Chapter 1 - DENOMINATION, GOAL, HEADQUARTERS AND DURATION

Article 1 - Denomination

The Federation is established as the World Federation of Free Zones. It is without lucrative purpose, according to the present statutes and article 60 and also those of the civil code of Switzerland. It is known for short as "FEMOZA".

Article 2 - Goal

The Federation is a non-governmental organization whose main objectives are to promote the Free Zones of the world, to assist their development with juridical, technical and economic support. Priority is to be given to the emergent countries and economies in transition.

Article 3 - Headquarters

The Federation is instituted for an indefinite period of time. Its social headquarters are located in Geneva (Switzerland) and may have representation in other countries of the world.

Chapter II - RIGHTS AND OBLIGATIONS OF THE MEMBERS

Article 4 - Members

Eligible to become a member of the Federation are:

. Public or private institutions
. Those natural or juridical people, who manifest competence and interest in the objectives of the Federation

Article 5

Article 6 - Start and end of the affiliation

The future member has to present an application form in order to be admitted. The committee will examine the requests. There are no rights to gain admissions and a possible rejection should not justify.

Members do not have any personal responsibility for the commitments of the Federation, which only commit the Executive Committee.

Article 7

The members can leave the Federation at anytime, with a written communication to the Committee. The dues Paid will not be reimbursed, and the fees of the current year should be paid.

If a member behaves incompatibly with the objectives of the Federation, or he does not honor the obligations Of the statutes, he should be excluded by a Committee's decision.

Chapter III - RESOURCES, ADMINISTRATION AND CONTROL

Article 8 - Resources

The income of the Federation is obtained by:

. Sponsors, donors and grants
. Sale of specific technical services reserved exclusively to the members
. Advertising, publications and events
. Members' fees
. Other income

Article 9 - Administration and Control

The Federation is directed and administered by an Executive Committee. The Committee is composed of a Minimum of five members, chosen by the General Assembly, for a period of five years. They are eligible to be Re-elected for another five years. A president, a vice-president, the general secretary and the treasurer, are Nominated by the Committee, among its members. These members form the Bureau, active in the Federation management.

Article 10

The Executive Committee assumes the control, direction, administration and representation of the Federation. It will legally be represented by the President's signature, and in his absence by the Vice-President's and by another member of the Executive Committee.

Article 11

The President organizes the Committee meetings. The Committee will meet if a third of the members request the President to call a meeting. Decisions can be taken with no need of a minimum quorum. The President's vote is decisive in case of equality.

Chapter IV - GENERAL ASSEMBLY

Article 12 - General Assembly

The General Assembly is the supreme power of the Federation.

Article13 - Ordinary Assembly

The Ordinary Assembly should meet, at the latest, six months after the end of the commercial year. It has to:

. Approve the annual report of administration and budget
. Give account of its management to the Committee
. Choose the members of the Committee.
. Debate the members' motions, which have to be written presented, at the latest 5 days before meeting. The motions not included on the agenda and presented at the Assembly meeting, have to be treated in the presence of the members of the Committee.
. Adopt any resolution about any legal or statutory obligation or rejected by the Committee.

Article 14 - Extraordinary Assembly

An extraordinary Assembly takes place if necessary, when a 10% of the members present a written motion. The Assembly will meet in a period of two months after the presentation of the motion.

Article 15 - Assemblies Summoning

The General Assemblies are organized by the Committee.

The invitations to the Assembly are sent by post, minimum 30 days before the meeting, the invitation will contain the Assembly 's agenda.

Article 16 - Assembly holding

The members' Assembly is presided by the President of the Federation or one of its representatives.

Any summoned Assembly is able to adopt resolutions. Decisions will be taken by absolute majority of the voters, except a contrary indication in the statutes. In case of equality of votes, the President of the Assembly decides.

Other members can represent the members, if they communicate written properly. A member should only represent a person.

Decisions will be taken with a minimum quorum of 30% of the members.

Chapter V - AUDITORS OF ACCOUNTS

Article 17 - Auditors

The General Assembly elects an auditor who is not a member of the Committee, but who may be a member of the Federation. A juridical person as a fiduciary should be qualified. The auditor gives his annual report on profits, losses and management to the General Assembly.

The auditor will examine the annual accounts, the cash and the books. He will be entitled to ask for the books and the accounts.

The auditor presents a written revision report to the Committee, for the General Assembly.

Chapter VI - COMMISSIONS AND SECRETARIAT

Article 18 - Commissions of the country-members

In order to guarantee the competence of all the country-members of the Federation, about technical, juridical, economic and commercial promotion with the Free Zones, some suitable Commissions will be set up. Every commission will be directed by a member of the Committee. The Commissions of the country-members will consult each other regularly and will coordinate the activities of their members. They will also provide services and experts if necessary.

Article 19 - Secretariat

A specialized company should be delegated to execute the administration tasks, which are submitted to the Committee.

Chapter VII - FINAL DISPOSITIONS

Article 20 - Modifications of the Statutes and Dissolution

Any modification of the statutes or any dissolution of the Federation, shall be decided by a majority of 75% of The present members at the Assembly.

Article 21 -Liquidation

In the event of the dissolution of the Federation, the net assets will be donated in preference to an Institution in Geneva or the Francophone Switzerland whose social objectives are similar to the Federation's. The General Assembly will make the choice.

The present statutes have been accepted and approved by the Foundation members, during the General Assembly, held in Geneva, on December 15th 1999.

The President
Joan Torrents