Constitution of The Golden Foundation
Section 1 - Registered address and venue
The name of the association is The Golden Foundation, (Chriso Idrima).
Section 2 - Object
The object of the Golden Foundation is:
Section 3 - Membership
The foundation can accept as members anyone who wishes to support the object of the foundation. “A” members are members that support the foundation by paying a fixed rent of the retreat in Crete at least 6 years in advance. Other members are “B” members.
Section 4 - Board of directors and management
The foundation is lead by a board of directors of 5 members. The 5 members shall represent at least 3 countries, and no more than 2 members must be from the same country. Members of the board are elected at annual general meetings for 2 years. Alternating members can be elected. Should the board due to withdrawal of a board member consist on less than 5 members, elected alternating members will enter the Board. If there are no alternating members, the board of directors is under an obligation to add to its number the legally required members. Self-elected members shall come up for re-election at the next general meeting. The board of directors elects the chairman of the board and other required officers.
Section 5 - General meeting
Once a year an annual general meeting shall be held with the following agenda:
Extraordinary general meetings can be called in in writing by the board of directors or by 1/3 of the members of the foundation. At extraordinary general meetings proposals can only be adopted with 50% of the votes of the members present as well as with half of the possible votes of all “A” members.
Section 6 - Provisions regulating the power to bind the foundation
The foundation is in any way bound by the signature of the chairman and another board member.
Section 7 - Liability
The foundation shall be liable for its obligations with the assets belonging to the foundation at the time in question. No member of the foundation or board members shall be personally or joint liable for any debts pertaining to The Golden Foundation.
Section 8 - Amendments to the regulations
Amendments to the regulations require that a majority of the board members adopt them with a subsequent approval of the board decision by the general meeting with 2/3 of all possible votes.
Section 9 - Dissolution of the foundation
The decision to dissolve the foundation requires a majority vote of the board and subsequent approval of the decision of the board by the general meeting with 2/3 of all possible votes. Should the members not be represented at the relevant general meeting with 2/3 of all possible votes, the amendments to the regulations can be adopted at a subsequent extraordinary general meeting with 2/3 of the present votes.
Section 10 - Cessation of membership
Should a member not renew his/her membership, it shall automatically cease 2 months following the end of the year or half-year for which membership fee has been paid. In the up to 60 days after the membership period has ceased, the member shall not be entitled to vote.
Section 11 - Economy
The foundation receives its income by teaching, by donations, and by letting out facilities for accommodation, meditation and teaching.
No wages must be given to board members for work on the board and no surplus or donation must be given to individuals.
Section 12 - Accounts and audit
The accounting year of the foundation shall be the calendar year.
Section 13 - Conversion into a fund
Should the financial circumstances of the foundation so permit, an extraordinary general meeting can decide to convert the foundation into a fund or an independent institution with tax deductability for donators.