Foundation charter

(1) A foundation charter is the governing document of the (2) The charter shall– (a) specify the name of the foundation; (b) the name and address of the founder(s); (c) the name and address of the registered agent; (d) specify the or class of beneficiaries or, if no beneficiary, the purpose (e) appoint a foundation council and specify the names and addresses of its members; (f) set forth the respective rights, duties, responsibilities and beneficial interests of the foundation council and the beneficiary; (g) set forth provisions concerning the making of by-laws and their amendment; (h) set forth provisions concerning any power to amend the foundation charter; 34 (i) set forth the method for appointing or removing a member of the foundation council; (j) specify the initial endowment; (k) set forth the manner in which the endowment shall be maintained and distributed; and (l) set forth provisions concerning the term of the foundation and whether such term shall be for a definite or indefinite period of time. (3) The charter may designate a protector and set forth the protector’s rights, duties and responsibilities. (4) The charter shall be executed by a founder and by each member of the foundation council and any protector, either before two witnesses or before a notary public or officer of a (5) The foundation charter may convey property to the foundation and, upon execution of the charter by the founder and by each member of the foundation council, property so conveyed shall vest in the foundation. (6) A finding by the Court that a part of the foundation charter is invalid or unenforceable does not affect the validity or enforceability of the other parts.