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Green Foundations in Jersey
Case Study
Foundations
The Jersey Foundation has separate legal personality and is therefore able to hold assets, contract with third parties and can sue and be sued in its own names. There are no shareholders.
Incorporation as a Foundation requires a charter and regulations. The Charter is a public document that sets out the name and objects of the Foundation. The Regulations are private and set out how the assets are to be administered and how the Foundation’s objects are to be achieved.
The Foundation’s assets are managed by the Foundation’s Council. The Council can have one or more Council Members (individuals or a body corporate) and must include a Qualified Member.
A Qualified Member will need to be registered under the Financial Services (Jersey) Law 1998 to carry out trust company business.
The Jersey Foundation must also have a Guardian. The Guardian has a monitoring function to ensure that the Council carries out its functions The Qualified Member or the Founder (but no other Council member) may act as the Guardian of the Foundation.
Foundations are not required to provide any person with information unless specifically required by the Foundations Law the Charter or the Regulations.
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