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General provisions
Legal status

(1)The foundation is a non-corporative nonprofit legal entity and is established for private benefit in compliance with the Закона за юридическите лица с нестопанска цел.
(2)The foundation is registered with the sum of 1000 /one thousand/ BGN, which is an endowment by the Founder Ahmed Demir Dogan.

Name and main office

(1)The name of the foundation is “HERMES”
(2)The main office of the foundation is the city of Sofia.
(3)The address of management of the foundation is 45A Alexander Stamboliyski blvd.,      Vazrajdane Municipal Region.
(4)The name of the foundation, the main office and address of management, as well as the registration details, BULSTAT number inclusive, shall figure on all written representations of the foundation.
(5)The foundation will carry out activity for private benefit.

Goals of the Foundation

The goals of the Foundation shall be: Construction and rehabilitation of kindergartens, schools, library clubs and churches in the Republic of Bulgaria. Granting scholarships in the educational systems on all academic levels. Promotion of gifted children.

(1)The foundation shall achieve its goals by carrying out the following activities:
1.Organize research of the problems related to the health care development.
2.Collect and process information related to the goals of the Foundation.
3.Organize raising of funds and allocate them for research work, projects and developments, related to the goals of the Foundation..
4.Support and encourage organizing of scientific conferences and meetings, focused on the problems of the young people and the education.
5.Establish and maintain contacts with the mass media and carry out activity to familiarize the public with the goals of the Foundation and its work.
6.Carry out informative and popularizing activity to attract donors in the country and abroad.
7.Cooperate with organizations with similar goals and activities.
8.Participate and cooperate in governmental projects in areas, which are similar to the goals of the Foundation.
(2)To achieve its goals, the Foundation may participate in any other activities allowed by the law.
(3)To achieve its goals, the Foundation may carry out additional business activity with the following subject: Intellectual property transactions, including signing author’s and license contracts, organizing conferences, seminars, quiz shows in the country and abroad, and utilize the proceeds from such activity to achieve the goals of the Foundation.

Assets. Raising funds

(1)The assets of the Foundation consists of:
1.Endowments, bequests and other benefactions;
2.Income from the management of the Foundation assets;
3.Income from the business activity of the Foundation;
4.Other sources allowed by the law.
(2)The assets comprise an integral fund and is calculated in Bulgarian leva.

Fund raising

(1)The funds for the activity of the Foundation shall be raised through the endowments, bequests and other sources allowed by the law, granted by local and foreign individuals and legal entities, and through the business activity of the Foundation.
(2)The funds may be granted unconditionally or conditionally. The funds granted under any condition, which has a political nature, or which contradicts the law or the constituent act and the goals of the Foundation shall not be accepted.
(3)The persons granting funds to the Foundation are entitled to request the establishment of a prize or scholarship, a special fund, or to express in another way their will to utilize such funds.

Funding the activity
Sources of funding

The activity of the Foundation shall be funded through the proceeds from the assets, from the business activity and from the target endowments and other sources by Bulgarian and foreign individuals and legal entities.

Management of funds

For the purpose of preserving and increasing its assets, the Foundation may:
1.Invest in bank deposits and securities;
2.Participate jointly with other individuals and/or establish independently business companies.
3.Acquire real properties and limited real rights, rights on movable properties, receivables, but not carry out itself business activity.

Structure, management and representation

(1)The Foundation has management body, named Management Board, which consists of:

Chairman of the Management Board:
Ahmed Demir Dogan
And members:

Birshen Ismailova Yahova

Auxiliary structures may be established by decision of the Management Board, which will support the activity of the Foundation – expert auxiliary structures, supporting the activity of the Foundation – expert boards, competition committees, administrative staff, etc., to be in terms of their type and composition by the Management Board.
(2)The Founder reserves for himself the powers under art. 13.

Management body

(1)The Management Board of the Foundation is the management body, which is selected by the Founder.
(2)The mandate of the Management Board is not limited in time.
(3)The Management Board shall pronounce decisions taken at meetings, which are registered in a special Book of MB in chronological sequence.
(4)The Management Board shall take its decisions with simple majority.

(1) Any MB member may resign with request, addressed with written notification to the Founder at least two months before the date of resignation.
(2)Where the Chairman is not a Founder, he may be dismissed before the expiry of his mandate without notification, if he is found guilty of acting contrary to the interests of the Foundation.
(3)The Chairman may be also dismissed without notification by the Founder before the expiry of his mandate due to objective incapacity, related to disease, absence, etc., to perform his obligations.


The Foundation shall be represented by the members of the Management Board jointly and severally.

Reserved powers

(1)The Founder reserves for himself the power to:
1.Amend and supplement the Constituent Act (the Statute) of the Foundation.
2.Appoint and dismiss MB members (in the cases where they are not Founders) and the MB members of the Foundation at all times, when circumstances make this indispensable and to make full inspections of the Foundation activity.
3.Take decision for transformation and termination of the Foundation.
4.Act as receiver, if the Foundation is terminated.
5.Receive all available assets of the Foundation after its liquidation and termination.
(2)In case of the Founder’s death and if the Founder has been declared absent or under judicial disability, the reserved rights under the previous paragraphs shall pass over the third person nominated by the Founder, or, if such person has not been nominated – over the respective body of the Foundation.

Powers of the Management Board

(1)The Management Board of the Foundation shall:

1.Manage and organize the work of the Foundation.
2.Organize the fund-raising for the activity of the Foundation.
3.Organize the management of the Foundation assets.
4.Represent the Foundation.
5.Conclude employment and civil contracts and supervise the administrative staff of the Foundation.
6.Resolve other issues assigned to it in compliance with the Constituent Act.
7.Take decision for spending the funds accumulated by the Foundation in accordance with the goals and activities of the Foundation.
8.Manage and control the actions for disposal with the Foundation assets, observing the Constituent Act.
9.Take decisions on all other issued related to the activity of the Foundation, except on the issues, for which the Founders have not reserved their powers under art.13.

Powers of the auxiliary bodies

The powers and obligations of the auxiliary bodies shall be determined in accordance with the contracts signed with such bodies and depending on their type and functions.

Validity term, termination and liquidation of the Foundation
Validity term

The Foundation is not limited to any specific term of validity.
(1)The Foundation shall be terminated with decision of the Management body.
(2)The Foundation shall be terminated with the death of the Founder.


(1)Liquidation shall be conducted when the Foundation has been terminated.
(2)The liquidation process shall be conducted by the Founder.

Assets following liquidation

(1)The assets remaining after the satisfaction of creditors shall be distributed in accordance with the provision of art. 13 under the Constituent Act.
(2)The persons who have acquired assets as result of liquidation shall be liable for the debts of the company up to the limit of their acquisition.

Final provisions

The provisions of the Bulgarian legislation shall be applicable for all issues unsettled in this Constituent Act (Statute).


This Constituent Act (Statute) has been prepared by the Founder on ................... 2006.

Founder: .............................