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Modification, Merger and Extinction of the Foundation

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Article 34.-

By agreement of the Board of Patrons, the present Statutes may be modified, as long as the changes favour the Foundation’s interests. The modification will have to be undertaken when changing circumstances make it impossible for the Foundation to operate satisfactorily according to its Founder’s wishes or to its current Statutes.

In order to modify the Statutes the legally established quorum will be required, as well as the Chairman’s permission and the fulfilment of any other legal requirements.

Article 35.-

The Board of Patrons may propose the Foundation’s merger with another, subject to mutual agreement with the latter.

Article 36.-

The Foundation will be closed down for the causes and according to the procedures established by the current legislation and, particularly, when for any reason the fulfilling of its objectives becomes impossible.

On closing down the Foundation, the Board of Patrons will start the liquidation process to be undertaken with the legal control of the appropriate Protectorate.

The assets resulting from the liquidation will be allocated to other Foundations or institutions with similar objectives of general interest, as set out by the current legislation.

The Foundation’s Chairman is empowered to appoint the institution who will receive these assets, when the necessary legal conditions are fulfilled.

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