Purpose of the foundation (from the statutes)
The private foundation is established for the pursuit of the following disinterested purpose
The purpose of the private foundation is to acquire, preserve, manage, make accessible, exhibit both publicly and privately, protect, safeguard, and expand art and artworks.
In this context, the private foundation proceeds to inventory, describe, and archive the artworks in the broadest sense.
Furthermore, the private foundation is allowed to improve its collection through sales, purchases, or exchanges with works held by other collectors, artists, or auction houses.
Supporting activities
To support these activities, the private foundation can oversee the organization or provide support for all artistic achievements and cultural developments, and for organizing art galleries and art exhibitions, both at its own location and elsewhere.
It can publish or distribute promotional material, in print, digitally, or in any other way, or collaborate on or provide support for such.
Concrete activities
In particular, the private foundation, with a view to realizing this altruistic goal, may carry out the following activities both domestically and internationally:
- The management and expansion of an art collection
- The exhibition of the art collection
- The acquisition of funds and resources necessary for financing the aforementioned purpose
- Financing activities and projects to make the art collection better known to the general public and to inspire young artists
- facilitating projects with and for artists
Benefaction
The Board of Directors shall exercise discretionary judgment regarding any potential distributions. Potential beneficiaries shall have no right of claim
The representation of these interests includes:
the support and funding of scientific, material, commercial, educational, intellectual, artistic, and other projects,
without these individuals having a claim to it and without any distributions being made in cash.
Use of resources
The private foundation pursues its altruistic goal simultaneously and may use the annual return on the foundation's assets for this purpose.
The private foundation can increase its operating resources by transferring or lending artworks owned by the private foundation for a consideration at a market-conform price, but only to the extent necessary and with a view to preserving the continuity of the operation of the private foundation.
The Board decides on this at its discretion with unanimity.
The term 'annual return' shall be understood to mean: the income generated by the assets during that year, increased by realized capital gains on any asset component and unrealized capital gains on capitalization instruments, and decreased by realized capital losses on any asset component and unrealized capital losses on capitalization instruments
Liquidation
In the event of liquidation of the private foundation, all movable property, particularly all artworks and the art archive,
will be transferred to reputable museums, chosen by the Board, in accordance with the altruistic goal.
Management of the assets
The private foundation manages its assets like a good householder,
with attention to preservation and valorization.
It may carry out the following transactions, among others:
• Movable and/or immovable transactions, such as entering into contracts.
• Making investments, directly or indirectly (through the establishment of companies, investment companies, life insurance, etc.).
• Invest in movable property and portfolio values, including securities and works of art.
"Leasing, purchasing and selling, and establishing, constructing, renovating, or demolishing real estate
• Establish, purchase, or grant business rights, in Belgium or abroad.
• Enter into loans and/or provide securities.
• Assume costs and burdens to relieve the persons or institutions mentioned in the purpose.
• Execute obligations on behalf of those persons or institutions.
• Collaborate with, participate in, or take interests in enterprises of all kinds.
• Enter into annuity agreements with the persons defined in the third purpose.
• Transfer assets to other Belgian or foreign foundations or similar legal entities with a corresponding objective.
• Exercise mandates (paid or unpaid) in legal entities.
Other provisions
The private foundation may furthermore perform all acts that directly or indirectly relate to its purpose
It may provide cooperation and participate in any activity that aligns with its purpose.
The private foundation may not provide any material benefit to the founder(s), directors, or any other person,
except if this is part of achieving the altruistic purpose.