Implementation Regulations Governing Applications for Conversion into a Private School Endowment Corporation Article 7

When two or more incorporated private schools apply to merge and change organizational status, the board of directors from said incorporated private schools shall collectively draw up a merger plan and contract, as well as submit a CPA certified balance sheet and asset lists to the competent authority of the newly formed school endowment corporation (hereinafter known as “the competent authority of the newly formed entity”) for approval.The competent authority of the newly formed entity shall consult with the original competent authority for the incorporated private school and their schools (hereinafter known as the "original authority”) before approving the application.The proposed merger plan and contract shall be reviewed and decided upon by the board of directors of incorporated private school before proceeding further.The competent authority of the newly formed entity, before approving actions described in paragraph 1, shall first consult the school consultative committee and other related authorities and experts.When necessary, they may also ask the applicant to provide further clarification.