Article 13 - Objects
(1) The objects of a Foundation:
(A) must be certain, reasonable and possible; and
(B) must not be unlawful, contrary to public policy or immoral.
(2) The objects must not be charitable, but may be for the benefit of a Person or a class of persons defined in the Constitution.
(3) The objects may be:
(A) to benefit a person or a class of persons defined in the Constitution;
(B) to carry out a specified purpose including, without limitation, the class of assets to be selected by the Foundation, or
(C) to do both.
(4) The objects may benefit the Founder only to the extent permitted by the QFC Authority.
(5) It is sufficient, for the purpose of Article 13 (3)(A), for the Constitution to provide that the person or class of persons to be determined in accordance with the Constitution.
(6) It is sufficient, for the purpose of Article 13 (3)(B), for the Constitution to provide that the Foundation is to hold assets selected in accordance with the Constitution.
|Derived (as from 22nd September 2016).|