Dissolution by foundation council

A foundation and any transfer of assets made to a foundation under this Act shall be irrevocable upon the registration of the foundation on the Register pursuant to section 17, provided that the foundation council shall have the power to dissolve the foundation, by resolution signed by all the members of the foundation council, under the following circumstances– (a) the foundation endowment contains de minimis assets, with an aggregate value of less than ten thousand dollars; (b) if the foundation is established for a definite period and the period has expired; or 36 (c) if there are beneficiaries, on the written request of the founder, or if there is more than one founder, on the written request of all living founders, and all persons who are beneficiaries at the time of the resolution.