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Foundation

Page: 17

Section: 116 - 118

Section 116.- Before the registration of the foundation being made by the Registrar, the applicant for creating a foundation is entitled to withdraw the application by submitting a written notice to the Registrar. The right to withdraw the application does not devolve to the heirs.

In case of the application for establishment of the foundation is made by many persons, if it is withdrawn by any applicant, it shall become extinguished.

 

Section 117.- In case of the applicant for creating the foundation dies before the registration by the Registrar, and the deceased does not make a will revoking the application of such foundation, the application shall be effective and be proceeded on with the of the foundation by the heirs or administrator, or the person entrusted by the deceased. If the said person fails to proceed with the matter within one hundred and twenty days from the death of the applicant for creation of the foundation, any interested person or the Public Prosecutor may proceed with the matter in the capacity of the applicant.

In case of the foundation cannot be created in accordance with the objects set by the deceased and no testamentary disposition is provided otherwise, the provisions of Section 1679 paragraph two shall be applied, mutatis mutandis. If proceeding under Section 1679 paragraph two cannot be made or the foundation cannot be created under Section 115, the appropriated property shall be vested in the estate of the deceased.

 

Section 118.- If there is a testamentary disposition too create a foundation under Section 1676, the person charged with the duty to create the foundation under Section 1677 paragraph one shall proceed with the matter under Section 114 and under provisions of this Section.

If the person charged with the duty to create foundation under paragraph one fails to apply for registration to effect the creation of the foundation within one hundred and twenty days from the date that the testamentary disposition to create the foundation came to or should have come to knowledge of the said person, any interested person or the Public Prosecutor may apply for such registration.

If the applicant for registration of the foundation fails to make modifications or alterations in compliance with the instruction of the Registrar under Section 115 and it causes the Registrar refuse the registration, any interested person or the Public Prosecutor may again apply for such registration.

The applicant for registration of the foundation under this Section cannot apply for withdrawal of the creation of the foundation.

In case of a protest is made to the Registrar that the will is not provided for creating the foundation, the Registrar shall notify the protester to make a request to the Court within sixty days from the date he has been notified by the Registrar, and the Registrar shall not consider the registration but wait for the judgement or order of the Court and comply therewith. If the protester fails to make the request to the Court within the time limit, the Registrar shall further consider the registration of the foundation.