Chapter 5
Termination of the Foundation and Management of the Property Left
Article 47 The Foundation shall terminate when one of the following happens:
47.1 Mission of the Foundation is finished;
47.2 No longer able to carry out commonweal activities in accordance with the mission as stipulated in the Constitution;
47.3 A separation or merge of the Foundation.
Article 48 The Foundation shall report its termination, within 15 days of a resolution to that effect what is passed by the Council, to the Responsible Authority for its approval, and shall report to the Registration Authority, within 15 days of the approval of the Responsible Authority, to cancel the registration of the Foundation.
Article 49 The Foundation shall set up a special group to clear all its accounts under the guidance of the Registration Authority and the Responsible Authority before the cancellation of its registration.
The Foundation shall go to cancel its registration within 15 days of the ending of final accounts clearance, and during the clearance period no other activities shall be conducted.
Article 50 Property left after the termination of the Foundation shall be dealt with, under the supervision of the Responsible and Registration Authorities, in the following way for the public good:
To transfer funds with specified purposes by donors to foundations that are similar in nature and in their mission to the Foundation to carry out activities required by donors.
In case the property cannot be dealt with in the above mentioned way, the Registration Authority of the Foundation shall donate the property left to other similar commonweal organizations and shall make a public announcement on the donation.
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