Foundations (Guernsey) Law, 2012 (Amendment ) Ordinance, 2023

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The Foundations (Guernsey) Law, 2012

(Amendment) Ordinance, 2023

THE STATES, in pursuance of their Resolution of the 20^th July, 2023[a], and in exercise of the powers conferred on them by section 51 of the Foundations (Guernsey) Law, 2012[b], and all other powers enabling them in that behalf, hereby order:-

Amendment of Foundations Law.

1. (1) The Foundations (Guernsey) Law, 2012 is amended as follows.

(2) At the end of section 22(1), insert ", including, for the avoidance of doubt and without limitation –

(a) a record of its name,

(b) a record of the address of its registered office,

(d) the record of beneficiaries required to be kept under section 22A.

(3) After section 22(1), insert –

"(1A) The Council shall also ensure that a foundation shall keep a copy of the foundation's certificate of registration, a record of the date of registration of the foundation and a record of the registration number of the foundation at the registered office.

(1B) The foundation shall –

(a) ensure that the records of the foundation are accurate, maintained and kept up to date, and that the copy certificate and records referred to in subsection (1A) are preserved,

(b) record any changes to the records of the foundation when such changes occur, and

(4) After section 22 (duty to maintain records), insert –

"Duty to maintain record of beneficiaries.

22A. (1) A foundation shall keep a record of the beneficiaries of the foundation at its registered office.

(2) The record of beneficiaries referred to in subsection (1) shall include the following information in respect of each beneficiary's interest in the foundation –

(a) whether the beneficiary is an enfranchised beneficiary or a disenfranchised beneficiary within the meaning of section 31,

(b) whether the beneficiary has received any benefit as a beneficiary,

(d) whether the beneficiary has any restrictions on his or her rights attaching to his or her interest in the foundation or any part of it.

(3) A foundation that fails to comply with subsection (1) or subsection (2) is guilty of an offence and liable to a civil penalty.

(4) The Committee may amend the list at paragraphs (a) to (d) of subsection (3) by regulations made for this purpose.

(5) For the avoidance of doubt, and without prejudice to any other powers under this Law or any other enactment, the record of beneficiaries shall be open to inspection and copying by the persons listed at section 490(10) of the Companies (Guernsey) Law, 2008.".

(5) After section 47 (false or misleading information), insert –

"Failure to have resident agent.

47A. A foundation that fails to comply with paragraph 1(1) of Schedule 1A (resident agents) is guilty of an offence and liable to a civil penalty.".

Citation.

2. This Ordinance may be cited as the Foundations (Guernsey) Law, 2012 (Amendment) Ordinance, 2023.

Commencement.

3. This Ordinance shall come into force on the day appointed for this purpose by regulations made by the Committee; and different days may be appointed for different provisions.

[a]	Article XIX of Billet d'Etat No. XII of 2023.
[b]	Order in Council No. I of 2013; this enactment has been amended.