The fundraising foundation Educational Microloan and Scholarship Foundation shall, with the support of funds raised, work for financial support and financing of education in the so-called developing countries. In the first place, medical education in Ethiopia should be supported, but other education in Ethiopia and education in other countries may also be considered. Financial support and financing are provided in the form of interest-free loans and / or grants. Rules for this are prepared by the board.

The foundation’s board shall consist of a minimum of 3 and a maximum of 5 ordinary members. In addition, there shall be a minimum of one and a maximum of three deputies. The board can decide on the election of a board member for a maximum of three years per assignment. Extended terms of office shall be sought for both ordinary members and deputies. The board elects a chairman and vice chairman from among its members, as well as the other functionaries it deems necessary. Increase or decrease in the number of board members within the framework of what is prescribed in the articles of association, with accompanying board member elections, is decided by the board. Upon the resignation of a member / deputy, a successor is appointed by the Board. All ordinary members shall participate in meetings that decide on issues concerning the election of a board member and functions within the board. Such decision shall be unanimous. If all ordinary board members resign, or no agreement can be reached on a new board member and as a result a board with three regular members is not created, a new board shall be appointed by the founders. Remaining members and deputies of the old board are obliged to resign when a new board is appointed in this way.

The foundation will have its headquarters in Stockholm.

The foundation’s autorised signatory, in addition to the board as a whole and the chairman of the board, by the person appointed by the board.

No remuneration shall be paid to the Board. Reasonable remuneration shall, however, be paid for costs associated with the Board assignment. An auditor and an affiliated trustee must receive a reasonable fee for their assignment.

The chairman shall ensure that a meeting is held when necessary and call for this by e-mail or regular mail no later than two weeks before the meeting, with the exception of the constituent board meeting. Board meetings can be physical meetings, or the meetings can be held by e-mail correspondence or by telephone conference. For signing the minutes, documents that are scanned after signing and sent by e-mail are accepted. This applies except in the case of a statutory board meeting, amendment of the articles of association or dissolution of the foundation when documents with original signatures are required. The chairman is obliged to call the board to a meeting within two weeks of at least one ordinary member requesting it. The Board has a quorum with at least three members / deputies participating in the meeting. Decisions are made by simple majority. The chairman has the casting vote in the event of an equal number of votes. Minutes shall be taken at meetings. The minutes shall be signed by the chairman and the person appointed to keep the minutes.

Management shall take place through own or affiliated management, following the Board’s decision. An affiliated trustee is appointed and dismissed by the board. Management shall take place so that the foundation can satisfactorily fulfill its obligations to borrowers or grant recipients and in excess so that the foundation’s financial assets are given a good return. For a period of three consecutive financial years, the foundation shall use at least three quarters of its income for the foundation’s purposes, unless there are special reasons.

The necessary accounts must be kept for the foundation. Fiscal year shall be calendar year. The Board’s administration report together with the financial report for the previous financial year shall be submitted to the foundation’s auditors no later than March 1, who shall prepare an audit report within one month. The annual report, annual report and auditor’s report shall be submitted in law to the County Administrative Board of Stockholm County.

Amendments to these articles of association may only be decided by the foundation’s board at a meeting, where all ordinary members have participated and the decision has been unanimous. The board or an affiliated trustee may, without the permission of the authority, amend, repeal or override specifically specified regulations in the foundation ordinance that concern an issue other than that specified in ch.6, section 1, first paragraph 1 of the Foundations Act (1994: 1220). In the event of a change, the Board has to take into account that in certain cases a permit from an authority or notification to an authority is required, which appears from ch.6. the Foundations Act.

The conditions for the foundation to cease are stated in ch. 5§, 7 kap. and ch. 11 Section 2 of the Foundations Act. In connection with this, an order shall be made regarding the foundation’s assets which should primarily be donated to the purpose specified in the document or other