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Thursday 29.04.2010 @ 01:47 PM
LAW OF THE COMMERCIAL REGISTER
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Thursday 29.04.2010 @ 01:47 PM
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Registration of a foundation

The main law regulating foundations and associations is the Law on Legal Persons with Non-Profit Purposes.

Legal persons with non-profit purposes are associations and foundations. Associations are corporations with membership relations while foundations are institutions. Institutions only have specifically defined assets intended for achievement of non-profit purposes.
Foundations can be incorporated inter vivos or after death by unilateral articles of incorporation, with which property is transferred gratuitously for the achievement of non-profit purposes.


Establishment

For establishing a foundation inter vivos it is necessary to have articles of incorporation with signatures certified by a notary. When property rights over chattels are transferred, the articles of incorporation are entered by a judge at the district court where the property is located. The property transferred with the articles of incorporation is considered to be the property of the foundation from the time of its establishment whether through incorporation inter vivos or by will.
The articles of incorporation of a foundation shall contain: the name, the seat and the purposes of the foundation, the type of activity, the property transferred, the organs and the branches of the foundation, rules regarding the powers of the organs, the manner of representation of the foundation, and the term of existence of the foundation.

The application for registration is made by the founder or by a person or organ empowered by him, the executor of the will, an heir or any of the persons that according to the articles of incorporation would have benefited from the activities of the foundation.

If the articles of incorporation need to be amended and it is not possible for such action to be taken by the founder, or according to a procedure established by the founder or by law, upon request of interested applicants, the district court at the seat of the foundation shall make the amendments. The court shall take action in accordance with the intent of the articles of incorporation.

Foundations registered as PBOs are required to submit an application for entry in a special Central Registry at the Ministry of Justice within 14 days of their establishment.
Entry in the registry may be denied if the organisation has not been registered by the competent court as an organisation for performing public benefit activities or if the provisions of the statute or articles of incorporation contradict the law. If registration is not completed within 14 days after application, there is a silent denial of registration.