Volume 109, Issue 42
Royal Gazette
8 April 2535
Section111.A foundation must have the articles of incorporation and must have its own board of at least three directors for the operation of its affairs according to the law and its articles of incorporation.
Section112.The articles of incorporation of a foundation must at least contain the following items:
(1)the name of the foundation;
(2)the purposes of the foundation;
(3)the location of the headquarters and the locations of all branch offices;
(4)the property of the foundation at the time of its establishment;
(5)articles relating to the board of directors of the foundation, including the number of the directors, the appointment of directors, the terms of office of the directors, the vacation of office by the directors, and the meetings of the board of directors;
(6)articles relating to the management of the foundation, the management of its property, and its accountancy.
Section113.A foundation must be titled using the term munnithi[1] in conjunction with the name of the foundation.
Section114.To apply for registration of a foundation, the applicant for establishment of the foundation shall file a written application with a registrar of the locality where the foundation will be headquartered. The application must at least specify the owners and items of property to be allocated for the foundation and a list of the names, addresses, and occupations of all the persons who are to become its directors, attached with its articles of incorporation also.
Section115.When the registrar has received the application and finds that the application is correct according to section 114, the articles of incorporation are correct according to section 112, the purposes are in line with section 110 and are not contrary to the law or public good morals or not harmful to public peace or state security, the items contained in the application or articles of incorporation are in line with the purposes of the foundation, and the persons to become the directors of the foundation are of the standing and behaviour suitable for the fulfilment of the purposes of the foundation, the registrar shall grant the registration and issue a certificate of registration to the foundation and publish the establishment of the foundation in the Royal Gazette.
If the registrar finds that the application or articles of incorporation are not correct according to section 114 or section 112, the items contained in the application or articles of incorporation are not in line with the purposes of the foundation, or the persons to become the directors of the foundation are not of the standing and behaviour suitable for the fulfilment of the purposes of the foundation, he shall
