Section 8Part 3 — The Constitutions of Foundation Companies
Members and supervisors
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A foundation company ’ s constitution may grant, or authorise the grant, to any person or persons or description of persons, whether or not ascertained or in existence, of the right to become a member or supervisor of the foundation company and such right is enforceable by action against the foundation company, whether or not enforceable as a matter of contract.
A foundation company may cease to have members if its memorandum so perm its or requires and it continues to have one or more supervisors.
The cessation does not affect the foundation company ’ s existence, capacity or powers.
The cancellation of a foundation company ’ s issued shares may be carried out by any method permitted under the Companies Act applicable to foundation companies.
If a foundation company has ceased to have members, it may not subsequently admit members, or issue shares, unless expressly authoris ed to do so by its constitution.
Subject to the constitution —
a member or supervisor may also be a director; and
there is no requirement that a foundation company have supervisors who are not directors.