The Regulation on Amendment to the Regulation on Foundations ("Regulation") entered into force through publication in the Official Gazette dated 28.02.2018 and numbered 30346.
The relevant Regulation obliges the foundations and foundation managers to submit the declarations and notifications required to be delivered to the relevant regional directorates within the period specified in the Regulation.
Foundations are obliged to fill in the Address Change Notification form found in Annex-23 of the Regulation and submit the form on the address change to be made within the same settlement area which does not require the change of the deed to the related regional directorate within 15 days from the date address change.
Also, foundations are obliged to inform the relevant regional directorate regarding the names and the relevant notification addresses of the persons who are elected as a member of the managing body within 15 days after the date of election by filling in the Notification on Change of Board of Directors / Board of Trustees found in Annex-24 of the Regulation.
Moreover, foundations can open or close a branch/a representative agency in order to realize their objectives on condition that there is a provision in the deed. Foundation managers are obliged to fill in the Foundation Branch / Representative Agency Opening / Closing Declaration and deliver it to the relevant regional directorate within a month after the opening or closing date of the branch/representative agency. Also, foundation managers are liable to fill in the declaration of the former year, found in the Annex-2 of the Regulation and send it electronically within the first six months of every calendar year.
Foundations that establish or close a commercial enterprise and a company, become a partner of or end a partnership with a company are obliged to fill in the form of Opening/Closing a Commercial Enterprise or a Company found in Annex-6 of the Regulation and to deliver it to the relevant regional directorate within a month.
Furthermore, foundations are obliged to inform the relevant regional directorate only in writing on the changes in the share proportion of the companies in which they are shareholders.
Foundations are obliged to send Annex-1, Annex- 3, Annex-4, Annex-5, Annex-6, Annex-7, Annex-8, Annex- 23, Annex-24 and Annex-25 of the Regulation electronically and also deliver them to the relevant regional directorate.
In the event the declarations and notifications that are obligatory to be delivered are not delivered on time, administrative fine shall be imposed under the Article 11 of the Law on Foundations No. 5737.
Please click here for the full text of the Regulation.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
