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At the first regular Assembly of the Shipmasters’ Association of Montenegro – Kotor held on the 3rd of October 2003 in Kotor, pursuant to Article 12 of the Statute of the Association, the Assembly adopted the following:

S T A T U T E
OF THE SHIPMASTERS’ ASSOCIATION OF MONTENEGRO

The Shipmasters’ Association of Montenegro as association of citizens (hereinafter: the Association) shall be a voluntary organization founded by oceangoing shipmasters.

This Statute shall determine goals of the Association and manner for achieving them, name and headquarters, bodies of the Association, representation and presentation, assets acquisition and disposition, and similar.

The Association shall be established for the purpose of:
- improving and developing maritime industry,
- having impact on educational system and acquisition of adequate titles,
- preserving the tradition of shipmasters,
- connection with individuals and associations of other countries,
- solidarity,
- jointly achieving the status of shipmaster in social and economic relations,
- organizing professional seminars,
- cooperation with other associations and institutions from the maritime area,
- organizing social life,
- publishing magazines and professional literature.

The headquarters of the Association shall be in Kotor, the Njegoseva Street No 1.

The Association shall have a trademark, the contents of which shall be determined by the Assembly of the Association.

In legal transactions, the Association shall use a stamp with the name of the Association.

Work of the Association shall be public.
The public shall be informed on the work of the Association through maritime professional magazines, the Association’s bulletin, daily newspapers, radio and televisions.
The public shall be informed on financial operations through maritime professional magazines, daily newspapers and the Association’s bulletin.

The Association shall have the status of a legal entity with rights, obligations and responsibilities determined by the Constitution, Law, this Statute and other legal acts of the Association.

The Assembly shall consist of all oceangoing shipmasters who are members of the Association.
Full members of the Association shall be persons who passed the examination for oceangoing shipmasters and who regularly meet their obligations prescribed by this Statute. A member of the Association who does not meet his obligations within the two-year-period shall lose a voting right. The Managing Board shall be obligated to timely inform a member who does not meet his obligations.
The Assembly may be convened by the President of the Association, more than half of the members of the Managing Board or minimum 25% of members of the Association.

In order to perform certain executive functions, the Assembly shall form the Managing Board to manage, among the rest, finances of the Association.
The Managing Board shall appoint a Secretary and its deputy who shall carry out material and financial operations with consent of the President of the Association.
This member may participate in work of the Managing Board, and vote in case a required quorum is not attained.
The Managing Board may form standing and ad hock commissions for the purpose of implementing activities of the Association.

The Managing Board shall consist of the President, 12 members and 3 reserve members appointed for the two-year-period with the possibility of reelection. The President of the Association shall be at the same time the President of the Assembly and Managing Board.
In selection of members, attention shall be paid to the structure of the members of the Managing Board, with respect to:
- Actively employed – in ships,

The Managing Board shall make decisions on its meetings. The Managing Board may adopt valid decisions if the meeting is attended by at least 7 members.
Decisions are adopted by a public voting by majority of present members.
For its work, the Managing Board shall be accountable to the Assembly of the Association.

The Managing Board shall be a collective executive body of the Assembly of the Association that manages the work of the Association between two assemblies with all members having equal rights and responsibilities for the entire work of the Managing Board, who are directly engaged in achieving the policy goals determined by the Assembly of the Association, and make decisions on all issues within their competency pursuant to the Statute and regulations.

The Assembly shall be presented and represented by the President of the Association, who is at the same time the President of the Assembly and the Managing Board.
In case of his absence, the Managing Board shall appoint another member of the Managing Board who shall replace him.

Regulation of the Assembly shall regulate the manner of work and decision-making process of the Assembly.

Honoured members of the Association may be citizens and foreign citizens who significantly contributed to the navigation development, reputation of oceangoing shipmasters and operations of this Association. The Assembly shall elect honoured members of the Assembly of the Association.

A person shall become a member of the Association by completing and signing application form for admission to the Association, upon having reviewed the Statute of the Association.

To implement the Statute of the Association
To work on accomplishment of goals and tasks of the Association,
To implement decisions and conclusions of the Association,
To regularly pay the membership fee.

Membership in the Association shall cease by voluntary resignation, decision of the Assembly, and decision of the Assembly at the suggestion of the Managing Board or the Court of Honour.

The Association may be a member of the Republic, Federal and international organizations related to navigation area, to be decided by the Assembly of the Association by majority vote of present members at the suggestion of the Managing Board.

The Assembly of the Association shall establish the Court of Honour consisting of at least three oceangoing shipmasters and 2 reserve members.
The Managing Board shall adopt the Book of Rules on Competencies and Work of the Court of Honour.

The Court of Honour shall work on protection of reputation and honour of the Association and adopt conclusions on its members’ actions that may compromise the honour and reputation of the Association.
The Court of Honour shall also consider materials in case of dispute between some members of the Association.
The Court of Honour shall submit its conclusions and suggestions to the Managing Board that can, if needed, forward the case to the Assembly, and make a final decision thereon.

The Association shall terminate its work by a decision of the Assembly adopted by majority vote of present members.
The Association shall terminate its work if requirements prescribed by law are met.

In case of termination of the Association’s work, all immovable property of the Association, depending on type, shall be transferred to the Maritime High School in Kotor, Maritime Museum of Kotor and Archive of Kotor. Financial funds shall be allocated to the fund for awarding the best student of the Maritime High School.

The Association shall be financed from its membership fee, voluntary donations, gifts, endowments of domestic and foreign legal entities and physical persons and other sources.

The Managing Board of the Association may give initiative for amendments to the Statute.
The initiative for amendments to the Statute shall be submitted to the Assembly of the Association.
Decision on amendments to the Statute shall be made by the Assembly of the Association if majority of present members decides so.

Article 32

Holiday of the Association shall be the 19th of December, the Saint Nicola’s Day.

Other legal documents and amendments, if needed, shall be adopted within 6 months upon the effective day of this Statute.