Amend the Articles of Association of the Subsidy Targeting Organization 

The Cabinet of Ministers approved the amendments to the Statute of the Subsidy Targeting Organization on 13/10/1392, based on the proposal of the Ministry of Economic Affairs and Finance and the Vice President for Strategic Planning and Supervision, and based on Article (15) of the Law on Targeting Subsidies. And with the consent of the government, these reforms were announced for implementation.

Statute of the Subsidy Targeting Organization

Chapter One - Generalities

Article 1) The Subsidy Targeting Organization, which is abbreviated as "Organization" in the Articles of Association, is a state-owned company with legal personality, financial and administrative independence, and all its capital belongs to the government.

Article 2) The resources of the organization will be derived from Articles (7) and (8) of the Law on Targeting Subsidies and other laws and regulations.

Article 3) The main center of the organization is in Tehran and its duration is unlimited.

Article 4) The organization and its pillars are subject to the laws and regulations related to state-owned companies and the law on targeted subsidies, as well as these articles of association and related regulations, and in cases of silence are subject to the relevant laws.


Chapter Two - Duties and Powers of the Organization

Article 5) Objectives, responsibilities, duties and powers The subject of the Law on Targeting Subsidies and other related laws and regulations is part of the duties and powers of the organization.

Article 6) The responsibilities and powers and duties of the legal delegation as well as the management of funds, credits and expenses subject to the law on targeting subsidies and other related laws and regulations are the responsibility of the organization.

 
Chapter 3 - The pillars of the organization

Article 7) The organization has the following elements:

1- General Assembly

2. The board

3. Inspector or inspectors

Article 8) The General Assembly of the Organization is composed of the following members:

1- Vice President for Strategic Planning and Supervision (Chairman of the Assembly)

2- Minister of Cooperatives, Labor and Social Welfare

3- Minister of Economic Affairs and Finance

4- Minister of Industry, Mines and Trade

5- Minister of Roads and Urban Development

6- Minister of Jihad for Agriculture

7- Minister of Oil

8- Minister of Energy

Article 9) The members of the Board of Directors consist of five people who are elected by the General Assembly on the proposal of the Vice President for Strategic Planning and Supervision. The Chairman of the Board and the Managing Director are elected from among the members of the Board. The rulings of the members of the board of directors and the managing director are issued by the vice president for strategic planning and supervision.

Article 10) The Board of Directors can delegate part of its authority to the Managing Director and the Chairman of the Board.

Article 11) The inspector or inspectors shall be appointed from among the competent natural or legal persons with the approval of the General Assembly.

Article 12) The duties and powers of the General Assembly are as follows:

1- Reviewing, commenting and making decisions regarding the periodic reports and annual performance, financial statements and budget proposed by the board of directors.

2- Approving the rules and executive instructions for the activities and duties of the organization within the framework of laws and regulations.

3- Determining and approving the policy and macro programs of the organization.

Article 13) The Board of Directors has the following duties and powers:

1- Reviewing and preparing the annual budget, periodic and annual performance reports and financial statements of the organization and presenting them to the General Assembly.

2- Reviewing and proposing amendments or changes to the articles of association to the General Assembly for submission to the competent authorities.

3- Examining and deciding on peace and reconciliation, rejecting lawsuits, referring to arbitration and appointing an arbitrator, as well as returning the lawsuits for legal proceedings in accordance with Article 139 of the Constitution of the Islamic Republic of Iran.

4- Reviewing and preparing the ceiling for creating a commitment for the coming years and presenting it to the General Assembly.

5- Proposing the policy and grand plans of the organization to the General Assembly.

6- Submitting the operational plan of the organization to the general assembly for approval.

7- Making the necessary arrangements to apply the supervisory duties of the organization and internal audit to the operations, transactions and all activities of the organization.

8- Determining the authorized signatures of the organization.

9- Reviewing and approving the necessary internal instructions for managing the organization.

10- Identifying doubtful receivables and reviewing and proposing receivables for decision to the General Assembly.

11- Preparing and publishing periodic reports on the activities of the organization.

Article 14) The CEO has the following duties and powers:

1- Implementing the resolutions and decisions of the General Assembly and the Board of Directors.

2- Preparing and adjusting the policy proposal of the operational plan and the annual budget of the organization to the board of directors.

3- Preparing and preparing financial statements and periodic and annual performance reports of the organization and submitting it to the board of directors.

4- Introducing the holders of authorized signatures of the organization to the relevant authorities.

5- Supervising the proper implementation of the bylaws and instructions implemented in the organization and taking the necessary measures for the proper administration of the organization within the framework of relevant laws and regulations.

Article 15) The CEO can delegate part of his duties to any member of the board of directors and employees of the organization.

Article 16) The CEO is the legal representative of the organization in all administrative and judicial authorities and is authorized to defend the rights of the organization and to pursue and file lawsuits, including criminal, legal, administrative and any other legal rights and powers. The CEO can refer the cases to arbitration after obtaining the opinion of the board of directors in accordance with Article 139 of the Constitution of the Islamic Republic of Iran.

Article 17) Documents and financial papers and contracts and binding documents of the organization must be signed by the CEO or his authorized representative and one of the members of the board of directors elected by the board of directors. All checks, in addition to being signed by the CEO or an authorized person, will be signed by the accountant of the organization or his representative.

Article 18) The most important duties of statutory auditors (auditor or auditors) are as follows:

1- Reviewing the financial statements of the organization according to the standards of the auditing organization and submitting the report of the results of the audits to the general assembly and the board of directors of the organization.

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