1.1. Initial Patrimony. The Foundation shall have a minimum initial patrimony equivalent to ten thousand dollars (US$10,000.00), legal tender of the United States of America, which may be contributed by the Founder or by third parties. The capital plus accumulated income earned by the capital shall constitute the Foundation’s assets, hereinafter also referred to as its “Patrimony”.
1.2. Additional Contributions and Consent. The initial patrimony of the Foundation may be increased at any time by contributions in cash or in kind by the Founder or of third parties with agreement and consent of the Foundation Council. Such consent may be implied if the Foundation Council does not object to receiving the relevant contribution within thirty (30) days of receipt of said contribution or it may be formal if the Foundation Council acknowledges receipt of and accepts the contribution on behalf of the Foundation.
1.3. Objectives. The purposes of the Foundation shall be to hold, manage, invest, distribute and dispose of the Patrimony for the benefit and advancement of the beneficiaries, as established in this Foundation Charter and in the Regulations.
In addition, the purposes of the Foundation are the administration and disposition of the Foundation patrimony in order to:
a) To pay for the costs of upbringing, education, aid, as well as general maintenance or other similar objectives of one or more members of one or several families as established from time to time in the Regulations or from appropriate documentation.
b) Serve the public good by nurturing the expression of human creativity, supporting the cultivation of community spirit and fostering the recognition and appreciation of the excellence and diversity of artistic accomplishments worldwide.
c) To realize the philanthropic aspirations by supporting educational and artistic events by individuals, non-profit organizations and institutions, who are committed to developing an understanding of the visual arts worldwide and to encouraging events and activities intended to benefit the global community of art enthusiasts.
d) To promote pioneering scholarships and research in order to gain clearer insights into issues of art history, as well as to organize international travelling exhibitions of its collections to various museums and accredited institutions.
e) To create exhibitions that will encourage an appreciation and understanding of art, its history, context and meaning.
f) To benefit other natural or juridical persons or institutions or entities of any kind or charities of any kind recognized under the law of any country and take the necessary provisions for the orderly disposition or succession of its Patrimony.
In order to achieve its purpose, the Foundation is authorized to preserve, administer and invest, in an appropriate manner, the assets of the Foundation and to conclude all business and legal transactions serving the pursuit and the realization of such objects. The assets of the Foundation may be held in custody within or outside the domicile from time to time of the Foundation.
The M.T. Abraham Foundation is hereby established pursuant to Law No. 25 of June 12th, 1995 of the Republic of Panama, subject to this Foundation Charter (hereinafter, the “Foundation Charter”), and to the Regulations that from time to time may be adopted (hereinafter, the Regulations”).
The M.T. Abraham Foundation full Bylaws is held at Arias, Fabrega & Fabrega law firm and is accessible to the public.