Regulations Governing the Establishment of Private School Endowment Corporations Article 3

The establishment of a private school endowment corporation requires its donor to fill out an application form. Attached should be a list of rules governing donations, a plan for the establishment of the proposed private school(s) of said private school endowment corporation, a donor asset list, names of the founders of said private school endowment corporation, letters of consent from said founders, and other pertinent information. The above shall be presented to the competent corporate body authority during the application process. If more than one donor exists, they shall follow the procedure as stated above.If the application referred to in the foregoing paragraph includes a will from which a donation shall be drawn, the executor of the will shall be called upon to handle the will and a copy of the will shall be made and attached to the application form. If the will does not specify an executor, nor is any one person authorized to execute it, in accordance with Article 60 and Article 1221 of the Civil code, a request may be made for the court to execute the will.