Yayasan (foundation) under JPM is a charitable organization established under Trustees (Incorporation) Act 1952. Its establishment, until the closure is administered by the same Act.
The yayasan was established only for the purpose of religious, educational, literary, scientific, charitable / social welfare or as provided under section 2 of the Act.
The yayasan also has a liability and an entity distinct from its trustee or founder. It is also can sue and be sued under its own name.
All matters related to the yayasan from its incorporation until its closure should be done through the office of Legal Affairs Division of Prime Minister Department’s address at Level 4-8, Bangunan Hal Ehwal Undang-undang, Precinct 3, Pusat Pentadbiran Kerajaan Persekutuan, 62692 Wilayah Persekutuan Putrajaya.
In order to set up this yayasan, a minimum of 3 person is required as a trustee and at least one person is required as a founder.
For this yayasan to be established, the approval of the Minister in the Legal Affairs Division of Prime Minister Department must be obtained in advance. Once the Minister is satisfied and approve it, a certificate of incorporation will be issued and signifies that this yayasan has been successfully established.
At the end of every year, the yayasan is required by the Trustee Act 1952 to lodge to the Legal Affairs Division of the Prime Minister Department:
- An annual report
- An audited audited reports
If the founder or the trustee with the consent of the founders want to dissolve the yayasan, all property and money held by it after being deducted and completed all expenses and liabilities involved, should be donated to the Government of Malaysia or any charitable organization designated by the Malaysian Inland Revenue Board (IRB).
The dissolution, however, should be notified to the Minister of the Legal Affairs Division in Prime Minister Department.
