Foundation (Amendment No. 1) Regulations 2020
Regulations to amend the Foundations Regulations 2017.
Date of Enactment: 29 April 2020
The Board of Directors of the Abu Dhabi Global Market, in exercise of its powers under Article 6(1) of Law No. 4 of 2013 concerning the Abu Dhabi Global Market issued by His Highness the Ruler of the Emirate of Abu Dhabi, hereby enacts the following Regulations:
1. Amendments to the Foundations Regulations 2017
The Foundations Regulations 2017 are amended as follows.
…2. Objects of a Foundation(1) A Foundation may have any objects, provided that they do not contravene this section 2.(2) The objects of a Foundation shall include the management of its Assets and income and the distribution of such Assets and income by the Foundation Council in accordance with its Charter
, but shall not include a charitable purpose.
…4. Certificate of Registration(1) On the registration of a Foundation, the Registrar shall give a certificate that the Foundation is duly registered.(2) The certificate of registration must state –(a) the name and registered number of the Foundation;(b) the date of its registration;(c) the address of its registered office in the Abu Dhabi Global Market; and, if different,(d) the name and address (in the Abu Dhabi Global Market) of its Registered Agent, if any.(3) Subsections 12(3) and 12(4) of the Companies Regulations 2015 shall apply mutatis mutandis to certificates of registration for Foundations.(4) The certificate of registration shall be in electronic form only, unless a request is made subject to section 4(5).(5) Any person may request that the Registrar provide it with a paper copy of any certificate of registration, signed by the Registrar or authenticated by the Registrar's seal.(6) The Board may make rules requiring the payment of certain fees to the Registrar for the provision of the paper copy as described in subsection 4(5).
(4)(7) Upon registration, the Registrar shall allocate a registration number to the Foundation.
2. Short title, extent and commencement(1) These Regulations may be cited as the Foundations (Amendment No. 1) Regulations 2020.(2) These Regulations shall apply in the Abu Dhabi Global Market.(3) These Regulations come into force on the date of their publication.