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Foundation Articles Of Association for Nigeria

Foundation Articles Of Association Template for Nigeria

Articles of Association for a Foundation in Nigeria serve as the primary governing document that establishes the foundation's structure, purpose, and operational framework under Nigerian law. Compliant with the Companies and Allied Matters Act (CAMA) 2020, this document outlines the foundation's charitable objectives, governance structure, trustee responsibilities, financial management protocols, and dissolution procedures. It provides a comprehensive framework for the foundation's operations while ensuring adherence to Nigerian regulatory requirements for charitable organizations.

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What is a Foundation Articles Of Association?

Foundation Articles of Association are essential constitutional documents required under Nigerian law for establishing and operating a charitable foundation. This document must comply with the Companies and Allied Matters Act (CAMA) 2020 and is filed with the Corporate Affairs Commission (CAC) during the foundation's registration process. The Articles define the foundation's charitable purposes, governance structure, operational procedures, and mechanisms for oversight. They serve as a binding agreement between the foundation and regulatory authorities, establishing the legal framework within which the foundation must operate. This document is crucial for organizations seeking to establish a charitable presence in Nigeria and must be carefully drafted to ensure both legal compliance and operational effectiveness.

What sections should be included in a Foundation Articles Of Association?

1. Name and Registered Office: States the foundation's name and registered address in Nigeria

2. Objects of the Foundation: Detailed description of the foundation's purposes, aims, and charitable objectives

3. Powers: Enumeration of the legal powers the foundation has to carry out its objects

4. Limitation on Private Benefits: Provisions ensuring the foundation's assets and income are used solely for charitable purposes

5. Trustees: Provisions regarding appointment, removal, and powers of trustees

6. Board of Directors: Structure, composition, and responsibilities of the board

7. Meetings: Rules for conducting board meetings, general meetings, and decision-making processes

8. Financial Provisions: Rules regarding financial management, accounts, and auditing

9. Amendment of Articles: Procedures for modifying the Articles of Association

10. Dissolution: Procedures for winding up and asset distribution

What sections are optional to include in a Foundation Articles Of Association?

1. Advisory Board: Creates an advisory board structure - include when the foundation wants external expert guidance

2. International Operations: Provisions for operating internationally - include for foundations with cross-border activities

3. Branch Offices: Rules for establishing and managing branch offices - include if multiple locations are planned

4. Endowment Management: Specific rules for managing endowment funds - include if the foundation will have substantial endowment

5. Conflict Resolution: Detailed dispute resolution procedures - include for larger foundations with complex stakeholder relationships

6. Beneficiary Selection Criteria: Detailed criteria for selecting beneficiaries - include when specific selection processes are needed

What schedules should be included in a Foundation Articles Of Association?

1. Schedule 1: Initial Trustees: List of founding trustees with their details and declarations

2. Schedule 2: Powers of Trustees: Detailed enumeration of specific powers granted to trustees

3. Schedule 3: Board Procedures: Detailed procedures for board meetings and decision-making

4. Schedule 4: Financial Rules: Detailed financial management procedures and controls

5. Appendix A: Conflicts of Interest Policy: Detailed policy for managing conflicts of interest

6. Appendix B: Code of Conduct: Ethical guidelines for trustees and officers

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents

Jurisdiction

Nigeria

Publisher

Ƶ

Cost

Free to use

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