{"id":6353,"date":"2026-09-02T14:21:30","date_gmt":"2026-09-02T12:21:30","guid":{"rendered":"https:\/\/www.norban.no\/?page_id=6353"},"modified":"2026-09-02T19:33:52","modified_gmt":"2026-09-02T17:33:52","slug":"glossary","status":"publish","type":"page","link":"https:\/\/www.norban.no\/en\/knowledge\/glossary\/","title":{"rendered":"Glossary"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"6353\" class=\"elementor elementor-6353\" data-elementor-post-type=\"page\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-9bf1249 elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"9bf1249\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;,&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-1f7feaa\" data-id=\"1f7feaa\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4d11792 elementor-widget elementor-widget-heading\" data-id=\"4d11792\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Glossary<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-289fb5e elementor-widget elementor-widget-text-editor\" data-id=\"289fb5e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Norwegian and English, side by side.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-011dbdb elementor-widget elementor-widget-shortcode\" data-id=\"011dbdb\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"shortcode.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-shortcode\"><div class=\"kb-glossary\"><nav class=\"kb-glossary__nav\" aria-label=\"Glossary letters\"><ul><li><a href=\"#kb-letter-a\">A<\/a><\/li><li><a href=\"#kb-letter-b\">B<\/a><\/li><li><a href=\"#kb-letter-c\">C<\/a><\/li><li><a href=\"#kb-letter-d\">D<\/a><\/li><li><a href=\"#kb-letter-e\">E<\/a><\/li><li><a href=\"#kb-letter-f\">F<\/a><\/li><li><a href=\"#kb-letter-g\">G<\/a><\/li><li><a href=\"#kb-letter-h\">H<\/a><\/li><li><a href=\"#kb-letter-l\">L<\/a><\/li><li><a href=\"#kb-letter-m\">M<\/a><\/li><li><a href=\"#kb-letter-p\">P<\/a><\/li><li><a href=\"#kb-letter-r\">R<\/a><\/li><li><a href=\"#kb-letter-s\">S<\/a><\/li><li><a href=\"#kb-letter-t\">T<\/a><\/li><li><a href=\"#kb-letter-v\">V<\/a><\/li><li><a href=\"#kb-letter-w\">W<\/a><\/li><\/ul><\/nav><section class=\"kb-glossary__group\" id=\"kb-letter-a\"><h2 class=\"kb-glossary__letter\">A<\/h2><dl class=\"kb-glossary__list\"><dt class=\"kb-glossary__term\" id=\"vedtekter\"><span class=\"kb-glossary__en\">articles of association<\/span> <span class=\"kb-glossary__no\" lang=\"no\">vedtekter<\/span><\/dt><dd class=\"kb-glossary__definition\"><p>The company's constitutional document, registered and public, setting the share capital, any share classes and any transfer restrictions departing from the statutory defaults. Amending it needs two thirds of both the votes cast and the capital represented at the general meeting. Unlike a shareholders' agreement, it binds the organs and every successive shareholder.<\/p>\n<p class=\"kb-glossary__more\"><a href=\"https:\/\/www.norban.no\/knowledge\/fundraising\/company-housekeeping-before-you-raise\/\">Read the article<\/a><\/p><\/dd><\/dl><\/section><section class=\"kb-glossary__group\" id=\"kb-letter-b\"><h2 class=\"kb-glossary__letter\">B<\/h2><dl class=\"kb-glossary__list\"><dt class=\"kb-glossary__term\" id=\"konkurs\"><span class=\"kb-glossary__en\">bankruptcy<\/span> <span class=\"kb-glossary__no\" lang=\"no\">konkurs<\/span><\/dt><dd class=\"kb-glossary__definition\"><p>Insolvency proceedings opened when a company cannot pay its debts as they fall due. The estate is distributed to creditors in the statutory order of priority; shareholders rank behind every creditor and in practice recover nothing.<\/p>\n<p class=\"kb-glossary__more\"><a href=\"https:\/\/www.norban.no\/knowledge\/investing\/exit-routes-for-norwegian-angels\/\">Read the article<\/a><\/p><\/dd><dt class=\"kb-glossary__term\" id=\"styreprotokoll\"><span class=\"kb-glossary__en\">board minutes<\/span> <span class=\"kb-glossary__no\" lang=\"no\">styreprotokoll<\/span><\/dt><dd class=\"kb-glossary__definition\"><p>The mandatory written record of a board's proceedings: when and where the meeting was held, who took part and how it was conducted, what was decided, and any dissent a member asks to have recorded. It is signed by all members who took part.<\/p>\n<p class=\"kb-glossary__more\"><a href=\"https:\/\/www.norban.no\/knowledge\/fundraising\/company-housekeeping-before-you-raise\/\">Read the article<\/a><\/p><\/dd><dt class=\"kb-glossary__term\" id=\"forretningsengel\"><span class=\"kb-glossary__en\">business angel<\/span> <span class=\"kb-glossary__no\" lang=\"no\">forretningsengel<\/span><\/dt><dd class=\"kb-glossary__definition\"><p>A private individual who invests personal capital in early-stage companies in exchange for shares, alone or alongside others in a syndicate. The money is the individual's own, which is what separates an angel from a manager investing a fund on behalf of others.<\/p>\n<p class=\"kb-glossary__more\"><a href=\"https:\/\/www.norban.no\/knowledge\/investing\/angel-investing-what-returns-look-like\/\">Read the article<\/a><\/p><\/dd><dt class=\"kb-glossary__term\" id=\"forretningsmodell\"><span class=\"kb-glossary__en\">business model<\/span> <span class=\"kb-glossary__no\" lang=\"no\">forretningsmodell<\/span><\/dt><dd class=\"kb-glossary__definition\"><p>How a company creates value, delivers it and is paid for it: who the customer is, what is charged, and how the cost of serving one more customer behaves as volume grows. Recognisable models carry their own metrics, comparables and characteristic failure modes.<\/p>\n<p class=\"kb-glossary__more\"><a href=\"https:\/\/www.norban.no\/knowledge\/fundraising\/business-models-investors-understand\/\">Read the article<\/a><\/p><\/dd><\/dl><\/section><section class=\"kb-glossary__group\" id=\"kb-letter-c\"><h2 class=\"kb-glossary__letter\">C<\/h2><dl class=\"kb-glossary__list\"><dt class=\"kb-glossary__term\" id=\"kapitalforhoyelse\"><span class=\"kb-glossary__en\">capital increase<\/span> <span class=\"kb-glossary__no\" lang=\"no\">kapitalforh\u00f8yelse<\/span><\/dt><dd class=\"kb-glossary__definition\"><p>The corporate procedure that raises a company's share capital by issuing new shares: board proposal, a general meeting resolution by two-thirds majority, subscription, payment, and notification to the Register of Business Enterprises within three months of the subscription deadline, or the resolution lapses.<\/p>\n<p class=\"kb-glossary__more\"><a href=\"https:\/\/www.norban.no\/knowledge\/fundraising\/closing-a-round-in-norway\/\">Read the article<\/a><\/p><\/dd><dt class=\"kb-glossary__term\" id=\"aksjeloven\"><span class=\"kb-glossary__en\">Companies Act<\/span> <span class=\"kb-glossary__no\" lang=\"no\">aksjeloven<\/span><\/dt><dd class=\"kb-glossary__definition\"><p>The Norwegian statute governing private limited companies: the organs, the share capital and the procedures that change it, the transfer of shares, and the duties of the board. Its rules are the default position that every shareholders' agreement is written against.<\/p>\n<p class=\"kb-glossary__more\"><a href=\"https:\/\/www.norban.no\/knowledge\/investing\/norwegian-company-law-essentials\/\">Read the article<\/a><\/p><\/dd><dt class=\"kb-glossary__term\" id=\"firmaattest\"><span class=\"kb-glossary__en\">company certificate<\/span> <span class=\"kb-glossary__no\" lang=\"no\">firmaattest<\/span><\/dt><dd class=\"kb-glossary__definition\"><p>The certificate issued by the Register of Business Enterprises showing that a company is registered, its share capital, its board, and who may sign on its behalf. It states the position on the date of issue, so it is ordered fresh when it is needed.<\/p>\n<p class=\"kb-glossary__more\"><a href=\"https:\/\/www.norban.no\/knowledge\/fundraising\/the-data-room-complete-contents-checklist\/\">Read the article<\/a><\/p><\/dd><dt class=\"kb-glossary__term\" id=\"konvertibelt-lan\"><span class=\"kb-glossary__en\">convertible loan<\/span> <span class=\"kb-glossary__no\" lang=\"no\">konvertibelt l\u00e5n<\/span><\/dt><dd class=\"kb-glossary__definition\"><p>A loan carrying a right to have shares issued instead of being repaid, converting at the next priced round, usually at a discount or under a valuation cap. The Companies Act provides for it directly, and the general meeting resolves it by a two-thirds majority.<\/p>\n<p class=\"kb-glossary__more\"><a href=\"https:\/\/www.norban.no\/knowledge\/fundraising\/pricing-the-round-or-deferring-it\/\">Read the article<\/a><\/p><\/dd><\/dl><\/section><section class=\"kb-glossary__group\" id=\"kb-letter-d\"><h2 class=\"kb-glossary__letter\">D<\/h2><dl class=\"kb-glossary__list\"><dt class=\"kb-glossary__term\" id=\"datarom\"><span class=\"kb-glossary__en\">data room<\/span> <span class=\"kb-glossary__no\" lang=\"no\">datarom<\/span><\/dt><dd class=\"kb-glossary__definition\"><p>The organised set of documents a company makes available for verification during a financing, usually one folder per checklist category. Access is controlled, and the structure normally mirrors the investor's request list so that an item and its documents share an address.<\/p>\n<p class=\"kb-glossary__more\"><a href=\"https:\/\/www.norban.no\/knowledge\/fundraising\/the-data-room-complete-contents-checklist\/\">Read the article<\/a><\/p><\/dd><dt class=\"kb-glossary__term\" id=\"utvanning\"><span class=\"kb-glossary__en\">dilution<\/span> <span class=\"kb-glossary__no\" lang=\"no\">utvanning<\/span><\/dt><dd class=\"kb-glossary__definition\"><p>The reduction in an existing shareholder's percentage when a company issues new shares. A round of ten million into a company priced at twenty million pre-money leaves the incoming investors holding ten of thirty, and every earlier holding at two thirds of its former size.<\/p>\n<p class=\"kb-glossary__more\"><a href=\"https:\/\/www.norban.no\/knowledge\/investing\/early-stage-valuation-how-a-price-is-reached\/\">Read the article<\/a><\/p><\/dd><dt class=\"kb-glossary__term\" id=\"medsalgsplikt\"><span class=\"kb-glossary__en\">drag-along<\/span> <span class=\"kb-glossary__no\" lang=\"no\">medsalgsplikt<\/span><\/dt><dd class=\"kb-glossary__definition\"><p>An obligation on minority shareholders to join a sale of the company approved by a defined majority, so that a buyer can acquire all the shares. The Companies Act contains no such rule; it exists only where it has been written into an agreement or the articles.<\/p>\n<p class=\"kb-glossary__more\"><a href=\"https:\/\/www.norban.no\/knowledge\/investing\/the-term-sheet-clause-by-clause\/\">Read the article<\/a><\/p><\/dd><dt class=\"kb-glossary__term\" id=\"selskapsgjennomgang\"><span class=\"kb-glossary__en\">due diligence<\/span> <span class=\"kb-glossary__no\" lang=\"no\">selskapsgjennomgang<\/span><\/dt><dd class=\"kb-glossary__definition\"><p>The verification of what a company has said about itself before an investment completes, run as commercial, financial, legal and technical workstreams. It confirms that the account given in the pitch, the meetings and the model is true, complete and documented.<\/p>\n<p class=\"kb-glossary__more\"><a href=\"https:\/\/www.norban.no\/knowledge\/investing\/due-diligence-how-much-is-enough\/\">Read the article<\/a><\/p><\/dd><\/dl><\/section><section class=\"kb-glossary__group\" id=\"kb-letter-e\"><h2 class=\"kb-glossary__letter\">E<\/h2><dl class=\"kb-glossary__list\"><dt class=\"kb-glossary__term\" id=\"arbeidsgiveravgift\"><span class=\"kb-glossary__en\">employer&#039;s national insurance contributions<\/span> <span class=\"kb-glossary__no\" lang=\"no\">arbeidsgiveravgift<\/span><\/dt><dd class=\"kb-glossary__definition\"><p>A payroll charge the employer pays on top of salary, holiday pay and pension contributions. The rate depends on the zone in which the enterprise is registered, so the same salary costs a company in Oslo more than one in the far north.<\/p>\n<p class=\"kb-glossary__more\"><a href=\"https:\/\/www.norban.no\/knowledge\/fundraising\/the-financial-model-investors-expect\/\">Read the article<\/a><\/p><\/dd><dt class=\"kb-glossary__term\" id=\"folkefinansiering\"><span class=\"kb-glossary__en\">equity crowdfunding<\/span> <span class=\"kb-glossary__no\" lang=\"no\">folkefinansiering<\/span><\/dt><dd class=\"kb-glossary__definition\"><p>Raising capital by selling shares to many small investors through an online platform. It reaches the same early stage as angel investment, but the company ends with a large number of passive holders and no experienced investor at the table.<\/p>\n<p class=\"kb-glossary__more\"><a href=\"https:\/\/www.norban.no\/knowledge\/investing\/angel-investing-what-returns-look-like\/\">Read the article<\/a><\/p><\/dd><\/dl><\/section><section class=\"kb-glossary__group\" id=\"kb-letter-f\"><h2 class=\"kb-glossary__letter\">F<\/h2><dl class=\"kb-glossary__list\"><dt class=\"kb-glossary__term\" id=\"finansmodell\"><span class=\"kb-glossary__en\">financial model<\/span> <span class=\"kb-glossary__no\" lang=\"no\">finansmodell<\/span><\/dt><dd class=\"kb-glossary__definition\"><p>The spreadsheet setting out how a company expects revenue and cost to develop, built from drivers rather than from a growth percentage. At seed stage it is read for the reasoning it exposes about what drives the business, not for the year-five number.<\/p>\n<p class=\"kb-glossary__more\"><a href=\"https:\/\/www.norban.no\/knowledge\/fundraising\/the-financial-model-investors-expect\/\">Read the article<\/a><\/p><\/dd><\/dl><\/section><section class=\"kb-glossary__group\" id=\"kb-letter-g\"><h2 class=\"kb-glossary__letter\">G<\/h2><dl class=\"kb-glossary__list\"><dt class=\"kb-glossary__term\" id=\"generalforsamling\"><span class=\"kb-glossary__en\">general meeting<\/span> <span class=\"kb-glossary__no\" lang=\"no\">generalforsamling<\/span><\/dt><dd class=\"kb-glossary__definition\"><p>The shareholders' decision-making organ. Ordinary decisions need more than half of the votes cast; amending the articles, resolving a capital increase and setting aside pre-emptive rights need two thirds of both the votes cast and the capital represented at the meeting.<\/p>\n<p class=\"kb-glossary__more\"><a href=\"https:\/\/www.norban.no\/knowledge\/investing\/norwegian-company-law-essentials\/\">Read the article<\/a><\/p><\/dd><\/dl><\/section><section class=\"kb-glossary__group\" id=\"kb-letter-h\"><h2 class=\"kb-glossary__letter\">H<\/h2><dl class=\"kb-glossary__list\"><dt class=\"kb-glossary__term\" id=\"holdingselskap\"><span class=\"kb-glossary__en\">holding company<\/span> <span class=\"kb-glossary__no\" lang=\"no\">holdingselskap<\/span><\/dt><dd class=\"kb-glossary__definition\"><p>A company whose purpose is to hold shares in other companies. Norwegian investors commonly hold portfolio shares through one, which means a sale of the holding company moves economic ownership without touching the portfolio company's own transfer restrictions.<\/p>\n<p class=\"kb-glossary__more\"><a href=\"https:\/\/www.norban.no\/knowledge\/fundraising\/raising-from-international-investors\/\">Read the article<\/a><\/p><\/dd><dt class=\"kb-glossary__term\" id=\"feriepenger\"><span class=\"kb-glossary__en\">holiday pay<\/span> <span class=\"kb-glossary__no\" lang=\"no\">feriepenger<\/span><\/dt><dd class=\"kb-glossary__definition\"><p>Pay earned in one year for holiday taken in the next, calculated as a statutory percentage of that year's salary, with a higher percentage where a longer holiday is agreed. It accrues as a liability in the year it is earned and is paid out the following year.<\/p>\n<p class=\"kb-glossary__more\"><a href=\"https:\/\/www.norban.no\/knowledge\/fundraising\/the-financial-model-investors-expect\/\">Read the article<\/a><\/p><\/dd><\/dl><\/section><section class=\"kb-glossary__group\" id=\"kb-letter-l\"><h2 class=\"kb-glossary__letter\">L<\/h2><dl class=\"kb-glossary__list\"><dt class=\"kb-glossary__term\" id=\"likvidasjonspreferanse\"><span class=\"kb-glossary__en\">liquidation preference<\/span> <span class=\"kb-glossary__no\" lang=\"no\">likvidasjonspreferanse<\/span><\/dt><dd class=\"kb-glossary__definition\"><p>A contractual right to be paid first, and up to a stated amount, out of the proceeds when a company is sold or wound up. One times the investment, non-participating, is the European early-stage norm; a modest exit can be consumed entirely by the preference stack.<\/p>\n<p class=\"kb-glossary__more\"><a href=\"https:\/\/www.norban.no\/knowledge\/investing\/the-term-sheet-clause-by-clause\/\">Read the article<\/a><\/p><\/dd><\/dl><\/section><section class=\"kb-glossary__group\" id=\"kb-letter-m\"><h2 class=\"kb-glossary__letter\">M<\/h2><dl class=\"kb-glossary__list\"><dt class=\"kb-glossary__term\" id=\"obligatorisk-tjenestepensjon\"><span class=\"kb-glossary__en\">mandatory occupational pension<\/span> <span class=\"kb-glossary__no\" lang=\"no\">obligatorisk tjenestepensjon<\/span><\/dt><dd class=\"kb-glossary__definition\"><p>The pension saving an employer within the scheme's scope must make for its employees, set as a minimum percentage of income from the first krone. It is a payroll cost from the first employee, and employer's national insurance contributions are charged on it as well.<\/p>\n<p class=\"kb-glossary__more\"><a href=\"https:\/\/www.norban.no\/knowledge\/fundraising\/the-financial-model-investors-expect\/\">Read the article<\/a><\/p><\/dd><\/dl><\/section><section class=\"kb-glossary__group\" id=\"kb-letter-p\"><h2 class=\"kb-glossary__letter\">P<\/h2><dl class=\"kb-glossary__list\"><dt class=\"kb-glossary__term\" id=\"pitchpresentasjon\"><span class=\"kb-glossary__en\">pitch deck<\/span> <span class=\"kb-glossary__no\" lang=\"no\">pitchpresentasjon<\/span><\/dt><dd class=\"kb-glossary__definition\"><p>The short slide document a company uses to present an investment opportunity. Every slide asserts something that is either evidenced, checkable later, or decorative, and an investor reading it is sorting the three rather than being persuaded.<\/p>\n<p class=\"kb-glossary__more\"><a href=\"https:\/\/www.norban.no\/knowledge\/fundraising\/the-pitch-deck-what-each-slide-has-to-answer\/\">Read the article<\/a><\/p><\/dd><dt class=\"kb-glossary__term\" id=\"forkjopsrett\"><span class=\"kb-glossary__en\">pre-emption right<\/span> <span class=\"kb-glossary__no\" lang=\"no\">forkj\u00f8psrett<\/span><\/dt><dd class=\"kb-glossary__definition\"><p>The right of the other shareholders to take over shares that change hands. Under the Companies Act it is a default that triggers only once a transfer has been agreed, and must be exercised within two months; agreements and articles commonly convert it into an offer-first right.<\/p>\n<p class=\"kb-glossary__more\"><a href=\"https:\/\/www.norban.no\/knowledge\/investing\/norwegian-company-law-essentials\/\">Read the article<\/a><\/p><\/dd><\/dl><\/section><section class=\"kb-glossary__group\" id=\"kb-letter-r\"><h2 class=\"kb-glossary__letter\">R<\/h2><dl class=\"kb-glossary__list\"><dt class=\"kb-glossary__term\" id=\"innlosning\"><span class=\"kb-glossary__en\">redemption<\/span> <span class=\"kb-glossary__no\" lang=\"no\">innl\u00f8sning<\/span><\/dt><dd class=\"kb-glossary__definition\"><p>The company or the other shareholders taking over a shareholder's shares against payment, rather than the shares being sold to an outside buyer. Where the Companies Act prices such a transfer it uses the shares' actual value; agreements often substitute a pre-agreed formula.<\/p>\n<p class=\"kb-glossary__more\"><a href=\"https:\/\/www.norban.no\/knowledge\/investing\/aksjonaravtale-clause-by-clause\/\">Read the article<\/a><\/p><\/dd><dt class=\"kb-glossary__term\" id=\"foretaksregisteret\"><span class=\"kb-glossary__en\">Register of Business Enterprises<\/span> <span class=\"kb-glossary__no\" lang=\"no\">Foretaksregisteret<\/span><\/dt><dd class=\"kb-glossary__definition\"><p>The Br\u00f8nn\u00f8ysund register holding the public record of Norwegian companies: share capital, articles of association, board and signature rights. Registrable changes are notified through Altinn, and new shares carry shareholder rights from the moment the capital increase is registered.<\/p>\n<p class=\"kb-glossary__more\"><a href=\"https:\/\/www.norban.no\/knowledge\/fundraising\/company-housekeeping-before-you-raise\/\">Read the article<\/a><\/p><\/dd><\/dl><\/section><section class=\"kb-glossary__group\" id=\"kb-letter-s\"><h2 class=\"kb-glossary__letter\">S<\/h2><dl class=\"kb-glossary__list\"><dt class=\"kb-glossary__term\" id=\"kjopsloven\"><span class=\"kb-glossary__en\">Sale of Goods Act<\/span> <span class=\"kb-glossary__no\" lang=\"no\">kj\u00f8psloven<\/span><\/dt><dd class=\"kb-glossary__definition\"><p>The Norwegian statute governing purchases. It covers the purchase of existing shares and gives the buyer remedies against the seller: a duty to complain in reasonable time, price reduction, damages, and rescission for a material defect. Subscribing for new shares is not a purchase and falls outside it.<\/p>\n<p class=\"kb-glossary__more\"><a href=\"https:\/\/www.norban.no\/knowledge\/investing\/tegningsavtale-og-aksjekjopsavtale\/\">Read the article<\/a><\/p><\/dd><dt class=\"kb-glossary__term\" id=\"sakorn\"><span class=\"kb-glossary__en\">seed<\/span> <span class=\"kb-glossary__no\" lang=\"no\">s\u00e5korn<\/span><\/dt><dd class=\"kb-glossary__definition\"><p>The financing stage after friends and family and before an institutional round, when a company has been incorporated and has a product or a first customer but not yet the evidence a venture fund requires. It is the stage at which angel investment typically arrives.<\/p>\n<p class=\"kb-glossary__more\"><a href=\"https:\/\/www.norban.no\/knowledge\/investing\/angel-investing-what-returns-look-like\/\">Read the article<\/a><\/p><\/dd><dt class=\"kb-glossary__term\" id=\"emisjon\"><span class=\"kb-glossary__en\">share issue<\/span> <span class=\"kb-glossary__no\" lang=\"no\">emisjon<\/span><\/dt><dd class=\"kb-glossary__definition\"><p>The issue of new shares against payment, resolved by the general meeting or by the board under an authorisation. It is how an investment round puts capital into the company, as distinct from buying shares from an existing holder.<\/p>\n<p class=\"kb-glossary__more\"><a href=\"https:\/\/www.norban.no\/knowledge\/investing\/norwegian-company-law-essentials\/\">Read the article<\/a><\/p><\/dd><dt class=\"kb-glossary__term\" id=\"aksjekjopsavtale\"><span class=\"kb-glossary__en\">share purchase agreement<\/span> <span class=\"kb-glossary__no\" lang=\"no\">aksjekj\u00f8psavtale<\/span><\/dt><dd class=\"kb-glossary__definition\"><p>The contract by which existing shares pass from a seller to a buyer. Because it is a purchase, the Sale of Goods Act applies alongside the agreement, so the buyer holds statutory remedies against the seller, including rescission where a defect is material.<\/p>\n<p class=\"kb-glossary__more\"><a href=\"https:\/\/www.norban.no\/knowledge\/investing\/tegningsavtale-og-aksjekjopsavtale\/\">Read the article<\/a><\/p><\/dd><dt class=\"kb-glossary__term\" id=\"aksjeeierbok\"><span class=\"kb-glossary__en\">share register<\/span> <span class=\"kb-glossary__no\" lang=\"no\">aksjeeierbok<\/span><\/dt><dd class=\"kb-glossary__definition\"><p>Every Norwegian private limited company keeps a register of its shareholders, recording each holder's name, address and shareholding, and the board is responsible for it. Anyone may demand access to it under the Companies Act, so it is not a company-internal document.<\/p>\n<p class=\"kb-glossary__more\"><a href=\"https:\/\/www.norban.no\/knowledge\/fundraising\/company-housekeeping-before-you-raise\/\">Read the article<\/a><\/p><\/dd><dt class=\"kb-glossary__term\" id=\"aksjonaravtale\"><span class=\"kb-glossary__en\">shareholders&#039; agreement<\/span> <span class=\"kb-glossary__no\" lang=\"no\">aksjon\u00e6ravtale<\/span><\/dt><dd class=\"kb-glossary__definition\"><p>A contract between the shareholders of a company covering transfer restrictions, board seats, information rights, founder commitments and exit mechanics. The Companies Act does not regulate it, and it binds only its parties, so a new shareholder is bound only on acceding to it.<\/p>\n<p class=\"kb-glossary__more\"><a href=\"https:\/\/www.norban.no\/knowledge\/investing\/aksjonaravtale-clause-by-clause\/\">Read the article<\/a><\/p><\/dd><dt class=\"kb-glossary__term\" id=\"tegningsavtale\"><span class=\"kb-glossary__en\">subscription agreement<\/span> <span class=\"kb-glossary__no\" lang=\"no\">tegningsavtale<\/span><\/dt><dd class=\"kb-glossary__definition\"><p>The contract around a share issue, setting out the round, the conditions to subscription, the corporate steps the company undertakes to complete, the payment mechanics and the warranties given. It sits alongside the corporate act of issuing shares and cannot replace it.<\/p>\n<p class=\"kb-glossary__more\"><a href=\"https:\/\/www.norban.no\/knowledge\/investing\/tegningsavtale-og-aksjekjopsavtale\/\">Read the article<\/a><\/p><\/dd><dt class=\"kb-glossary__term\" id=\"emisjonskurs\"><span class=\"kb-glossary__en\">subscription price<\/span> <span class=\"kb-glossary__no\" lang=\"no\">emisjonskurs<\/span><\/dt><dd class=\"kb-glossary__definition\"><p>The price per share at which new shares are subscribed in a share issue, called tegningskurs in the statute. It follows from the pre-money valuation divided by the shares already issued, and the general meeting resolution must state it.<\/p>\n<p class=\"kb-glossary__more\"><a href=\"https:\/\/www.norban.no\/knowledge\/investing\/early-stage-valuation-how-a-price-is-reached\/\">Read the article<\/a><\/p><\/dd><\/dl><\/section><section class=\"kb-glossary__group\" id=\"kb-letter-t\"><h2 class=\"kb-glossary__letter\">T<\/h2><dl class=\"kb-glossary__list\"><dt class=\"kb-glossary__term\" id=\"medsalgsrett\"><span class=\"kb-glossary__en\">tag-along<\/span> <span class=\"kb-glossary__no\" lang=\"no\">medsalgsrett<\/span><\/dt><dd class=\"kb-glossary__definition\"><p>A right for minority shareholders to sell on the same terms when a majority holder sells. The Companies Act contains no such rule; without it in an agreement or the articles, a majority can sell itself out and leave the minority behind a new controlling owner.<\/p>\n<p class=\"kb-glossary__more\"><a href=\"https:\/\/www.norban.no\/knowledge\/investing\/the-term-sheet-clause-by-clause\/\">Read the article<\/a><\/p><\/dd><dt class=\"kb-glossary__term\" id=\"styret\"><span class=\"kb-glossary__en\">the board<\/span> <span class=\"kb-glossary__no\" lang=\"no\">styret<\/span><\/dt><dd class=\"kb-glossary__definition\"><p>The organ that manages a Norwegian company. It answers for sound organisation, for plans and budgets, for keeping itself informed of the financial position and for adequate control systems, and it supervises day-to-day management. The general meeting elects it.<\/p>\n<p class=\"kb-glossary__more\"><a href=\"https:\/\/www.norban.no\/knowledge\/investing\/norwegian-company-law-essentials\/\">Read the article<\/a><\/p><\/dd><\/dl><\/section><section class=\"kb-glossary__group\" id=\"kb-letter-v\"><h2 class=\"kb-glossary__letter\">V<\/h2><dl class=\"kb-glossary__list\"><dt class=\"kb-glossary__term\" id=\"verdsettelse\"><span class=\"kb-glossary__en\">valuation<\/span> <span class=\"kb-glossary__no\" lang=\"no\">verdsettelse<\/span><\/dt><dd class=\"kb-glossary__definition\"><p>The price put on a company before an investment, stated pre-money and used to derive the price per share. At the early stage there is little to measure, so the figure is a negotiated view of the stage reached, the team, and what the next round will bear.<\/p>\n<p class=\"kb-glossary__more\"><a href=\"https:\/\/www.norban.no\/knowledge\/investing\/early-stage-valuation-how-a-price-is-reached\/\">Read the article<\/a><\/p><\/dd><\/dl><\/section><section class=\"kb-glossary__group\" id=\"kb-letter-w\"><h2 class=\"kb-glossary__letter\">W<\/h2><dl class=\"kb-glossary__list\"><dt class=\"kb-glossary__term\" id=\"avvikling\"><span class=\"kb-glossary__en\">winding-up<\/span> <span class=\"kb-glossary__no\" lang=\"no\">avvikling<\/span><\/dt><dd class=\"kb-glossary__definition\"><p>The solvent closing of a company. The general meeting resolves it by a two-thirds majority, creditors are notified through the Register of Business Enterprises, and only what remains after every creditor is covered is distributed to the shareholders.<\/p>\n<p class=\"kb-glossary__more\"><a href=\"https:\/\/www.norban.no\/knowledge\/investing\/exit-routes-for-norwegian-angels\/\">Read the article<\/a><\/p><\/dd><\/dl><\/section><\/div><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Glossary Every Norwegian legal, financial and process term used across the knowledge base, with its English equivalent and a short definition. 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