How to establish a foundation?
Dr. Korim Balázs / Legal insights / August 04, 2017
Foundations are organizations, having legal personalities, which by virtue of their roles in the civil life, require –at least basic – negotiation and presentation - highlighted the expert of Barkassy Grünfeld Law Firm. While the former Civil Code prescribed that a foundation shall be established for the aim of lasting public interest, the new Civil Code has no such condition. Therefore, the foundation is nothing more than a legal person established for the lasting aim defined in the memorandum of association. Balázs Korim now reviews, amongst the most important distinctives, the regulations concerning the founders that can be consiered as the mainsprings of the foundations.