Volume 109, Issue 42
Royal Gazette
8 April 2535
Section121.Once a foundation has been registered, if the applicant for its establishment is still alive, the property allocated for it shall belong to it from the day the registrar grants its registration onwards.
In the event that the applicant for establishment of a foundation dies before the registrar grants its registration, once the foundation has been registered, the property allocated for it shall belong to it from the time of the death of the applicant for its establishment.
Section122.A foundation becomes a juristic person upon having been registered.
Section123.The board of directors of a foundation represents the foundation in its affairs relating to a third person.
Section124.All affairs carried out by the board of directors of a foundation remain valid, although it later appears that there was an imperfection relating to the appointment or qualification of a director of the foundation.
Section125.Establishing the whole board of directors of a foundation anew or changing a director of a foundation shall conform to the articles of incorporation of the foundation, and the foundation must have it registered within thirty days from the day of the establishment or change.
If the registrar finds that any of the directors under paragraph 1 is of the standing or behaviour unsuitable for the fulfilment of the purposes of the foundation, the registrar may refuse to grant registration for such director. In the event that the registrar refuses to grant registration for a director, the registrar must notify the foundation of the reasons for the refusal within sixty days from the day of the application for registration, and the stipulations of section 115, paragraph 4 and paragraph 5, shall apply mutatis mutandis.
In the event that directors of a foundation have vacated their office and no director is left for the foundation or the remaining directors are unable to execute their duties, if the performance of their duties is not otherwise designated by the articles of incorporation of the foundation, the directors who have vacated office shall continue to act as directors for the foundation until the registrar notifies them of the granted registration of the newly established board of directors.
The directors of the foundation who have vacated office because of removal by a court order according to section 129 cannot act according to paragraph 3.
Section126.Subject to section 127, the board of directors of a foundation shall have the power to amend the articles of incorporation of the foundation. But if the articles of incorporation designate criteria and procedure for the making of an amendment, the amendment must be as designated by the articles of incorporation. In addition, the foundation shall register the amended articles of incorporation with a registrar within thirty days from the day the amendment is made by the board of directors, and the stipulations of section 115 shall apply mutatis mutandis.
