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Articles of Association

Note: The English version of the Articles of Association is provided for informational purposes only. Only the German version is legally binding.

Articles of Association, version dated 26 June 2023

1. Name, Registered Office, Registration, Financial Year

  1. The association bears the name “Börsenforum Ulm”.
  2. The association has its registered office in Ulm.
  3. The association is entered in the Ulm Register of Associations.
  4. The financial year begins on 1 July and ends on 30 June of each year.

2. Purpose of the Association

  1. The purpose of the association is to fulfil an educational, awareness-raising and informational role for the general public in the fields of economics and finance. The association shall contribute to the promotion of general and vocational education within the meaning of Section 10b (1) of the German Income Tax Act (EStG).
  2. The statutory purpose is pursued in particular through seminars, lectures and expert discussions in the fields of economics, finance and capital markets; through excursions; by providing information on current stock market developments; through the preparation of studies; and through participation in events, among other activities. These activities must not conflict with the association’s charitable and independent purpose.

3. Principles

  1. Börsenforum Ulm e.V., with its registered office in Ulm, exclusively and directly pursues charitable purposes within the meaning of the section “Tax-Privileged Purposes” of the German Fiscal Code (Abgabenordnung).
  2. The association acts selflessly and does not primarily pursue its own economic interests. Investment advice is excluded.
  3. The association’s funds may only be used for the purposes set out in these Articles of Association. Members shall not receive any distributions from the association’s funds.
  4. No person may benefit from expenditures unrelated to the purpose of the association or from disproportionately high remuneration.
  5. The reimbursement of membership fees, donations and contributions in kind is excluded.
  6. The association shall maintain scientific and organisational independence in its activities.
  7. The association is committed to internationalisation and to strengthening the bilingual and international orientation of its activities and communications.

4. Membership in the Association

  1. Membership may be acquired by natural persons and legal entities whose aims are consistent with the purposes of the association.
  2. Membership shall be applied for by means of a written declaration of accession in the form of a membership application. Admission shall be decided by the Executive Board by simple majority. For founding members, membership begins with the founding meeting.
  3. If a member’s address, email address or bank details used for the SEPA direct debit procedure change during membership, the member is required to inform the Executive Board. Any additional costs arising from a change that was not reported shall be borne by the member.
  4. Membership applications should generally be processed within two weeks.

5. Membership Fees

  1. Each member shall pay membership fees. Every member must pay at least one membership fee.
  2. The membership fee shall be paid for the preceding calendar year by all persons who were members on 31 December of that year.
  3. The amount and due date of the membership fee shall be determined by the Executive Board by a two-thirds majority. The fees should not exceed the costs incurred in carrying out the association’s activities.
  4. Members who improperly revoke their SEPA direct debit mandate after payment has become due shall receive a reminder. If, despite two reminders, a member is more than three months in arrears with payment of the membership fee, the member may be excluded pursuant to Section 6 (3).
  5. The Executive Board may defer payment of membership fees for members who can demonstrate that they have fallen into financial hardship through no fault of their own and, in special cases, may waive the fees in whole or in part.

6. Termination of Membership

  1. Membership ends through resignation, exclusion, death or dissolution of the association.
  2. Resignation from the association is possible effective 31 December of each year. Notice of resignation may be submitted at any time but must be received by the Executive Board in writing or electronically no later than 31 December.
  3. A member may be excluded from the association if they act contrary to the interests of the association or violate these Articles of Association. The Executive Board shall decide on the exclusion. The reasoned decision to exclude the member shall be communicated to the member in writing.
  4. Upon termination of membership, all claims arising from the membership relationship shall cease, without prejudice to the association’s claim for outstanding membership fees.

7. Governing Bodies of the Association

  1. The governing bodies of the association are the Executive Board, the Advisory Board and the General Meeting.

8. The Executive Board

  1. The Executive Board consists of the Chair, the Deputy Chair and the Board Member for Finance. Up to three additional members of the Executive Board may be elected.
  2. At least 50 percent of the Executive Board must consist of students, academic staff or doctoral candidates.
  3. Each member of the Executive Board is individually authorised to represent the association. Internally, legal transactions obligating the association to payments exceeding EUR 100 require the consent of the Chair of the Executive Board. Legal transactions of EUR 1,000 or more require a simple majority of the Executive Board as well as a simple majority of the members of the Advisory Board.
  4. Members of the Executive Board are elected by the General Meeting for the duration of one financial year. Re-election is permitted. If a member of the Executive Board leaves office before the end of their term, the Executive Board is authorised to appoint a successor. If more than half of the Executive Board leaves office, a new Executive Board must be elected.
  5. To ensure that the association has an Executive Board at all times, a new Executive Board must be elected at the same time as the previous Executive Board is removed.
  6. The Executive Board may be removed during its term in the event of a serious breach of duty by an extraordinary General Meeting pursuant to Section 10 (3).
  7. The Executive Board adopts resolutions by simple majority. In the event of a tie, the Chair has the casting vote.
  8. The Executive Board determines the guidelines for the management of the association and prepares the budget for the current financial year.

9. The Advisory Board

  1. The Advisory Board consists of up to eight persons elected by the General Meeting for the duration of one financial year by simple majority of the members present. The Advisory Board remains in office until a new Advisory Board is elected. It may be removed during its term by an extraordinary General Meeting pursuant to Section 10 (3).
  2. The Advisory Board supports the Executive Board in an advisory and supervisory capacity. Its primary function is to safeguard the interests of the association in accordance with its statutory purposes. The Advisory Board is required to support the Executive Board and the association with advice and assistance.
  3. The Executive Board shall inform the Advisory Board in advance of significant activities affecting the association’s external relations.
  4. The Advisory Board may attend meetings of the Executive Board without voting rights.
  5. Cooperation agreements with companies or institutions that have an external impact on the association require the approval of a simple majority of the Advisory Board.

10. Fellows

  1. To further the purposes of the association, the Executive Board may appoint Fellows. The Fellowship Programme serves in particular to support the academic, international and organisational development of the association. Fellows support the Executive Board in an advisory and operational capacity.

11. The General Meeting

  1. An ordinary General Meeting must be held once a year at the end of the financial year. The Executive Board is responsible for setting the agenda.
  2. The ordinary General Meeting shall be convened in writing by the Executive Board, either by post or electronically. The invitation shall be deemed to have been received upon being sent to the most recent postal or email address provided by the member to the Executive Board.
  3. An extraordinary General Meeting must be convened if required in the interests of the association, or if one fifth of the members or the Advisory Board requests that it be convened, stating the purpose and reason.
  4. Notice of the General Meeting must be given four weeks in advance. Each member may submit a written request to the Chair of the Executive Board for an item to be added to the agenda no later than two weeks before the General Meeting. Late motions to amend the Articles of Association shall not be considered.
  5. The General Meeting is responsible in particular for amendments to the Articles of Association, the election and discharge of the Executive Board, the election of the Advisory Board, the dissolution of the association and other matters of fundamental importance to the association.
  6. Unless otherwise provided, votes shall be decided by simple majority. Amendments to the Articles of Association and the dissolution of the association require a three-quarters majority. Upon request of at least five members, voting must be conducted by secret ballot.
  7. The General Meeting consists of the members present and has a quorum regardless of the number of members present.
  8. Minutes recording the results of the General Meeting shall be kept and signed by the Chair and the minute-taker.
  9. The General Meeting shall elect an auditor for the duration of one financial year. Re-election is permitted. The auditor may not be a member of either the Executive Board or the Advisory Board. The auditor shall examine the proper maintenance of the association’s accounts and the use of its funds and shall report to the General Meeting. The auditor shall recommend to the General Meeting whether or not to discharge the Executive Board.

12. Honorary Members and Supporters

  1. The General Meeting has the right to appoint as honorary members for life persons who have rendered exceptional service to the association. Honorary membership entails all rights and obligations associated with membership; however, the annual membership fee is waived. The General Meeting has the right to revoke honorary membership in the event of a serious breach of duty.
  2. Private individuals, companies and institutions that provide particularly significant financial support to the association may be awarded the title “Sponsor of the Association” by the Executive Board.
  3. Private individuals, companies and institutions that provide particularly significant financial or non-material support to the association may be awarded the title “Supporter of the Association” by the Executive Board.
  4. Private individuals, companies and institutions that provide particularly significant financial and non-material support to the association may be awarded the title “Friend of the Association”.

13. Dissolution

  1. The dissolution of the association may be resolved by a three-quarters majority of all members. If an insufficient number of members is present at the meeting, the written consent of absent members shall be obtained until a three-quarters majority is reached. Upon dissolution of the association or loss of its tax-privileged purposes, the association’s assets shall pass to Ulm University, which shall use them exclusively and directly to promote research and teaching in the fields of economics and finance.

14. Place of Jurisdiction

  1. The place of jurisdiction for disputes arising from the membership relationship is Ulm.

15. Entry into Force

  1. These Articles of Association enter into force once the association has been entered in the register of associations at the competent local court.

16. Data Protection

  1. When a member joins the association, personal data is collected for membership administration purposes.

    This includes the following member data: name and address, bank details for the SEPA direct debit procedure, email address, date of birth and requested magazine subscriptions.

  2. As a member of the Bundesverband der Börsenvereine an deutschen Hochschulen e.V., Börsenforum Ulm e.V. transmits certain personal data to BVH e.V. in order to ensure delivery of the requested magazine subscriptions.

  3. In connection with events held in accordance with the association’s statutory purposes, the association publishes personal data and photographs of its members in its association magazine, on its website and on social media networks, and transmits data and photographs for publication in print media, telemedia and electronic media.

    Such publication or transmission of data is limited to the member’s name, association membership, function within the association and age or year of birth.

    A member may at any time object to the publication of individual photographs of themselves by notifying the Executive Board. Upon receipt of such an objection, publication or transmission shall cease and the association shall remove existing photographs and/or data from its website.

  4. Membership lists may be made available in electronic or printed form to members of the Executive Board, other office holders and members insofar as their function or specific responsibilities within the association require access to such information.
  5. By becoming a member and thereby accepting these Articles of Association, members consent to the collection, processing, storage, alteration, transmission and use of their personal data to the extent described above. Any use of data beyond the fulfilment of the association’s statutory tasks and purposes is permitted only where required by law. The sale of personal data is prohibited.
  6. Within the framework of the applicable provisions of the German Federal Data Protection Act (in particular Sections 34 and 35), each member has the right to information about the personal data stored concerning them, the recipients of such data and the purpose of storage, as well as the right to correction, deletion or blocking of their data.