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Foundation

Page: 20

Section: 130 - 135

Section 130.- A foundation is dissolved on the following grounds :

(1)    Upon such cause as provided in the regulations ;

(2)    If formed for a definite period of time, by the expiration of such period ;

(3)    If formed for any object, upon its object being fulfilled or becoming impossible ;

(4)    Upon the foundation becoming bankrupt ;

(5)    By an order of the Court to dissolve the foundation under Section 131.

 

Section 131.- The Court may, on application of the Registrar, the Public Prosecutor or of any interested person, order a foundation to be dissolved in the following cases :

(1)    It appears that the objects of the foundation are contrary to the law ;

(2)    It appears that the foundation has done the business contrary to the law and good moral, or may endanger the public peace or national security ;

(3)    It appears that the foundation cannot proceed on its activities by any cause whatsoever or has stopped doing business for more than two years.

 

Section 132.- When a case under Section 130 (1) (2) or (3) happens, the Committee of the foundation that holds the office at the time of dissolution of the foundation shall notify the Registrar of the dissolution within forty days as from the day of its dissolution.

In case of the Court passes a final judgement or gives a final order to effect the foundation to become bankrupt under Section 130 (4), or gives a final order to dissolve the foundation under Section 131, the Court shall also notify the Registrar of the said judgement or order.

The Registrar shall publish the dissolution of the foundation in the Government Gazette.

 

Section 133.- In case of dissolution of the foundation, the liquidation of the foundation shall be made, and the provisions in Book III, Title 22 on Liquidation of Registered Partnerships, Limited Partnerships and Limited Companies shall be applied to the liquidation of the foundation, mutatis mutandis. The report on the liquidation shall, to this effect, be submitted to the Registrar by the liquidator, and it shall be approved by the Registrar.

 

Section 134.- After liquidation, the remaining assets shall be transferred to such foundation or juristic person whose object is in conformity with Section 110 as specified in the regulations of the foundation. If no name of the said foundation or juristic person is designated in the regulations, the Public Prosecutor, the liquidator or any interested person may apply to the Court for appropriating the assets to other foundation or juristic person whose object is closely similar to that of such foundation.

If the foundation is dissolved by the order of the Court under Section 131 (1) or (2), or the appropriation of the assets under paragraph one cannot be made, the assets of the foundation shall vest in the State.

 

Section 135.- Any person may, on application to the Registrar, access to the documents relating to a foundation kept by the Registrar or request for certified copies of the said documents, and the registrar shall comply therewith after payment of such fee as prescribed by the Ministerial Regulations.