Article 8 - Capacity of a Foundation
(1) A Foundation —
(A) is a legal person with the name specified in respect of it in the Register;
(B) is capable of suing and being sued in its own name; and
(C) holds its assets for its objects.
(2) Except as provided in these Regulations, a Foundation has the capacity, rights and privileges of a natural person and, without limitation, may enter into contracts, sue and be sued and own assets of all types.
(3) In favour of a person who in good faith is a party to any transaction or other act to which the Foundation is party, the power of the Council of a Foundation to bind the Foundation, or authorise others to do so, shall be deemed free of any limitation under the Foundation's Constitution.
(4) A Foundation may only carry on activities within the scope of its Licence.
(5) The QFC Authority may prescribe by Rules the activities that may be carried on by a Foundation.
|Derived (as from 22nd September 2016).|