Foundations Act Article 67

If a foundation established before this Act becomes operative does not meet the requirements set out in this Act, the foundation shall make a correction within 1 year after this Act becomes operative unless this Act provides otherwise or the inconsistency is related to the foundation’s name, the total endowed property and the procedures for appointment of a public-endowed foundation’s directors. If no correction is made by the end of the specified time period, the competent authority may rescind its establishment approval or remove all directors from office. However, if the failure to make timely correction is due to special circumstances and an application for extension is approved by the competent authority, this provision shall not apply.The extension set out in the proviso of the preceding paragraph shall be no more than one year.If the competent authority removes all directors from office in accordance with the first paragraph, the following shall apply:(1) Article 47 shall be followed if it is to remove all directors of a public-endowed foundation from office.(2) The second, fourth and fifth paragraphs of Article 57 shall be followed if it is to remove all directors of a government-endowed foundation from office.