Eik Banki P/F - Articles of association

Proposed amendments to the Articles of Association and Election Rules for Eik Banki P/F

Today, the Board of Representatives, consisting of delegates to the General
Meeting, has debated the following proposed amendments to the Articles of
Association: 

Changes proposed by the Board of Directors:

1.	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 0.5 percent of the total share capital 
2.	The cap over 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 representatives votes to 5 percent of the total number of shares 
3.	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 
4.	Remuneration is reduced to only including those representatives who have
been elected in the districts 
5.	Amendment of the Election Rules - the shareholder may only elect one
candidate at the election to the Board of Representatives 
6.	Other minor amendments and consequential changes to the Articles of
Association 


Changes proposed by 3 representatives

7.	Reduction of the number of Board members elected by the General Assembly
from 7 to 6 
8.	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. 


The proposed changes will affect Articles 5, 6, 14 and 15 in the Articles of
Association, and Articles 5 and 6 in the Election Rules for Eik Banki P/F.
Furthermore, minor changes have been proposed to Articles 2 and 5 in the
Articles of Association and transitional rules have been added in a new Article
21. 

The proposed amendments will be presented at the Extraordinary General Meeting
on 28 February 2009. 


Please find enclosed proposed amended Articles of Association and Election
Rules for Eik Banki P/F in Faroese and English. 

Sincerely

Frithleif Olsen			Odd Bjelvåg
Chairman of the Board		Vice Chairman of the Board

Attachments:

vidtokur_eik_banki.pdf

articles_association_eik_banki.pdf

election_rules.pdf

valreglur fo.pdf

stock exchange announcement 3_2009.pdf