Statutes of the Foundation

 

PURPOSE

 

Article 1: The Little Dreams Foundation (hereinafter referred to as "the Foundation"), created by Mr Phil Collins and Mrs Orianne Collins, has the purpose of providing financial assistance for children and adolescents to help them realise their dreams in the areas of art and sport.

 

 

LEGAL STATUS

 

Article 2: The Foundation is governed by the present status and by articles 80 ff. of the Swiss Civil Code. It is registered in the Commercial Register and placed under the supervision of the competent authority.

 

 

REGISTERED OFFICE

 

Article 3: The registered office of the Foundation is at Nyon.

 

 

ASSETS

 

Article 4: The Foundation has a capital of CHF 50,000 (fifty thousand Swiss francs) which is fully paid up. The Foundation may receive all other awards, donations and bequests, particularly from the friends of the Foundation.

 

 

STRUCTURE

 

Article 5: The Foundation comprises:

1. The Management Board of the Foundation (hereinafter referred to as "the Management Board")

2. The Auditor of the Foundation (hereinafter referred to as "the Auditor")

 

MANAGEMENT BOARD

 

Article 6: The Management Board manage the Foundation. It is vested with all the powers necessary in order to administer the assets and allocate funds in accordance with the purpose assigned to the Foundation. The Management Board represents the Foundation vis-à-vis third parties. It appoints the persons with authority to commit the Foundation and specifies the signing powers, which may only be exercised by two persons collectively.

Article 7:

1. Mrs Orianne Collins is appointed a life member of the Management Board of the Foundation, with the post of president. She may resign as president while remaining a life member of the Management Board of the Foundation.

2. The other members of the first Management Board of the Foundation are appointed by the founders for a period of one year.

3. The Management Board is composed of three to nine members appointed for a period of one year by co-optation. A reservation is made in respect of point 1 above. The members are immediately eligible for re-election. Replacement during a period of office shall only be for the residual duration of such period of office.

4. If the president resigns from the post of president, the Management Board shall appoint a new president.

5. The Management Board of the Foundation shall appoint a secretary, who does not have to be a member of the Management Board.

6. Decisions shall be taken on the basis of a majority of members. In the event of a tie, the President shall have the casting vote. Any written proposal which has the support of the majority of members shall be deemed equivalent to a decision properly taken at a meeting. The members of the Management Board of the Foundation shall receive no remuneration.

7. The Management Board of the Foundation shall meet as frequently as necessary but in any event once a year, within three months of the end of the financial year. The meeting shall be convened by the President. A meeting must be held if two members request it.

8. Minutes shall be drawn up of the meetings of the Management Board. These shall be signed by the President and the Secretary and shall list the decisions taken.

9. The Management Board shall draw up a written management report each year.

10. The members of the Management Board of the Foundation shall carry out their functions on a voluntary basis.

 

ACCOUNTS

 

Article 8: The accounts of the Foundation shall be maintained regularly and punctually. The accounting period is a calendar year ending on 31 December. The Management Board of the Foundation shall take the necessary measures to ensure that the Foundation has account books which are appropriate to the nature of its activity. At the end of each financial year a profit and loss account and a balance sheet shall be drawn up.

 

 

AUDITOR

 

Article 9: The Auditor is responsible for auditing the accounts of the Foundation and for verifying its available funds. The auditor shall be appointed each year by the Management Board, which for this purpose shall select an independent auditor or a trustee from outside its number. The auditor shall draw up a written annual report on the auditing activity.

 

 

DURATION

 

Article 10: The Foundation is formed for an unlimited period. Its organisation and purpose may only be amended, if the case arises, by the competent public authorities. It shall only be dissolved if its purpose has ceased to be achievable.

 

 

TRANSITIONAL PROVISIONS

 

The first Management Board of the Foundation shall comprise the following three members:

1. Mrs Orianne Collins, president

2. Mr Patrick Bittel, secretary,

3. Mr Henri Berchtold, treasurer.