An association is a not-for-profit corporation – a legal entity incorporated by a number of members, that was established, registered and is managed pursuant to the specific law that deals with this type of corporation, and for the purpose of achieving the objectives for which it was established. A building association is an association established by its members in order to set up a residential area for its members. In the case of competing in a tender, the association signs up members to the association in the period prior to the final date for submitting a bid for the tender, with the aim of signing up at least as many members as the number of housing units that can be built on the same plot of land. The association purchases the land in trust for its members (the “beneficiaries”) and enters into various agreements as trustee (through its Executive Committee), in order to further its objectives, and included in this are agreements with planning consultants, building contractors, management companies, financing banks, and so forth.