Act Governing the Establishment of Endowment Fund at National Universities Article 15

A legally incorporated foundation established in the name of a national university whose articles of incorporation stipulate that the university president or the administrative director(s) of the university are ex-officio members of its board shall regularly submit financial statements and minutes of the board meetings to the Management Committee. If necessary, the management committee may invite the university’s president or administrative director(s) who are ex-officio board members of the legally incorporated foundation to attend a management committee meeting in a non-voting capacity and give a report.A national university is not permitted to use the legally incorporated foundation referred to in the preceding paragraph to enter contracts to undertake research projects or academia-industry cooperation projects commissioned by a public or private institution (organization).