Regulation Governing Change of Foundation’s Competent Authority Article 3

A foundation’s application for approval of a change of the competent authority shall meet the following requirements:1. A change of the competent authority is involved in either of the following cases:(1) a foundation’s purpose is changed pursuant to Article 65 of the Civil Code.(2) a foundation’s main operation or beneficiary scope changes.2. In case of an application by a local foundation to convert to a national foundation, the main operation or beneficiary scope as a result thereof is not limited a single municipality or county (city).3. In case of an application by a national foundation to convert to a local foundation, there shall be justifiable causes.4. The total fund of the foundation shall meet the minimum endowment property set out by the prospective competent authority after the change pursuant to the first paragraph of Article 9 of the Act.