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Instrument no. 1: Borgarrike Enterprise Fund

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Ríkskomítal Charter

"Besta Virki Sem Höfðingja Getur Eignast Ástúð Fólks Hans"


TO ALL AND SINGULAR to whom these Presents shall come, does His Grace the Jarl of Borgarrike joyfully send his warmest greetings and salutations!

WHEREAS the Jarldom of Borgarrike is since the latter Days of the Old Tale so fortunate to be part of the Twenty-Six Jarldoms so that mine aforementioned Fortress Jarldom may share in the fabled abundant fruits of plenty of the aforesaid Realm of Joy;

AND WHEREAS a sizable portion of the aforementioned legendary bounty of the Lands of the Longships Throne comes to the coffers of the Land of Plants and Nuts in the form of humongous payments of dividend from the Sameinaða Erlendur Kaupsýsla Einokun Félagið due to the Fortress Jarldom's stock in the universal development corporation aforesaid;

AND WHEREAS it would in mine Jarlish opinion be meet to let the good People of the Jarldom of Borgarrike benefit to the fullest extent possible from the aforesaid gargantuan stream of dividend revenue flowing into the Fortress Jarldom's treasure chest;

AND WHEREAS it further is mine Jarlish belief that the establishment of an Enterprise Fund for the Fortress Jarldom would be the way to provide the good People of the Land of Plants and Nuts with the utmost benefit from the dividend payments from the Sameinaða Erlendur Kaupsýsla Einokun Félagið;

LET IT THEREFORE BE KNOWN that I, Vilhjálm Kormak of the House of Nidaros, Jarl of Borgarrike, Lord of the Land of Plants and Nuts, Lord of the Borgarjarls, Law Speaker of the Borgarthing, Lord Mayor of the Royal City of Köpingsvik, Lord of the Bear's Den, Lord Paramount of Atgeirr, Skapsaðr, Snjárfjall, Sættland, and Talland, do by these Presents declare, will and ordain as follows:

1. Upon the coming into effect of this Instrument there shall be created and established a Body Corporate and Politic by the name of "The Borgarrike Enterprise Fund" (hereinafter called "the Fund") and the persons who may hereafter become Members of the Body Corporate hereby constituted shall forever (so long as they continue to be Members of the body aforesaid) be one Body Corporate and Politic and shall by the same name have perpetual succession and a Common Seal with power to break, alter and make anew the said Seal from time to time at their will and pleasure, and by the same name shall and may sue and be sued in all Law Courts and in all manner of actions and proceedings, and shall have power to do all other matters and things incidental or appertaining to a Body Corporate.

2. The Fund shall exist to provide prudent stewardship of Borgarrike's revenue hailing from the dividend payments by the universal development corporation the Sameinaða Erlendur Kaupsýsla Einokun Félagið of which the Jarldom is a permanent shareholder since Time Immemorial for the benefit of current and future generations of Borgarmen.

3. The Fund shall excercise the aforesaid stewardship by appropriating monies for:

a. economic development;

b. infrastructure development;

c. community development;

d. job training programs;

e. business incentives.

4. Any of the Fund's dividend revenue which has not been disbursed under the preceding section or otherwise spent in accordance with the provisions of this Charter shall be invested or added to the Fund's Reserve.

5. The investments of the Fund's assets must be made with the objective of maximizing long term financial returns.

6. When making investments, the Fund shall adhere to investment and lending policies, standards and procedures that a reasonable and prudent person would apply in respect of a portfolio of investments to avoid undue risk of loss and obtain a reasonable return that will enable the Fund to meet its objective.

7. The management of the affairs of the Fund shall be vested in the Governing Body of the Fund (herein called "the Governing Body") who may exercise all such powers and do all such things as may further the objective of the Fund.

8. The Governing Body shall consist of a Chairman, and not more than twelve other Governors. The Chairman and the Governors for the time being shall be Members of the Fund.

9. The Jarl of Borgarrike (hereinafter "the Jarl"), or any person he appoints in his stead under his hand and the Seal of the Fortress Jarldom, shall be the Chairman of the Fund.

10. The initial Governors shall be appointed by the Jarl under his hand and the Seal of the Land of Plants and Nuts.

11. The subsequent Governors shall be appointed by the Governing Body with the approval of the Jarl, provided that Governors in respect of whom re-appointment is to be considered shall not be entitled to vote either in respect of their own re-appointment or the appointment of any other Governors to be considered at that time.

12. The Jarl may at any time revoke the appointment of the Chairman as well as any Governor if he considers it desirable in the interests of the Fund to revoke the appointment.

13. Subject to the provisions of this Charter, the Governing Body shall meet and may regulate their own procedure and that of any committee as they shall think fit.

14. The Governing Body may delegate any of their powers to committees consisting of such Governors and subject to such regulations as they think fit. In addition, the Governing Body may appoint persons other than Governors to serve on any committee and may at any

time revoke the appointment of any such person. Article 8 of this Charter shall apply to all members of committees as it applies to Governors.

15. The Governing Body shall appoint a chief executive officer who shall be known as the Director-General of the Fund for such term, at such remuneration and upon such conditions as they shall think fit, and the Governing Body may from time to time entrust to and confer upon the Director such of the powers exercisable by the Governing Body as they may think fit upon such terms and conditions and with such restrictions as they may determine and may from time to time revoke, withdraw, alter and vary all or any of such powers.

16. The Governing Body may appoint such other officers and take into the Fund's employment such other persons and in each case on such terms and conditions as they shall determine.

17. The Governing Body may pay to or in respect of any officers or other persons employed by the Fund such pensions (including gratuities) or provide and maintain for them such pension schemes (whether contributory or not) as the Governing Body may determine.

This Instrument shall come into effect immediately.

As it is written in blood, so shall it bloody well be!

Given under my Hand Ríkskomítal and the Seal of Fortress Jarldom at the ancient fortress of the Bear’s Den in the Royal City of Köpingsvik on this Day of the Lord Týr, the Sixth Day of the Month Gladsheim in the Thirteenth Year of the Second Viking Age in the Second Epoch of the High Realm.




Vilhjálm Kormak of the House of Nidaros,

Jarl of Borgarrike.

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