Protector

(1) A foundation charter may provide for the appointment of a protector of the foundation who shall have the powers, rights, duties and responsibilities as may be specified in the foundation charter, its by-laws and this Act. (2) Where more than one person is appointed as the protector of a foundation, such persons shall act jointly unless the foundation charter or by-laws of the foundation provide otherwise. (3) Subject to the foundation charter or by-laws of a foundation, the protector of the foundation shall be appointed in the following manner– (a) if appointed on the establishment of the foundation, by the founder; (b) if appointed after the establishment of the foundation, by the founder or such other person as may be empowered by the founder in the foundation charter or by-laws; (c) by an outgoing protector on his resignation; or (d) in any case other than a case specified in paragraph (a), (b) or (c), by the foundation (4) A protector of a foundation duly appointed under the foundation charter or the by-laws of the foundation and this section shall cease to be a protector in the event of– (a) his or its resignation; (b) his or its removal in accordance with the foundation charter or by-laws; (c) if the protector is an individual, his death, incapacity or bankruptcy; 50 (d) if the protector is a legal entity, its winding up or dissolution; or (e) the dissolution of the foundation.