Comparative law notes
According to Hungarian law: 1. A foundation is a legal person 2. established by the founder for the continuous realization of the permanent objective defined in the founding document. 3. The Founder defines the assets and foundations of the foundation in the founding document. Under Hungarian law, there are certain limitations on the activities of foundations: 4. A foundation may not be formed with the objective of performing economic activities and its only authorised to perform economic activities directly connected to the achievement of the foundation's goals. 5. A foundation may not be a partner with unlimited liability in another legal entity, may not set up another foundation, and may not join another foundation. 6. A foundation may not be established in the interest of its founder, any of its members or officers of the foundation, any member of a foundation body, or the family members of these persons. This provision shall be without prejudice to the contractual remuneration of the foundation's officers.
