- The Act specifies the method of establishing a foundation as a result of written agreement or testament ("foundation deed"). The Foundation must be registered in the Register of Foundations. The total amount of the Foundation property cannot be less than Ke 500,000 and must be used only in accordance with the purpose and conditions stipulated in the Foundation deed.
- The Act also stipulates when the Foundation may be wound-up and deals with methods of mergering and liquidating Foundations.
- Requirements for Statutory bodies and accounting and reporting obligations are also set out in this Act.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
For further information on the above, please contact Mr Richard Fletcher by telephone on +420 2 2440 1300 or E-mail directly to richard.g.fletcher@arthurandersen.com
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