INTERNATIONAL NORDIC WALKING

FEDERATION (INOF)

STATUTES

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 STATUTES

PREAMBLE

Nordic walking is a sports speciality included in the Spanish Federation of Mountaineering and
Climbing Sports (Federación Española de Deportes de Montaña y Escalada - FEDME) statutes, and
these statutes are approved by the Spanish National Sports Council (Consejo Superior de Deportes-
CSD).

Definition of Nordic walking

Nordic walking consists of walking with poles specially designed to execute this physical activity,
intending to optimise the exertion made in the biomechanical motion of our body when walking.
In Nordic walking, you cannot run, having to keep at least one foot and one pole in contact with
the ground at all times. The poles have to be used actively, without dragging them, using the
diagonal technique of supporting each one at all times in action with the opposite foot.

Definition of Nordic walking competitions

Competitive Nordic Walking is a sporting speciality that is manifested through competitions, in

which the participants use specially designed poles, intending to optimise physical exertion,
completing an itinerary on foot, in the shortest possible time, by carrying out the appropriate
technique and with the highest level of respect for the natural environment.

Nordic walking competitions aim to:

• Bring together in competition the best Nordic walkers and teams.

• Improve the sporting level of Nordic walkers and help the evolution of this sporting
speciality.
• To serve as a reference for selecting athletes representing the different countries in official
international competitions.

The objective of this federation:

The aim is to serve as a regulatory body for international Nordic walking competitions, contributing
to their promotion throughout the territories of its action, the homologation of competitions,
times, routes, formats and competitors.

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I. PREVIOUS DEFINITIONS

Anti-Doping Commission. The General Assembly elects the Anti-Doping Commission on the
recommendation of the INOF Council, the composition of which is stipulated in the INOF Anti-
Doping Rules.

Athletes' Commission. This Commission is provided for in Article 37, the composition of which is
stipulated in the INOF Athletes and Athletes' Representatives Commission Rules.

Bureau (or Executive Committee). The Bureau is composed of: the President of INOF, three Vice-
Presidents (1Treasurer, 1 Head of Sport and Events, 1 Head of Marketing and Communications) and
the General Secretariat of INOF.

Continental Councils. Continental entities, the creation of which must be approved by the General
Assembly under article 32.

International Disciplinary Commission. Commission elected by the General Assembly on the

recommendation of the INOF Council, the composition of which is stipulated in the INOF
Disciplinary Regulations.

Equality Commission. This Commission is elected by the INOF Council, the composition of which is
stipulated in the INOF Equality Regulations.

INOF Council. A group of persons democratically elected from the General Assembly will act as
auditors of the Bureau and meet at least three times per year.

INOF rules and regulations. INOF statutes, bylaws, sporting, disciplinary and anti-doping practices,
management of the Athletes' Commission and athletes' representatives, and any other rules and
regulations adopted by INOF (including all decisions of the General Assembly and the INOF Council,
respectively).

Members. Federations admitted by the General Assembly under Article 6.

General Assembly. The General Assembly of INOF is provided for in Article 14.

The President. The President of INOF is elected by the General Assembly for four years, with a
maximum of three terms.

Statutes. All the provisions in the present document have been duly approved by the General
Assembly, together with such additions and appendices that may complete, modify, or replace the
current document.

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Technical Commissions. The commissions appointed by the INOF Council under article 26.4.

Vice-Presidents. The three Vice-Presidents of INOF are elected by the General Assembly for four
years, with a maximum of 3 terms, assuming the functions of Treasurer, Head of Sports and Events,
and Head of Marketing and Communications.

Whenever the fact or context of the INOF Statutes and Rules requires, words in the singular shall
include the plural; words in the plural shall include the singular. Terms of masculine, feminine or
neutral gender shall consist of any gender, except when specifying that competition is for male or
female competitors; subsequently, all gender terms shall be corrected.

II. LEGAL STATUS, HEADQUARTERS AND LANGUAGE

Article 1
The International Nordic Walking Federation, abbreviated as "INOF" in all languages, is the world
governing body for all matters relating to Nordic Walking competitions. INOF is a legal entity with
legal staff responsible for the international Nordic Walking competition under the present Statutes.

INOF is an International Non-Governmental Non-Profit Entity of international interest, founded for

an unlimited period and governed by Article 60 and successive of the Spanish Civil Code and the
present Statutes.

INOF has its legal headquarters in Spain. The General Assembly may transfer the legal seat to any
other territory.

By INOF Council decision, the headquarters and secretariat of INOF may be located in a country
other than Spain. The official language of INOF is English.

III. OBJECTIVES AND PRINCIPLES

Article 2:
All activities of INOF are independent of any political or governmental influence. INOF does not
allow any discrimination on race, religion, gender or political opinion. INOF promotes and
supports, by all means, gender equality in its activities.

Its main objectives are the regulation, promotion, development, supervision and encouragement
of Nordic walking at the world level, both amateur and competitive. It fosters sporting bonds and
friendly relations between its members, competitors and officials.

Furthermore, INOF is responsible for and committed to the following:

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 1. To encourage, promote, develop and supervise Nordic Walking competitions throughout
the world;
2. To promote the sport in general as a healthy and educational activity for young people;
3. To establish and maintain the necessary rules and regulations;
4. To establish the rules and regulations for organising and participating in international
competitions;
5. To decide which international Nordic Walking competitions are officially recognised and to
establish annual calendars of global events;
6. To establish training courses for all INOF instructors to ensure the highest possible
standards for all official Nordic Walking instructors;
7. To encourage the creation of continental organisations to promote Nordic Walking
competitions, where appropriate;
8. To promote athletes and protect their rights through the Athletes' Commission;
9. To promote women in sport through the Equality Commission;
10.To grant licences and contracts to members and other organisations requesting
authorisation to organise official international competitions and other associated activities;
11.Promote and monitor good sporting practices;
12.Respect gender equality at all levels in its competence and management, favouring that
women have the same opportunities as men;
13.Promote equality of awards;
14.Safeguard the rights and health of athletes and fight against doping and all other processes
and procedures that may undermine sporting equality; (applying the Medical Code of the
Olympic Movement and the WADA Code);
15.Respect the Olympic Charter and develop the sport towards a possible programme status
at the Olympic Games;
16.To serve as the final body for complaints and other legal matters relating to Nordic Walking
competitions and for all issues on INOF rules, subject to an appeal to the Court of
Arbitration for Sport (CAS);
17.To encourage the protection of the environment when organising and promoting its
activities;
18.To ensure/provide for the promotion of the discipline in the media and also the
international competitions in the INOF calendar;
19.Actively pursue, and provide income for the smooth running of the sport.

Article 3
All INOF competitions belong exclusively to INOF. INOF alone has the right to organise world or
continental Nordic Walking competitions. The words "World Cup", "World Championships",
"Continental", "International", or "INOF" shall not be used in connection with any other
international Nordic Walking event, including "Masters events" without the explicit consent of
INOF.

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IV. MEMBERS

Article 4
INOF shall have a minimum of 3 member Federations.

Article 5
INOF is open to national federations active in Nordic Walking competitions recognised by the
highest sporting authorities in their respective countries.

The following categories of membership exist:

1. FULL MEMBERS of INOF shall be those Federations acting as national representatives of

competitive Nordic Walking in their respective countries. This membership is based on their
recognition by the NOC (National Olympic Committee) and or the competent Ministry.

a) Only one Federation from each country can be affiliated as a Full Member of INOF.
b) The INOF General Assembly sets the membership fee.

2. ASSOCIATE MEMBERS of INOF shall be federations/entities from countries where a Full Member
of INOF already exists, provided they are approved by the Full Member of INOF concerned. These
organisations will have to be admitted by the General Assembly.

a) The General Assembly fixes the admission fee for Associate Members.
b) Associate Members have the right to organise INOF homologated events, provided they are
approved by the Full INOF Member concerned.
c) Associate Members also have the right to propose members for all INOF commissions,
provided they are approved by the Full Member of INOF concerned.

3. PROVISIONAL MEMBERS of INOF shall be federations/entities acting on a national level and

must complete, within four years and for one time only, the process to obtain recognition by the
NOC (National Olympic Committee) or the competent Ministry of their country.

a) Provisional Members may only be established in countries where no INOF Member exists.
b) It is only possible to have one Provisional Member per country.
c) The General Assembly fixes the admission fee for Provisional Members.
d) Athletes belonging to Provisional Members may participate in INOF competitions during
the period of recognition of their Federation.

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ADMISSION CRITERIA

Article 6
Applicant Federations shall send all required information to the INOF Office in the official language
and the format required by the INOF Council, in particular:

• The official address and contact details of the applicant Federation;

• A copy of their current Statutes, Rules and Regulations;
• A list of the composition of their Governing Board;
• Information regarding the number of clubs, athletes, coaches and trainers;
• A formal commitment by the applicant Federation to observe and comply with the INOF
Rules and Statutes, especially Article 8, the World Anti-Doping Code, as well as the
jurisdiction and decisions of CAS;
• And the payment of the appropriate affiliation fee.

The General Assembly takes decisions on membership applications.

Article 7
Each Full Member has the right to:

• Vote and participate in the General Assembly, make proposals to the General Assembly;
• Appeal and be consulted on all matters explicitly affecting the Member;
• Enter its athletes in all competitions approved by INOF, following the entry rules of these
competitions;
• Organise international Nordic Walking competitions approved by INOF;
• Examine the content of all contracts signed by INOF affecting the interests of the Member
or those which impose obligations.

Each Associate Member and each Provisional Member is entitled to:

• Participate in the General Assembly, making proposals.

• Appeal and be consulted on all matters explicitly affecting them;
• Organise international Nordic Walking competitions approved by INOF, where appropriate;
• Examine the content of all contracts signed by INOF which affect the interests of the
Associate Member or Provisional Member or those which impose obligations.

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OBLIGATIONS OF MEMBERS

Article 8
All Full Members must be recognised by the National Olympic Committe or the competent
governmental authority in that country.

All Full Members, Associate Members, and Provisional Members shall comply with:

• The Statutes and Rules of INOF;

• Any resolutions adopted by INOF;
• The payment of their membership fees as fixed by the General Assembly;
• The respect of the World Anti-Doping Code;
• Respect for gender equality.

All Full Members, Associate Members and Provisional Members undertake to respect each other's
autonomy and not to prejudice in any way the development of other members.

Article 9
Full Members, Associate Members or Provisional Members wishing to resign must inform the INOF
Office in writing before the end of May. Membership dues for the current year must be paid in full.

EXCLUSION OF A MEMBER

Article 10
Membership shall automatically terminate, but no dues shall be refunded, if:

• A Full Member, Associate Member or Provisional Member withdraws its membership under
article 9;
• A Full Member, Associate Member or Provisional Member no longer exists.

Article 11
Any member can be excluded or penalised by INOF at the General Assembly:

• For non-payment of two annual fees;

• For breaching the present Statutes or other INOF Regulations;
• For any other reason that the General Assembly considers a just cause.

This decision requires that at least half of the INOF Members with voting rights are present or
represented. To be adopted, these circumstances must receive the approval of two-thirds of the
votes cast. Re-entry into INOF is only possible if the Full Member, Associate Member or Provisional
Member has fulfilled its financial and or other obligations to INOF. A Full Member, Associate

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Member or Provisional Member that terminates its membership is not entitled to claim INOF
funds.

HONORARY MEMBERS AND OTHER AWARDS

Article 12
The General Assembly may confer the title of Honorary President of INOF and Honorary Member.
The INOF Council may grant other distinctions, representations and offices.

V. ORGANISATIONAL STRUCTURE OF INOF

Article 13
The following bodies are hereby established to govern and administer INOF, each with separately
defined powers and duties:

• General Assembly
• INOF Council
• Bureau or Board of Directors
• Continental Councils
• Technical Commissions
• Anti-Doping, International Disciplinary Commissions
• Athletes' Commission

GENERAL ASSEMBLY

Article 14
The General Assembly is the highest body of INOF.

The General Assembly is the highest body of INOF and has the highest authority for all INOF
activities. It meets at least once a year. The organisation of the General Assembly shall be
entrusted alternately to one of its Full Members, Associate Members and Provisional Members.
The date and venue of the General Assembly shall be agreed upon at the General Assembly
meeting. The General Assembly must be held under the country's law where it resides after the
closing of the financial year.

The notice of conference must be sent to all Members at least three months before the date fixed
for the Assembly. The agenda and the documentation to be discussed and, if necessary, approved
shall be sent not less than four weeks in advance.

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POWERS OF THE GENERAL ASSEMBLY

Article 15
The General Assembly has the following duties and rights:

1. To elect the President of INOF.

2. To select the rest of the members of the INOF Council: 3 Vice-Presidents (1 Vice-President
Treasurer, 1 Vice-President Sport, 1 Vice-President Marketing), and 1 Secretary-General;
3. To elect the certified external auditor in charge of auditing the annual accounts under the
legislation in force and at the proposal of any Full Member;
4. To set admission, membership and other fees;
5. To approve plans for future activities;
6. To adopt and amend these Statutes;
7. Adopt and amend all Rules and Regulations. However, the General Assembly may authorise
other bodies to establish technical rules, when necessary, independently;
8. To decide on the admission of new Member Federations on the recommendation of the
INOF Council;
9. To decide on the exclusion of Full Members, Associate Members or Provisional Members;
10.To approve the minutes of the General Assembly meetings;
11.Receive, discuss and approve the report of the INOF Council;
12.To review and approve the annual accounts after having heard the relevant report;
13.To approve the performance of the Treasurer and the other members of the INOF Council;
14.To approve the budget;
15.To approve the INOF logo and other elements of image and identity, on the
recommendation of the INOF Council;
16.To decide all matters on which no other body is competent to arrange, or if the other
bodies are referred to the General Assembly for a final decision;
17.Appoint the Athletes' representatives, one man and one woman, elected by the Athletes'
Commission, as members of the Technical Commissions;
18.To elect the members of the International Disciplinary Commission, the composition of
which is stipulated in the INOF Disciplinary Regulations;
19.To elect the members of the Anti-Doping Commission, the composition of which is
stipulated in the INOF Anti-Doping Rules.

RIGHTS OF VOTE

Article 16
Each Full Member of INOF has the right to vote. Associate Members and Provisional Members do
not have voting rights.

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Article 17
Each Full Member of INOF has the right to vote. Associate Members and Provisional Members do
not have voting rights.

At any General Assembly, each Member shall be represented by one delegate who may be assisted
by not more than one or two advisers. Any Member who has not fulfilled its subscription in full
before the General Assembly shall not be entitled to vote. A Full Member may be represented by
the delegate of another Full Member by means of a proxy vote. The same delegate may not
represent more than two Members at the same time.

QUORUM

Article 18
Changes and amendments to these Statutes, exclusions of Full Members, Associate Members and
Provisional Members can only be considered if at least half of the INOF Members entitled to vote
are present or represented. To be adopted, these items must receive the approval of at least two-
thirds of the votes cast. For all other decisions taken by the General Assembly, except for the
dissolution of INOF (see art. 44), no quorum is required. Decisions shall be taken by a simple
majority of the votes cast.

DECISION MAKING

Article 19
Voting at the General Assembly shall be by show of hands or through the virtual platform as
deemed appropriate and shall include the proxy votes admitted by the General Secretariat.

At the request of any delegate entitled to vote, supported by at least one other representative
entitled to vote, a vote may be taken by secret ballot and in writing.

Elections shall always be decided by secret ballot and in writing.

AGENDA AND THE RIGHT TO SUBMIT PROPOSALS

Article 20
The INOF Council shall decide the agenda of the General Assembly.

INOF Members may submit motions to be included in the agenda. These motions must be sent by
e-mail to the INOF Council at least six weeks before the General Assembly. Associate Members and
Provisional Members have the right to speak but not submit motions at the General Assembly.

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Article 21
The full agenda of a General Assembly and documentation shall be sent to all INOF members at
least four weeks before the General Assembly.

EXTRAORDINARY GENERAL ASSEMBLY

Article 22
The Council of INOF may convene an Extraordinary General Assembly at any time.

At the written request of one-third of the Members entitled to vote, the Council of INOF shall
convene an extraordinary General Assembly within three months of receiving such a request.
Notice shall be sent to Full Members, Associate Members and Provisional Members no later than
two months before the date of the Extraordinary General Assembly. The request shall be reasoned
and accompanied by a proposed agenda.

THE INOF COUNCIL

Article 23
The INOF COUNCIL consists of the following postholders:

• The President of INOF;

• Three vice-presidents (one Treasurer, one responsible for Sports and Events, one
accountable for Marketing and Communications);
• And the INOF General Secretariat.

As well as:

• Two representatives of the member bodies (with voting rights) are elected at the General
Assembly;
• One representative of the Athletes' Commission (with voting rights);
• One representative of each of the Continental Councils, if any (with voting rights);
• One representative of the Technical Committees.

At its discretion, the INOF Board may convene external collaborators and professionals working for
INOF to participate in meetings when relevant topics are discussed. In any case, they do not have
the right to vote.

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BUREAU OR EXECUTIVE COMMITTEE

Article 24
The Bureau (or Executive Committee) is composed of the following postholders: the President of
INOF, three Vice-Presidents (1 Treasurer, one responsible for Sports and Events, one responsible for
Marketing and Communications) and the General Secretariat.

The Bureau has to carry out all routine functions and specific tasks between INOF Council
meetings.

It is responsible to the INOF Council.

Article 25
Candidates standing for election to any position on the INOF Council (except representatives of
Continental Councils) must be presented by the Full Member Federation of the country.
Nominations must be received in writing by the INOF General Secretariat, together with
information on each candidate (CV, recommendations, etc.) at least one month before the date of
the General Assembly at which the elections are to be held.

The candidatures shall be communicated to all members of the Assembly, together with the
agenda and the attached documentation.

The General Assembly elects the members of the INOF Board for a term of four years with a
maximum of three. If a member is appointed after the beginning of a period of office, they shall
remain in office until the end of that term. No member may remain on the INOF Council for more
than four non-consecutive terms, even if they change seats.

Article 26
The INOF Council is responsible for implementing all directives and policy decisions adopted by the
General Assembly. In particular:

1. To propose the agenda of the General Assembly meetings;

2. To prepare the annual accounts (consisting of the profit and loss account and the balance
sheet), under the supervision of the Treasurer;
3. To make recommendations to the General Assembly on:
• the long-term strategies of INOF;
• regulations and rules to be decided by the General Assembly;
• the admission and exclusion of Full Members, Associate Members and Provisional
members;
4. To decide on the creation and dissolution of the Technical Commissions and appoint a
Director for each Technical Commission;

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 5. To establish the calendar of competitions approved by INOF and coordinate the schedules
of international and continental events;
6. To establish the calendar of competitions approved by INOF and to coordinate the
schedules of international and continental competitions;
7. Decide the terms and conditions of contracts between INOF and the organisers of INOF
approved competitions;
8. To recommend any proposal for modification of the Statutes of INOF;
9. To make recommendations on the terms and conditions of contracts with third parties
outside INOF. The INOF Council must approve strategic contracts exceeding 20,000 euros;
10. Decide on the official means of information of INOF;
11. To request the General Assembly on the election of the members of the Anti-Doping
Commission;
12. To request the General Assembly on the election of the members of the International
Disciplinary Commission;
13. To perform administrative tasks and functions;
14. To supervise the official competitions of INOF;
15. To supervise and coordinate the work of the Technical Commissions;
16. To manage the finances of INOF;
17. Appoint an INOF delegate to INOF events when necessary;
18. To Initiate and undertake negotiations with third parties.

The President must sign all declarations and contracts binding INOF. In case of absence, the
President may be replaced by the Secretary-General.

The INOF Council is responsible for the running of INOF's administrative office. All permanent
employees shall be recruited by the INOF Council and employed under the annual budget.

Article 27
The INOF Council shall meet at least four times a year and can meet online.

According to the legislation in force, the INOF Council may take decisions by correspondence and
other means of communication, including electronic systems. To be validated, decisions taken this
way must be approved by at least a majority of the members.

Article 28
The Secretary-General prepares the agenda for INOF Council meetings. However, any member of
the INOF Council is entitled to submit proposals for the agenda. These shall be forwarded at least
fifteen days before the scheduled date for any INOF Council meeting with the appropriate
documentation. The Secretary-General shall send the complete agenda to the members of the
INOF Council at least one week before the date of the meeting.

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Article 29
Each member of the INOF Council has one vote. A majority of the members present take all INOF
Council decisions; voting by proxy is not possible. The majority of its members form the quorum of
the INOF Council. In the event of a tie, the President has the deciding vote.

THE PRESIDENT

Article 30
The President presides over all meetings of the INOF General Assembly, the Executive Committee
and the Council. They represent INOF in all essential matters, particularly those related to the IOC
and other international organisations.

When necessary, the President may delegate various aspects of INOF's management to other
members of the INOF Council.

The President, or a designated Vice-President, has the right to attend and participate in any
technical commissions' meetings, but without a vote.

The President, if re-elected, may only remain in office for three consecutive terms or up to four
alternate ones.

Article 31
If the President cannot attend an INOF Council meeting or a General Assembly, the INOF Council
shall appoint one of the Vice-Presidents to chair such meetings. The Vice-President-Treasurer shall
assume the responsibilities of the President in case of resignation, incapacity or death until the
next General Assembly when a new President shall be appointed for the remainder of the 4-year
term of office.

Should the Vice-President-Treasurer, likewise, not succeed, it will be the Vice-President-Sports and
Events who will undertake these responsibilities or the INOF Council member who has served the
longest and will call an Extraordinary General Assembly to elect suitable replacements.

CONTINENTAL COUNCILS

Article 32
The General Assembly may allow the creation of Continental Councils responsible for the
administration, development and promotion of Nordic Walking on the same continent. They
comply with and enforce INOF rules and regulations and cooperate with INOF bodies. They
organise continental championships and other competitions in their area under the supervision
and approval of INOF.

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The Statutes and Regulations of the Continental Councils must be submitted to the INOF Council
for approval.

VI. TECHNICAL COMMITTEES

Article 33
The INOF Council may appoint Technical Commissions for specific assignments, deciding on the
number of their members according to the Commission's objective.

The INOF Council reviews the mandate of each Commission to determine its future validity and
effectiveness. The members of these Commissions are proposed by the Member Federations and
appointed by the INOF Council. The rules of each Commission determine the expiry of the
membership of the Technical Commissions.

Each Commission is managed by its members (President), who the INOF Council appoints.

ANTI-DOPING COMMISSION AND APPEALS

Article 34
The role of the Anti-Doping Commission is to ensure that INOF's rules and activities comply with
the World Anti-Doping Code. The Anti-Doping Commission assists in developing and implementing
an Anti-Doping Policy and Procedures under the World Anti-Doping Agency (WADA).

Decisions made by the Anti-Doping Commission can only be appealed to the Court of Arbitration
for Sport (CAS). The procedure before the CAS is conducted under its rules of procedure.

The guidelines concerning this Commission are set out in the rules adopted by the General
Assembly.

The Anti-Doping Commission comprises seven members elected by the General Assembly and shall
be governed by its own rules of procedure, which the General Assembly shall approve.

ARTICLE 35
The role of the International Disciplinary Commission is to investigate and take appropriate action
following any complaint relating to non-compliance with the rules contained in the Statutes and all
other INOF regulations approved by the INOF General Assembly and Council (including the INOF
Anti-Doping Rules) or in the case of misconduct.

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Decisions of the International Disciplinary Commission may only be appealed to the Court of
Arbitration for Sport. The proceedings before the CAS are subject to their own rules.

The regulations relating to this Commission are specified in the rules of procedure adopted by the
General Assembly.

The International Disciplinary Commission is made up of five members elected by the General
Assembly on the recommendation of the INOF Council.

RESOLUTION OF CONFLICTS

Article 36
Disputes deriving from the INOF Statutes or of any other nature shall be dealt with under the rules
defined in a procedure approved by the General Assembly.

The final resolution of a dispute may only be appealed to the Court of Arbitration for Sport. Before
the CAS, the procedure is conducted under its regulations. The decision of the Court of Arbitration
for Sport shall be final and not subject to appeal.

ATHLETES' COMMISSION

Article 37
The Athletes' Commission constitutes a permanent liaison between active athletes and INOF. Its
composition and functioning are stipulated in the Regulations of the Athletes' Commission and
Athletes' Representatives and approved by the General Assembly.

FINANCE

Article 38
All funds and other assets of INOF shall be used to pursue INOF's objectives.

INOF shall finance its activities through sources, such as:

1. Membership and subscription fees of its members;

2. Fees for the organisation and authorisation of official Competitions, as well as the
participation of athletes;
3. And any other sources that may be available (sponsorships, television rights, donations,
etc.).

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Article 39
The activities of all the elected bodies of INOF are carried out without the remuneration of their
members. Expenses of the INOF Council related to the participation in meetings are at the cost of
the INOF under the present Statutes. The General Assembly may allocate particular budgets for the
Commissions concerning meeting expenses annually.

Within the approved budgets, the INOF General Assembly and the INOF Council are empowered to
authorise the payment of fees and expenses to individuals and organisations that have provided a
specific professional service or advice.

Article 40
The financial year of INOF shall run annually from 1 January to 31 December.

Article 41
The General Assembly of INOF shall receive and approve the annual budgets specifying the income
estimates from all sources and the proposed yearly expenditure. And shall establish and maintain
the financial accounting system and prepare the annual accounts audited by the certified auditor
elected by the General Assembly of INOF.

Article 42
Only INOF's assets can be used to settle INOF's debts and obligations. INOF Member Entities are
not personally liable for INOF's debts and obligations.

No funds or other property of INOF shall be paid or distributed among INOF Member Entities.

Article 43
The basic currency for the annual accounts shall be the euro.

VII. DISSOLUTION OF THE INOF

Article 44
A three-quarters majority of the members of INOF may propose the dissolution of INOF. The repeal
shall become effective upon approval of the proposal by a three-quarters majority at the General
Assembly, provided that at least two-thirds of the members entitled to vote are present or
represented at the General Assembly. The General Assembly in charge of the dissolution of INOF
shall decide on the liquidation of the assets belonging to INOF, which shall be adjusted to INOF's
objectives and transferred to a Spanish tax-exempt legal entity.

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Approved by the Executive Committee on ________ of _____________ of _________

Approved by the General Assembly on ________ of _____________ of _________

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