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 civil law, foundations, civil and/or law:
“Just what is the civil law? What neither influence can affect, nor power break, nor money corrupt: were it to be suppressed or even merely ignored or inadequately observed, no one would feel safe about anything, whether his own possessions, the inheritance he expects from his father, or the bequests he makes to his children.”
—Marcus Tullius Cicero (106–43 B.C.)
“I am present at the sowing of the seed of the world. With a geometry of sunbeams, the soul lays the foundations of nature.”
—Ralph Waldo Emerson (1803–1882)
“...I was confronted with a virile idealism, an awareness of what man must have for manliness, dignity, and inner liberty which, by contrast, made me see how easy living had made my own group into childishly unthinking people. The Negro’s struggles and despairs have been like fertilizer in the fields of his humanity, while we, like protected children with all our basic needs supplied, have given our attention to superficialities.”
—Sarah Patton Boyle, U.S. civil rights activist and author. The Desegregated Heart, part 1, ch. 19 (1962)
“Nothing in the world is single;
All things by a law divine
In one spirit meet and mingle.
Why not I with thine?”
—Percy Bysshe Shelley (1792–1822)