This series provides more detailed insight into the reform of the Belgian Company Code, which is expected to be voted into law after the summer parliamentary recess. This ambitious reform will affect many businesses and is intended to render Belgian company law more flexible and attractive to Belgian and foreign investors. The reform will simplify and reduce the number of corporate forms and will also apply to Belgian non-profit associations and foundations.
This issue focuses on the general principles of the reform.
Code of companies and associations
The new code will be known as the Code of Companies and Associations. While the name appears to indicate that the code governs only companies and associations, it will in fact extend to foundations as well. This means that it will contain not only rules for companies but also provisions applicable to associations and foundations.
The term "associations" refers to unincorporated associations (feitelijke vereniging), i.e. an associa-tion without legal personality, as well as associations with legal personality, non-profit associations, international non-profit associations and foundations, in particular private foundations and public interest foundations.
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