The association is established by on the basis of an authentic (notarial) deed, private deed or without a deed. The association is established by a minimum of 2 persons and should not have the purpose of making a profit distribution amongst its members. In contrast, a cooperative association is allowed to have as a goal the making of profit distributions amongst its members. The association is easier to establish than the cooperative association and requires fewer formalities.
As long as the association has no legal personality, the founders are jointly and severally liable for the legal acts they have performed.
The association with legal personality
An association with legal personality is required to have its articles of association approved by the President of Suriname and that the approved articles of association are published in the Advertising Paper of the Republic of Suriname (Advertentieblad van de Republiek Suriname).
The articles of association of the association must contain the goal of the association, the basis for the establishment, the job (werkkring) and other regulations regarding the association.
Amendments or changes to the approved articles of association or regulations require further approval.
Until the approved articles of association are published, the approval or further approval shall be deemed to not have been passed.
Both the association and association with legal personality will cease to exist:
- by legal dissolution;
- by achieving the goal or subject of the association;
- by express dissolution in accordance with the articles of association or regulations of the association.