Clean Sea Fund

1 § Name of the Fund

The name of the fund shall be Puhdas meri 2 -rahasto in Finnish, Fonden för ett rent hav 2 in Swedish and Clean Sea Fund 2 in English.

2 § Purpose of the Fund

The purpose of the Fund is to promote a clean Baltic Sea, so as to enhance its natural value and utility. The aim is to reduce the eutrophication of the sea, particularly in the Gulf of Finland, promote the solutions for other environmental problems of the Baltic Sea and increase environmental awareness of its condition.

3 § Implementation of the The Fund

The Fund shall advocate and finance action to help improve the condition of the Baltic Sea. Priority shall be given to action, that are cost-efficient, have positive effect on the natural values and utility of the Baltic Sea and can be implemented quickly. Projects that are targeted at improving wastewater quality in St. Petersburg can also be financed from the Fund. True to its purpose, the Fund shall develop and implement projects that have a measurable impact on increasing environmental awareness of the condition of the Baltic Sea and on improving this condition. The Fund shall also support or participate in corresponding projects carried out by other actors. In addition, it may engage in public relations, educational and publishing activity to support its purpose, and otherwise financially enhance activities that are in line with the Fund’s objectives. The John Nurminen Foundation may accept donations and testaments that comply with the Fund’s terms.

4 § Decision-making and monitoring

The Board of the John Nurminen Foundation shall specify the Fund’s projects and ventures beforehand and also set aims for these. The Board shall regularly monitor the implementation of ventures and projects, taking into consideration the purpose of the Fund as defined in these by-laws. The Board of the John Nurminen Foundation or those authorised by it shall decide in more detail on the spending of assets in accordance with these by-laws. Authorised parties shall report on the use of the Fund’s assets to the Board in its meetings.

5 § Fund’s assets and yield

Any unused capital remaining in the Fund shall be safely invested in low-risk, but revenue-generating instruments. The assets of the Fund may be invested with other assets of the Foundation. A monthly return shall then be recorded on the Fund’s capital in accordance with the return on the Foundation’s investment portfolio. The John Nurminen Foundation shall not collect a fee for the management of the Fund or the assets deposited in it.

6 § Validity period of the Fund

The Fund and the Fund by-laws shall remain in force for an indefinite period unless the Board legitimately decides to amend by-laws of close the Fund.  If there are still unused assets in the Fund on the above date, such assets shall be primarily spent on the implementation of other environmental projects of the John Nurminen Foundation and secondarily on a similar concrete project in accordance with section 2 of these by-laws.