säätiölain

Säätiölaki, or the Foundations Act, is the primary legislation governing the establishment and operation of foundations in Finland. This law outlines the legal framework, defines what constitutes a foundation, and specifies the requirements for their formation. A foundation is typically an independent legal entity established to pursue a specific, often non-profit, purpose for a perpetual duration, endowed with a corpus of assets.

The Säätiölaki details the process of establishing a foundation, including the need for a foundation deed (säätiöjärjestys) and the registration of the foundation with the relevant authorities. It also sets out rules regarding the foundation's governance, including the composition and responsibilities of the board of directors, and the role of a supervisor or auditor. The law emphasizes the importance of adhering to the foundation's stated purpose and managing its assets prudently.

Furthermore, the Säätiölaki addresses the foundation's financial management, reporting obligations, and potential dissolution. It aims to ensure transparency and accountability in the operation of foundations, safeguarding both the intended purpose of the foundation and the interests of beneficiaries. The act is crucial for anyone looking to establish or interact with foundations in Finland.