Articles of Association for Allstad
§ 1
The name of the company is Allstad AS.
§ 2
The purpose of the company is to manage and further develop, on a commercial basis, the values in the company's portfolio of real estate, buildings, energy investments and financial capital. Within the framework of the company's purpose, the company shall aim to make outlying areas accessible to the general public. The company shall emphasize active nature management and take outdoor recreation interests into account. The company shall offer hunting and fishing rights to the general public.
Within the framework of the company's purpose, when transferring agricultural properties, consideration shall be given to whether the sale contributes to local ownership and whether valuable soil resources for food production are not built over. The company shall always consider whether it is appropriate to sell forest and agricultural properties in order to improve the layout of properties to local farmers or owners who contribute to safeguarding public interests. Such sales shall also take place on market terms.
Properties of cultural-historical significance shall be managed in accordance with cultural heritage legislation. Buildings, properties and agricultural properties of cultural-historical importance shall be managed sustainably and cost-effectively and to a high standard.
Transfers of assets shall take place on market terms. An exception applies to the transfer of properties as part of the division project with the Church of Norway based on Report No. 29 to the Storting (2018–2019). Agricultural and forest properties may only be sold to parties to whom the concession legislation permits sales, i.e. such properties shall be transferred in accordance with the rules of the Act relating to concessions for the acquisition of real property, etc. (the Concession Act), or to a party controlled by the public authorities. This also applies to the indirect transfer of such properties through the sale of a limited company or other types of corporate entities.
The business may be conducted by the company itself, by wholly owned subsidiaries, or through participation in other companies or in cooperation with others.
§ 3
The company's share capital is NOK 3,000,000,000 divided into 3,000,000,000 shares, each with a nominal value of NOK 1.
§ 4
The company's board of directors shall consist of 5–7 members.
§ 5
The company shall be jointly bound by the signature of the chair of the board and one board member. The board may grant signing authority to board members, the managing director and named employees.
§ 6
The company shall comply with Section 6-16 a of the Public Limited Liability Companies Act, Guidelines concerning the determination of salaries and other remuneration for senior executives in listed companies; Section 6-16 b, Report on salaries and other remuneration for senior executives in listed companies; and the Regulations on guidelines and reports concerning remuneration for senior executives.
Guidelines in accordance with Section 6-16 a of the Public Limited Liability Companies Act and the regulations shall be submitted for approval to the ordinary general meeting. The guidelines shall also include an account of how the “State guidelines for executive remuneration in companies with state ownership” have been followed up in the company's wholly owned subsidiaries. A remuneration report in accordance with Section 6-16 b of the Public Limited Liability Companies Act and the regulations shall be submitted to the ordinary general meeting.
§ 7
At the ordinary general meeting, the following matters shall be considered and decided:
1. Approval of the annual accounts and the annual report, including the distribution of dividends.
2. Other matters which, under the law or the Articles of Association, fall under the authority of the general meeting. Notice of the ordinary general meeting shall be sent no later than two weeks before the meeting is to be held.