CHAPTER 3 ARTIFICIAL PERSONS ARTIFICIAL PERSONS Groups fo

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CHAPTER 3 ARTIFICIAL PERSONS

CHAPTER 3 ARTIFICIAL PERSONS

ARTIFICIAL PERSONS �Groups fo natural individuals searching to attain a common goal, that is

ARTIFICIAL PERSONS �Groups fo natural individuals searching to attain a common goal, that is recognised by the law. �They can hold rihts and have legal capacity to enter into legal relations

FOUNDATIONS �- Philantropic institutions created by person/group to develop an activity for the benefit

FOUNDATIONS �- Philantropic institutions created by person/group to develop an activity for the benefit of a generic community. � 1. Patrimonial content is the heart of a foundation. � 2. Non profit �They are ruled by the founder and the by-laws (estatutes)

1. Creation �Personal data of the founder �The will to create a foundation �The

1. Creation �Personal data of the founder �The will to create a foundation �The endowment and its composition �The by-laws �Identification of the Board of managers (Patronato). �Foundations acquires legal personality from the moment of registration,

Functioning �- By-laws: containing �-Name of the foundation �Foundation’s goals �Domicile and territorial scope

Functioning �- By-laws: containing �-Name of the foundation �Foundation’s goals �Domicile and territorial scope �Basic rules for allocation of irs resources for fulfilment of the goal �Composition and functioning of the “board of managers” �Protectorate

Termination � By common decision �By court ruling (illicit acts) �Goal is achieved, or

Termination � By common decision �By court ruling (illicit acts) �Goal is achieved, or determined impossible to achieve.

ASSOCIATIONS �Artificial persons constituted by a gropu of individuals that get togetehr to carry

ASSOCIATIONS �Artificial persons constituted by a gropu of individuals that get togetehr to carry out a purpose �Freedom of assciation �Functioning must be democratic (all members can participate and vote) �Income received must be dedicated to fulfil the goal (Not distributed among associates: non profit).

Creation �Agreement of 3+ persons �From the moment the agreement is expressed in a

Creation �Agreement of 3+ persons �From the moment the agreement is expressed in a Constitutional Certificate the assotiation has legal capacity (Its registration is only needed to act against thirt parties) �Members are joint and severaly liable

Functioning � By-Laws must contain: � - Name of the association � Domicile and

Functioning � By-Laws must contain: � - Name of the association � Domicile and territorial scope � Duration (if any) � Precise description of goals � Requirements for admission, removal and sanctions � Rights and obligations of the members � Democratic functioning criteria � Governing and representative bodies � Initial patrimony � Dissolution causes

Governing bodies �General Assembly. Constitued by all members. Supervises and controls the activities. Representation

Governing bodies �General Assembly. Constitued by all members. Supervises and controls the activities. Representation Committee: Appointed by General Assembly. Management and representation

Termination �By common decision �By court rulling (illicit acts) �Goal is achieved or determined

Termination �By common decision �By court rulling (illicit acts) �Goal is achieved or determined impossible to achieve

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