Article 25.
The foundation shall be dissolved due to:

1. Reaching the day in which the foundation must terminate, in accordance with the foundation charter.
2. The fulfillment of the purposes for which it was constituted or if their fulfillment becomes impossible.
3. Being in a state of insolvency, cessation of payments or due to bankruptcy proceedings having been declared judicially.
4. The loss or total extinction of the assets of the foundation.
5. Its revocation.
6. Any other cause established in the foundation charter or in the present Law.

Article 26.
Every beneficiary of the foundation may contest any acts of the foundation that may damage the rights conferred upon him/her, denouncing such circumstance to the protector or to other supervisory bodies, if any; or lacking them, directly promoting the respective judicial claim, before a competent court of the domicile of the foundation.

Article 27.
The acts of constitution, amendment or extinction of the foundation, as well as the acts of transfer, transmittal or encumbrance of the assets of the foundation and the income derived from such assets or any other act in connection therewith, shall be exempt from all taxes, contributions, duties, liens or assessments of any kind or denomination, provided that such assets are:

1. Assets located abroad.
2. Money deposited by natural or juridical persons whose income is not derived from Panamanian sources nor taxable in Panama for any reason whatsoever.
3. Shares or securities of any kind, issued by corporations which income is not derived from Panamanian sources or when such income is not taxable for any reason whatsoever, even when such shares or securities be deposited in the Republic of Panama.

   The acts of transfer of real estate, titles, certificates of deposit, securities, money or shares, carried out in fulfillment of the purposes or objectives, or for the extinction of the foundation, in favor of relatives within the first grade of consanguinity and of the spouse of the founder, shall also be exempted from all taxes.

   Article 28.
   Foundations constituted in accordance with a foreign law may become subject to the provisions of this law.

   Article 29.
   Foundations referred to in the previous article that opt to become subject to the provisions of this Law, shall present a Certificate of Continuation, issued by such bodies as their internal regime may call for, and which shall contain:

   1. The name of the foundation and the date of its constitution.
   2. Data about its registration or deposit (of the charter) at its country of origin.
   3. An express declaration of its desire to continue its legal existence as a Panamanian foundation.
   4. Requirements stipulated under Article 5 of this Law, for the constitution of private foundations.

   Article 30.
   The certification containing the resolution of continuation and other requirements mentioned in the preceding paragraph must have the following documents attached there to:

   1. Copy of the original act of constitution of the foundation expressing its desire to continue in Panama, along with any subsequent amendment;
   2. A power of attorney granted to a Panamanian attorney to carry out the necessary proceedings to make effective the continuation of the foundation in Panama.

      The certificate of continuation, as well as the documents attached thereto referred to in this Law, shall be duly protocolized and registered at the Public Registry so that the foundation may continue its legal existence as a private foundation in the Republic of Panama.