Implementation Regulations Governing Applications for Conversion into a Private School Endowment Corporation Article 14

If the board of directors of the incorporated private school is unable to complete the necessary steps towards approval within the time limits set out in Article 9 and Article 10, they shall, within a period of 10 days, apply to the competent authority of the newly formed entity for an extension by submitting reasons for the delay and relevant documentation.If, during said application for extension, the process is not complete within the grace period given by the competent authority of the newly formed entity, or the school-organizing activity involves wrongdoing, the competent authority of the newly formed entity may withdraw or annul its permission and make the decision known to the public.