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Establishment of Foundations
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Att. Ecem Susoy Uygun
Introduction
Foundations are defined under Turkish Civil Law No. 4721 (“Civil
Law”) as a group of properties with legal personalities, established
through the allocation of appropriate assets and rights for a certain and
constant purpose by real persons or legal entities. Foundations are con-
sidered to be legal entities.
The Civil Law, Law on Foundations No. 5737, Regulation on
Foundations, Bylaw on the Registration and Announcement of the
Foundations that was published in the Official Gazette dated
26.04.2013 and numbered 28269, as well as other relevant legislation,
comprises provisions regarding the incorporation of foundations. This
article briefly analyzes the establishment steps, management, auditing,
purposes and activities, and termination of foundations within the
framework of the aforementioned legislation.
Establishment of Foundations
Foundations that are established in accordance with the abrogated
Law numbered 743 and Civil Law are considered as new foundations.
For new foundations, the will to establish a foundation may be
declared either before a notary public through an official deed (“deed”)
issued in statutory form or by a testamentary disposition.
Real persons or legal entities declare their will to establish a foun-
dation before a notary public through a deed issued in statutory form.
Following the issuance of the deed, the founder or the representative of
the founder, submits the deed to the authorized civil court of first
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NEWSLETTER 2015
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Article of March 2015