A management board is a group elected by the beneficial owners of the entity and charged with managing the operations of the foundation following its articles of association. The board members can be founders of the organization or directors. The board is required to have at least two members and last for a period stated in the Statute. Amendments are allowed to be made to a board if its term of office is almost at an end or the members have shown distrust in the ability of the board or a member. In the event of any, a leader must convey a meeting of members to appoint a new board or a new member. Should a board member leave the board, when it fails to apply for changes in the composition, the member is allowed to register the change? When applying for this type of change, information on the beneficial owners of the foundation must be stated in the form. However, if it is a member resigns, this is not necessary. Registering the application takes seven days to process.
Stages to changing the composition of the board or in the representation rights
It takes four stages to implement a change in the representation rights or the composition of a board. The first stage is holding a management meeting, the second is filling out the application form, the third is paying the state fee and the final stage is submitting form B3 and the necessary documents.
Holding a management meeting
The first step is conveying a meeting of the board where the decision to change the board or rights can be discussed and agreed upon. However, if this is not within the scope of the management but another administrative authority, the decision has to be made in unison. Ensure the minute of the meeting is signed by the leader and endorsed by other members, based on the representation rights as stated in the Statute. The minute should entail the following:
- Foundation’s name and registration number
- Details of the conveyor of the meeting
- Venue and time of the meeting
- Number of board members and those in attendance
- Purpose of the meeting, etc.
Filling out the application form
The application form B3 must be endorsed by a management board, based on the representation rights already fixed in the articles of association. When a member leaves the group of his own volition, he or a current member has to sign the form before submission. Form B3 should entail the kind of change and revised information as regards the composition of the group.
Paying the fee
A state fee is usually paid before applying for registration. After the Enterprise Register verifies the payment to the treasury account, the application is processed and the change is entered. The payment may be made in person, via credit card, or wire transfer at any bank in the country two days before submission. The state fee for the application is 5,69 EUR and must be deposited into the account with the following details:
Reģ. Nr. 90000050138
Valsts Kase, Konts: LV84TREL1060190913200
Submitting form b3 and necessary documents
The final step to registration is submitting the form and the requested documents. The documents include:
- Extract from the meeting
- Application form B3
- Approval from the newly elected members of the board
- A receipt or proof of paying the state fee
If an entry only has to do with an update of information on the members, it is not necessary to pay the state fee.