The regulation of the Recreational fund


Article 1. The name of the fund, residence and fund members

The fund is named Orlofssjóður Eflingar-stéttarfélags (The vacation fund of Efling – union).

Its residence and venue are in Reykjavík.

The fund’s members are those for whom premiums are contributed.

Article 2. Purpose and aims

The purpose of the fund is to enable fund members to enjoy vacations by establishing and maintaining vacation houses and vacation apartments and negotiate a favourable rate for vacation trips and lodging inside the country and abroad. The fund is authorized to collaborate with other unions for the abovementioned purposes.

Article 3. The income of the fund

The income of the fund is derived from:

a) Contractual premiums contributed to the fund by employers.

b) Rents from vacation homes.

c) Interest incomes and other occasional incomes.

Article 4. The board of the fund

The board of the fund is to consist of five main members and two reserve members. Three main members and two reserves are to be elected by the confidential council and two main members, assuming the office of chairman and vice-chairman, are to be elected directly by the board of the union.

A board’s term of office is two years. It is to be appointed during the last meeting of the confidential council with the union’s board before the annual general meeting in the same year that a new union chairman is elected. A new board is to take over once its election has been made official during the annual general meeting.

The board is to act as caretakers of the fund and its investments, as well as the operation and supervision of assets.

The fund is to be operated in accordance with the general laws on administrative practices.

The board of the fund sets itself rules of procedure regarding, among other things, allocation rights.

Article 5. Accounts and auditing

All the accounts of the fund are to be kept separate from the rest of the union’s finances. Premium payments to the fund are to be registered in each fund member’s name.

The fund’s accounts are to be submitted during the annual general meeting after having been audited and signed by the inspectors of the union’s accounts and a certified actuary.

Article 6. The investments of the fund

The money of the fund may be invested in the following ways:

  1. a) In government bonds, in bonds insured with secure mortgages.
  2. b) By purchasing marketed securities.
  3. c) In banks and savings banks.
  4. d) In any way deemed by the board of the fund to be secure and capable of accruing interests as well as those in items a) through c). It is always to be insured that the supervision and investment of the fund’s money never contravenes its aims and tasks.

Article 7. Operational costs

The fund’s reception is to be located at the union’s offices. All direct operational expenses are to be borne by the fund itself. Expenses for the reception and office maintenance is to be determined between the boards of the fund and the union.

Article 8. Appeals

It is permissible to refer disagreements over allocations to be ruled on by the board of the union.

Article 9. Changes to the regulation

This regulation may only be altered during the union’s annual general meeting, given that it is mentioned in the announcement of the meeting that changes to the regulation are on the schedule. Furthermore, the changes are to have been discussed previously during a general meeting, no later than one week before the annual general meeting. Proposals for changes to the regulation, which certain union members want to bring to the table, are to be submitted to the board of the union before the end of March each year.

A simple majority of votes cast is enough for a change in regulation to be considered approved.

Article 10. Duration of validity

The regulation was last changed during the general of Efling – union on April 30th of 2002 and has been in effect since that time.

The regulation was approved during the continued annual general meetings of Dagsbrún and Framsókn – union on November 12th of 1998, of Starfsmannafélagið Sókn (The company union Sókn) on November 3rd of 1998 and of Félag starfsfólks í veitingahúsum (The union of restaurant workers) on November 15th of 1998. The regulation was issued in December of 1998 and announced during the meeting at Iðja, the union of factory workers, on November 24th of 1999.

The regulation was changed during the annual general meeting of Efling – union on May 10th of 2001.

The regulation was changed during the annual general meeting of Efling – union on April 30th of 2002.