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In the event of a decrease in the number of members of the bodies
due to death, reassignment, or for any other cause, the deficiency shall
be remedied in accordance with the procedure envisaged in the deed.
If no procedure is envisaged, the deed shall be amended. By virtue of
this fact, the amendment procedure can be avoided if the fixing proce-
dure, upon a decrease among members of the bodies, is explicitly spec-
ified in the deed.
Activities of Foundations
To give broad examples, foundations may be engaged in areas of
health, education, science, and culture, and carries out activities with-
in such areas. To carry out such activities, and to earn income for the
use of the foundation, the foundations are permitted and authorized to
dispose of and manage movable and immovable properties and cash, to
acquire securities, and to sell such securities by utilizing them in line
with the purpose of the foundation, cooperate with real persons and
legal entities, domestic or foreign foundations with similar purposes,
receive aid from persons or entities other that state institutions and
authorities, enter into agreements to procure such aid, incorporate
commercial enterprises and companies, and other similar activities,
within the framework of the Civil Law.
Foundations may become shareholders of current incorporated
companies, provided that they inform the General Directorate of
Foundations. However, incomes from commercial enterprises shall not
be allocated for any purposes other than those of the foundation.
Additionally, the foundations are authorized to cooperate and carry
out activities, internationally, open branches abroad, receive donation
and aid in cash and kind from persons, institutions and authorities
located abroad, financially assist or make donations to foreign or
domestic foundations and associations with similar purposes.
Audit of Foundations
All acts and actions of the foundations are within the scope of
internal auditing. Foundations may either be audited by its own bodies
or by independent auditing firms. An independent auditing firm shall
be appointed by the decision-making body of the foundation.
MISCELLANEOUS
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