The Olav Raagholt and Gerd Meidel Raagholt Research Foundation

- Research relating to the blind, heart diseases and cancer


The Foundation's name is Olav Raagholt og Gerd Meidel Raagholts stiftelse for medisinsk forskning [the Olav Raagholt and Gerd Meidel Raagholt Medical Research Foundation].

Article 2 Object

The Foundation's object is to make certain funds available for research relating to heart diseases, the blind and cancer. The Foundation was established on the basis of Gerd Meidel Raagholt's will of 12 October 2006. Gerd Meidel Raagholt died on 10 March 2007. The Foundation is the only beneficiary and the inheritance will in its entirety constitute the Foundation's basic capital/total assets.

Article 3 Office

The Foundation's registered office is in Oslo.

Article 4 Capital

The Foundation's basic capital fund is NOK 5,000,000.

Article 5 Board of Trustees

The Foundation's Board of Trustees shall be comprised of from 3 to 5 members. One member shall be a member of the legal profession (the Chair). The other members should be persons with professional qualifications within the disciplines of medicine and nursing. The Board's period of service is 4 years. The Board may be reappointed for a further period of 4 years. New members shall be appointed by the Board.

The Board may be assisted by a committee of experts in the work on awarding grants and shall appoint the members of this committee.

The Board is responsible for the administration of the Foundation and shall ensure that its capital assets are soundly managed and employed. The Board shall ensure that annual reports and accounts are prepared and shall submit reports as prescribed in the Norwegian Foundations Act.

The Board may appoint a general manager and may charge a fee for its work.

Article 6 Use of the Foundation's assets

10% of the Foundation's annual return shall be added to the capital. After necessary expenses have been covered, the remaining amount shall be awarded as grants toward professional development and research projects within the above-mentioned object. Travel grants may also be awarded. The Board shall decide the amount of the grant, however in such a way that each grant shall be large enough to cover the applicant's expenses for at least two months. The invitation to apply for grants shall be published in an appropriate way before each award contemplated.

In special cases, the Board may use an amount from the basic capital fund for grants, but in such a way that normal operations are upheld.

Article 7 Amendments

Amendments to these Statues require the unanimous resolution of the Foundation's Board and the consent of the Norwegian Foundation Authority. Any amendments must be within the Foundation's framework and object.

Article 8 Annual Meeting

The annual meeting shall be held each year by the end of June. The Chair of the Board shall convene meetings by giving at least one month's notice.

At the annual meeting, the Board shall deliberate and decide the following issues:

1. Approval of the annual report and accounts, including the award of grants.
2. Any other business that, by law or pursuant to the Statutes, is to be transacted at the general meeting.

The Foundation shall otherwise be governed by the Norwegian Foundations Act of 15 June 2001 no 59.

B) Registration

The Foundation shall be registered in the Foundations Register when the basic capital has been made available to the Foundation. The basic capital consists of a bank deposit that was transferred to an account opened for the Foundation in Nordea Bank Norge ASA. This bank deposit amounts to NOK 8,000,000.

The auditor shall confirm that the basic capital has been made available to the Foundation. An opening balance sheet shall be prepared for the Foundation, which shall be attached to the application for registration. In the opening balance sheet, total assets will amount to the bank deposit of NOK 8,000,000. The basic capital fund has been fixed at NOK 5,000,000. The excess amount of NOK 3,000,000 is to be registered as other equity.

C) Formation expenses

Expenses incurred in forming the Foundation shall be paid by the Foundation.

D) Board of Trustees and Auditor

The following Trustees were appointed:

Finn Kohmann, Lawyer, Chair of the Board
Østhornveien 10, N-0874

Bjørn Gondrosen, Veterinary, DSc, Trustee
Eilert Sundtsgate 11 B, N-0259 Oslo

Anders Skogstad, Nursing Science Graduate, Trustee
Eilert Sundtsgate 11 C, N-0259 Oslo

Thor Hilberg, Chief Physician, MD, Trustee
Østhornveien 8, N-0874 Oslo

As auditor was appointed:

BDO Noraudit OSLO DA, 875 926 632
Vika Atrium, Munkedamsveien 45, N-0121 Oslo

E) Opening balance sheet

The opening balance sheet was submitted and signed.

All decisions were unanimous. The Foundation was thereafter
declared to have been formed and the minutes were read and signed.

Oslo, 21 May 2007
……………………………….. ……………………………………
Advocate Finn Kohmann, Executor/Founder/
Bjørn Gondrosen/Founder

Finn Kohmann

Tel: +47 22 23 65 45
+47 414 33 527

Adv. Finn Kohmann
Østhornveien 10
0874 Oslo

Østhornveien 10
0874 Oslo