LAW ABOUT ICELANDIC MUSIC CENTER
Approved at the Annual General Meeting on 28 May 2019
The company is called the Icelandic Music Center, hereinafter referred to as the Center or the Music Center. The home and venue is in Reykjavík.
The Music Center works on behalf of the individuals who are members of it. It does not collect assets for its own benefit. It has independent finances and is subject to a special board elected at the Annual General Meeting. At the Annual General Meeting, full members of the Center have the right to vote.
The work of the Icelandic Music Center shall be aimed at enriching Icelandic music literature and increasing its dissemination. To this end, the centre's management should be guided by the value of ambitious music creation and the complexity of the music composed in the country.
The Icelandic Music Center shall operate a collection of Icelandic compositions that will be used to promote Icelandic music both domestically and abroad. Furthermore, the aim should be for the museum to be a living platform that can strengthen the connection between composers, performers and scholars and at the same time stimulate communication between these groups and other people interested in Icelandic music.
All Icelandic authors are allowed to submit notes of their work to the center's collection, provided that the minimum requirements for the completion of manuscripts are met. Authors who have a minimum of ten songs / short works or five larger works listed in the museum, have performed compositions regularly and have also received income from which the authors, considered members of the Center, are invited to the Annual General Meeting and have the right to vote.
If a composer resigns, a representative of the holder of the right to its works may apply to become an additional member of the music center. Such a member enjoys the same rights as a full member except that he does not have the right to vote at the meetings of the Center. The entry of additional members is subject to the condition that he holds the rights to the works of a composer who has had a significant interest in the center.
Members of the Icelandic Music Center pay an annual fee if this is decided at the Annual General Meeting. Additional members pay the same annual fees as they ratified.
The Music Center raises money through contributions from public funds, grants from private companies and contributions from composers' funds. Furthermore, she earns an income by renting sheet music and selling notes and recordings. Net profits from its operations go back to the projects that the center works on from time to time.
The board of the center shall have four members. Three of them shall be elected at the Center's Annual General Meeting and an equal number of alternates. The term of office is two years. Two of these members shall always come from among the members of the Icelandic Composers' Association, and their term of office shall overlap so that at each Annual General Meeting only one of them is elected. The third person shall be elected from among the members of Tónverkamiðstöð who are not members of the Icelandic Composers' Association. Ríkisútvarpið shall be invited to appoint the fourth person to the board and his deputy.
The Annual General Meeting elects by special election one of the board members, who comes from the ranks of the members of the Icelandic Composers' Association, as the chairman of the board of the center for one year at a time. In other respects, the board divides responsibilities.
The board of the center holds meetings as often as necessary. The majority of votes decides at board meetings, but if the votes are equal, the chairman's vote decides. A board meeting is quorate if three board members attend. The signatures of the chairman and two co-managers are binding on the company. The board is responsible for the operation of the center and sets its policy. She hires a director to take care of day-to-day operations and work on the progress of the issues that the center deals with. The Director General shall appoint the other staff of the Center.
The Annual General Meeting of the Icelandic Music Center shall be held before 1 June each year and shall be convened electronically with at least 14 days' notice. Other general meetings shall be convened at least 5 days in advance. The following matters shall be addressed at the Annual General Meeting:
Election of chairman and secretary
2. Report of the Board of Directors
3. Accounts of the Center
4. Membership fees and board fees
5. Legislative amendments
6. Election of board members
7. Election of the Chairman of the Board
8. Election of social auditors
9. Introduction of new members
10. Other issues
This Act will not be amended except at the Annual General Meeting, in which case at least ¾ part of the members will approve the amendments. Proposals for amendments to the law shall be sent to members at least 14 days before the Annual General Meeting.
The Icelandic Music Center will only be dissolved if ¾ part of the members of the Annual General Meeting approve it. The meeting shall then also decide on the handling of the company's assets and take the necessary measures regarding the dissolution of the company.
This Act shall enter into force immediately. At the same time, all older legal provisions on the Icelandic Music Center will be repealed.