Section 11: Property of Foundation
consolidated text (as at 2017, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
11. Property of Foundation
(1) A Foundation shall, from the time of its establishment, hold all property
effectively transferred to it for the purposes and objects, and that property
shall constitute the initial assets of the Foundation.
(2) Except in cases of fraud, all property effectively transferred to a
Foundation under subsection (1) shall cease to be the property of the founder and the Foundation shall hold good title in such property.
(3) Any property referred to in subsection (1) shall become the property
of a beneficiary only after any distribution made in accordance with the provisions of the charter or Articles, if any, and this Act.
(4) The property of a Foundation shall be managed and administered in
accordance with the charter or Articles, if any, and this Act, for the purposes
and objects described in the charter.