• PART 6 PART 6 – Beneficiaries

    • Beneficiaries

      • 31. Beneficiaries Of Foundations

        (1) A Beneficiary is a natural person or Legal Person who may benefit from a Foundation who is –
        (a) identified in the Charter or By-laws by name; or
        (b) whose identity is ascertainable by reference to a class or a relationship to another Person, whether or not living, at the time that the Foundation is established or at the time, according to the terms of the Charter or By-laws, members of a class are to be determined.
        (2) A Foundation may appoint a Beneficiary or Beneficiaries, as detailed in the Charter or By-laws.
        (3) A Foundation created to carry on a specified purpose pursuant to these Regulations may, but is not required to, appoint a Beneficiary or Beneficiaries.
        (4) A Founder may be a Beneficiary, but may be the sole Beneficiary only during his lifetime.
        (5) In circumstances where a Foundation purports to appoint a Beneficiary or Beneficiaries, and no Beneficiary has been named in the Charter or By-laws, the Designee, shall become the Beneficiary.
        (6) The By-laws may provide for the addition or removal of a Person as a Beneficiary or the exclusion of a Beneficiary from benefit, either revocably or irrevocably.
        (7) The By-laws may impose an obligation on a Beneficiary as a condition of benefit.
        (8) The By-laws may provide that some or all of the Beneficiaries are entitled to information about the Foundation, including copies of the Charter and By-laws, Accounting Records, accounts and returns of the Foundation upon written request to the Council or the Registered Agent, if any.
        (9) The By-laws may further provide some or all of the Beneficiaries with the right to petition the Court to prohibit a change to the purpose of the Foundation or its dissolution.