Foundations in Civil Law
The term "foundation," in general, is used to describe a distinct legal entity.
Foundations as legal structures (legal entities) and/or legal persons (legal personality), may have a diversity of forms and may follow diverse regulations depending on the jurisdiction where they are created.
In some jurisdictions, a foundation may acquire its legal personality when it is entered in a public registry, while in other countries a foundation may acquire legal personality by the mere action of creation through a required document. Unlike a company, foundations have no shareholders, though they may have a board, an assembly and voting members. A foundation may hold assets in its own name for the purposes set out in its constitutive documents, and its administration and operation are carried out in accordance with its statutes or articles of association rather than fiduciary principles. The foundation has a distinct patrimony independent of its founder.
Foundations are often set up for charitable purposes, family patrimony and collective purposes.
Read more about this topic: Foundation (non-profit)
Famous quotes containing the words foundations, civil and/or law:
“For me, it is as though at every moment the actual world had completely lost its actuality. As though there was nothing there; as though there were no foundations for anything or as though it escaped us. Only one thing, however, is vividly present: the constant tearing of the veil of appearances; the constant destruction of everything in construction. Nothing holds together, everything falls apart.”
—Eugène Ionesco (b. 1912)
“[Rutherford B. Hayes] was a patriotic citizen, a lover of the flag and of our free institutions, an industrious and conscientious civil officer, a soldier of dauntless courage, a loyal comrade and friend, a sympathetic and helpful neighbor, and the honored head of a happy Christian home. He has steadily grown in the public esteem, and the impartial historian will not fail to recognize the conscientiousness, the manliness, and the courage that so strongly characterized his whole public career.”
—Benjamin Harrison (1833–1901)
“At the end of one millennium and nine centuries of Christianity, it remains an unshakable assumption of the law in all Christian countries and of the moral judgment of Christians everywhere that if a man and a woman, entering a room together, close the door behind them, the man will come out sadder and the woman wiser.”
—H.L. (Henry Lewis)