Regulatory Alerts2009-01-01
Consolidated Foundations Act, 2009
Administered by the Financial Services Authority, this Seychelles legislation establishes a comprehensive legal framework for creating, governing, and dissolving foundations. It mandates that each foundation operate under a written charter specifying its purpose, initial assets, and governance structure, while requiring active councils to manage assets and distribute benefits to designated beneficiaries. The Act further details procedures for charter amendments, protector appointments, asset protection against forced heirship, cross-border continuation, mergers, and regulatory compliance to ensure transparent operations.
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