Regulations Governing the Establishment of Private School Endowment Corporations Article 11

If, when natural and juristic persons jointly apply for the establishment of a private school endowment corporation, one or several donors die, or as in accordance with the law, the juristic person donor is dissolved, and permission for the establishment of the private school endowment corporation has yet to be given; if this turn of events is deemed to affect the funds originally prepared for the establishment of said private school endowment corporation and the execution of its financial plan referred to in Article 8, the other donors may individually or collectively make a written commitment assuming responsibility for the amount of the originally promised donation, or if the donors are unanimous in agreement, a third party may sign a written commitment to assume responsibility for said amount.If the other donors and third parties referred to in the foregoing paragraph have not agreed to assume responsibility for the promised donation of the deceased donors and dissolved juristic person, the application process for permission to establish a private school endowment corporation shall be temporarily suspended. Said donors shall be given three consecutive grace periods by the competent corporate body authority; if the amount of original promised donation is still not accounted for at the end of this time, the application shall be deemed withdrawn.The individual or collective written commitment shall be notarized in accordance with the Notary Act.