Eik Banki P/F - Decisions of extraordinary general meeting

Minutes from Extraordinary General Meeting in Eik Banki P/F

The Extraordinary General Meeting was held on Saturday 28 February 2009 at 3.30
p.m. Faroese time, at the Eik Banki Headquarters Yviri við Strond 2, Tórshavn,
Faroe Islands with the following agenda: 

1.	Proposal to changes in the Articles of Association and the Election Rules,
as presented at the Representative meeting and announced in stock exchange
announcement 03/2009 on 7 February 2009 
2.	Motion to authorize the Board of Directors to take up hybrid core capital
pursuant to Law on state financed capital infusion to credit institutions 
3.	Any other business 

Item 1:
The following proposed changes were adopted: 
•	The right of major shareholders to appoint a member of the Board of
Representatives is changed from 1 percent of the share capital to 40,000
shares, equivalent to about 0.5 percent of the total share capital. Change to
Article 6.6 in the Articles of Association 
•	The limitation in voting rights at the election to the Board of
Representatives as well as major shareholders rights at the General Meeting is
raised from 2.5 percent of the Board of Representative's total votes to 5
percent of the total number of shares. Change to Articles 6.5, 14.5 in the
Articles of Association and Article 5.1 in the Election Rules 
•	Remuneration is limited to only including those representatives who have been
elected in the districts. Change to Article 6.7 in the Articles of Association 
•	Amendment of the Election Rules - the shareholder may only elect one
candidate at the election to the Board of Representatives. Change to Article
6.3 in the Election Rules 
•	Other minor amendments and consequential changes to the Articles of
Association. Change to Articles 2.1 and Articles 5.2, 5.3 and 5.4. 

The following proposal was revoced:
•	The adoption of an additional requirement that 2/3 of the share capital must
be represented for the General Meeting to be quorate to adopt amendments to the
Articles of Association. Change to Article 14.7 in the Articles of Association 

The following proposals were not adopted:
•	Reduction of the number of Board members elected by the General Assembly from
7 to 6 
•	Reduction of the term of office to 3 years. Following the reduction, 2 Board
members will be up for election every year. The current rotation will be
maintained, with 3 years. 


Item 2:
The General Meeting agreed to authorise the Board of Directors to take up
hybrid core capital pursuant to Law on state financed capital infusion to
credit institutions. The Board of Directors will decide whether to participate
in Credit Package II no later than 30 June 2009. 

Item 3:
‘No other business was proposed to the meeting

The meeting was adjourned at 4.30 pm local time.


Please find enclosed amended Articles of Association and Election Rules for Eik
Banki P/F in Faroese and English. In case of any discrepancy between the two
versions, the Faroese version will prevail. 


Sincerely


Frithleif Olsen			
Chairman of the Board

Attachments:

articles_association_eik_banki.pdf

valreglur fo.pdf

vidtokur_eik_banki.pdf

stock exchange announcement_7_2009.pdf

election_rules.pdf