A nonprofit foundation – under the provisions of this law – is any entity established for a fixed or indefinite duration by one or more natural or legal persons, or both, that is fundamentally non-profit, and is created to achieve one or more public benefit or specific purposes. It relies on funds allocated by its founder(s) in the form of capital, endowments, grants, or bequests. Family and private funds of all types are considered nonprofit foundations, and the regulations define what falls under such funds. Each supervising authority of a fund must set rules for it that comply with this law and do not impose any obligation on the state, after obtaining the approval of the competent authority and the Ministry.