VR Holiday Pay Fund

Rules of the VR Holiday Pay Fund

Article 1 Name and domicile of the Fund

The Fund’s name is: The VR Holiday Pay Fund. The VR Holiday Pay Fund is the property of VR. The Fund’s domicile and venue are in Reykjavík.

Article 2 Fund members

Members in VR's Holiday Fund are members of VR as defined in Article 3 of VR’s laws.

Article 3 Purpose of the Fund

The purpose of the Fund is to offer VR members a wide range of holiday options all year round at reasonable prices.

To achieve this goal, the fund is authorised to:

a) own or rent holiday cottages/holiday facilities around the country and also abroad if it is favourable.
b) offer holiday-related products and services for sale

At the VR Annual General Meeting, it may be decided that part of the members' Holiday Fund premium goes to the VR Reserve Fund and is paid out of it according to the VR Reserve Fund regulations.

Article 4 The Fund’s Income

The Fund’s income consists of:
a) employers' premiums according to the applicable collective wage agreement at any given time.
b) rental income
c) sales income
d) interest income
e) other accrued income

Article 5 Management and operations

The VR Board serves as the Board of the Fund and is responsible for processing, leasing, and purchasing holiday cottages, as well as other financial matters concerning the Fund. After VR’s Annual General Meeting every year, the Board of VR shall appoint five members of the Executive Board and two alternates to sit on the Executive Board of the VR Vacation Fund. The Fund's Executive Board elects its own Chairman and Vice-Chairman at the first meeting of each operating year. The Fund's Board holds meetings as often as necessary, and what occurs at the meetings must be recorded in a special minutes book. The Executive Board of the Fund shall always take into account VR's current Holiday Policy and the VR Vacation Fund's Rules of Procedure, and constantly seek new ways to provide holiday services to VR members in order to meet their different needs as best as possible.

VR's Board sets and approves VR's Holiday Policy, while the Fund's Executive Board sets the Rules of Procedure for the Fund and amends them as necessary.

The Fund's Executive Board makes decisions about the Fund's day-to-day operations and asset management in consultation with VR's Managing Director and employees. All major decisions regarding the Fund's finances and assets must be submitted to the Board of VR for approval by the Fund's Executive Board.

The Fund's Executive Board makes a proposal for the rental fee for accommodation offered by the Fund to the Board of VR, which makes the final decision in each case.
The VR office handles the day-to-day operations of the Fund on behalf of the Fund's Executive Board.

The Fund is processed at all VR offices throughout the country.

Article 6 The yield of the Fund and the costs of its operation

The funds of the Fund shall be invested according to Art. 26 of VR’s laws. All direct costs of the Fund's operation are borne by the Fund itself

Article 7 Accounts and auditing of the Fund

The Fund’s annual accounts are published together with the VR accounts and are audited in the same way as other VR Funds.

The Fund’s Annual Accounts are presented before the union’s Annual General Meeting signed off by the union’s internal inspectors and a certified auditor. The accounting year for the Fund is the same as for the union.

Article 8 Termination of the Fund

If the Fund ceases to operate or the decision is made to terminate it, the assets belonging to it are transferred to the VR Member’s Fund.

Article 9 Entry into force and amendments to the Regulation

The Regulation on the VR Holiday Fund is valid from 27 March 2019. These rules may be amended only at a VR Annual General Meeting. Such amendments are handled in the same way as amendments to the VR Laws, cf. Art. 28 of VR’s laws.

(Approved by the VR Board on 25 August 1972. Amendments to Art. 2 approved at the Annual General Meeting on 24 April 2006. Amendments to all articles at the Annual General Meeting on 27 March 2019).