Stofnannamál

Stofnannamál is an Icelandic term that translates to "establishment of a foundation." It refers to the process by which a foundation is established in Iceland. This process involves several legal and administrative steps, regulated by the Foundation Act No. 100/2008. The act outlines the requirements for establishing a foundation, including the need for a clear purpose, a minimum of three founders, and the submission of a founding document to the District Court.

The founding document must include the foundation's name, purpose, and the names and addresses of the founders. It is important that the foundation's name is unique and does not conflict with any existing names. The founders must also appoint an initial board of directors, who will oversee the foundation's activities until the first general meeting.

After submitting the founding document, the founders must publish a notice in the official newspaper of the District Court's jurisdiction, announcing the foundation's establishment. This notice must include the foundation's name, purpose, and the names of the founders and the initial board of directors.

Once the notice has been published, the foundation is officially established. The initial board of directors will then hold the first general meeting, at which the foundation's bylaws and other internal regulations will be adopted. The foundation's activities will be carried out in accordance with these bylaws and the Foundation Act.

Stofnannamál is a crucial process for those seeking to establish a foundation in Iceland, as it ensures that the foundation is legally recognized and can operate within the bounds of Icelandic law. It is recommended that those considering establishing a foundation consult with a legal professional to ensure that all requirements are met.