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Assets and Rights Allocated to the Foundation
Foundations may acquire assets and may dispose of its property.
However, provisions regarding acquisition via possession shall not be
applied to the properties of foundations.
The minimum amount of assets to be allocated to new foundations
is determined annually by the Council of Foundations. The ownership
of the assets and the rights allocated to the foundation shall be trans-
ferred to the legal entity, once the foundation gains its legal personali-
ty after being registered. Thus, the court shall notify the land registry
administration in order for them to register the immovable property
with the name of the legal entity foundation.
Management of the New Foundations
The managerial bodies of the new foundations shall be established
in accordance with the deed, and the majority of the persons responsi-
ble in these managerial bodies shall reside in Turkey. However, persons
who have been convicted of thievery, fraud, illegal trafficking, or
forgery shall not be appointed as a manager.
Managers of foundations shall act in conformity with the purpose
of the foundation, as well as the legislation in force. Managers who do
not use the assets and incomes of the foundation in accordance with the
purpose of the foundation, thereby damaging the foundation through
gross negligence and malicious actions, do not remove or repair
defects or errors identified by the auditors, lose his/her capacity to use
civil rights. Those persons who acquire an illness or become incapaci-
tated, which constitutes an impediment to the performance of his/her
duties, may be dismissed by the civil court of first instance that has
jurisdiction over the headquarters of the foundation, upon the auditors’
application that is based on the decision of the Council of Foundations.
Nonetheless, on the basis of just cause, the court may alter the
organization, management structure and functioning of the foundation,
upon request of either one of the managerial bodies of the foundation
or the General Directorate of Foundations, along with the written opin-
ion of the other.
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NEWSLETTER 2015