Section 12Part 4 — The Operation and Management of Foundation Companies
Bylaws
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A foundation company ’ s constitution may provide for the making and altering of bylaws for the foundation company.
Directors, officers and their de legates, and any others who have duties or powers under the constitution, shall comply with applicable provisions of the bylaws, so far as that is possible and consistent with the constitution and the law, and the foundation company is able to meet the lia bilities relating to such compliance.
Bylaws do not form part of the constitution for any purpose of the Companies Act applicable to foundation companies or this Act .
Persons dealing in good faith with a foundation company are not required to consider its bylaws or look into compliance by directors or others with its bylaws.