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instance. The foundation to be established by a testamentary disposi-
tion may be established by registration following the death of the
founder.
The court to which the submission shall be made requests the opin-
ion of the General Directorate of Foundations. Nonetheless, the court
may hear the founders, request expert examination, and eventually,
decide as to whether or not the foundation shall be registered.
If the court renders a decision regarding refusal of the registration
request, the decision of the court may be appealed. On the other hand,
if the court renders a decision in favor of registration, the foundation
shall be granted legal entity status, and then, it shall be registered with
the court that has jurisdiction over the foundation’s headquarters, and,
as well, with the central registry kept by the General Directorate of
Foundations.
The foundation that is registered with the central registry shall be
announced in the Official Gazette. The said announcement consists of
information, such as the names of the founders, name, headquarters,
purpose of the foundation, its managerial bodies, assets and rights
devoted thereto, and information regarding the court that will render
the registration decision.
Deed of Foundation
The deed is the document that is comprised of information on the
assets and conditions of the foundation. The deed includes the name,
headquarters and purpose of the foundation, the acts and actions to be
performed in order to fulfill the purpose of the foundation, the estab-
lishment asset, managerial bodies, management, and termination pro-
cedures of the foundation.
Rejection of the submission for registration shall not be necessary,
provided that the purpose of the foundation, and the assets and rights
allocated to such purpose envisaged in the deed, are adequate to real-
ize the ultimate purposes of the foundation, even if the deed contains
other deficiencies. The court may order remedies for such deficiencies
prior to its registration decision.
MISCELLANEOUS
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