Statute

The Statute of the association «Σύνδεσμος Επιστημόνων Χρηματοοικονομικής – Λογιστικής Ελλάδος» (Hellenic Finance and Accounting Association) was adopted by the founding assembly on 23 November 2001 and is signed by its 29 founding members. It comprises thirty articles in five parts:

• Foundation and name (Articles 1–3)
• Members (Articles 4–11)
• Governing bodies (Articles 12–22)
• Resources and assets (Articles 23–24)
• General and transitional provisions (Articles 25–30)

The text below is an unofficial English translation provided for information only; the Greek text is the sole authoritative version. The official text is available as a PDF: Statute of Foundation (PDF, in Greek). The titles of Articles 12 and 25–30 have been added for ease of reading.

Article 1 — Foundation and name

An association is hereby founded under the name «ΣΥΝΔΕΣΜΟΣ ΕΠΙΣΤΗΜΟΝΩΝ ΧΡΗΜΑΤΟΟΙΚΟΝΟΜΙΚΗΣ – ΛΟΓΙΣΤΙΚΗΣ ΕΛΛΑΔΟΣ». In its relations abroad, the Association shall use the name “HELLENIC FINANCE AND ACCOUNTING ASSOCIATION”, abbreviated as “H.F.A.A.”. The Association is an independent, non-governmental organisation pursuing scientific and professional aims; it operates in accordance with Greek law and cooperates with related organisations and bodies.

Article 2 — Seat

The seat of the Association is Athens.

Article 3 — Purpose

The purpose of the Association is to promote and develop the scientific specialisation of finance and accounting, and in particular:

• To bring together and unite the efforts of Greek scholars working in these scientific fields.
• To promote scientific knowledge and the corresponding applications of finance and accounting in Greece.
• To create the conditions for the exchange of ideas and the transfer of knowledge in these fields in Greece, by organising lectures and scientific meetings and by publishing a scientific journal in these fields.
• To undertake any action that furthers the above aims.

Article 4 — Categories of members

Members are divided into ordinary, corresponding and honorary members.

Article 5 — Ordinary members

Ordinary members are natural or legal persons resident or, respectively, having their seat in Greece.

Article 6 — Corresponding and junior members

Corresponding members are natural persons permanently resident abroad who are interested in the aims of the Association and wish to contribute to their achievement. Members of this category who settle in Greece may, if they so wish, transfer to the category of ordinary members.

Junior members are doctoral candidates, who may, subject to certain conditions, become ordinary members.

Article 7 — Honorary members

Following a decision of the General Assembly on the recommendation of the Board of Directors, honorary membership may be conferred on Greek or foreign nationals who have rendered exceptional services to the Association and contributed substantially to the achievement of its aims, as well as on distinguished persons whose names are associated with those aims.

Article 8 — Admission of members

Any person applying for admission to one of the above categories is deemed to accept the Statute of the Association without reservation. Admission requires a doctoral degree and activity in the field of finance and accounting. To acquire membership, with its attendant rights and obligations, the applicant submits an application to the Board of Directors signed by two (2) ordinary members. The Board of Directors examines the application and decides on admission.

Article 9 — Admission fee and subscription

Ordinary, corresponding and junior members pay an admission fee on joining the Association, as well as an annual subscription.

The amount of the admission fee and of the annual subscription is set by the General Assembly on a proposal from the Board of Directors and applies to the following year.

The Board of Directors may propose a higher admission fee and annual subscription for legal persons.

Article 10 — Rights and obligations

Ordinary and corresponding members have the same rights and obligations, except for the right to be elected to the governing bodies of the Association, which is reserved to ordinary members.

All members have the right and the duty to take an active part in the activities of the Association and to contribute to the achievement of its aims.

Article 11 — Resignation and removal of members

Every member is free to withdraw from the Association by submitting a written resignation to the Board of Directors.

No member may be removed from the Association without serious cause. Removal is proposed by the Board of Directors and decided by the General Assembly. In such cases, the member concerned has the right to attend and to present their views to the General Assembly before the decision is taken.

Members whose subscriptions are three years in arrears are removed automatically by decision of the Board of Directors.

Article 12 — Bodies of the Association

The bodies of the Association are: (a) the General Assembly of Members, (b) the Board of Directors and (c) the Audit Committee.

Article 13 — General Assembly

The General Assembly is the sovereign collective body of the Association and consists of the ordinary and corresponding members whose subscriptions are paid up.

Article 14 — Conduct of the General Assembly

The General Assembly is convened in the first quarter of each year, and in extraordinary session whenever the Board of Directors considers it necessary or when at least one quarter (1/4) of the paid-up ordinary and corresponding members so request in writing, by an application that also specifies the items to be discussed.

The notice of each General Assembly must include the items on the agenda and is given by individual written invitations sent to members by post.

The General Assembly elects its Chair, a Secretary for the session, a marshal and two tellers. Honorary and junior members may attend without the right to vote. A quorum exists when at least one half (1/2) of the paid-up members are present. If there is no quorum, the General Assembly meets again within eight (8) days at the latest, in accordance with the law, and is then quorate with any number of paid-up members present. Each ordinary member present may represent, by written proxy, only one other member and vote on that member’s behalf. Legal persons must each year authorise one natural person to attend the General Assemblies on their behalf.

The annual ordinary General Assembly, having been informed of the activities of the Board of Directors and of the report of the Audit Committee, discharges the members of the Board of Directors from liability and approves or rejects the accounts for the previous year and the budget for the current year.

Every three (3) years the ordinary General Assembly holds elections for a new Board of Directors and Audit Committee.

Decisions of the General Assembly are taken by an absolute majority of the members present.

Article 15 — Board of Directors: powers and composition

The Board of Directors governs the Association and manages its affairs and assets in general, in accordance with the law and the Statute.

It ensures the achievement of the Association’s aims as set out in Article 3 of this Statute. It hires and dismisses the Association’s salaried staff, convenes the General Assembly, draws up the annual budget, implements the decisions of the General Assembly and deals with every matter concerning the operation and activities of the Association, except those for which the General Assembly is competent under the law and the Statute.

The Board of Directors consists of five (5) members. Those wishing to stand for election must submit their candidacy ten (10) days before the General Assembly. The Board of Directors draws up the ballot paper, which must contain at least three (3) more names than the number of seats to be filled. Members are elected by secret ballot, in order of votes received, for a three-year term. The first three (3) runners-up are designated as substitutes, in order of votes received, and are called upon to fill any seats that fall vacant on the Board of Directors.

In the event of a tie, the order is determined by lot on the day of the General Assembly.

At its first meeting, and no later than fifteen (15) days after its election, the Board of Directors, chaired provisionally by the member who received the most votes in the most recent election, constitutes itself by electing a President, a Vice-President, a Secretary General, a Deputy Secretary General and a Treasurer. The composition of the Board of Directors may be changed during its term.

Article 16 — Operation of the Board of Directors

The Board of Directors meets in ordinary session once (1) a month and in extraordinary session when necessary or when at least three (3) of its members so request in writing, in which case it must be convened within ten (10) days.

The Board of Directors is quorate when three (3) of its members are present. Its decisions are taken by an absolute majority of the members present. In the event of a tie, the President has the casting vote.

Members of the Board of Directors who are absent without justification from four (4) consecutive meetings are deemed to have resigned. By decision of the Board of Directors they are replaced by substitute members, in order of votes received, after first being notified in writing.

Article 17 — President and Vice-President

The President convenes and chairs the meetings of the Board of Directors and signs the minutes together with the Secretary General. Together they also sign correspondence, payment orders and any other relevant document. The President together with the Secretary General, or, if they are unable to act, their deputies, represent the Association before every public service or authority, whether administrative, judicial or other, and before any other natural or legal person. If the President is prevented from acting, the Vice-President deputises.

Article 18 — Secretary General

The Secretary General is responsible for correspondence and keeps the records of the Association and the minutes of the Board of Directors. The Secretary General coordinates the work of the Board members and countersigns the minutes, correspondence and payment orders with the President. The Deputy Secretary General assists the Secretary General and deputises when the Secretary General is prevented from acting.

Article 19 — Treasurer

The Treasurer keeps the books required by law, collects receipts and makes payments, and deposits with a bank chosen by the Board of Directors any amount exceeding the sum set from time to time by the Board for day-to-day management. The Treasurer may make withdrawals, in whole or in part, from the Association’s bank deposit accounts following a general or specific decision of the Board of Directors, by a document signed by the President or the Secretary General or their deputies. The President and the Secretary General also have the right to make withdrawals under the same conditions.

If the Treasurer is absent or unable to perform their duties, they are replaced by a member of the Board of Directors whom they designate, under their personal responsibility, following approval by the Board of Directors recorded in the minutes.

Article 20 — Audit Committee

Every three years, at the same time as the election of the Board of Directors, the General Assembly elects a three-member Audit Committee, with two (2) substitutes, for a three-year term. Those wishing to stand submit their candidacy ten (10) days before the General Assembly. The Board of Directors draws up the ballot paper, which must contain at least five names. In all other respects, the provisions governing the election of the Board of Directors apply accordingly. The task of the Audit Committee is to audit the financial management of the Association. Each year until the end of its term, it prepares and submits to the General Assembly a report on the financial position of the Association and on the Board of Directors’ management of its funds during the previous association year.

Article 21 — Working committees

The Board of Directors may set up scientific, organisational and other committees or working groups, composed of members of the Association of all categories and specialist scholars. By the same decision, the Board appoints the coordinator of each committee or group, while its other officers are elected by the members of the committee or group. The Board may entrust committees and groups with pursuing certain of the Association’s aims. Committees and working groups may in no case substitute for the Board of Directors through their decisions, and in particular may not enter into obligations on behalf of the Association towards services, organisations, etc. outside it. The operation of the committees is governed by internal regulations or decisions of the Board. Committees and groups may not correspond with public authorities, organisations, etc., unless specifically mandated by the Board. Members of the Board of Directors may attend meetings of the committees and groups and express their views on the matters under discussion, without voting rights unless they are members of them.

Article 22 — Internal regulations

The Board of Directors may draw up regulations governing the operation and activities of the Association, which apply once they have been approved by the General Assembly of Members.

Article 23 — Resources

The resources of the Association are:

• (a) members’ admission fees;
• (b) the annual subscriptions of members, whether natural or legal persons;
• (c) income from any assets it holds;
• (d) income from publications;
• (e) income from events of the Association;
• (f) donations or sponsorship from natural or legal persons;
• (g) grants from the State and from legal persons governed by public or private law, in Greece or abroad, which are accepted, always as provided by law.

Article 24 — Assets

The assets of the Association may comprise immovable property and movable items of every kind (furniture, equipment and any other material, etc.) that come into its ownership.

The assets of the Association may not be disposed of or used for purposes other than those provided for in the Statute or for profit-making purposes, nor may they be used to participate in profit-making enterprises. This prohibition does not apply to the publication of books, journals and other printed matter in pursuit of the Association’s aims.

Article 25 — Association year

The association year coincides with the calendar year.

Article 26 — Unpaid offices

Persons serving on the Board of Directors, the Audit Committee or other committees are not entitled to remuneration. Their office is honorary.

They are, however, entitled to compensation for travel and representation expenses when dealing with the affairs of the Association and travelling for that purpose.

Article 27 — Cooperation with other bodies

To better serve its aims, the Association cooperates with related associations and may become a member of broader federations with a similar remit.

Article 28 — Amendment of the Statute and dissolution

Amendment of this Statute, as well as the dissolution of the Association, must be decided by an extraordinary General Assembly at which at least one half (1/2) of the paid-up ordinary members must be present, by a majority of three quarters (3/4) of those present. If the Association is dissolved, its assets pass to the organisation designated by that Assembly by a three-quarters (3/4) majority.

Article 29 — First General Assembly

Two (2) months after the registration of this Statute in the Register of Associations of the Athens Court of First Instance, the Provisional Administrative Committee of the Association is required to convene the first General Assembly of the members to hold elections and elect the Association’s bodies for the first three-year term.

Article 30 — Adoption of the Statute

This Statute, consisting of thirty (30) articles, was submitted, discussed, approved and adopted, article by article and as a whole, by the founding assembly of the Association on 23 November 2001 and is signed by its founding members.

Founding members

No.	Surname	First name	Father’s name
1	Xanthakis	Manolis	Dimitrios
2	Artikis	Georgios	Panagiotis
3	Merikas	Andreas	Georgios
4	Xydeas	Vangelis	Spyridon
5	Kousenidis	Dimitrios	Vasileios
6	Tsaklanganos	Angelos	Athanasios
7	Niarchos	Nikitas	Apostolos
8	Apergis	Nikos	Emmanouil
9	Eriotis	Nikos	Panagiotis
10	Alexakis	Christos	Apollon
11	Thalassinos	Lefteris	Ioannis
12	Mertzanis	Charilaos	Vasileios
13	Floropoulos	Iordanis	Nikolaos
14	Papanastasiou	Ioannis	Anastasios
15	Ginoglou	Dimitrios	Manolis
16	Kyriakidis	Dimitrios	–
17	Efthymoglou	Prodromos	Georgios
18	Ananiadis	Ioannis	Panagiotis
19	Dimitras	Augustinos	Ioannis
20	Negakis	Christos	Ioannis
21	Syriopoulos	Kostas	Panos
22	Alexakis	Panagiotis	Dimitrios
23	Ritsatos	Titos	Emmanouil
24	Philippas	Nikolaos	Dimitrios
25	Thomadakis	Stavros	Vasileios
26	Ballas	Apostolos	Antonios
27	Sorros	Ioannis	Nikolaos
28	Kazatzis	Christos	Ioannis
29	Zopounidis	Constantin	Dimitrios