BCS Products | Foundations
The Foundations Act 2004 provides for the creation of a private foundation.
The Foundation can be used as a vehicle for the holding of private assets endowed on the Foundation for the benefit of purposes, identified persons or classes of persons. The Foundation may, if necessary for the proper management of the assets, buy and sell assets and engage in any other administrative activities.
It is established by a foundation charter which is registered. It is a legal entity, and is able to sue and be sued in its own name.
Once assets are transferred to the Foundation they cease to belong to the Founder and do not become the property of any beneficiary until they are distributed. The Foundation manages the assets, investing them or otherwise, in accordance with the objects or purposes specified in the Charter.