to provide methodology, organizational
and technical assistance in the establishment and performance
of non-state pension funds, which effect pension insurance
together with RIPF, on its conditions and in accordance
with its norms.
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2.4. In accordance with the goals defined
in item 2.3 of the
present Articles of Association, the Division shall realize
the following functions:
- concluding long-term personal agreements
with natural
persons on their voluntary pension and other kinds of
insurance;
- concluding agreements on insurance payments
for all the
kinds of insurance, with legal persons;
- setting up its representations, agencies
and affiliates,
including those at the enterprises of the region, and
providing them with the normative and methodological
documentation;
- opening and keeping personal accounts
of the Insured, and
issuing nominal insurance policies of RIPF;
- concluding agreements with enterprises
on insurance
payments for the workers of the enterprises;
- accepting insurance payments and transferring
them onto
the current account of RIPF;
- computing interest on the insurance payments
accumulated
on personal accounts;
- informing the Insured of the opening and
status of their
personal accounts;
- ensuring payment of the funds accumulated
on personal
accounts to the Insured or their successors;
- communication to the Central Data Bank
of RIPF the
information on the Insured and the status of their personal
accounts;
- concluding agreements on technical services
for the
pension insurance of citizens, with independent pension
funds and enterprises;
- informing the Insured and other citizens
of the region on
insurance and investment activity of the Association for
Social Protection of Employees (Russian Insurance Pension
Fund);
- effecting other kinds of insurance;
- concluding agreements with legal and natural
persons on
rendering them methodological and consulting assistance
on
different kinds of insurance.
Article 3. The Rights of the Division.
The division enjoys the rights to:
3.1. Independently plan its economic, financial
and other
activities.
3.2. Have its own balance sheet, capital
assets and
circulating assets, independently make decisions on
employment, dismissal and wages for the staff of the
Division and heads of affiliates, agencies and
representations.
3.3. Effect communications with legal and
natural persons by
telegraph, telex, e.mail and fax.
3.4. Carry out, with legal and natural persons,
various
transactions, agreements, or other legal acts, including
credit and bill ones, corresponding to the statutory aims
and goals of the Division.
3.5. Effect business contacts on the issues
within the
competence of the Division.
3.6. Build, purchase, lend (sublend) enterprises,
as well as
movable and immovable property, in order to carry out its
statutory activities.
3.7. Send abroad and receive in the Russian
Federation
Russian and foreign experts for resolution of the problems
connected with the performance of the Division.
3.8. Acquire and transfer property and non-property
rights,
personal rights inclusive.
3.9. Open rouble and hard currency accounts
at banks and
carry out corresponding operations on them.
3.10. Act as a plaintiff or as a defendant
in the courts of
law and arbitration.
3.11. Participate in the creation of joint
ventures, joint-
stock companies, banks, associations, funds and unions with
Russian and foreign partners.
3.12. Obtain rouble and hard currency credits
from the banks
and other financial institutions.
3.13. Obtain and render financial assistance
in roubles and
hard currency.
3.14. Set up its affiliates, agencies and
representations.
3.15. Sell, transfer to other legal and
natural persons,
exchange, lease, lend out and let to use free buildings,
constructions, premises, equipment, transport means,
industrial and technical production, communication means,
office equipment and other movable and immovable property
to
legal and natural persons through bank transfer or cash
payments.
3.16. Have its own specialized automobile
park.
3.17. Perform payments in accordance with
its obligations
both in roubles and hard currency with legal and natural
persons, foreign ones inclusive.
3.18. Accept payments through bank transfer
or in cash
without limitation of the payment amount.
Article 4. Property of the Division.
4.1. The property of the Division shall
be formed out of the
contributions of the Founders in accordance with the
Statutory Agreement, further it shall be formed out of
revenues from its own activities, contributions from its
full members and depositor-members, other legal sources
and
belongs to its participants by the right of common stock
property.
4.2. The Authorized Fund shall be formed
out of
contributions of its Founders to provide for the activities
of the Division. The Authorized Fund shall amount to 150,000
(one hundred and fifty thousand) roubles with the following
shares:
- the RIPF Association - 100,000 (one hundred
thousand)
roubles
- Nizhni Novgorod Regional Division of
the Russian Fund for
Charity and Health (NNRD RFCH) - 50,000 (fifty thousand)
roubles
4.3. The Founders can make contributions
with buildings,
constructions, equipment and other material values, non-
material assets, securities, funds in roubles and hard
currency.
The value of the contributed property shall
be appraised by
decision of the Founders.
4.4. Decisions concerning the changes in
the Authorized Fund
and the membership of the Founders shall be taken by the
Board of the Division and shall come into force not earlier
than three months after a corresponding record is made in
the state registration code.
The Authorized Fund can be increased only
after all the
Founders have fully contributed to it.
The Authorized Fund shall not be reduced
if creditors object
to such.
4.5. Each of the Founders can make additional
contributions
on general terms.
4.6. If a Founder quits the RIPF, its share
in the Authorized Fund can be acquired by other Founders
or the Division in accordance with the decision of the Board
of the Division. Payments with the Founders who quit the
RIPF shall be performed in accordance with the current legislation
in terms envisaged in the Statutory Agreement.
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Article 5. Distribution of Profit in the Division.
5.1. The profit from insurance activities
of the Division is
formed at the expense of the interest rate of the load.
Interest rates of the load in each kind of insurance shall
be determined by the RIPF Association for each kind of
insurance.
5.2. Profits of the Division shall be allotted
to:
- maintenance of the Division;
- obligatory payments to the budget;
- other obligatory payments;
- payment of interests on bank credits;
- payment of dividends on contributions
of Founders' and
depositor-members of the Division;
- formation of the production development
fund and social
development fund, wages fund, reserve fund, which is
intended for coverage of extra expenses, losses and debts
of
the Division and other funds, providing for the statutory
activities of the Division.
The Division shall create a reserve fund
amounting to 15% of
the Authorized Fund. The reserve fund shall be formed at
the
expense of profit deductions until the fund
reaches the
indicated amount. The amount of annual deductions of the
Founders and the reserve fund of the Division shall be
determined by the Founders.
The order of formation, usage and amounts
of other funds
shall be determined by the Directorate of the Division.
Article 6. Membership in the Division and
the Managing
Bodies.
6.1. The Division comprises full members
and depositor-
members. Full members shall bear full joint liability for
the obligations of the Division by all its property.
Depositor-members shall be liable for the obligations of
the
Division within the limits of their contributions to its
property. The Division shall not be liable for property
obligations of its depositor-members.
Among the Founders, full members of the
Division shall be:
- the Association for Social Protection
of Employees
(Russian Insurance Pension Fund);
- the Nizhni Novgorod Regional Division
of Russia's Fund for
Charity and Health.
6.2. Full members and depositor-members
of the Division can
be legal entities, both in the Russian Federation and
abroad.
6.3. The Division shall admit new depositor-members
on a
contractual basis. The Board of the Division shall determine
the terms and procedure of concluding such contracts.
6.4. Membership in the Division shall terminate:
- upon the depositor-member's request;
- on liquidation of the Division;
- by decision of the Board of the Division;
- in other cases envisaged by the legislation.
A member shall quit the Division upon annulling
the
contract, with observance of all the conditions.
All the disputes concerning the contracts
shall be settled
according to the current legislation.
6.5. The Board of the Division shall be
the supreme managing
body of the Division.
6.6. The Board shall comprise the representatives
from the
Founders of the Division, and by decision of the Board -
depositor-members (with a deciding vote) and members of
the
Directorate of the Division (with associative vote).
6.7. Member of the Board unable to attend
should transfer
their votes to their representatives and notify the Board
of
this.
6.8. The Board shall be competent to make
decisions only if
100% of the votes are presented.
6.9. The meetings of the Board shall be
held when it is
necessary, at least once a quarter.
6.10. The Board shall elect by simple majority
vote a
Chairman of the Board to perform general managing of the
Division.
6.11. Extraordinary meetings of the Board
shall be summoned
on the demand of the Chairman or the Auditor, or on the
demand of at least two members of the Board.
6.12. An executive body - the Directorate
- shall be created at the Division. The Directorate shall
be headed by the Director of the Division, who shall be
appointed and dismissed by the Chairman of the Board on
the decision of the Board of the Division.
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6.13. The Board shall be solely competent
on the following:
a) determining the major activities of the
Division,
approval of long-term plans and reports of their
fulfillment;
b) changing the Articles of Association
of the Division;
c) electing and recalling the Chairman of
the Board,
appointing and dismissing the Director of the Board, the
Auditor, approving the composition of the Auditing
Commission, admitting new depositor-members into the
Division;
d) approving annual reports on the performance,
including
representations, agencies and affiliates of the Division,
approving of accounts and reports of the Auditor and the
Auditing Commission, the procedure of profit distribution,
determining the procedure of covering the losses;
e) making decisions on property accountability
of the
officials of the Division;
f) issuing permits on signing contracts
and agreements for
amounts exceeding the reserve fund of the Division;
g) decision-making on discontinuation of
the performance of
the Division, appointing the Liquidation Commission, and
approving the liquidation balance sheet;
h) determining the amount, the forms and
the procedure for
additional contributions from the Founders;
i) decision-making on acquisition of the
share of a former
member of the Division;
j) exclusion of the Founders and depositor-members
from the
Division;
k) decision-making on changing the Authorized
Fund.
6.14. The RIPF Association has 51% of the
votes on the
Board. The remaining votes shall be distributed in
proportion to the contributions to the Authorized Fund.
6.15. In the case when the decisions of
the Board can
directly touch upon the interests of one or several members
of the Board, in consideration of their exclusion from the
Division, in particular, they or their representatives shall
not participate in the voting (except for the full members
of the Division).
6.16. The decision shall be taken by a qualified
majority
for item 6.13, paragraphs (b), (g), (j) and (k).
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6.17. The Chairman of the Board shall:
- represent the Division in the relations
with third persons
and enjoy the right of the first signature without the need
for authorization;
- enjoy the right of a deciding vote in
case of a tie vote;
- approve regulations on the funds, regulations
on the
Directorate of the Division, and other documents;
- performs control over the assets and property
of the
Division.
6.18. The Director of the Division shall:
- manage all the current activities of the
Division;
- dispose of the assets and property of
the Division;
- employ and dismiss the staff of the Division in compliance
with the labour law;
- sign documents on behalf of the Division
without the need
for authorization;
- conclude on behalf of the Division economic
and other
contracts and agreements and ensure their fulfillment;
- represent the Division in its relations
with legal
entities and citizens;
- open current and other accounts at banks;
- make decisions on creation, reorganization
and liquidation
of affiliates, agencies and representations, approve
corresponding Regulations, and appoint corresponding
directors;
- determine the organizational structure
of the Division,
approve normative documents regulating the relations within
the Division;
- determine conditions of wages and remunerations
to the
officials of the Division, heads of the affiliates, agencies
and representations;
- perform all other functions resulting
from the aims and
goals of the Division, as well as other functions which
can
be entrusted to him by the Board.
6.19. The Director of the Division shall
be responsible to
the Chairman and the Board of the Division, and on the
issues of insurance - to the RIPF Association.
6.20. The Auditor shall control the performance
of the
Director and other officials of the Division. The Chairman
and the Director of the Division cannot be members of the
Auditing Commission.
The Auditing Commission shall perform in compliance with
the
current legislation.
The RIPF Association can either independently
or with participation of the Founders conduct an extra auditing
of financial and economic performance of the Division.
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Article 7. Personnel.
7.1. Personnel of the Division shall be
recruited out of the
citizens of the Russian Federation or foreign citizens.
7.2. The Directorate shall conclude contracts
with all the
employed personnel in compliance with the current law.
7.3. Foreign staff shall be provided accommodation
and shall
be granted the use of it, as well as the public utilities
and medical services on the conditions fixed in the contract
with foreign personnel.
Article 8. Changes in the Articles of Association and
Termination Procedure.
8.1. Changes into the present Articles of
Association can be
introduced by decision of the Board of the Division.
8.2. Liquidation of the Division shall be
regulated by the
present Articles of Association and the current law.
8.3. The Division shall terminate its performance:
a) by decision of state arbitration or court;
b) by decision of the Board;
c) on other grounds envisaged by the law.
Termination of the Division shall take place
by means of its
reorganization (merging, joining, division, isolation,
transformation) or liquidation.
Necessary changes in the statutory documents
and the state
registration code shall be made upon reorganization of the
Division, and corresponding records shall be made in the
code upon liquidation of the Division.
Reorganization of the Division shall entail
transfer of the
rights and duties of the Division to its successors.
8.4. Liquidation of the Division shall be
effected by a
liquidation commission appointed by the Board of the
Division.
The competence in managing the Division
shall be vested in
the liquidation commission from the time it is appointed.
The liquidation commission shall evaluate the current assets
of the Division, determine its debtors and creditors,
including the insured citizens, and settle accounts with
them, take measures so that the debts of the Division to
the
third persons and its participants are covered, draw up
a
liquidation balance sheet and submit it to the Board.
8.5. Liquidation of the Division shall be
considered
completed, and the Division terminated from the time such
a
record is made in the state registration code.
8.6. The liquidation commission shall be
liable by property
for the damage caused by it to the Division, its Founders,
as well as third persons in accordance with the civil law
of
the Russian Federation.
8.7. Property and funds remaining after
all the clearances
upon liquidation of the Division shall be subject to
distribution in accordance with the decision adopted by
the
Board.
8.8 The disputes of the Division with Russian
and foreign
legal persons and citizens shall be examined in compliance
with the law of the Russian Federation, state arbitration,
court and other bodies.
Article 9. Other Provisions.
9.1. Invalidation of certain provisions
of the Articles of
Association shall not entail Invalidation of the whole of
the Articles of Association.
9.2. The present Articles of Association
are drawn up in
Russian in 8 copies, each having equal legal force.
Director General
RIPF Association
Chairman of the Board,
Nizhni Novgorod Regional Division
of the Russian Fund for Charity and Health
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