Regulation Governing Merger and Consolidation of Foundations Article 7

Within 60 days after its receipt of an application for a merger or consolidation approval, the competent authority shall grant approval or dismiss such application; provided that, when necessary, the time period may be extended once for up to 30 days. An approval document shall be issued upon approval of such application and a notice shall be given to the respective competent authority prior to the merger or consolidation.Following its receipt of the application set out in the preceding paragraph, the competent authority shall seek the opinion from the competent authority of the dissolved foundation.