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.)
“Neutrality is a negative word. It does not express what America ought to feel.... We are not trying to keep out of trouble; we are trying to preserve the foundations on which peace may be rebuilt.”
—Woodrow Wilson (1856–1924)
“They have been waiting for us in a foetor
Of vegetable sweat since civil war days,
Since the gravel-crunching, interminable departure
Of the expropriated mycologist.”
—Derek Mahon (b. 1941)
“Villain, thou know’st nor law of God nor man;
No beast so fierce but knows some touch of pity.”
—William Shakespeare (1564–1616)