The trade name of the Cooperative is Omnifi osk and its registered office is in Helsinki.
The objective and line of operations of the Cooperative is to empower individuals to control their data, and have freedom over such data, and related infrastructure, by creating, maintaining, and promoting openly standardised, secure, decentralized and distributed protocols, software, hardware, and networks, open to all, and available to the public for no charge; and build and develop an appropriate governance model for artifacts and projects through the co-operative, in order to drive the adoption the cooperative’s protocols, and complementary open protocols, as loosely interconnected and federated standards, unemcumbered from any properietary intellectual property and / or technological patents, minimising fragmentation (whilst encouraging experimentation), maximising speed of development, and prioritising the long-term success and growth of the overall protocols over the commercial concerns of an individual person or persons.
The cooperative has a Board of Directors with at least one (1) and at the most twelve (12) ordinary members. In case the Board of Directors consists of less than three (3) ordinary members, at least one (1) deputy member shall be elected in addition. In case the Board of Directors has more than one member, the Board of Directors shall elect a chairman.
The members of the Board of Directors are appointed for the time being.
In addition to the Board of Directors of the Cooperative, the Cooperative shall be represented by the chairman of the Board of Directors and the Managing Director, both alone, and the members of the Board of Directors two together. In addition to this, the Board of Directors may grant a designated person a procuration or the right to represent the Cooperative alone or together with another person.
The Cooperative is not required to appoint an auditor or an operations inspector unless the meeting of the Cooperative decides otherwise.
The notice to convene at a meeting of the Cooperative has to be sent no earlier than two (2) months and no later than one week before the meeting in writing to each shareholder whose address is known to the cooperative.
The Cooperative will decide regularly (no more than every 12-months) at a special meeting whether to distribute revenue to members and what percentage of revenue to distribute under the Membership Shared Revenue pool.
Each member shall purchase and hold one share of the Cooperative.
Members shall pay an annual fee of maximum 2500 EUR to the Cooperative. The annual fee is collected to cover the yearly costs of running the Cooperative. The decision regarding the waiving or reducing the annual fee shall be made at a meeting of the Cooperative.
A company or other non-natural legal person cannot become a member of a Cooperative. A member may be removed from the cooperative if (s)he has failed to pay the annual payment. The dismissal is decided by the Board of directors.
The general meeting of the cooperative must be held annually within six months of the end of the financial year on a date assigned by the Board of directors.
Decisions shall be made with a support of members holding at least eight-tenths of the votes cast at the meeting.
A decision must be made at the general meeting of the Cooperative regarding:
- Approval of the financial statements
- Use of the surplus shown in the balance sheet
- Discharge to the members of the Board of directors and the Managing director
- If necessary, the election of the Board of directors and the auditor
The Cooperative recognizes that there may be a need to vary these rules in order to facilitate the smooth running of the Cooperative.