© The Author (2009). Published by Oxford University Press. All rights reserved.
Editorial |
Editorial

*Tony Molloy QC, Shortland Chambers, 13/70 Shortland Street, PO Box 4338, Auckland, New Zealand. Email: apmolloyqc@shortlandchambers.co.nz
Toby Graham, Partner and Head of Contentious Trusts and Estates, Farrer & Co, 66 Lincoln's Inn Fields, London, UK WC2A 3LH. Email: tbg@farrer.co.uk
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Trusts & Trustees catholic taste is illustrated by our abiding interest in the foundation. This has experienced something akin to China's Great Leap Forward, with its adoption into Jersey law—final approval to Foundations (Jersey) Law is expected shortly. Let us remind ourselves of the essentials of the foundation. Its antecedents trace back to 1920s Liechtenstein. The foundation is a separate juridical person—like a company. It has beneficiaries (or purposes) instead of shareholders. It has a charter and is administered by a council which owes duties to the foundation, not its beneficiaries. The foundation concept is based around contractual principles—the founder enjoying a high degree of autonomy and thus usually retaining extensive power and