Implementation Regulations Governing Applications for Conversion into a Private School Endowment Corporation Article 12

Both the establishment of a school endowment corporation following the merger and a written request for change in registration referred to in Article 9, Paragraph 3 and Article 10, Paragraph 4 shall included the following information:1. The name of each incorporated private school and the name of the school endowment corporation following the merger2. A list of founders of the school endowment corporation following the merger3. Names and term limits of board members of the school endowment corporation following the merger4. Name and term limits of supervisors of the school endowment corporation following the merger5. Funds used in establishing the school endowment corporation following the merger6. The names of the schools under the school endowment corporation following the mergerFunds used to organize the school endowment corporation after the merger, as referred to in Subparagraph 5 of the preceding paragraph, shall not be less that thirty percent (30%) of the minimum amount of funds that was stipulated to fund each incorporated private school and its school facilities at the time of establishment.