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Conyers advises Bermuda Community Foundation on its conversion to a segregated accounts company

October 2014 Peter Ch'ng

Conyers Dill & Pearman Limited advised Bermuda Community Foundation a local not-for-profit Bermuda company limited by guarantee with charitable philanthropic objects on its conversion to and registration as a segregated accounts company (SAC) under the Segregated Accounts Companies Act, 2000. This exercise was novel and ground breaking in several respects as it is the first local company limited by guarantee and registered charity to become a segregated accounts company. Typically only mutual fund companies and insurance companies are registered as a segregated accounts companies; all other types of companies require the consent of the Minster of Education and Economic Development. As a segregated accounts company, Bermuda Community Foundation now has the capability to establish statutorily segregated charitable funds (e.g. its Donor Advice Funds and Agency Funds for significant/sophisticated donor groups to be legally ring-fenced from other community funds). Donors will have the assurance that segregated funds or portfolios may be individually ring-fenced from any liabilities or obligations of another fund.

Bermuda Community Foundation was established in 2013 and received seed capital from its lead sponsors The Atlantic Philanthropies and Renaissance Re along with key investors, Bloomberg Philanthropies and XL Foundation.

 


Peter Ch'ng
Partner

HONG KONG   (852) 2842 9593


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Deals & Transactions

Conyers advises Bermuda Community Foundation on its conversion to a segregated accounts company

15 October 2014 Peter Ch'ng

Conyers Dill & Pearman Limited advised Bermuda Community Foundation a local not-for-profit Bermuda company limited by guarantee with charitable philanthropic objects on its conversion to and registration as a segregated accounts company (SAC) under the Segregated Accounts Companies Act, 2000. This exercise was novel and ground breaking in several respects as it is the first local company limited by guarantee and registered charity to become a segregated accounts company. Typically only mutual fund companies and insurance companies are registered as a segregated accounts companies; all other types of companies require the consent of the Minster of Education and Economic Development. As a segregated accounts company, Bermuda Community Foundation now has the capability to establish statutorily segregated charitable funds (e.g. its Donor Advice Funds and Agency Funds for significant/sophisticated donor groups to be legally ring-fenced from other community funds). Donors will have the assurance that segregated funds or portfolios may be individually ring-fenced from any liabilities or obligations of another fund.

Bermuda Community Foundation was established in 2013 and received seed capital from its lead sponsors The Atlantic Philanthropies and Renaissance Re along with key investors, Bloomberg Philanthropies and XL Foundation.

 


Peter Ch'ng
Partner

HONG KONG   (852) 2842 9593


 

expertise

Corporate


JURISDICTION(S)

Bermuda


International Office(s)

Bermuda