The Appleby Charitable Foundation is the first Foundation to be approved under the Isle of Man's new Foundation Act introduced at the beginning of 2012.
The Isle of Man’s new Foundations Act 2011 came into effect on 1st January 2012. A Foundation is an incorporated, self-owning, legal entity. While Foundations look and act in similar ways to a trust, they differ significantly in that they have a distinct legal personality, a feature that is more commonly associated with companies. Appleby says its Foundation will assume the responsibilities of the existing Appleby Fund for the Community, a charitable scheme created to issue donations across a range of local charities and causes. The process of establishing the Foundation will not af...
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