The Foundations (Guernsey) Law, 2012 (the Law) was approved by the States of Guernsey on 25 July 2012 and came into force with effect from 7 January 2013.
The basic structure of a Guernsey foundation may feel very familiar to those accustomed to dealing with private foundations in other jurisdictions. A Guernsey foundation has some of the characteristics of a company (such as separate legal personality) and some of the characteristics of a trust (such as the ability to hold assets for the benefit of others). It must, however, be considered as a separate type of entity in its own right which cannot be fully defined by reference to a traditional trust or company structure.
As with private foundations in other jurisdictions, a Guernsey foundation will have the following component parts:
- a constitution made up of a charter and a set of rules;
- a council to administer the foundation;a founder to provide the initial endowment; and
- (depending on the terms of the foundation) a guardian…
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Briefings from Mourant Ozannes
Jersey Court of Appeal confirms rights of non-trustee fiduciaries to an indemnity out of the trust fund
On appeal from the Royal Court, the Jersey Court of Appeal held that a fiduciary in relation to a trust had an identical right of indemnity in equity out of the trust fund as a trustee.
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