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foundation
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foundation
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BGB 45. 2 The articles of association may provide that the persons entitled to receive the assets are specified by a resolution of the general meeting or by another organ of the association . If the objects of the association are not commercial business operations , the general meeting may , even without such a provision , allocate the assets to a public foundation or institution .
Section 80 Formation of a foundation having legal personality
BGB 80. 1 The creation of a foundation with legal personality requires an endowment transaction and the recognition of this by the competent public authority of the Land in which the foundation is to have its seat .
BGB 80. 2 A foundation is to be recognised as having legal personality if the endowment transaction satisfies the requirements of section 81 ( 1 ) below , if the long-term and sustained achievement of the object of the foundation appears guaranteed and if the object of the foundation does not endanger the common good .