endownment
Article 55- An Endowment consists in the surrender of a property, and the devotion of itsprofits to some purpose.Article 56- An endowment takes place when the donor makes an offer by any form ofwords which definitely carry this meaning and when the first generation of beneficiaries,or their legal representative if they are limited in number, as in the case of children,accept it or if the beneficiaries are unlimited in number or the endowment be made for thebenefit of the public, then the acceptance of the judge is required.Article 57- The donor must be the owner of the property to be endowed and, in addition,must be possessed of capacity to contract and to make valid transactions.Article 58- It is permissible to endow only such property as can be exploited withoutdetriment to its existence, whether it be movable, held in undivided shares or divided up.Article 59 - If the donor does not hand the substance of the endowment over to thepossession of the foundation to which it has been bequeathed, the endowment is not yetcomplete, but once it has been delivered the endowment is authentic.Article 60- In respect delivery, urgency is not essential; so long as the donor has notrevoked endowment whenever is given the endowment becomes finalArticle 61- When the endowment takes place in the proper form and is delivered, it isbinding, and the donor is not permitted revoke it nor to make any alterations in it, nor mahe expel any one of the beneficiaries, nor make any new beneficiaries; nor, if in the textof agreement the administrator is not specified, may he appoint an administrator, nor mayhe interfere in the capacity of administrator.Article 62- In the event of the beneficiaries being limited in number they themselves shalltake delivery, and delivery to the first generation shall be sufficient; and if thebeneficiaries are unlimited or the bequest is to be devoted to the public use, either theadministrator or the judge shall take delivery.Article 63- The guardian and executor of persons who are under disability will takedelivery of the endowed property on their behalf and if the donor has reserved the officeof administrator to himself, then the fact of his taking delivery shall suffice.Article 64- Property of which the profits are temporarily granted to another party can bethe object of an endowment, and similarly it is permissible to endow landed property towhich a right of easement is attached, without prejudicing the said right.Article 65- The validity of an endowment which may result the detriment of the donorâscreditors, is dependent on the permission of the creditorsArticle 66- An endowment for an unlawful purpose is null and void. ArticleArticle 67- The endowment of property of which it is not possible to give and take delivery isnull and void, but if the donor alone is not capable of taking and giving delivery, thensuch an endowment is valid.Article 68- Anything which, either by nature or in accordance with usage and custom isreckoned as forming part of the dependencies and appurtenances of the endowedproperty, is in the endowment, unless the donor has made special provision to thecontrary, in the sense mentioned in the Chapter Concerning Sales.Article 69- An endowment for the benefit of non - existent persons is invalid, unless itfollows in succession from living beneficiaries.Article 70- If an endowment is made jointly to persons who do not exist and to personsliving, it is valid in so far as it concerns the living and null and void in so far as itconcerns those who do not existArticle 71- Endowments to persons unknown have no validity.Article 72- An endowment for the benefit of the donor himself in such a way
