Establishment of foundation

(1) A foundation shall be established upon proper execution of a foundation charter or equivalent document governed by the laws of Belize by a founder and by the members of a foundation council, by which a founder makes a disposition of rights, title or interest in property to the foundation for a specific purpose, and upon registration with the Registrar. (2) Upon registration with the Registrar, a foundation shall have a separate and independent legal personality in its own right and may in its name sue or be sued, plead or be impleaded in all courts of law. (3) Upon the disposition of property and acceptance by the foundation council on behalf of the foundation, the property International Foundations [CAP. 24:02 17 ceases to be a part of the estate of the founder irrevocably, and shall be the exclusive property of the foundation as its (4) A foundation shall be administered by a foundation council, which shall be vested with the powers and obligations set forth in the foundation charter and this Act. (5) The foundation council shall represent and act on behalf of the foundation in all matters. (6) The foundation council shall administer the foundation and its endowment in accordance with the foundation charter and this Act solely for the benefit of the beneficiaries of the foundation, or if no beneficiaries exist, solely for the purposes, charitable or otherwise, set forth in the foundation charter. (7) Neither the foundation council nor any of its members shall have personal ownership or title to the endowment. (8) No creditor of a member of the foundation council, other than a founder or beneficiary of the foundation, shall have any right to the foundation endowment or right to cause the foundation council or any member of the foundation council to act in violation of its or his duties or obligations under the terms of the foundation charter or this Act. (9) The endowment shall be exempt from attachment, lien, levy or other restraint by a creditor of a member of the foundation council other than a founder or beneficiary of the (10) Upon the registration of a foundation with the Registrar, the foundation shall have the right to hold title, rights or other interests in and to property in its own name or through a nominee in the same manner and with the same rights and obligations as any person under the laws of Belize. 18 (11) Subject to section 12, a foundation may be established for a charitable or non-charitable purpose or for both, or for no purpose, other than the benefit of a founder or a beneficiary or both. (12) A foundation may be established and exist with no beneficiaries, provided that it is established for a clear and specific purpose which is specified in the foundation charter. (13) A foundation established under this Act may adopt by- laws, and such by-laws may include regulations– (a) concerning distributions or applications of property endowment; (b) naming beneficiaries, defining classes of beneficiaries or providing for additional beneficiaries of the foundation; (c) providing for the identification of the residual beneficiary on a dissolution of the foundation; (d) providing guidelines, policies and procedures for the foundation council; or (e) providing for any other lawful matter compatible with the of the (14) Any such by-laws shall be in writing and shall be signed by at least one member. (15) The foundation council of a foundation may, subject to the terms of the foundation, amend or replace the by-laws of the