Cap. 16 Art. 1124GFiduciary obligations towards a purpose.

(1)When a fiduciary obligation is imposed or undertaken solely to achieve a designated purpose or purposes, including in the case of a charitable trust or a purpose foundation, without there being a beneficiary, such obligation shall be valid and enforceable, and:

(a) where there is more than one person who is so bound, their obligations shall be joint and several; and

(b) in case of a foundation, the administrators of the foundation shall be jointly and severally obliged to perform the fiduciary obligations with the foundation itself.

(2) The provisions of this Title shall be applied mutatis and the obligations of the fiduciary shall be attributed mutandis towards achieving the designated purpose in accordance with the terms of the fiduciary obligation, any applicable law and the provisions of this Title.

(3) When a fiduciary obligation is imposed or undertaken by any religious organisation, Canon law and other legislation governing religious organisations shall apply and in case of inconsistency shall prevail over the provisions of this Title.