Pablo Palazuelo Foundation

The Foundation´s statutes

CHAPTER I: CONSTITUTING THE FOUNDATION

Article 1. – Name, nature, address and scope of activity

  1. The private, non-profit cultural Foundation was constituted with the name «FUNDACIÓN PABLO PALAZUELO». The assets of said Foundation will, for an indefinite period, be given over to serving the general-interest objectives set out in these Statutes. Its regulatory framework is also determined by Article 34 of the Spanish Constitution of 1978, Law 50/2002, of 26 December, on Foundations, Law 49/2002, dated 23 December, on Tax Regimes for Non-Profit Organisations, and Tax Incentives for Patronage and other mandatory provisions.
  2. The FOUNDATION’s statutory address is: Calle García de Paredes, 78, 28010, postal district of the Municipality of Madrid
  3. Its geographic scope is Spain, with it being able to expand its activities abroad.

Article 2. – Legal personality, start of activities and duration

  1. The Foundation, once constituted and registered on the Registry of Foundations, enjoys independent legal personality and autonomous patrimony, with full legal and operational capabilities. It may therefore undertake all necessary actions in compliance with its constitutional purpose, subject to legislation.
  2. The Foundation is of unlimited duration. However, if at any point its purposes were deemed to have been met, or if these proved impossible to attain, the Trust may agree to its termination, pursuant to the Legislation in effect and as provided for by the article in these Statutes.
  3. The founder is Pablo Palazuelo de la Peña, as established and in the proportion and terms set out in the public deeds of incorporation.

CHAPTER II: GOALS AND BENEFICIARIES OF THE FOUNDATION

Article 3. – Goals

The foundation is of a cultural nature and its aims are:

1) To perpetuate the unity of the work of the painter and sculptor Pablo Palazuelo, as well as to uphold and raise the profile of his name.

2) To foster, by temporary loans, acts of dissemination, promotion of, and research into, the pictorial, sculptural and documentary works of the artist, in order to increase knowledge of it, through commodatum, loans, deposits or display.

3) To maintain, preserve, promote and disseminate this artistic collection, made up of paintings, sculptures and documents.

4) Develop action programmes, plans or projects aimed at attaining these goals.

Article 4. – Activities

Those necessary to making the private collection available on a temporary basis, through commodatum, loans, deposit,  display or paid loan to cultural general-interest institutions. The granting of works may be either whole or partial, to one or many institutions, both public and private, domestic or international.

Article 5. – Beneficiaries

  1. The Foundation’s goals are of a generic nature, aimed at all general-interest individuals and organisations, both public and private.
  2. When it comes to determining the beneficiaries of the Foundation’s activities, the Trust will act in accordance with criteria of impartiality and non-discrimination.

Article 6. – Application of resources in attaining these goals

  1. The Foundation will allocate its assets and any grants, sponsorship, aids or promotional assistance that it receives effectively, in compliance with its goals.
  2. It must allocate at least 70% of the amount resulting from the economic operations it undertakes and any income obtained by any other means to attaining the Foundation’s goals, in the terms set out in the current legislation.
  3. The period within which this obligation will be complied with is between the start of the tax year in which they have been obtained, and the four years subsequent to the end of said tax year.

Article 7. – Information

The Trust will provide the appropriate information regarding the goals and activities of the Foundation in such a way these are known by their eventual beneficiaries and other stakeholders.