Statute

 

 

Presidential Office of the Ministry of Science, Research and Technology- Vice Presidency for Science and Technology

 

The Cabinet of Ministers, at the meeting of 9/11/2011, based on the proposal of the Supreme Council of Science, Research and Technology, and on the basis of note (3) of article 5 of the Law on the Protection of Enterprises and Knowledge Based Organizations and the Commercialization of Innovations and Inventions (PEKBOCI) -approved in 2010- passed the Statute of the Fund for Innovation and Prosperity as follows:

 

Chapter One – General Issues

Article 1: In order to contribute to the realization and development of the knowledge-based economy, the completion of an idea-to-market chain and the commercialization of innovations, research achievements and inventions, and making knowledge applicable by providing financial assistance and services, and supporting NTBFs, the Innovation and Prosperity Fund of which will be called the fund from here forward is formed and will act in accordance to the provisions of this Statute.

 

Article 2: The Fund, as a public non-governmental organization is independent in terms of employment and administrative, financial and trading arrangements, and it shall be constituted for an indefinite period of time while governed under the supervision of the president (Head of the Supreme Council of Science, Research and Technology) and in accordance with the laws and regulations of the Board of Trustees.

 

Article 3: The subject of the fund’s activities shall be as follows:

  • Estimating required financial resources and securing it through government resources, annual budgets, aids received, investment profits and facility fees, income received due to investments in line with the objectives of the Fund using surplus funds and other resources

  • Receiving facilities and drawing contributions from banks and financial and credit institutions

  • Studying the market and the technical, financial-economic status of NTBFs and their plans for the purpose of granting facilities

  • Providing financial services and facilities to NTBFs and high-tech activities in the form of grants, subsidies, short-term and long-term facilities, and the provision of direct and indirect guarantee services

  • Partnering in venture Investment in the process of commercialization either directly or Indirectly, as well as giving grants

  • Identifying and forming agent networks to provide financial and facility services and fund support

  • providing financial aid and supporting the institutions which help with the commercialization of innovation and technology, and providing capability services to NTBFs

 

  • Participating in the formulation of policies and choosing priorities and regulations related to the objectives of the Fund on a national level and helping the organization and co-operating with the existing support in the country

  • Monitoring the allocation of resources to NTBFs

  • Cooperating with related professional foreign and domestic institutions and organizations

  • Managing the Fund’s Financial resources optimally

  • Supporting activities which are in line with the objectives of the fund

  • Giving other services such as financial aids based on the approval of the Board of Trustees

 

Chapter Two – Fund’s Capital and Resources

Article 4: The Fund’s initial capital shall be thirty thousand billion (30,000,000,000,000) Rials, which will be provided and paid through the National Reserve Account or the National Development Fund for a maximum period of three years.

Article 5: The Fund’s financial resources are as follows:

  • Receiving government aid which is assigned in the total annual budget of the country

  • Receiving investment from natural and legal persons and affiliated and dependent state corporations, public non-governmental organizations and municipalities and their affiliated companies

  • Interests and Facility fees

  • Receiving income earned from investing the surplus funds and other resources in line with the objectives of the Fund

  • Using the net profit of the Fund, which after the approval of the Board of Trustees and the legal process will be sent to the account of the Fund’s assets

  • Other financial aids

Note: Banks and credit institutions and funds can also provide parts of the resources of the facilities of the Fund.

Article 6: The Fund’s financial support include:

  • grants

  • subsidies

  • facilities

  • payment of all or part of the proceeds of facilities and offenses

  • guarantee services

  • participation and investment in innovation and technology projects

 

Depositing, attracting and directing resources of banks and institutions which are in line with the objectives and duties of the Fund, shall be provided, directly and indirectly, in accordance with the decisions of the Board of Trustees.

Note 1: The Fund may perform its duties directly or through agents.

Note 2: The Fund, with the approval of the Board of Trustees and within the framework of this Statute, may create specialized units and units within its subsection.

 

 

Chapter Three – Fundamentals

Article 7: The Fund shall have the following pillars:

  • Board of Trustees

  • Board of Executives

  • Chairman of the Board

  • Inspectors

 

Article 8: The members of the Board of Trustees of the Fund shall be as follows:

  • The President of the Islamic republic of Iran (Chairman of the Board of Trustees)

  • Vice President for Science and Technology

  • Vice President for Planning and Budget Organization

  • Minister of Science, Research and Technology

  • Minister of Health and Medical Education

  • Minister of Economic Affairs and Finance

  • Head of the Central Bank

  • Head of National Elite Foundation

  • Minister of Industry, Mining and Trade

  • Three people elected by the president

Note: The Vice-Chairman and the Secretary of the Board of Trustees are elected by the decision of the Chairman of the Board of Trustees. The agenda, the date and place of the Board of Trustees’ meetings are determined by the secretary of the Board of Trustees.

 

Article 9: The duties and authorization of the Board of Trustees shall be as follows:

  • Policy making and defining priorities

  • Reviewing the annual report of the Board of Directors, the Inspector and consequently approving the financial statements

  • Approving the strategic plans and the annual budget provided to the Board of Trustees through the Board of Directors

  • Approving internal structures (financial, recruitment, administrative, and trading regulations) of the fund based on the proposal of the Board of Directors

  • Assigning or accepting resignation and dismissal of the members of the Board of Directors and the legal inspector on the recommendation of the chairman of the Board of Trustees and determining the salary and benefits and bonuses of members of the Board of Directors and the inspector in accordance with laws and regulation

  • Assigning the certified auditor, in accordance with the law of the use of specialized and professional services of qualified accountants as the official accountant, 1993 and Determining the auditor’s fees, salaries and benefits of the chairman of the Board of Directors, in accordance with the laws

  • Making decisions about deferred payment claims

  • Proposing amendment to the Articles of the statute of the Fund and making a decision on liquidation of the Fund and submitting it to the Cabinet of Minister.

  • Deciding whether to increase or decrease the Fund’s capital in accordance with Article 4

  • Settling or withdrawing from a lawsuit in accordance with the principle of (139) of the Constitution of the Islamic Republic of Iran

  • In some cases the Board of Trustees can delegate its duties and powers to the Board of Directors or its chairman. In this case, responsibilities are with of the Board of Directors or its chairman.

Note: the Board of Trustees of the Fund shall meet at least twice a year and shall be represented by at least two thirds of the members and its approval shall be valid with the maximum votes casted.

Article 10: The Board of Directors is composed of seven persons suggested by the Chairman of the Board of Trustees (The president of the Islamic Republic of Iran), approved by the Board of Trustees and then appointed by the president of I.R. of Iran.

 

Article 11: The Board of Directors shall have the following duties and authorities:

  • Implementing the decisions of the Board of Trustees

  • Proposing the Fund’s general policies to the Board of Trustees

  • Reporting the annual performance and financial statements of the Fund to the Board of Trustees

  • Establishing the annual budget of the Fund and presenting it to the Board of Trustees

  • Approving the required internal regulations based on the proposal of the chairman of the Board of Directors

  • Preparing and approving the relevant executive instructions

  • Proposing statute’s amendments (including the decrease or increase of the Fund’s capital) to the Board of Trustees

  • Opening foreign and national currency accounts in domestic and foreign banks under the Fund’s name and closing the accounts if needed, in accordance with the relevant laws and regulations

  • Proposing rules and regulations in accordance with the provisions of this Statute to the Board of Trustees

  • Proposing the organizational chart of the Fund to the Board of Trustees

  • Deciding on buying, selling or renting properties, acceptance of warranties or denominations of guarantees, mortgages or renting of immovable property, investment, partnership and contracting in the framework of the regulations approved by the Board of Trustees

  • Proposing settlement and referring the matter of judgment to the Board of Trustees

  • Determining the framework of agency contracts with operating banks and assigning the responsibilities and authority of agents within the framework of the contract

  • Establishing the internal audit and control system

  • Other duties that are the responsibility of the Board of Directors under this Statute or the objectives of the Fund

Article 12:The chairman, who is the highest executive officer of the Fund, is elected from among the members of the Board of Directors or from outside , on the proposal of the chairman of the Board of Trustees and approved by the Board of Trustees, and appointed by the president of I.R. Iran

 

Article 13: The duties and authorities of the Chairman of the Board of Directors are as follows:

  • Implementing administrative, employment, financial, and transaction affairs of the Fund and executing decisions of the Board of Directors and the approvals of the Board of Trustees

  • Representing the Fund against the judicial and administrative authorities, as well as against other persons with the right to appoint a lawyer or a representative

  • Reporting the required annual budget and the performance report of the Fund to the Board of Directors and Board of Trustees

  • Proposing amendments to the Fund’s capital and other financial proposals to the Board of Directors

  • Taking action to receive fund claims and reporting the regarding issues to the Board of Directors

  • Acting on the duties and authorities delegated by the Board of Trustees or the Board of Directors to the chairman of the Board of Directors

  • Other duties and authorities that are under the authority of the Chairman of the Board under this Statute or based on the objectives of the Fund

Note: Documents and financial bills, and promissory notes and contracts, other than the contracts of the staff of the fund, must be signed by the chairman of the Board of Directors and one of the members of the Board of Directors and the Fund’s stamp.

 

Article 14: The annual report of the Legal Inspector shall be submitted at least ten days before the Board of Trustees’ meeting.

Note 1: The Inspector does not have the right to intervene in administrative, recruitment, financial and trading matters of the Fund, but he can give his comments in writing to the Chairman or members of the Board of Directors.

Note 2: when necessary the inspector may, in order to carry out his duties, review the offices, documents and assets of the Fund and request the necessary information and documents.

Note 3: The inspector may attend the meetings of the Board of Trustees without the right to vote, on the invitation of the Secretary of the Board of Trustees.

Article 15: The Board of Directors shall prepare, within six months after the notification of this Statute, relevant regulations (such as recruitment, administrative, financial and trading, etc.) and submit them to the Board of Trustees for approval.