Kanton Glarus (StiftungsV)

Scope of Application

1 This Ordinance applies to foundations within the meaning of Articles 80–89 of the Swiss Civil Code with their seat in the Canton of Glarus or under the supervision of the cantonal supervisory authority.

2 It is not applicable to pension schemes, foundations subject to federal supervision, ecclesiastical foundations, and family foundations.

Competencies

1 The Commercial Registry Office is the cantonal supervisory and competent cantonal authority.

2 The Municipal Council is the supervisory authority over foundations belonging to a single municipality.

3 In cases of doubt, the cantonal supervisory authority designates the competent supervisory authority.

2. Foundations

Principle

1 The Foundation fulfills the duties assigned to it by law, ordinance, foundation deed, and

other provisions.

1) SR 210

2) GS III B/1/1

3) GS II A/3/2

SBE XII/4 227

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Annual Reporting

1 The foundation submits to the supervisory authority unprompted within six

months after the end of the financial year

a. the approved and legally signed annual financial statements

as well as the corresponding securities list;

b. the report on business activities;

c. the report of the auditing body, unless an exemption order

is in place.

2 It submits further documents to the supervisory authority upon request.

Duty to inform the supervisory authority

1 The foundation board must inform the supervisory authority without delay of any events that require prompt intervention (endangering of assets, etc.).

3. Supervisory Authority

Principle

1 The supervisory authority fulfills the tasks assigned to it by legislation and, in doing so, issues the necessary orders.

Inspection of Reporting

1 The supervisory authority inspects the documents submitted to it.

2 This does not relieve the responsible bodies of their responsibility.

Orders

**1** The competent authority issues orders, in particular, concerning

a. Amendments to foundation deeds;

b. Subjection of the foundation to its supervision;

c. Mergers and dissolutions of foundations as well as asset transfers;

d. Ordering of measures to remedy deficiencies;

e. Acknowledgment of reporting;

f. Exemption from the statutory audit requirement.

Supervisory Tools

1 The supervisory authority takes appropriate measures to remedy deficiencies,

in particular by

a. issuing directives to the foundation and/or to the auditing body;

b. amending or revoking decisions of the foundation;

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c. reviewing the management and accounting at the foundation’s

domicile;

d. enforcing decisions and orders within the meaning of Article 130

of the Act on Administrative Justice;

e. removing foundation organs and appointing interim administrations.

2 The costs for orders pursuant to paragraph 1 or any other necessary measures shall, as a rule, be borne by the foundation.

4. Data Protection

1 The supervisory authority manages the data necessary for the performance of its supervisory activity. This data particularly concerns the purpose of the foundation, type of foundation, addresses of responsible persons, founding dates, regulations, accounting records, balance sheet figures, and other facts useful for the performance of the supervisory activity (comments on reporting, etc.).

2 The disclosure of data is limited to the domicile, address, and purpose.

5. Legal Remedies

1 Legal protection against orders of the supervisory authority and the competent cantonal authority is governed by the Administrative Procedure Act4). *

6. Supreme Supervision

### Authorities

1 The cantonal supervisory authority, as the superior supervisory authority, supports the supervisory authorities at the municipal level in an appropriate manner, if necessary.

2 The superior supervisory authority takes suitable measures to remedy deficiencies, in particular by

a. issuing directives to the supervisory authorities at the municipal level, admonishing or warning them;

b. amending or annulling official orders and decisions *ex officio* or in appeal proceedings;

c. ordering substitute performance.

3 The costs of these or any other necessary measures shall generally be borne by the subordinate supervisory authority.

Information for the Supreme Supervisory Authority

1 The lower supervisory authorities must submit all orders and decisions to the supreme supervisory authority for its information.

7. Fees

Principle

1 Foundations and third parties are liable to pay fees for the disclosure of data.

2 Annual supervisory fees and other fees are levied.

3 In special cases, the supervisory fee may be waived for foundations with gross assets of less than 500,000 Swiss Francs.

Tariff

1 The supervisory fees are determined based on the foundation's assets

and supervisory effort as follows

Gross Assets (in CHF) Fee (in CHF)

under 500,000 up to 400

500,000 - 1,000,000 200-500

1,000,000 - 5,000,000 400-750

5,000,000 - 10,000,000 600-1000

over 10,000,000 800-1500

2 For decisions concerning preliminary review, review, amendment and approval

of foundation deeds or regulations, assumption of supervision,

exemption from the audit requirement, foundation dissolution, merger and

asset transfer, warnings in the form of official orders, as well as supervisory

measures, a fee of CHF 100–1000 will be charged, depending on the effort involved.

3 Extraordinary expenses will be charged as follows

a. Simple reminders, CHF 100 each;

b. Disclosure of data pursuant to Article 10 paragraph 2, per data

record CHF 10;

c. Production of photocopies, CHF 2 per copy;

d. Expenses and cash disbursements according to actual cost.

4 For particularly difficult and extensive official business, the

fees according to paragraphs 1 and 2 may be increased to double the maximum rate.

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8. Final Provision

1 This Ordinance comes into force on 1 January 2012. The Ordinance of

25 June 2002 on the Establishment, Amendment and Supervision of Institutions

for Occupational Retirement Provision and Foundations, and the Schedule of Fees

of 20 December 2005 for the Supervision of Institutions for Occupational

Retirement Provision and Foundations are hereby repealed.

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