The Law on Foundations

The law of 19 September 1953 modified Articles 17, 18 of the law on Foundations


Article 1

The property pertaining to temporary or perpetual way to the realization of an idea, to the satisfaction of a need for human solidarity, to the pursuit of a goal of general interest, are administered, under the foundation name, in accordance with the provisions of this Act.

These goods, as long as there and runs the foundation, can not be alienated, except in cases provided for and the manner prescribed in Article 17 below or who have been in the deed of foundation.Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation.


Article 17

When it is a faith-based foundation and that the goals of the foundation requires, the President of the Republic, on the report of State Secretaries of Justice and Religious Affairs and possibly such other interested Secretaries of State may by order, and according to circumstances, authorize the exchange or sale to support reinvestment of all or part of the property assigned thereto. The property obtained in exchange remain subrogated of right to property disposed. It will be the same of the proceeds from the sale of alienated property that also will be used by the care of the Governing Board of the Foundation, the acquisition of any other property that may better ensure the continuation of the goals of the founder or settlor, and these new acquisitions will be administered in accordance with this Act.


Article 2

It is added to Article 18 of the aforementioned law of 23 July 1934, the following paragraph:
“It is understood that the foundation does not end when, pursuant to the act which constitutes or requirements of the preceding article, the property who had been affected by the founder or with, be exchanged or sold to support re-investment. “