S.L. 16.18 Art. 6Foundations established on or after 1st July 2019 up to the date of the coming into force of these regulations. Foundations established after the coming into force of these regulations. Rules applicable to all cases under regulations 5, 6(1) and 6(2). Online registration.

(1) Any foundation which is established on or after

1st July 2019 until the coming into force of these regulations, shall comply with these regulations within three (3) months of the coming into force of these regulations and there shall be delivered to the

Registrar for Legal Persons within such time period:

(a) an authenticated copy of its deed and statute, if an application for the registration of the foundation in terms of the Second Schedule is not submitted within such time; and

(b) a declaration in the prescribed form, signed by one of the administrators of the foundation containing adequate, accurate and up-to-date information in accordance with regulation 4 on all the beneficial owners of the foundation. Where the administrator is a body corporate, such declaration shall be signed by one director thereof.

(2) Any foundation which is established after the coming into force of these regulations shall comply with these regulations within three (3) months of the date of their establishment and there shall be delivered to the Registrar for Legal Persons within such time period:

(a) an authenticated copy of its deed and statute, if an application for the registration of the foundation in terms of the Second Schedule is not submitted within such time; and

(b) a declaration in the prescribed form, signed by one of the administrators of the foundation containing adequate, accurate and up-to-date information in accordance with regulation 4 on all beneficial owners of the foundation. Where the administrator is a body corporate, such declaration shall be signed by one director thereof.

(3) A foundation, and all relative documents, shall not be registered in terms of the Second Schedule unless the Registrar for Legal Persons is satisfied that the requirements of these regulations have also been complied with.

(4) (a) Any personal data submitted to the Registrar for

Legal Persons under these regulations shall be current and shall correspond to the actual beneficial owners of the foundation on the date of submission.

(b) On a continuing basis, if the foundation is registered, the Registrar for Legal Persons shall not proceed with the registration of any registerable forms or documents of the foundation delivered to him in accordance with any applicable special law, unless (REGISTER OF BENEFICIAL OWNERS – FOUNDATIONS)

the Registrar for Legal Persons is satisfied that the requirements of these regulations have been complied with.

For the purpose of these regulations:

(i) the relevant registrars, commissioners, boards or authority shall co-ordinate their activities with the Registrar for Legal Persons in accordance with guidelines issued by him on such matters from time to time; and

(ii) the relevant registrar, commissioner, board or authority shall notify any foundation for which a submission is refused due to non-compliance with these regulations, of the reasons for refusal.

(c) In case of default of compliance with regulations 5(1), 6(1) and 6(2), the foundation and every administrator of the foundation who is in default shall be jointly and severally liable to a penalty, and, for every day during which the default continues, to a further penalty:

Provided that the foundation and the administrators of the foundation shall not be liable if they had exercised all due diligence to comply with the provisions of these regulations and the default was not due to any negligent act or omission on their part.

(5) The Registrar for Legal Persons shall be entitled to require online registration of any documents or forms submitted to him in accordance with these regulations, and to establish the rules and procedures relative thereto in guidelines which he may issue for this purpose.