Purposes of foundation

(1) Subject to sub-section (2) and the terms of the foundation, a foundation may be established for any purposes which are capable of fulfilment and are not unlawful, immoral or contrary to public policy. (2) The purposes for which a foundation may be formed shall not include– (a) the carrying out of any activity prohibited from being carried on, in or from within Belize; and (b) the carrying on of any international financial services, unless and until the appropriate licence to conduct such international financial services has been granted by the Commission. (3) A foundation may, in the course of the management of its assets, do all such things as are necessary for the proper administration of its assets including, but not limited to, buying and selling of such assets and engaging in any other acts or activities which are not prohibited under any laws of Belize. 24 (4) In this section, the expression “international financial services” shall have the meaning assigned to it in the International Financial Services Commission Act. CAP. 272.