Implementation Regulations Governing Applications for Conversion into a Private School Endowment Corporation Article 9

After the competent authority of the newly formed entity has given permission for the establishment of a new school endowment corporation following the merger, the board of directors from each incorporated private school shall be given four months to collectively establish the charter rules for the new school endowment corporation, which shall be checked and ratified be the competent authority of the newly formed entity.The board of directors of each incorporated private school in accordance with the provisions detailing the charter rules for school endowment corporations in Paragraph 1 shall recommend one to three founders. These founders, within three months after the ratification of the charter rules, as provided in Article 12 of the Act, shall choose board members and supervisors. The names shall be submitted to the competent authority of the newly formed entity to be ratified, after which a meeting shall be held within thirty days to form the board, with one member elected president.The president of the newly merged school endowment corporation shall, within thirty days after ratification, submit to the competent authority of the newly formed entity a request for the registration of the newly established school endowment corporation, donation charter rules, an asset list of the school endowment corporation and other related documentation. The competent authority of the newly formed entity shall forward the information to the court of the place in which the head office of the school endowment corporation is located for registration.