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Foundation Articles Of Association

Foundation Articles Of Association Template for Malaysia

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Key Requirements PROMPT example:

Foundation Articles Of Association

"I need to draft Foundation Articles of Association for an educational foundation that will operate both in Malaysia and Singapore, with a planned launch in March 2025. The foundation will focus on providing scholarships and educational grants, so we need specific provisions for international fund management and cross-border operations."

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Document background
Foundation Articles of Association are essential governing documents required when establishing a foundation in Malaysia. This document is crucial for organizations seeking to operate as formal foundations under Malaysian law, particularly those pursuing charitable, educational, or social purposes. It must comply with the Companies Act 2016 and other relevant Malaysian regulations, outlining everything from the foundation's objectives and governance structure to financial management and dissolution procedures. The Articles serve as the foundation's constitution, defining the roles and responsibilities of trustees, operational procedures, and decision-making processes. This document is particularly important as it provides the legal framework that ensures the foundation's activities align with its stated purposes while maintaining transparency and accountability to stakeholders and regulatory authorities.
Suggested Sections

1. Name and Registered Office: States the official name of the foundation and its registered office address in Malaysia

2. Definitions and Interpretation: Defines key terms used throughout the Articles and establishes rules for interpretation

3. Objects and Powers: Specifies the foundation's charitable or social purposes and the powers it has to achieve these objectives

4. Limited Liability: Declares the limited liability nature of the foundation and its members/trustees

5. Board of Trustees: Establishes the composition, appointment, removal, and powers of the Board of Trustees

6. Meetings of Trustees: Details procedures for board meetings, voting, and decision-making processes

7. Management: Outlines the management structure and delegation of powers to officers and committees

8. Financial Matters: Covers financial management, accounts, audits, and investment powers

9. Indemnity and Insurance: Provisions for indemnifying trustees and maintaining appropriate insurance

10. Dissolution: Procedures for winding up the foundation and distribution of remaining assets

11. Amendment of Articles: Process for amending the Articles of Association

Optional Sections

1. Advisory Board: Establishes an advisory board structure - include when the foundation wants external expert guidance

2. Branch Offices: Rules for establishing and managing branch offices - include for foundations planning multiple locations

3. International Operations: Framework for international activities - include if foundation plans to operate across borders

4. Specific Program Guidelines: Detailed guidelines for specific charitable programs - include for foundations with complex program structures

5. Conflict Resolution: Specific procedures for resolving internal disputes - include for larger foundations with multiple stakeholders

6. Research and Development: Framework for research activities - include for foundations involved in research work

7. Volunteer Management: Rules for engaging and managing volunteers - include if foundation relies on volunteer work

Suggested Schedules

1. Schedule 1: Initial Trustees: List of founding trustees with their details and terms of appointment

2. Schedule 2: Powers of Trustees: Detailed enumeration of specific powers granted to trustees

3. Schedule 3: Meeting Procedures: Detailed procedures for different types of meetings and voting processes

4. Schedule 4: Financial Rules: Detailed financial procedures, investment policies, and authorization limits

5. Schedule 5: Initial Assets: List of assets initially endowed to the foundation

6. Appendix A: Forms: Standard forms for various administrative procedures

7. Appendix B: Code of Conduct: Detailed code of conduct for trustees and officers

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Non-Profit

Charitable Organizations

Education

Healthcare

Social Services

Environmental Conservation

Arts and Culture

Religious Organizations

Research and Development

Community Development

Humanitarian Aid

Youth Development

Relevant Teams

Legal

Compliance

Corporate Governance

Finance

Administration

Risk Management

Corporate Secretarial

Board Secretariat

Executive Management

Operations

Relevant Roles

Foundation Director

Board Chairman

Company Secretary

Legal Counsel

Compliance Officer

Chief Executive Officer

Chief Financial Officer

Trust Administrator

Program Director

Governance Manager

Risk Manager

Foundation Administrator

Board Member

Executive Director

Industries
Companies Act 2016: The primary legislation governing company incorporation, structure, and governance in Malaysia. It provides the fundamental requirements for Articles of Association and corporate governance.
Trustees (Incorporation) Act 1952: Relevant for foundations operating as trusts, this Act governs the appointment, duties, and powers of trustees in Malaysia.
Income Tax Act 1967: Governs taxation matters for foundations, including tax exemptions for charitable foundations and reporting requirements.
Societies Act 1966: May be relevant if the foundation has characteristics of a society or association, particularly for membership structures and governance.
Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001: Provides compliance requirements for financial transactions and reporting, particularly relevant for foundations handling significant funds.
Charities Act 1966: Relevant if the foundation operates as a charitable organization, governing charitable activities and regulatory compliance.
Malaysian Code on Corporate Governance: While not legislation per se, this code provides important governance guidelines that should be considered in the Articles of Association.
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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