FOUNDATION

Regulations Concerning the Funds of the Foundation XY

Article 1

The primary beneficiary of the foundation is…. The above mentioned is entitled to dispose of the entire assets and gains of the foundation throughout the duration of his/her lifetime. He/she can exercise this right either through the foundation board or special attorney. The foundation board acts with respect to all laws and mandates referring to public order in agreement with the primary beneficiary, and is neither entitled nor obliged to verify the validity of these assignments. The primary beneficiary alone is entitled to amend any part of these regulations.

Article 2

In the case of the death of the primary beneficiary, the succeeding beneficiary will be..... He/she shall be entitled to all gains of the foundation.

Article 3

In the case of the death of the succeeding beneficiary the third beneficiary will be....

Article 4

The assets of the foundation shall be transferred to the third beneficiary pursuant to article 3. Once this transfer has been completed the foundation has fulfilled its purpose and can be dissolved.

Article 5

Succeeding beneficiaries must provide the foundation board with evidence of the death of the prior beneficiary by submitting the death certificate issued by public authorities.

Article 6

Should the disappearance of the primary beneficiary occur, leaving his/her death in question, the succeeding beneficiary must provide the foundation board with reasonable evidence supporting either the disappearance and/or the possible death of the primary beneficiary.  Should this occur, regardless of the succeeding beneficiary’s desire, the foundation board is required to maintain the assets of the foundation in its original state until either proof of the death of the primary beneficiary has been established, or for one year after his/her disappearance.  However, if a distribution of funds is necessary to protect the assets of the foundation, a unanimous vote by the foundation board may overturn these stipulations relating to how the funds are to be dispersed as stated in Article 6.

Article 7

In the case that it is not possible to determine the beneficiary of the foundation on the basis of the above regulations, the foundation board alone may decide upon the distribution of the gains and assets of the foundation.

Article 8

If one of the beneficiaries should challenge the decision of the foundation board, as stipulated in Article 7, in any fashion relating to the formation, articles, regulations, donations to the foundation, distributions of the foundation, or decisions of the foundation board on the basis of all articles and regulations, then he/she will forfeit retrospectively any gains for his/herself or their heirs.

All claims to national or international authorities and any legal steps or factual dispute pertaining to the rescission, nullification, dissolution or abrogation of the foundation board’s decision should be considered as a challenge.  However, all determinations in such circumstances are made by the foundation board. 

Article 9

According to these regulations, all genders maintain equal levels of protection and sovereignty.

Article 10

An arbitration board should be set up for all disputes between/amongst the foundation and its members, the primary beneficiary, and all succeeding beneficiaries. In this instance, all parties shall nominate an arbitrator within 30 days from the first demand of one party. The arbitrators thus nominated shall then choose a chairman for this Arbitration board. The arbitration proceedings shall take place in Vaduz and the arbitrators should make their decision according to their discretion. The law of Liechtenstein is the applicable law. The arbitration proceedings shall be determined through...

 

Date, Signature