Statutes

The law specifies only the minimum Statute content.

It should consist of the name of the association; the seat; the objectives and means for their attainment; the definition of the type of activities (public or mutual benefit); the scope of activities; the managing bodies; the branches; the powers of the bodies of the association; rules for representation of the association; rules for origination and termination of membership, as well as procedure for settlement of property relations in the event of termination of membership; the term for which the association has been established; the procedure for setting the amount and manner of delivery of property contributions; the manner of distribution of the remaining property after satisfaction of creditors.

 

The document for the establishment of a foundation is called “articles of incorporation”. There are several requisites it should have according to the law but for its validity it is sufficient the articles of incorporation to have the non-profit purposes and the property donated.