Article 1
The organisation is a private non-profit organisation; the name of the organisation is the University of Bifröst.

Article 2
The domicile of the University and legal venue are at Bifröst in Borgarbyggð.

Article 3
The object of the organisation is to promote and strengthen the Icelandic economy and community as a university by providing outstanding education. The University will also be a venue for studies of the Icelandic community, economy and business, concentrating, inter alia, on different corporate forms, democracy in the industries and economic operation, business ethics and environmental affairs. In providing training and education the University will focus on practical assignments, links with the economy, internationalism, information technology, cooperation, group work, communications and communications theory, creative and critical thinking. The University will also train its students with respect to initiative, adaptability and flexibility, work, decision making and group leadership.

Article 4
The founder of the organisation is the Bifröst Business School, which contributes its entire initial capital.

Article 5
The initial capital of the University of Bifröst is ISK 253,369,500 in facilities, training equipment, library, works of art and other assets of the University that previously belonged to the Bifröst Business School, as well as the site belonging to the University of Bifröst in Norðurárdalur, together with contractual rights. The assets of the University shall not be used or disposed of in any manner that is not consistent with the objectives of the University or does not contribute to their achievement. The liabilities of the organisation are covered by all its assets and any other assets which it may subsequently acquire. No privileges in the organisation are granted to its founders.

Article 6
The income of the organisation shall constitute income from school fees and from offering training courses, interest income, grants, gifts, advertising revenues and any other contributions received by the organisation.
 
Article 7
The Board of the University is composed of five members. The Confederation of Icelandic Employers appoints three members, one is appointed by the Alumni Society of the University, and one is appointed by the Council of the University of Bifröst. An alternate member is appointed for each principal member in the same manner. Two years after the appointment of each member before the end of August of the year of the election, the Chairman of the University Board of Governors and Rector shall request a new appointment from the party in question, with a new Board taking over in September. In appointing members, care should be taken to ensure that the majority of the principals and alternates are neither students nor permanently employed at the University of Bifröst. The signatures of a majority of the members of the Board shall bind the organisation.

Article 8
The Board of Governors of the University is responsible for supervision and control of all the affairs, assets and operation of the University in consultation with the Rector. The Board shall appoint the Rector and decide on his/her salary and other administrative posts at the University. The Board shall appoint selection committees for appointments and promotions of teachers. The Board shall approve the budget and annual accounts of the University and take measures to ensure the necessary operating capital. The Board of Governors of the University will appoint a chartered auditor for the University. The Chairman shall call meetings and meetings are valid if notices have been delivered to everyone that can be reached five days in advance and if the meeting is attended by a majority. The Rector shall attend meetings of the Board of Governors of the University with the freedom to speak and submit motions; other parties may attend at the discretion of the Board.

Article 9
The Board of Governors shall appoint the Rector. The Rector is responsible for the supervision of all the activities and affairs of the University under the authority of the Board of Governors of the University. The Rector will represent the University in dealings with employees, students and any third parties. The Rector will assign tasks to employees and supervise their work. In consultation with the University Council, the Rector will ensure that all the activities of the University are in compliance with the University Charter and Regulation.

As further provided in the Regulation, the University Council shall decide on academic affairs, training, study requirements and research, procedures and communications in the organisation. The constitution and activities of the University Council are further provided for in the University Regulation.

Article 10
The Rector is responsible for supervision of the University finances under the authority of the Board of Governors. Expenditures and undertakings in excess of the authorisation of the Board of Governors are not permitted. The financial year of the University is the calendar year. No later than 15 January of each year, the Rector shall present an operating budget for the upcoming financial year to the Board of Governors of the University for approval.

Article 11
The employees and students of the University shall perform their work with care, civic responsibility and conscientiousness. They are all required to show integrity in their work, participate in enforcing the University rules and protect the University’s assets and security. A job description shall be prepared for each position. All the work of the University shall have as its objective the development, welfare and success of each and every student.

Article 12
Rules concerning jobs at the University of Bifröst, qualifications, promotion and titles of teachers, as well as their responsibilities, shall comply with the norms of Icelandic institutions of higher learning and the special features and position of the University. A regulation shall be issued to provide further for these matters, as well as working procedures and administration, academic organisation, admission criteria, curricula and evaluation, division into faculties and other procedural matters.

Article 14
The Board of Governors of the University can, by unanimous decision, amend this Charter, provided that the meeting is valid and provided that a proposal for the amendment has been included in the notice of the meeting. In the event that the University of Bifröst is dissolved, its assets shall be disposed of in the light of its objectives.

Article 15
Any profit from the operation of the organisation shall be used for the tasks provided for in Article 3 hereof. However, the Board of Governors is permitted to set aside a reasonable sum to secure the financial position and continued operation of the organisation. Any potential loss resulting from the activities of the organisation will be paid out of its funds or carried over to the following accounting year.

Article 16
Matters on which the Charter provides no guidance shall be governed by the provisions of Act No. 33/1999 on foundations engaging in business operations and such provisions of other statutory law as may be applicable.