New rules for the management and supervision of legal entities

The Dutch Act on the Management and Supervision of Legal Entities (WBTR) will enter into force on July 1st. The amendments it contains will affect notarial services and the articles of association of existing and new associations, cooperatives, mutual insurance companies, and foundations.

The WBTR supplements and clarifies the management and supervision regulations for the various legal entities under Book 2 of the Dutch Civil Code. Several provisions are being standardized. The changes primarily concern associations, cooperatives, mutual insurance companies, and foundations, but private limited companies (BVs) and public limited companies (NVs) will also be affected. The possibility of establishing a supervisory board for an association or foundation will be legally established, and the grounds for dismissal of a foundation's director will be expanded. To prepare notaries for these and other changes under the WBTR, the Royal Dutch Association of Civil-Law Notaries (KNB) is offering a course for its members.