Rules of the Impactor cooperative

Please note that these rules are an unofficial translation of the official Impactor rules, which are in Finnish.

1 § Trade name
The name of the cooperative is Impactor Consulting Osk.

2 § Domicile
The domicile of the cooperative is Helsinki.

3 § Industry
The industry of the cooperative is management consulting. The cooperative provides training, coaching and consulting services around the financing and impact investing of social enterprises and other impactful actors. The cooperative also operates in all legal and ethical business.

The cooperative serves its members by assisting in mapping funding opportunities, developing investment readiness and acquiring funding from investors.

Also others than cooperative members may use the services of the cooperative.

4 § Applying for and beginning of membership
Cooperative membership is applied for in written form from the Board. The Board decides on accepting the application or on the acceptance procedure and the criteria for acceptance. Membership begins, when the application is accepted.

5 § Team shares
Team shares are meant to be marked by founding members and employees. Each team member of the cooperative is obliged to acquire one team share. A team share does not have a nominal value. The cooperative meeting or Board of the cooperative, based on the authorization of the cooperative meeting, decides on giving shares, the subscription price of the share and their conditions.

6 § Client shares
Client shares are meant to be marked by clients of the cooperative. Each client member of the cooperative is obliged to acquire one client share. A client share does not have a nominal value. The cooperative meeting or Board of the cooperative, based on the authorization of the cooperative meeting, decides on giving shares, the subscription price of the share and their conditions.

7 § Investor shares
Also others than members can mark investor shares. An investor share gives no other rights than the right to profit paid on the share and the right to return the share. Profit from the surplus can be paid on the investor share according to    13 §. An investor share does not have a nominal value. The cooperative meeting or Board of the cooperative, based on the authorization of the cooperative meeting, decides on giving shares, the subscription price of the share and their conditions.

8 § Returning the subscription price of the share
Current legislation in force is applied to returning the subscription price of the share. This concerns all share types.

9 § The Board of the cooperative
The cooperative has a Board that has three to five actual members. The term of the members of the Board starts from election and ends the following year on the election of a new Board.

10 § Representing the cooperative
The cooperative is represented by the President of the Board and the managing director each on their own and members of the Board each on their own. The Board can also appoint a procuration or right to represent the cooperative to a chosen individual.

11 § Cooperative meeting
The invitation to a cooperative meeting is delivered to every member in written form, via e-mail or other verifiable way no more than two months prior and no later than one week prior to the meeting, unless the cooperative law decrees  a different meeting invitation time. The invitation is delivered to all cooperative members whose address is in the member register or otherwise known to the cooperative.

The annual cooperative meeting is held annually on a date selected by the Board, within six months of the end of the financial year.

The annual cooperative meeting decides on the following:

  1. approval of the financial statements;
  2. use of the surplus of the balance sheet;
  3. discharging the members of the Board and the managing director from liability;
  4. confirming the amount of members of the Board and electing members of the Board
  5. selecting an accountant and auditor.

12 § Decision-making of the cooperative meeting
The decision of the cooperative meeting will be the suggestion that has been supported by over half of both members who have marked team shares and members who have marked client shares. If the decision requires a qualified majority, the decision of the cooperative meeting will be the suggestion that has been supported by the qualified majority required by cooperative law of both members who have marked team shares and members who have marked client shares.

13 § Distribution of the surplus
At least fifty percent of the surplus of the cooperative’s previous financial year is used to develop the cooperative’s own operations.

The cooperative meeting can decide to distribute no more than fifty percent of the surplus of the cooperative’s previous financial year to investor shares. Profit paid to one investor share is the surplus to be distributed divided by the amount of marked investor shares.

14 § Gifts and donations
The cooperative meeting can decide on giving gifts to a purpose of common good.