Section 2: Interpretation

2. Interpretation In this Act— “administrator” means a person appointed as such under section 6; “approved form” means such form as the Registrar may approve; “Articles” means the Articles of a Foundation, made by the Council under section 10; “beneficiary” means a person— (a) who is entitled to benefit under a Foundation; or (b) in whose favour a power to distribute any Foundation property may be exercised; “charitable Foundation” means a foundation referred to in section 7; “charter” means the charter of a Foundation; “Code” means the Code Civil Mauricien; “Commission” has the same meaning as in the Financial Services Act; “Council” means the Council of a Foundation; “Court” means the Supreme Court; “current standing”, in relation to a Foundation, means that— (a) it is registered according to the law of the relevant country; (b) it has paid all fees or charges due for the current year; and (c) it is not in the process of being wound up and no proceedings for the removal of its name from the register are pending; “endow”— (a) means, whether by way of a covenant or otherwise and with or without consideration, to pass the title in property absolutely to a Foundation so that it is the property of that Foundation; and (b) includes to do any act which may be necessary for the effective transfer of any title in property; [Issue 7] F22A – 2 Revised Laws of Mauritius “executor”— (a) means a person named in a will, or nominated by the testator to carry out the directions of the will; and (b) includes, in the case of a foreign will, the executor’s duly appointed lawful agent; “financial statement” means a statement approved by a Council, which presents fairly the financial position, financial performance and cash flow of a Foundation and contains such other information as may be required by the Registrar; “Foundation” means a Foundation established in Mauritius or elsewhere and registered in accordance with this Act; “founder” means a person who endows a Foundation with its initial assets; “initial assets” means the property transferred to a Foundation in accordance with section 11 (1); “law practitioner” has the same meaning as in the Law Practitioners Act; “liquidator” means a person qualified to be an insolvency practitioner under the Insolvency Act; “management company” has the same meaning as in the Financial Services Act; “Minister” means the Minister to whom responsibility for the subject of finance is assigned; “non-citizen” has the same meaning as in the Non-Citizens (Property Restriction) Act; “officer” means a person, including an auditor, appointed as such under section 18; “property” includes movable and immovable property, wherever situated, and rights and interests in the property, whether vested, contingent, defeasible or future; “protector” or “committee of protectors” means the person or persons appointed in accordance with a charter and having such powers and duties as may be specified in the charter; “records” means the records, including accounting records, and documents required to be kept by a Foundation under sections 37 and 38; “register” means the register of Foundations required to be maintained under section 28; F22A – 3 [Issue 4] Foundations Act “Registrar” means the Registrar of Companies, appointed under the Companies Act, who shall also be the Registrar of Foundations; “remaining beneficiary” means the person who, according to a charter, shall be entitled to receive any assets remaining after the dissolution or wi ing accounting records, and documents required to be kept by a Foundation under sections 37 and 38; “register” means the register of Foundations required to be maintained under section 28; F22A – 3 [Issue 4] Foundations Act “Registrar” means the Registrar of Companies, appointed under the Companies Act, who shall also be the Registrar of Foundations; “remaining beneficiary” means the person who, according to a charter, shall be entitled to receive any assets remaining after the dissolution or winding-up of the Foundation; “secretary” means the secretary of a Foundation appointed under section 13; “supervisory person”, in relation to a Foundation, means a member of the Council of the Foundation, a protector or a committee of protectors; “will” means— (a) a will duly established and executed according to the Code; or (b) in the case of a foreign will, a will duly executed in accordance with the law governing the testator’s estate.