HAC is a private institution which operates according to a confirmed charter. With the merger of the Þingeyingar Knowledge Center and the Þingeyingar Education Center in mid-2006, a new charter was established on the foundation of the two institutions that were merged. This charter took effect in May 2006. On July 6th, 2010 a change was confirmed in the charter where the name of the institution was changer from „Þingeyingar Knowledge Network“ to „Húsavík Academic Center“.

Charter for HAC 

1st article

Húsavík Academic Center, ssn. 670803-3330, is a private institution with a special board, established in accordance with Act no. 19/1988 on funds and institutions that operate according to a confirmed charter. Home and venue is in Þingeyjarsýslum. The institution is responsible for its obligations with all its assets and is no dependent on any other legal entity.

2nd article

HAC operates on the basis of the lifelong learning center, the Þingeyingar Education Center, and the university and research center Þingeyingar Knowledge Center. The activities of the merged institution under the name of Húsavík Academic Center from the year 2006 takes into account the goals, roles and obligations of both institutions.

The initial capital of the HAC at the time of its establishment was 5,000,000 ISK.
With the merger of the two institutions on the 1st of January 2006 the initial capital is 7,487,575 ISK. Of this, 5,000,000 ISK are from the Þingeyingar Knowledge Center but 2,487,575 ISK are from the Þingeyingar Education Center. Immovable initial capital is 650,000 ISK. The assests of the institution may not be disposed of or arranged in any other way than that which is consistent with its objectives or promotes their progress.

3rd article

Lifelong learning
·To be a center for lifelong learning and adult education in Þingeyjarsýsla
·To strengthen educational opportunities in Þingeyjarsýsla
·To offer courses and study programs related to business and leisure
·To mediate on distance learning in the district in collaboration with schools at the relevant school levels
·To provide study counseling and support to students and people who intend to study
·To work with companies, municipalities and institutions in formulating their lifelong learning policy and customized study programs

Research and development
·To be a center for research work and researchers in Þingeyjarsýsla
·To initiate research projects and research work in the district
·To serve scientists and scholars, individuals, postgraduate research students, institutions and organizations in Þingeyjarsýsla
·To be a leading force in building co-operation between the parties conducting research in the district and promoting the increased activities of researchers in the district
·To take an active part in shaping a strong innovative environment in Þingeyjarsýsla in collaboration with stakeholders in the district
·To build co-operation and connections between stakeholders within the Icelandic innovative environment

University studies
·To operate a university study center in Húsavík and as needed elsewhere in Þingeyjarsýsla with associated facilities and equipment
·To work with universities on improved services in the form of distance learning and local learning in Þingeyjarsýsla
·To develop study programs and/or courses based on uniqueness in nature and/or culture in Þingeyjarsýsla in collaboration with universities

Integration of knowledge work
·To strengthen settlements in Þingeyjarsýsla with strong lifelong learning, services in the field of higher education and research work
·To integrate research, academic work, education and development work and the interests of the parties involved in these issues

4th article

The board of the institution consists of 8 people, nominated for two years at a time. Board members shall be nominated at the annual meeting. The following persons nominate one board member each:

·         Þingeyingar's Business Development Association
·         The town of Húsavík
·         Þingeyingar District Committee
·         High schools in the district (1 person in common)
·         The University of Iceland
·         The University of Akureyri
·         Research institutes in Þingeyjarsýsla (1 person in common)
·         Trade unions in Þingeyjarsýsla

If a board member resigns from the board for any reason, the party he/she nominated chooses a replacement for the former member of the board and that person sits on the board from the next board meeting. The board divides tasks for two years at a time and elects a chairman, vice-chairman and secretary. The board may appoint an executive board, composed of 3 members of the original board acting on behalf of that board with a director. At board meetings, a simple majority of votes determines the outcome. In the event of a tie at board meetings, the chairman's vote shall have double weight. The chairman of the board is required to call a meeting if at least two board members demand it. What happens at board meetings shall be recorded in a meeting agenda book.

The board of the Academic Center manages the highest authority of the institution, formulates policy and work arrangements and works towards the goals of the institution according to article 3. The board is responsible for the operation, finances and assets of the institution and sets the rules for it. Board meetings shall be convened with at least 5 days notice. A board member withdraws from a meeting if personal matters concerning him/her are being discussed. The board hires a certified public accountant to review the institution's accounts. The board is authorized to appoint committees for special projects.

5th article

The annual meeting of the private institution shall be held in May each year. The Chairman of the Board convenes an annual meeting with an agenda at least 7 days in advance and it shall be held before the first of June each year. At the annual meeting, the board shall submit a report on the year's activities, annual accounts for the previous financial year and a plan for the coming year's activities. Nominations to the Board of Directors shall be announced at the annual meeting and the accounts of the previous year shall be submitted together with the annual report of the board.

6th article

The board appoints a director to work and decides on his work and terms. The director is the institution‘s spokesperson, handles day - to - day operations, manages the agency's finances and handles accounting on behalf of the board. The director is responsible to the board. He works to advance the institution's policies, fundraising and funding and what the board decides at any given time. The director hires staff in consultation with the board. The director attends board meetings with freedom of speech and the right to make proposals.

7th article

The income of the Þingeying Knowledge Network, in addition to interest on the initial contribution, is as follows: Public contributions, income for services and facilities, contributions from parties according to agreements, contributions from companies and associations, income from conferences and seminars and other special income. The income and assets of HAC shall only be used for any purpose that is in accordance with its objectives, cf. the 3rd article.

8th article

The assets of the institution may not be mortgaged without the approval of the Minister of Justice. Its assets may not be bound by any liens or obligations that are outside the purpose of the institution.

9th article

The financial year of HAC is the calendar year. Before December 1st each year, the director shall submit the operating plan for the following year to the board for approval. He shall ensure that the audited annual accounts are received by the National Audit Office in the required manner no later than June 30th each year for the previous year, together with a report on how the institution's funds have been allocated in that year. Accounting is otherwise governed by Act no. 19/1988 on funds and institutions that operate according to a confirmed charter.

10th article

This charter replaces the charter of the Húsavík Academic Center, which was approved on 11 March 2004, as well as the charter of the Þingeyingar Educational Center, which was approved on 7 January 2000 (with an amendment approved on 29 January 2004). Both of the aforementioned charters will expire upon confirmation of this charter. This charter will only be amended with the approval of 2/3 of the board, provided that the meeting is legal and convened one week in advance and a proposal to this effect has been presented separately in the notice of the meeting. Húsavík Academic Center will only be closed down by a decision of 2/3 of the board. If the institution is closed down, its assets shall be disposed of in a district with regard to its objectives.

11th article

The Minister of Justice's confirmation of this charter shall be sought and changes shall be confirmed by the Minister of Justice. The charter shall be published in the B-section of the Official Gazette.

Húsavík March 29th, 2006

(Confirmed change by the district commissioner in Sauðárkrókur on July 6th, 2010.)