The articles of association shall specify the main principles for the operation of the foundation. The statutes shall be signed by all the founders or at least two founding members empowered to sign the statutes in the founding decision.

The document must contain:

• the name of the foundation;
• the purpose of the foundation;
• procedures by which the property is to be transferred to the foundation;
• the procedures for the utilisation of funds of the foundation;
• the term of validity of the foundation, if established for a specified period;
• procedures for the distribution of the property of a foundation in the case of liquidation of the foundation;
• procedures for the appointment and removal of a member of the Management Board, their numerical composition, rights of representation and duration;
• the procedures for the appointment and removal of members of other administrative bodies (if such are provided for) and the term of their operation;
• the structure, procedures for election, competence, procedures for taking decisions and the term of office or the procedures for the appointment of a sworn auditor and the term of office;
• the cases and procedures for amending the Statute;
• the articles of association may lay down other provisions which do not conflict with the law;
• place and date of approval of the Statute.