2. Foundation Charter

According to Article 5 of Law 25 of June 12 1995 the Foundation Charter must contain the following:

• The name of the foundation in any language with characters of the Latin alphabet, and which to avoid confusion, shall not be identical or similar to that of any other foundation previously registered in the Republic of Panama. The name shall include the word "foundation" to distinguish it from a natural person or from a different kind of juridical person.
• The initial capital of the foundation, expressed in any currency of legal tender, and which shall in no case be less than an amount equivalent to ten thousand dollars (US$10,000.00.)
• A complete and clear designation of members, including their address, of the Foundation Council, which the founder may belong to.
• The domicile of the foundation
• The name and domicile of the Resident Agent of the foundation in the Republic of Panama, who must be an attorney or Law firm. The Resident Agent must countersign the Foundation Charter prior to its registration in the Public Registry.
• The method of appointing the beneficiaries of the foundation, which may include the founder.
• The reservation of the right to modify the Foundation Charter when deemed convenient.
• The duration of the foundation.
• The destination to be given to the assets of the foundation and the manner of liquidating such assets in the event of dissolution.
• Any other lawful clauses, which the founder may consider convenient.