The purpose of the Fund is to provide financial support to VR members who have lost income due to a work stoppage or work ban. Those who were members before the start of the labour dispute in question began are entitled to contributions from the Fund. Those who maintain their wages during a labour dispute and those who begin work elsewhere during a work stoppage are not entitled to payments from the Fund.
Article 1 Name and domicile of the Fund
1.1 The name of the Fund is the “VR Labour Dispute Fund”.
1.2 The VR Labour Dispute Fund is the property of VR. The Fund’s domicile and venue are in Reykjavík.
Article 2 Purpose of the Fund
2.1 The purpose of the Fund is to provide financial support to VR members who are losing income due to a work stoppage or work ban, to the extent that the Fund’s financial situation allows at any given time.
Article 3 Income for the Fund
3.1 Contributions from the VR Member Fund, as set by the company’s annual general meeting at any given time.
3.2 Interest income.
3.3 Gifts, contributions and grants.
Article 4 Management and operations
4.1 The VR Board serves as the Board of the Fund and is responsible for collection and other financial matters concerning the Fund.
4.2 The VR Board may task a three-member executive board with the day-to-day handling of the Fund. This Board is made up of three permanent members and one alternate member appointed from the group of permanent and alternate members of the VR Board for two years at a time. Members of the Board allocate specific tasks among themselves.
4.3 The Fund is managed in accordance with general administrative procedures.
4.4 General VR staff manage the Fund and handle its finances.
4.5 All costs deriving from management of the Fund are covered by the Fund.
4.6 The executive board of the Fund lays down more detailed procedural rules governing payments and other working arrangements of the Fund, including determining at what stage in a labour dispute allocation from the Fund should begin, how much should be paid and for how long. The Fund’s procedural rules should take account of the extent and nature of the labour dispute in question and the financial situation of the Fund at any given time.
4.7 The executive board of the Fund submits proposals for procedural rules to the VR Board. The VR Board must approve any procedural rules for them to take effect.
4.8 The Board of the Fund keeps minutes of its meetings and records of grant applications and awards.
Article 5 Payments from the Fund
5.1 Any VR member who was a full member before the labour dispute in question began and is fully paid-up with VR is entitled to financial support due to a work stoppage.
5.2 Members who maintain their wages during a labour dispute are not entitled to financial support from the Fund.
5.3 Members who begin work elsewhere during a work stoppage lose their entitlement to payments from the Fund.
Article 6 Fund returns
6.1 The VR Labour Dispute Fund yields returns as defined in Article 26 of the VR Laws.
Article 7 Annual accounts and auditing
7.1 The Fund’s annual accounts are published together with the VR accounts and are audited in the same way as other VR funds.
7.2 The Fund’s annual accounts are presented before the company’s annual general meeting signed off by the company’s internal inspectors and a certified auditor. The accounting year for the Fund is the same as for the company.
Article 8 Termination of the Fund
If the Fund ceases to operate or the decision is taken to terminate it, the assets belonging to it are transferred to the VR Member Fund.
Article 9 Amendments to the Fund’s rules
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. Article 28 of the VR Laws.
Approved at the VR annual general meeting of 25 March 2015.