A foundation is a legal person to which assets are irrevocably assigned for the purpose of completing not-for-profit purpose.
A foundation can be ‘of public utility’ when it serves a philantropic, philosophic, religious, scientific, educational, cultural or artistic purpose.
The definition of the Company and association code reads as follows (Art. 1:3)
“A foundation is a legal person without members, established [1 by a legal act]1 by one or more persons, called founders. Its assets are allocated to the pursuit of a not for profit purpose in the context of the exercise of one or more specific activities which constitute its object. It may not distribute or procure, directly or indirectly, any pecuniary advantage to its founders, directors or any other person, except for the not for profit purpose determined by the articles. Any transaction violating this prohibition is void”.
