Foundations Act Article 65

If a foundation meets any of the following criteria and is converted to a public-endowed foundation as a result of its receipt of private donations before this Act becomes operative, the third paragraph of Article 59 shall apply mutatis mutandis:(1) The foundation is established with property endowed by government agencies, public legal persons, government-owned enterprises or government-endowed foundations before this Act becomes operative, and their total endowed property exceeds 50 percent of the total property registered with the court at the time of its establishment; or(2) The total property endowed or donated by government agencies, public legal persons, government-owned enterprises or government endowed-foundations before this Act becomes operative once exceeds 50 percent of the total property registered with the court.For a foundation under the preceding paragraph, if the number of directors or supervisors selected, designated or agreed by the government agencies is inconsistent with the preceding paragraph, such inconsistency shall be rectified within 1 year after this Act becomes operative. If it is not rectified at the end of the specified time period, the competent authority may rescind its establishment approval or remove all directors from office and handle this matter in accordance with Article 47.