Articles of Association for the Swedish Association of Corporate Treasurers

Established at the Annual General Meeting May 9, 2007.

§1
The name of the Association is Industrins Finansförening. In English the name Swedish Association of Corporate Treasurers should be used.

§2
The purpose of the association is to look after the common interests of the members regarding the financial market.

§3
To be accepted as a member, the company should in principle fulfil the requirements of membership of Svenskt Näringsliv. The Association shall include in the first place large or middle large companies with an operational finance department or treasury activities. The company also need to have a clear connection to Swedish Industry. The Board decides which companies are granted a membership. A member, which, does not observe the articles of the Association or does not fulfil the criteria for membership, may by the Board be given notice to withdraw as a member with immediate effect. A Member-company which finds it impossible to conform to the objective and purpose of the Association ought to speak up before a decision is made. If a member-company changes its opinion after a decision is made the Board should be informed. The objective of the association is to look after the interest of the members. If a member finds that this in not the case, the member should announce its resignation from the Association. Complaints against actions of the Board should always be lodged to the Board and of course be handled on the Annual General Meeting.

§4
Decision about approval of new members is made by the Board. Notice of withdrawal shall be announced in written to the chairman or the secretary of the Association.

§5
Admission fee is 5.000 Swedish kronor/member. A yearly fee may also be collected. Size and pace of yearly payments is to be decided by the respective Annual General Meeting.

§6
The Board is located in Stockholm.

§7
AGM elects the Board as well as the Chairman. The Board should consist of at least 7 members and at the most of 15 members, however, a maximum of 1 person from each member company. The Board elect among their number the deputy chairman, the treasurer and the secretary.

§8
AGM elects two auditors to audit the administration of the Board and the accounts of the Association.

§9
Term of office for the Board and auditors is from the AGM, where the election took place, until the end of the following AGM, unless the AGM decides otherwise.

§10
The company is signed by the chairman and the treasurer individually or by any two of the other board members.

§11
The financial year shall be taken as the calendar year.

§12
The Board shall hold meetings at least four times per year on notice from the Chairman.

§13
AGM shall be held once a year, in the spring, and coincide with a Board Meeting. A Notice of the AGM shall be sent out by the Chairman of the Board at least one month before the meeting. At the AGM each member has one vote.

§14
An extraordinary meeting can be noticed on demand of at least five members addressed to the Board. An extraordinary meeting can also be noticed by the Chairman of the Board.

§15
Only the Chairman and the Deputy Chairman have the right to verbally express themselves on behalf of the Association. Written statements should be issued by at least two members of the Board, on condition that the statement is not of a fundamentally important nature. Answers to issues referred to the association for consideration of important nature shall, however, be submitted to all members of the association, whereupon the Board decides on the final wording.

§16
A member who neglects to pay the stipulated fees within 3 months after the day the request for the payment has been sent to him, is considered being withdrawn as a member.

§16
Decision on alteration of these regulations or the dissolving of the Association can only be decided by a General Meeting and is not valid unless 2/3 of the members entitled to vote approve the decision.

§18
The General Meeting which finally dissolves the Association also decides on the disposal of its property.