Application to Mortgage or Sell Real Estate Owned by Funds or Non-Profit Institutions
Please note that this translation was generated by AI.
The board of a fund or non-profit institution, or an authorized representative of the board, must seek the approval of the district commissioner if the intention is to mortgage or sell real estate owned by the institution.
A request to mortgage or sell real estate owned by a non-profit institution must comply with the provisions of the current charter.
The authorized representative of the board must send a reasoned request to the district commissioner, specifying the real estate owned by the non-profit institution to be mortgaged or sold, along with the property registration numbers. The request must be accompanied by copies of loan documents or the purchase agreement/deed of the relevant properties.
The district commissioner reviews the submitted request.
The district commissioner decides whether to approve the request to mortgage or sell the real estate. If the request to mortgage or sell real estate owned by the non-profit institution is approved, the district commissioner sends their approval to the applicant. The district commissioner's approval must accompany the relevant documents for registration in the district where the registration is to take place. If the request to sell or mortgage real estate owned by the non-profit institution is denied, the applicant is notified, but such a decision can be appealed to the Ministry of Justice.
Related Laws and Regulations
(Only in Icelandic)
Lög nr. 19/1988 um sjóði og stofnanir sem starfa samkvæmt staðfestri skipulagsskrá
Reglugerð nr. 140/2008 um sjóði og stofnanir sem starfa samkvæmt staðfestri skipulagsskrá
Service provider
District Commissioner of West Fjords Iceland