In the Name of God

Ministry of Science, Research & Technology- Research Assistance

Iranian Scientific Associations Commission

Scientific, Engineering & Financial Association Articles of Association

1st Chapter- Generalities & Goals

Art.1: The Financial Engineering Association, which shall be named the society in this Articles of Association, is established for the purpose of scientific development, leading and promotion, financial science development, qualitative development of specialist forces and improving educational research affairs in the field of financial engineering.

Art.2: The association is a non-profit institute and acts in scientific, research and technical fields and is considered as a legal entity since registration date and the president of the board of directors is its legal representative.   

Art.3: The association’s center is located in Tehran and its branches can be established in any region of the country after agreement of Scientific Associations Commission.

Note: In case of requirement, the board of directors can relocate the main place, provided that the subject is notified in widely circulated official journal and notified to Scientific Associations Commission ofMinistry of Science, Research & Technology in written form.

Art.4: The association is established for an unlimited period from date of approving this Articles of Association and is required to observe Islamic Republic of Iran’s rules.   

2nd Chapter- Duties & Activities

Art.5: In order to achieve the mentioned goals (Art.1) the association will act as follows:

1-5- Performing national and international scientific and cultural researches with those researches and experts who deal with financial engineering science

2-5- Cooperating with executive, scientific and research foundations in the field of assessing, reviewing and executing plans and programs related to educational and research affairs and scientific field of the activity

3-5- Encouraging and motivating researchers and praising distinguished researchers and professors

4-5- Offering educational, research and technical services

5-5- Holding regional, national and international scientific meetings

6-5- Publicizing books and scientific journals

3rd Chapter- Types & Conditions of Membership

1-6- Permanent Membership:

Founders of the society and all who have at least Master’s Degreein the fields such as in Finance, Investment Management, Economics, Financial Engineering, Accounting, Industrial Engineering, Management, IT& Software, Research in Operationand applied mathematics can become permanent member.

2-6- Affiliate Membership:

Those persons who have Bachelor’s Degree and have been employed for 5 years in a mannerin one of the fields mentioned in paragraph 1-6.

3-6- Student Membership:

All students who are studying in the fields such as in Finance, Investment Management, Economics, Financial Engineering, Accounting, Industrial Engineering, Management, IT & Software, Research in Operation

4-6- Honorary Membership:

Iranian and foreign important personalities whose scientific rank in financial engineering is remarkable or effectively and preciously contributed to goals of the association

5-6- Institutional Members (legal)

Those organizations which act in related scientific and research fields can become a member of the association.

Note 1: If the board of directors approves, holders of bachelor’s degree in one of the fields mentioned in paragraph 1-6 can become permanent member of the association.

Note 2: Institutional Members are considered as affiliate member of the association.

Art.7: Each of the members will annually pay membership fee which is determined by the general assembly.

Note 1: Paying the membership fee shall create no claim and right for the member against association’s property. 

Note 2: Honorary members are exempted from paying membership fee.

Art.8: In the event of the following cases, the membership shall be terminated: 

1-8- Written resignation

2-8- Non-payment of annual membership fee

Note: The board of directors will approve membership termination.

4th Chapter- Pillars of the Association

Art.9: Main pillars are as follows:

A: General Assembly                    B: Board of Directors                    C: Inspector

A:  General Assembly

Art.10: The general assembly consists of permanent members as ordinary or extraordinary.

1-10- Ordinary general assembly is held once a year and is considered official with presence or written vote of half plus one of the permanent members of the association and decisions are valid with maximum of votes.

2-10- If required, extraordinary general assembly is held by invitation of board of directors or inspector (inspectors) or upon written request of 1/3 of the permanent members. 

3-10- In case that the first meeting of the general assembly was not formal, the second session will be held after at least 20 days and will deem official with present members. Furthermore, the votes will be taken correspondingly, based on the by-law which is compiled by the board of directors.

Note 1: Invitation for holding general assemblies will be accomplished in written form or by notification in widely circulated newspapers and must be informed to the permanent members in at least 15 days prior to the session.

Note 2: 1/3 of the members can directly invite for holding extraordinary general assembly, provided that the board of directors and also the inspector of the assembly has given negative answer to their request and in this case non-acceptance of their request by board of directors or inspector must be specified in invitation notification.

Note 3: If the above note was achieved, general proces-verbal is the same subject which is mentioned in the letter of request.

Note 4: Conditions of holding extraordinary general assembly is as same as that of the ordinary general assembly and resolutions are valid with 2/3 of votes.

Art.11: Duties of general assemblies

A- Ordinary General assembly

-          Selecting members of the board of directors and inspector (inspectors, in case of more than one main inspector)

-          Approval of the association’s strategy

-          Investigating and approving proposals of the board of directors and inspector (inspectors)

-          Determining membership fee

-          Deposing board of directors and inspector (inspectors)

-          Investigating and approving the association’s balance sheet and statement of incomes and expenses of the previous fiscal year and budget of the coming year 

B- Extraordinary General Assembly

-          Approving changes to the Articles of Association

-          Approving the association dissolution

Note 1:  Sessions of ordinary and extraordinary general assemblies have formal with presence of fully authorized representative of Iranian Scientific Associations Commission.

Note 2: General assemblies are managed by a board of administers, consisting a president, secretary and two supervisors.

Note 3: Members of the board of administers are elected in the assembly by declaring and accepting their nomination.

Note 4: Members of the board of administers must not be among those who are candidate in board of directors and inspector election.

C- Board of Directors

Art.12: The association’sboard of directors consists of 5 main and 2 alternative members which are elected each three yearsby secret vote of permanent members.

1-12- None of the members can be elected as a member of the board of directors for more than two consecutive periods.

2-12- At most 2 members, subject to paragraph 1-12, can be elected as member of the board of directors for the other period, in case of obtaining 3/4 of the votes of the present persons.

3-12- Membership in the board of directors is honorary.    

4-12- The board of directors holds its session at most 1 month after election and will partition its duties by a written vote.

5-12- All binding deeds and negotiable papers are valid with signature of the president of both the board of directors and treasurer together with the association’s seal and financial correspondences are valid if signed bythe president of the board of directors and vice-president of the association. 

6-12- Based on requirements, the board of directors is obliged to hold session once a month. Time interval between sending invitation or telephone with date of session is at least 3 days.   

7-12- The sessions of the board of directors is deemed official by presence of maximum of members and taken decisions are valid with maximum of votes.

8-12- All enactments of the board of directors are registered and having been signed by the members are kept in proces-verbaux books. 

9-12- Participation of members of the board of directors in sessions is mandatory and absence of each member for 3 consecutive sessions and for 5 alternating sessions without permitted excuse is considered as resignation.    

10-12- In case of resignation, dismissal or demise of any of the members, the alternative member will be determined as his/her substitute for the remaining time. 

11-12- Participation of inspector (inspectors) in board of directors’ sessions is authorized without having the right to vote.

Art.13: Board of directors is the legal representative of the association and duties and scope of authorities are as follows:

1-13- Managing current affairs of the association in accordance with Articles of Association and enactments of the general assembly

2-13- Establishing scientific groups of the association, determining duties and supervising their activities

3-13- In case of necessity, the board of directors can perform any type of transaction such as transferring immovable properties, changing for the best, mortgaging, redeeming and borrowing except for absolute transfer of immovable properties which needs general assembly’s ratification. 

4-13- The board of directors is authorized to manage the affairs in scope of subject of activity, unless taking action and making decision about those subjects which, by virtue of contents of the articles of association, are within jurisdiction of the general assemblies.

5-13- Providing annual report and concluding the association’s financial balance sheet and incomes and expenses statements to be approved by general assembly and presented to supervision authority in due time.   

6-13- Bringing action and responding legal and natural entities’ claims in all authorities and levels of prosecution with the right of appointing attorney and appointing a 3rd party

7-13- Electing and introducing representatives of the association for participating in domestic and foreign scientific gatherings

8-13- Executing scientific plans and projects in the framework of the association’s duties

9-13- Receiving gifts and financial aids

10-13- Granting educational and research scholarships

11-13- Taking decision regarding the association’s membership in domestic and foreign scientific gatherings, observing current rules and regulations of the country

12-13- Remitting required reports to commission of scientific associations of Ministry of Science, Research & Technology

13-13- The board of directors is required to summon general assembly and elect board of directors within at most 4 months before its term of office and immediately send commission of scientific association the results together with general assembly’s proces-verbal to be investigated.

Note: Commission of scientific associations of Ministry of Science, Research & Technology will transfer the responsibility of the association’s affairs to the previous board of directors, until confirming new board of directors.

D- Inspector (Inspectors)

Art.14-The general assembly elects 1 main and 1alternative inspector for 3 years.

Note: Reelection of inspector or inspectors is permitted.

Art.15- Duties of inspectoror inspectors are as follows:

1-15- Investigating deeds and financial books of the association and providing report for the general assembly

2-15- Investigating annual report of the board of directors and providing report of the association’s performance for information of the general assembly

3-15- Reporting Articles of Association violation by the board of directors to the general assembly

Note: All financial and nonfinancial deeds and documents of the association must be unconditionally given by the board of directors at any time to inspector or inspectors to be investigated.

5th Chapter- Scientific Group of the Association

Art.16: The association can establish the following groups and committees to perform duties based on duties description that the board of directors has assigned to them.

1) Specialized Groups

2) Research & Education Committees

3) Publication Committee

4) Information & Statistics Committee

5) Public Relation & Admission Committee

6) Scientific Gathering Committee

1-16- The association is also authorized to establish other groups and committees that are needed.

6th Chapter- Budget & Miscellaneous Cases

Art.17: Financial sources of the association include:

1-17- Membership fee

2-17- Incomes resulting from offering consultation, research and educational services, selling books and scientific journals 

3-17- Receiving gifts and aids

4-17- All incomes of the association are spent on goals mentioned in Art.5 of this Articles of Association. 

Art.18: Incomes and expenses of the association are registered in legal books and its description is sent tocommission of scientific associations of Ministry of Science, Research & Technology, after approval of the general assembly.

Art.19: All amounts of money of the association are kept in a special account in the name of the association in the country’s bank.

Art.20: The founders or shareholders are not authorized to withdraw or allocate share’s or capital’s profit and they or their first degree dependents cannot transact with the institute.

Art.21: All financial and nonfinancial documents and casesrelated to activities of the association are kept in the registered office and by the time of referral, will be submitted to supervision and competent authorities.

Art.22: Any alterations in contents of the Articles of Association are valid after approval of commission of scientific associations of Ministry of Science, Research & Technology.

Art.23: The association is Iranian and its members are not authorized to do political activity or join political groups or parties in the name of the association.

Art.24: In case of the general assembly’s approval upondissolution of the association, the same assembly will settle debs and collect all dues of the association. After collecting dues and paying debts, settlement board is required to transfer all movable and immovable properties with supervision of Ministry of Science, Research & Technology to one of research and educational institute of the estate.  

Art.25: This Articles of Association consists of 6 chapters, 25 articles, 48 sub-articles and 17 notes and has been approved by the association.



Signed and sealed by:

Estate Real Estate & Deeds Registration Organization

Commission of scientific associations of Ministry of Science, Research & Technology

Signed by the Founders & Shareholders




Islamic Republic of Iran

Ministry of Science, Research & Technology

In the Name of God

Date: 17.06.2012

No.: 3/68470

Scientific Association Establishment License


To: Estimable Founders’ Board of Iranian Financial Engineering Association.

Hereby, this is to declare issuance of “Iranian Financial Engineering Association” establishment license in Iranian scientific association commission dated 10.04.2011. It is necessary to be mentioned that the activity of the above association is based on the articles of Association approved in scientific association commission. We hope that establishment of this association be an effective step in expanding science and solidarity of the specialists activities, creating international scientific communication and other goals mentioned in the association’s Articles of Association.   

Signed by:

Technology & Research Deputy

& President of Iranian scientific associations’ commission




Board of Directors


1-Professor Mr. Hashem Nikoo Maram

( Chairman )


2-Professor Mr. Fraydoon Rahnamay Roodposhti

( General Manager )


3-Professor Mr. Gholam Reza Eslami


( Member of Board )


4-Professor Mr.Mahdi  Taghavi

( Member of Board )


5-Dr Mr.Ebrahim Abbasi

( Member of Board )

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