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Is it required to appoint the beneficiaries in the incorporation process?

April 26, 2017appoint beneficiaries incorporation process

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Is it required to appoint the beneficiaries in the incorporation process?

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Our law requires that the Foundation Charter has to mention how to designate the beneficiaries. In most cases they are designated in the Regulations (private document), which can be issued when the Founder or Foundation Council deems convenient. In other words, in practice it doesn’t need to appoint a beneficiary immediately.