The Statutory Act is known as the legal document by which an association, company or foundation (for profit or non-profit) places in writing the series of statutes or clauses by which such association will be governed.
This document must be signed by an attorney and taken to a Register for legal validity. However, you need to know what features it should have.
First of all, at first glance, it is very important that the document responds to the established legal format, which varies from country to country, but which basically requires you to be written in office paper or sealed (according to the preferences of each nation). It should also go in Times New Roman, number 12, without amends or scratches.
It is important that there are no blank spaces between the lines or at the end of them, so these must be filled with dots or dashes (…. or —-). Even sheets must also contain a total of thirty-four lines, while odd ones must be thirty, if they become empty, except for the last page intended for signatures it is important that you then blind that space.
Once you have written the title of your document, as well as your introduction, your constituent clauses and those relating to the General Assembly of Associates (see the following links: Examples of how to draft a Constitutive Act (Part I) as well as An example of how drafting a Constitutive Act (Part II) and Example of How to Draft a Constitutive Act (Part III) it is important that you allocate the following paragraph to detail the concept of a Board of Directors, its members and functions.
To begin with the statutes corresponding to this line it is then necessary to place a subtitle, centered and in sustained capital letters, as follows:
——————–FROM THE DIRECTIVE ——————–
Immediately afterwards you must begin with the drafting of the clauses relating to this iém, usually the corresponding statutes occupy the tenth second, tenth third place. In this sense and assuming that the following clause is the second tenth, they will then be drawn up as follows:
It is important to detail that each clause must start with the number in letters that corresponds to it, which must also be in sustained capital letters, underlined, with dot and hyphen. The first clause of this section (which would have been the second tenth of the document) will detail who will make up the Association’s Board of Directors, almost never this number should be less than seven members, and it is generally advised to be made up of a President, a Vice President, a Treasurer, a Controller, a Secretary, and two or more Members, each with their alternates (although this is not a necessary requirement everywhere). It should also be detailed how and for how long they are chosen. An example of wording for the statute under this section may be as follows:
TENTH SECOND CLAUSE- The ESPERANZA Foundation will be administered by a Board of Directors composed of three (7) members, with their respective alternates, who will hold the positions of PRESIDENT, VICEPRESIDENT, TREASURER, CONTRACT, SECRETARY, VOCAL 1 and VOCAL 2, who will remain in office for two (2) years and may be re-elected for equal terms. No board of office will be paid. Membership of the Board of Directors requires membership.—————–
(b) The following clause, while also retaining the format intended for clauses, shall be intended to set out in the document the functions and powers that correspond to the Board of Directors of the foundation, company or institution that we are establishing Legally. An example of wording for such clauses would be the following:
THIRD CLAUSE.- The Board of Directors has the broadest powers to administer and direct the activities of the Foundation and to dispose of its assets, with the only limitations established by the laws. It also has the following powers: 1) To implement the powers of the General Assembly. 2) Submit to the Assembly the reports, accounts and balance sheets for each economic and cultural financial year which ends on 31 December of each year. 3) Approve or reject the admission of new partners. 4) Enter agreements and agreements with other institutions. 5) Schedule presentations and activities of the Pride Down Venezuela Foundation inside and outside the country. 6) Exercise the other powers conferred on it by the laws and regulations of the Foundation.————————————————————————————————————
After this, a section should be created for each of the members of the Board of Directors, in order to leave their duties in detail in writing. In this sense, each item will be identified by a subtitle, centered, in sustained capital letters and shielded, that introduces the corresponding clauses, which can be expressed as follows:
———————— THE PRESIDENT————————-
The powers of this member will be written immediately, so will each of the following. Likewise, each of the clauses shall be governed by the format established for them, that is, at the beginning the subtitle where the clause number is resfixed in letters, sustained capital letters, a period, a hyphen and then the corresponding wording. Remember not to leave blankspaces, and even though you number the functions of each, these go straight.
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August 25, 2019
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