{"id":26497,"date":"2019-07-22T14:28:29","date_gmt":"2019-07-22T14:28:29","guid":{"rendered":"https:\/\/visegradlegal.hu\/?p=26497"},"modified":"2019-07-22T14:28:29","modified_gmt":"2019-07-22T14:28:29","slug":"new-law-on-asset-management-foundations","status":"publish","type":"post","link":"https:\/\/visegradlegal.hu\/en\/corporate-law\/new-law-on-asset-management-foundations\/","title":{"rendered":"New Law on Asset Management Foundations"},"content":{"rendered":"<p><strong>A few weeks ago, the Parliament passed a new law introducing asset management foundations. Henceforth, a foundation can be entrusted with the management of larger assets too. Let&#8217;s take a look at the terms.<\/strong><\/p>\n<p>An asset management foundation may be established for the purpose of managing the assets allocated by the founder and for realising, by using the income accrued from such assets, the goals and objectives specified in its charter subject to legal provisions applicable to all foundations. The asset management foundation may also carry out trust management, in addition to the management of assets allocated to it. However, carrying out any other economic activity is prohibited.<\/p>\n<p>To incorporate such foundation, <strong>at least 600 million forints must be allocated<\/strong> by the founder. Assets can be both cash and non-cash assets but it shall be <strong>allocated in full to the foundation prior to the court registration<\/strong>. The founder is required to specify all items of the assets in the deed of foundation in sufficient details so that they can be identified.<\/p>\n<p>Compared to standard foundations, stricter rules apply to asset management foundations in terms of management and control. In case the founder assigns his rights to third parties, he is required to <strong>appoint a board of trustees of at least five members<\/strong> and the <strong>establishment of a supervisory board<\/strong> is mandatory. In case a board of trustees is appointed, the founder shall also appoint a <strong>property inspector<\/strong> to control the management of assets.<\/p>\n<p>Asset management foundations can be established not only from scratch but also <strong>by amending the charters of existing foundations<\/strong> in order that the amended charter complies with the provisions of the new law.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A few weeks ago, the Parliament passed a new law introducing asset management foundations. Henceforth, a foundation can be entrusted with the management of larger assets too. Let&#8217;s take a look at the terms. An asset management foundation may be established for the purpose of managing the assets allocated by the founder and for realising, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":26486,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[153],"tags":[338,339,337],"class_list":["post-26497","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-law","tag-asset-management","tag-board-of-trustees","tag-charter"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>New Law on Asset Management Foundations - Ill\u00e9s Law Office<\/title>\n<meta name=\"description\" content=\"The Parliament passed a new law introducing asset management foundations. 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