A Charter is a document which effectively gives birth to a Private Interest Foundation (“PIF”).
The document is publicly filed at the time of registering the Foundation and in addition to identifying the PIF’s Registered agent and Registered Office the Charter:
- sets out the objects of the PIF
- sets out the initial assets of the PIF
- sets out the name/s of the initial Councillor/s
- sets out the Councillors’ powers
- sets out what is to happen to surplus assets in the event of dissolution of the PIF
- Provides for the creation of a set of regulations