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ARTICLE · 23 OCTOBER 1997

Czech News - September 97 - Act On Foundations And Foundation Funds

Arthur Andersen
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Czech RepublicAccounting and Audit
The above Act was published in the Collection of Laws under No. 227/1997. Foundations and Foundation Funds ("Foundations") are legal persons founded as special purposes associations for meeting of generally useful aims.

  • The Act specifies the method of establishing a foundation as a result of written agreement or testament ("foundation deed"). The Foundation must be registered in the Register of Foundations. The total amount of the Foundation property cannot be less than Ke 500,000 and must be used only in accordance with the purpose and conditions stipulated in the Foundation deed.
  • The Act also stipulates when the Foundation may be wound-up and deals with methods of mergering and liquidating Foundations.

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