Foundation
Last updated: 28 November 2023.
A foundation is an asset value, which by will, gift or other legal disposition, is made available independently for a specific purpose.
The pupose of a foundation can be of a non-profit, humanitarian, cultural, social, educational or financial nature.
A legal system that meets these requirements is a foundation regardless of whether it is referred to as a legacy, institution, fund or other. Even if it is not stated in the Foundations Act, there is also a condition that the foundation must last for a certain period of time.
It is the Norwegian Gaming and Foundation Authority that decides whether the criteria for being a foundation are met. You can read more about the criteria on their website.