A foundation refers to assets set aside for a certain purpose and administered by the board of the foundation. A foundation can be established with a charter of foundation, last will and testament or a deed of donation. A licence to establish a foundation must be applied for from the Board of Patents and Registration, which also ratifies the rules of the foundation. A foundation is entered into the register of foundations maintained by the Board of Patents and Registration.
Funds also belong to this category of legal form.
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Validity of the definition
- Valid until (31 December 2078)