Foundation's Articles of Association

Foundation is required to have article of association to make their deed of establishment. To make such article of association, at least containing the name, domicile, purpose and objective, activity to achieve such purpose and objective, existence period (may be limited or not-limited), the initiating wealth in form of money or objects, the procedure of obtaining and usage of the wealth, the procedure of foundation organ structuring, rights and obligation of foundation organ, procedure to perform foundation’s organ’s meeting, terms to amend article of association, merger and disband of the foundation, and utilization of remaining liquidated assets or distribution of foundation assets after disbanded.

            During the existence period, if there is any amendment of the content in article of ­association exclude purpose and objective, such amendment can only be done in the Trustees meeting that is attended by at least 2/3 of the total member of the Trustees. Such amendment then made into notarial deed in Indonesian language. As well as in the establishment stage, such amendment shall be approved by minister no longer than 10 days since such deed of establishment been signed. However, please keep in mind, those amendment shall not be performed by the bankrupted foundation, except has been approved by curator.

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