WHO IS FOUNDATION COUNCIL
The Foundation Council of High-Tech Industry International Non-Profit Foundation:
"HIGH TECH INDUSTRY LTD”
125-2 Aleksandar Stamboliyski Boulevard, 1303, Sofia, Republic of Bulgaria
Tel.: +359-295-151-32, Fax: +359-295-151-32
JOB OF FOUNDATION COUNCIL
Investment in Securities:
To preserve, acquire, invest, sell or dispose of securities and other movable or immovable property or property of any nature, whether tangible or intangible, including life insurance policies.
To place money in time deposits for any terms and in any currency, with banking or financial institutions or brokerage firms, in any country in the world.
To Borrow and to Grant Loans:
To borrow and to grant loans, with or without surety and with or without interest, under any terms and from or to any person, including any Principal, Substitute or Final Beneficiary, or any company whose shares are held as part of the
Foundation Assets, and to constitute guarantee and pledge the Foundation Assets to guarantee the performance of obligations incurred by the Foundation, or obligations incurred by any of the Beneficiaries.
Payments to Minors and Incapacitated Persons:
To apply the capital or interest in favor of any Beneficiary as may be established in the present Regulations. Payments to person who is a minor or who has any impairment may be made to any of that person's parents, legal representatives or guardians, and the Foundation Council shall not be responsible for overseeing the way the money is used unless it is expressly set forth in the Regulations.
Income and Disbursements:
To decide whether any income or disbursement constitutes capital or interest, to capitalize and dispose of same in favor of the Beneficiary(ies) as established in the present Regulations.
Custody of Assets:
To preserve the Foundation Assets or deposit same in any institution, with no liability for any losses which may result therefrom, as provided for in these Regulations.
Payment of Taxes:
To pay, with funds from the Foundation Assets, any taxes, if any, assessments and other expenses, even where same are not in favor of any Beneficiary.
To establish, acquire, operate, represent the Foundation in shareholders assemblies, or control one or more companies in any country and provide or engage the required managerial services, and to transfer assets from the Foundation Assets to such companies.
To engage managers, advisers (including investment advisers) and agents under the usual terms and conditions, charging same against the Foundation Assets, even where same are not affiliated with the Foundation Council.
To seek financial and legal advice with regard to the Foundation, charging same against its Assets, but not being obliged to act in accordance with any opinion or advice received.
Operations with Related Persons:
The Foundation Council may do any juridical acts in favor of the Foundation or of any Beneficiary, for which it may engage any company affiliated with the Foundation or the Principal, Substitute or Final Beneficiary or any member of the Foundation Council, provided such acts comply with the aims of the Foundation.
POWER OF FOUNDATION COUNCIL
To manage the Foundation Assets in accordance with the present Foundation Charter and the Regulations, to appoint the professional and management structure, to open the branches and to establish the affiliated companies in accordance with policy and decisions of Foundation Council.
To enter into such acts, contracts or juridical business as may prove to be expedient or necessary in order to comply with the Foundation's objects and to include in such contracts, agreements and other instruments or obligations, all such clauses and conditions as may be necessary or expedient, being consistent with the Foundation's aims and not contrary to the law, morality, good mores or public order.
To inform the Foundation's Beneficiary(ies) and the Protector, if any, regarding its assets as provided for by the Foundation Charter or the Regulations.
To hand over to the Principal, Substitute or Final Beneficiary(ies) of the Foundation, the assets and income arising from the Foundation Assets that have been settled in his(their) favor in the Foundation Charter or its Regulations.
To carry out all such acts or contracts as the Foundation may be permitted to carry out as per Law No.25 of 12th June 1965, Executive Decree No.417 of 8th August 1995 and other applicable legal or regulatory provisions, as well as in accordance with the Foundation Charter.