PANAMA FOUNDATION LAW No. 25, June 12, 1995
"Whereby Private Foundations Are Regulated"
PART 4 of 4
THE LEGISLATIVE ASSEMBLY DECREES:
Article 30.
The certification containing the resolution of continuation
and other requirements mentioned in the preceding paragraph
must have the following documents attached there to:
1. Copy of the original act of constitution of the foundation
expressing its desire to continue in Panama, along with
any subsequent amendment;
2. A power of attorney granted to a Panamanian attorney
to carry out the necessary proceedings to make effective
the continuation of the foundation in Panama.
The certificate of continuation, as well as the documents
attached thereto referred to in this Law, shall be duly
protocolized and registered at the Public Registry so
that the foundation may continue its legal existence
as a private foundation in the Republic of Panama.
Article 31.
In the cases foreseen in Article 26, the responsibilities,
duties and rights of the foundation acquired prior to
the change or domicile or legislation, shall continue
in force, as well as the proceedings already initiated
against it or those that the foundation may have promoted,
without being affected such rights and obligations due
to the change authorized by the aforesaid legal provisions.
Article 32.
The foundations constituted in accordance with this
Law, as well as the assets comprising its patrimony,
may be transferred or become subject to the laws and
jurisdiction of another country, as may be provided
by the foundation charter or its regulations.
Article 33.
Registrations related to private foundations shall be
effected at the Public Registry in a special section
that shall be named "Section of Private Foundations"
The Executive Branch through the Ministry of Government
and Justice shall issue the regulations applicable to
such section.
Article 34.
To avoid the unlawful use of private foundation, all
legal provisions contained in Executive Decree No. 468
of 1994 and any other rule in force aiming at fighting
money laundering derived from drug-trafficking, shall
apply for their operation.
Article 35.
The members of the Foundation Council, of the supervisory
bodies, if any, as well as the public or private employees
who might have any knowledge of the activities, transactions
or operations of the foundations shall at all times
maintain secrecy and confidentiality in this respect.
Infringement of this shall be penalized with six (6)
months imprisonment and a $50,000.00 fine without prejudice
of the corresponding civil liability.
The provisions of this article shall apply without prejudice
of the information which must be disclosed to the official
authorities and of the inspections that they must carry
out in the manner established by the law.
Article 36.
Any controversy for which there is no special procedure
in this Law, shall be resolved through summary proceedings.
The foundation charter or the regulations of the foundation
may establish that any controversy arising in respect
to the foundation shall be resolved by arbiters or arbitrators,
as well as establish the procedure they should abide
by. In the event that such procedure is not established,
the rules in respect to such matters, as contained in
the Judicial Code, shall apply.
Article 37.
This law shall be effective from the date of its publication.
Follow the link below to the next part of the
Panama Foundation Law 25 Articles 1-37, for the continuation....
