Implementation Regulations Governing Applications for Conversion into a Private School Endowment Corporation Article 10

In cases where the incorporated private school is allowed to continue following the merger, its board of directors within four months after said merger plan has been approved by the competent authority of the newly formed entity, shall check if the charter rules and operations of the continuing school endowment corporation meet the provisions outlined within the Act and its amendments. In cases where they do not, they shall be corrected as such. Furthermore, the name of said incorporated private school as stated in the charter rules, shall be amended to read as the name of the school endowment corporation following the merger, after which it shall be sent to the competent authority of the newly formed entity for approval.In accordance with the provisions detailing the rules of continuing incorporate private schools referred to in the preceding paragraph, the board of directors within three months following the ratification of the Rules, shall choose once again board members and re-elect the board president of the new school endowment corporation, with term limits of the board being reset, after which it shall be approved by the competent authority of the newly formed entity. However, the number of board members and the necessary qualifications as referred to in the charter rules shall remain unchanged. If board members of the continuing juristic person and its schools are re-elected for another term, their term limits shall remain unchanged.After the merger, in accordance with personnel qualifications referred to in the charter rules of the new school endowment corporation, within thirty days of the ratification of the president of the board, the board of directors shall elect supervisors, who shall be ratified by the competent authority of newly formed entity.Following the ratification of the supervisors, the board president shall have thirty days to submit the following to the competent authority of newly formed entity: A written request for change in registration, the charter rules of the school endowment corporation, an asset list, other related documentation. The competent authority of the newly formed entity shall relay the information to the court, which registered the continuation of the incorporated private school, to handle the change in registration of said school endowment corporation.