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A foundation is an incorporated body which, in contrast to a trust, is able to transact in its own name. Once incorporated at the request of the founder, the foundation acts through its council which governs the foundation in accordance with the terms of the foundation's charter and regulations.

The council is similar to a board of directors of a company. The charter and regulations is similar to the memorandum and articles of association of a company.

It is a legal requirement for every Jersey foundation to have:

1. Ìý

   •ÌýÌýÌýÌý a 'qualified member' on its council who is a financial services business resident in Jersey and regulated by the JFSC, and

2. Ìý

   •ÌýÌýÌýÌý a duly-appointed 'guardian' whose duty it is to hold the council to account for their management

A guardian is similar to beneficiaries of a trust or shareholders of a company.

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