The statute

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To establish the own constitution and as goal to give exact rules to the development of the own activity and of that of its associates, the Academy has provided itself with a Statute.

Art.1 Denomination and head office
The Association is constituted and named “Academy of the Independent Consultancy in Financial Investments“, that adopts the acronym “ ACOFIIN “ and as a result can also be called Academy.
The Association is an Onlus, with head office in Milan, Via Settembrini 35.
The possible variation of the social seat, the opening of an operative seat or the opening of secondary seats can be decided by deliberation of the Board of Directors and will not demand the change of the actual statute.
The Association has a national and international character and operativity.

Art.2 Goals and objectives of the Association
The Acadamy's objective is to promote and to spread the fundamental and inalienable beginnings of the independent consultancy in financial investments, first of all of the independence, the professionalism and the absolute absence of conflicts of interests in the exercise of the activity of Independent Consultant in Financial Investments, meaning those who are professionals specialized only in the sector of financial products and tools for the investments of savings and fit to lend the financial objectified consultancy majorly regarding the savers and people interested in the savings market.
In order to reach the above mentioned objective the A C O F I I N promotes:
a) professional formation courses and continuous updating in favour of the associates and the other persons who, even temporarily, join the activity of the Academy;
b) gatherings of financial, fiscal, legal, administrative, commercial, scientifical, cultural character even with organisations and/or institutions, as well public or private, that are representatives of these sectors, in order to offer solutions that are even closer to the professional formation and development of the Independant Consultant in Financial Investments.
c) the examination, the study and the dissemination of professional or specialized arguments  for the interest of the associates;
d) the publication of monographs and periodicals, but also the collection of documentation related to the cultural sectors pertaining to the goals pursued by the Association;
e) the valorisation of the professional activity of the associates to anyone who is interested in the financial products or tools for the investments or in the financial market in general;
f) the organisation of educational stays in qualified financial institutions situated in important financial Cities-Centers, also through granting scholarships and bonuses;
g) the maintenance of the contacts with Entities, Institutions, Associations, Corporations and Societies having similar or affine goals;
h) the safeguard of the rights and interests, even indirect, of the associated Indipendent Consultants in Financial Investments, moreover promoting, at Public Institutions and/or the Authorities put in charge, the recognition of the qualification of their professionalism, for the performance of objectified financial consultancy with the absence of conflicts of interests.

Art.3 Execution of the activity
The Academy can achieve the above mentioned goals directly or by taking advantage of the performances of their own members and however under supervision and according to the dispositions of the Board of Directors.

Art.4 Asset and Social Businesses
The Association draws her econominal resources for the operation and the development of their own activities from:
a) participation rates, volontary contributions given by the associates;
b) eventual advances from management;
c) eventual disbursements, donations, legacies and/or contributions from public and/or private  Establishments;
d) any other income that helps to increment the social asset.
In addition, the Academy can complete each financial operation for the attainment of the indicated goals, including stipulations of loans, active as well as passive, simple or secured by pledge or mortgage on the properties of the Academy.
Obtaining the function of associate does not entail for the physical or juridical persons who are admitted to be part of the Academy the obligations to contribution, except the minimum annual contribution that will be established by the Board of Directors year by year.
The extent of the contribution, including the formalities of disbursement (that for public Entities can also be the contribution coming from third parties for the account of those same Entities), will be communicated by the President of the Board of Directors to the associates, and also to Entities and Societies.
In the assumption that the associates would have to perform activities of scientific or didactic consultancy that would involve collaborative relationships with the Academy, they would be regulated with specific actions by the Board of Directors that will define the aspect of scientific or didactic contribution as well as  the possible economic contribution from the respective commitments.
The financial year closes on December 31 of each year.
Within thirty days of the end of each year the final budget and the budget plan of the following year will be prepared.
In each case the Association has been prohibited to distribute even in an indirect way profits or advances from management, but also funds, reserves or capital, unless the destination or distribution are not imposed by the law.
The Association fixes itself the objective of assigning 25% of the advances from the annual management to charitable causes or better to finance humanitarian initiatives through small indivual projects that help the local population, particularly children, in Africa – Asia - Latin America – Eastern and Western Europe and any other country that needs help.

Art.5 Associates of the Association
Associates of the A C O F I I N are all persons, fysical and/or legal persons, who share the objectives and support the social activities of the same Assocation.
The Association is open to everyone without any form of discrimination: political, ideological or religious.
The associates are distinguished in :
1) founding associate;
2) institutional associate;
3) subscribing associate;
4) supporting associate;
5) corresponding associate;
6) honorary associate.
The founding associates are the associates who intervened in the constitutive act of the Association.
The institutional associates are the Establishment or the Association that declare to share the objectives of the Academy and to favour bequests, liberal donations for her.
Also the representatives of the Institutions looking after the safeguard of savings are institutional associates.
The deliberative act with which the qualification of institutional associate is approved could be established to favour his rights of representation reserved within the Academy.
The supporting associates are, physical or juridical, public or private, Italian or foreign persons, that accept or share the objectives and ways of emplementation of the Academy and they subsidize its activity with the conditions established by the Board of Directors.
The corresponding associates are experts in matters of investments of savings that share the objectives of the Association. Their presence may not be higher than 50% of the subscribing associates.
The honorary associates are the chosen persons or Entities based on the prestige acquired according to the principles, object of the social activity and/or that they stood out for a profitable activity in favour of the objectives of the Association; they are elected by the Assembly on a proposal of the Board of Directors. The subscribing associates are: all the others.
The qualification of subscribing associate is obtained after making a written application, in which the name of at least one reference associate who is a regular member of the Association has to be communicated, that needs to be presented to the Board of Directors, who will value whether to accept the application by justifying in writing their decision of eventual refusal.
The associates must possess the following requirements: suitable job qualifications and/or experiences to operate in the sector of financial investments, as for example an economic, legal or financial degree, financial promotor, indipendent financial consultants.
All the associates, with the only exception of the honorary associates, are to pay an enrolment share and also an associative share that is annually decided by the Board of Directors.
The qualification of associate is revoked by missed payment of the associative annual share passed two months after the eventual letter of recall has been sent or by withdrawal, or for serious grounds that contravene the duties by the statute and the ethical regulation and/or when not answering the qualifications necessary for the enrolment.
The revocation and/or the exclusion of an associate is decided by the Board of Directors with a justified reason. In case the deprived and/or excluded associate covers an office within the Association his replacement will be arranged with cooptation.
By presenting the application the applicant undertakes the payment of the social shares and the  enrolment share as well as the compliance of the statute and of the current rules approved by the competent bodies.
All the associates can be elected at the social offices.
The resignations from covered offices must be presented by registered mail addressed to the Board of Directors and/or with any other fit means to convey unequivocally the will of the resigning one.

Art.6 Social Bodies
Bodies of the Association are:
1) The General Assembly
2) The Board of Directors
3) The Chairman
4) The Director-General
5) The Teaching Committee
6) The Municipal Committee
7) The Board of Trustees

Art.7 The General Assembly
The associates who constitute the Assembly are the founding associates, the subscribing associates and the institutional associates.
a) The General Assembly is called by the Chairman on decision of the Board of Directors, which can also take place in a different place from the Social Seat, through written communication or anyhow with fit means to the attainment of the objectives (as for example. E-mail) addressed to each associate at least fifteen days prior to the day of the Assembly meeting.
b) The General Assembly must be called at least once a year within four months from the financial year end closure for the approval of the budget. The General Assembly can also be called by the Chairman every time he or the Board of Directors consider it necessary or on well-founded request of at least a tenth of the current associates.
c) The General Assembly decides on the closed and preventive budget, on the general subjects and directives of the association, on the designation of the constituents of the Board of Directors with exception for the founding associates who by right are permanent associates, on the modifications of the constitutive act and on everything that they were refered to by law or statute.
d) The ones to have the right to attend the Assembly are all the founding associates, the institutional associates and the subscribing associates, also named current associates, as long as they paid the annual enrolment share.
e) Each associate who has the right to take part in the Assembly can be represented, by written proxy, by another associate, as long as he is not a member of the Board of Directors.
f) The Assembly is presided by the Chairman or, in case of his absence, by the Deputy Chairman or by a member of the Board of Directors or by another person designated by the attendees.
g) It is to the President of the Assembly to ascertain the right of intervention, also by proxy, and to verify if the Assembly is regularly constituted and in legal number to deliberate. The Chairman, with prior consent of the Assembly, also selects a Secretary. The decisions of the Assembly are established from the minutes of proceedings signed by the Chairman and by the Secretary.
The decisions of the Assembly are taken by a simple majority of votes. In a first convocation the meetings of the Assembly are valid when at least half of the current associates are present or are being represented. In a second convocation the decision is valid independent the number of the attendees. For the modification of the constitutive act and of the statute, the presence of at least half plus one of the associates and the favourable vote of the simple majority of the attendees, is necessary.
In each case to decide of the dissolution of the Association the favourable vote of at least three quarters of the associates is necessary.
Each member, whether it is a Bodie or a physical person, has the right to one vote. The participation in the Assembly is admitted through written proxy, to be given exclusively to another associate, who will not be allowed to have more than five proxies.

Art.8 The Board of Directors and Chairman
The Election of the Board of Directors and of the Chairman:
a) The Board of Directors is composed by an odd number of members that is not inferior to 3 and not superior to 15. The members are elected by the Assembly among the subscribing associates, except the founding associates to which the ability of being members by right is attributed. The members will be in office for a period not superior to four years and will be able to be reelected.
b) For the first time the definition of the number of  members of the Board of Directors and their election will be made with the constitutive act, and they will be in office for 4 years.
c) In case of death or advisors' resignations before the deadline of the mandate, the Board of Directors will see to their replacement for cooptation. The so elected advisors will remain in office until the next General Assembly. If because of resignations or other reasons there wouldn't be a  majority of the constituents of the Board, means that the whole Board is decayed and that the Assembly will have to be convoked for its renewal.
d) The Board of Directors is invested with every power for the attainment of the statutory purposes according to the directives indicated by the General Assembly of the Association.
e) The Board of Directors is invested with the widest powers for the ordinary and extraordinary management of the Association without any limitation, except those reserved to the Assembly. It proceeds in particular to filling in the preventive and final budgets and to their presentation to the General Assembly, to the election and revocation of managers, employees and clerks issuing each measure regarding the staff, establishes the sum of the annual shares and those for the enrolment to the Association, it rules on the admission of the associates, confers and revokes proxies. In the field of the most opportune initiatives for the attainment of the associative objective, it promotes national and international meetings even with other Associations, Bodies, Institutions; it organises study conventions, operative and congressional meetings, making use of the collaboration of experts to preferably choose from among the associates; it takes care of the publications of the Association.
It constitutes, in case it recognises the opportunity , special consultative commissions, also of territorial character, for the study of particular problems or to be more precise for the development of particular activities.
f) The Board of Directors elects a Chairman on the inside who will be in office for the entire duration of the Board, a Deputy Chairman, as well as a Secretary.
g) The Chairman, and in his absence the Deputy Chairman, represents the Association legaly in confrontation with third parties and in ruling.
h) The Board of Directors elects the Director-General of the Academy among their own members and in addition elects the Didactic Director that cooperates on the promotion of the scientifical and didactic activity. The didactic Director remains in office for four years which can be reconfirmed.
i) The Chairman also has the task to see to the implementation of the decisions approved by the Board of Directors, and to operate in any other sector that might have been delegated to him by the Board of Directors.
l) The Board of Directors is called together on the Chairman's request or on request of at least a third of the Advisors whenever necessary and anyhow at least twice a year in order to decide on the final and the preventive budget, and on the total amount of the social share and on the total amount of the enrolment share.
m) In order for the deliberations to be valid the effective presence of the majority of the members of the Board of Directors and the favourable vote of the majority of the attendees is needed; in the event of a tie the vote of the person who chairs prevails.
n) The Board of Directors is chaired by the Chairman, in his absence it is the Deputy Chairman, in the absence of both of them it is the eldest one of the attendees.
o) From the meetings of the Board of Directors, the relative minutes are drawn up, on an apposite book, which will be signed by the Chairman and by the Secretary.

Art.9 The Director-General
The Director-General has the organisational responsability of the Academy, he takes care of the regular carrying out of the activities of the Academy, in execution of the decisions of the Board of Directors, operating with the separate signature of the Chairman for all the acts of administrative order.
In case of obstruction or non-performance of the Chairman, he convokes the Assembly and the Board of Directors.
He has the power to formulate proposals on the activity to program.
The Director-General takes care of the reports with the Institutions, public and private bodies, including the economical and entrepreneurial ones, that are found usefull to the achievement of the institutional objectives of the Academy.
The Director-General stays in office for four years and is renewable by maintaining the qualification of member of the Board of Directors.
In case of obstruction or absence it is the Chairman that assumes the function of Director-General who can delegate a person by him designated.

Art.10 The Teaching Committee
The Teaching Committee constitutes the organ of scientific consultancy of the Academy.
It is composed of the Chairman, of the members of the Board of Directors, of the Didactic Director and of 5 members designated by the Board of Directors, chosen from acknowledged personalities like experts in the field of financial investments for savings.
The ones allowed to attend the meetings of the Teaching Committees are one representative of each institution in charge of the protection and safeguard of savings.
The Chairman of the Teaching Committee is nominated by the Board of Directors between persons who enjoy prestige in the area of financial consultancy for savings.
The functions of secretary are carried out by the Director-General of the Academy or by a delegate  of his.
The Chairman of the Teaching Committee stays in office for four years and can be reelected.
The Teaching Committee delivers his opinions in line with the programs established by the Board of Directors.
They meet following the convocation of their Chairman or on request of the Board of Directors.
They present the general didactic activities of the Academy and formulate propositions for their development, and make their non-binding view known on the technical-scientific aspects related to the goals of the Academy and give an evaluation on the executed scientific and didactic activities and those to be executed in the same field.
The Teaching Committee can be divided into commissions which experts can enter, also not members of the Academy and, besides that, it can make use, of the contribution of workgroups set up in the field of specialized branches.

Art.11 The Board of Statutory Auditors
The Board of Statutory Auditors is composed of 3 members elected by the Assembly of the associates among experts in the administrative-accounting disciplines.
The Board sees to the checking of the managerial proceedings, verifies the regular keeping of the books and the accounting records, it examines the budget estimate and the advisory account, drafting apposite relations.
The members of the Board stay in office for four years and can be reconfirmed.

Art.12 The Board of Trustees
The Board of Trustees  is composed of 3 members elected by the Assembly of the associates among experts in economical, juridical, financial disciplines and of high moral standing.
The members of the Board of Trustees remain in office for four years.
The Board of Trustees has the function to:
a) deliver a general opinion on the activity of the Academy to the Assembly of the associates;
b) deliver an official authorization of the executed activities, in relation with the institutional goals;
c) express itself on eventual conflicts of interests that might have been revived in the activity of the Academy.
Such opinions are annualy released.

Art.13 Dissolution
The dissolution of the Association is decided under the last paragraph of art. 21 c.c. of the General Assembly which will see to the election of one or more liquidators and will then deliberate   according to the devolution of the property to other association with analogous goals or with purposes of public utility, in agreement with the inspection body from which in art.3, comma 190, of 1. 23.12.1996, No 662 and except different destination imposed by the law.

Art.14 Controversies
All the possible social controversies between associates and between the associates and the Association or his bodies, as well as resulting from the decisions of expulsion or negation of admission will be subjected, in all the cases not prohibited by the law and with exclusion of every other jurisdiction to the competence of a college of three Arbitrators to be nominated by the General Assembly, they will judge ex bono et aequo without formality of procedure. Their arbitration will be unappealable.

Art.15 Delay
As not everything is contained in the present statute, the legal provisions for that matter are valid.