(1)
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Separate legal personality
A Jersey Foundation is a body corporate registered with the Registrar of Companies and is governed by the Law, its charter and its regulations. A Jersey Foundation cannot directly acquire, hold or dispose of Jersey immovable property, nor engage in commercial trading activities unless those activities are incidental to the attainment of its objects.
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(2)
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Name
A foundation’s name must end with the word “foundation?
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(3)
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Charter
All foundations have a charter which is a public document sets out the name and objectives of the foundation. The detailed provisions applicable to the foundation can be included in the public charter or in the regulations, which is a private document.
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(4)
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Registration
The charter must be lodged with the registrar on incorporation and must specify:
(a) The name of the foundation and must end with the word “Foundation?
(b) The objects of the foundation must be specified. The objects can be charitable or non-charitable;
(c) The names and addresses of the first members of the foundation’s council;
(d) The details of any initial endowment;
(e) What will happen to foundation assets of the foundation remaining after its winding up or dissolution;
(f) Details of the event the time, such as the happening of an event or the expiration of a fixed period of time, to cause the foundation to be wound up and dissolved.
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(5)
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Regulations
The regulations set out how the foundation’s assets are to be administered and how its objectives are to be achieved. According to the Financial Services (Disclosure and Provision of Information) (Jersey) Law 2020, the abridged versions of the foundation’s regulations. are required to be filed with the registrar.
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(6)
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Founder
The person who instructs the qualified person to apply for the incorporation of a foundation, together with any person who subsequently becomes a founder under Article 19 of the Foundations (Jersey) Law 2009 (the “Law?. The founder need not be the same person who provides any endowment or financial contributions. The identity of the founder need not be disclosed. If disclosed, founder’s rights may be reserved to the founder by appropriate provisions in the charter and regulations.
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(7)
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The Council
A foundation is required to have a council that is the body responsible for fulfilling the aims of the foundation in accordance with the Law, charter and regulations. The council must have at least one “qualified?member (a person registered with and regulated by the Jersey Financial Services Commission to carry on trust business) and must have a guardian to oversee the work of the council and to whom the council are accountable.
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(8)
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The Guardian
All Jersey Foundations are required to have a guardian whose function is to ensure that the council carries out its functions and administers the foundation’s assets in accordance with the objectives of the foundation. The role of guardian may be carried out by the founder or the qualified person, but no other council member can be the guardian.
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(9)
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Beneficiaries
A foundation does not need to have beneficiaries. If there are beneficiaries, they have no interest in the foundation’s assets and beneficiaries are not owed fiduciary duties by the foundation or the council members. Unless required by the charter or regulations a foundation is not required to provide any person including a beneficiary with any information about the foundation or its administration.
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