Section 2Part 5 — The Grand Court's Functions
Definitions
←→ Navigate · Click subsection badges to collapse · Press ? for help
In this Act — “ articles ” means articles of association; “ beneficiary ”, for a foundation company, means a person who will or may benefit from the foundation company carrying out its objects; “ bylaws ”, for a foundation company, means its bylaws made under section 12; “ Companies Act ” means the Compani es Act (2025 Revision); “ Companies Act applicable to foundation companies ” means the Companies Act applicable to foundation companies under section 3
; “ constitution ” means the memorandum and articles of a foundation company, but not its bylaws; “ Court ” means the Grand Court; “ foundation company ” means a company declared under section 5 to be a foundation company; “ foundation company requirements ” is defined in section 4(1); Section 3 Foundation Companies Act (2025 Revision) “ interested person ”, for a foundation company, means —
any of its members or supervisors;
someone who has the right to be a member or supervisor of the foundation company; and
someone declared under its constitution to be an interested person; “ memorandum ” means memorandum of association; “ notice ” means a notice in writing; “ qualified person ”, for a company or foundation company, means a person who is licensed or permitted by the Companies Management Act (2025 Revision) to provide company management services in the Islands; “ supervisor ”, for a foundation company, means a per son, other than a member, who under the foundation company ’ s constitution has an unconditional right to attend and vote at general meetings, whether or not the person has supervisory powers or duties. ( 2 ) A term used in this Act that is not defined in subs ection (1) has the same meaning that it has in the Companies Act .