13 tions and examine whether the major part of the income is given to charitable institutions. The stricter approval process further distinguishes this type of foundation from the private foundation. ? The Belgian „administrative office“ This private foundation for the certification of securities was created on the basis of the Dutch model.12 It enables ownership rights to securities to be divided with the result that the assets and membership rights to one and the same security are in multiple hands. This so-called administrative office is involved in the process and issues the certificates. Thus, the securi- ties are uniformly managed and offer management a protection mechanism against hostile company takeovers. This type of private foundation has been particularly criticised because the requirement of an ideal purpose is not met with the administrative office, which is oper- ated according to economic principles. ? Foundations not subject to the Association and Foundation Act This category includes foundations for the benefit of public education with the main task of granting scholarships. University foundations or foundations under administrative law are also included in this group. In Belgium, foundations with an artistic, religious or scientific purposes („public utility founda- tions“) cannot be established unless their capital amounts to EUR 1 million. Private founda- tions do not have to meet this minimum capital requirement, nor are they subject to the strict supervision provisions that exist for public foundations.13 3.2. Tax Treatment of Foundations 3.2.1. Taxation upon establishment Registration fee A one-time fee of EUR 25 is charged upon registration. Taxation of the transfer of assets to foundations depends on the nature of the transaction from a legal perspective. ? An acquisition tax of 10% in Flanders and 12.5% in Wallonia and Brussels Capital is le- vied on real estate transfers without consideration. The tax is based on the pur- chase price. The transfer of movable goods against consideration is not taxable. The transfer of real properties located outside Belgium is subject to the flat fee of EUR 25. 12 Cf. ibid, p. 690. 13 Cf. http://www.efc.be/cgi-bin/articlepublisher.pl?filename=BG-SE--G-3.html