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May 2021, 10

How is the Foundation Established?

Feyza Uzun
| Blog
How is the Foundation Established?

 

Pursuant to Article 102 of the Turkish Civil Code No. 4721, the will to establish a foundation is declared by an official deed to be made in the form of a notary public or a testamentary disposition. However, in order to establish the foundation, it is necessary to apply to the authorized court of first instance and ensure its registration. The foundation acquires legal personality upon registration in the registry held at the settlement court.

On the other hand, a person who wants to establish a foundation must already have sufficient assets or a right of representation to be allocated for a specific purpose. The minimum amount required to establish a foundation is determined each year by the foundations council. Since foundations are legal entities established to fulfill a specific purpose, it is an invariable requirement that they have budgets to meet these goals. After fulfilling this requirement, the registration of the establishment takes place as a result of the application to the Civil Courts of First Instance. It is also necessary for the application to be submitted in full and the foundation deed to be filled in completely for the application to be concluded positively.

How is the Foundation Established?

There are two different ways you can choose to establish a foundation in our country. While one of these ways can be done by issuing an official deed through a notary public, another way is to establish a foundation with death savings. Unlike associations, foundations are based on foundation deed, not association charter. The purpose of the foundation, the allocated properties, organs, places of residence, etc. are included in the foundation deed and the establishment process takes place with the registration of the Civil Court of First Instance.

We mentioned that there are two different ways to follow the foundation establishment. In both ways, there is a requirement to apply to the court in the establishment of a foundation. After the application, the court can take a registration decision on the condition that it takes an opinion from the general directorate of foundations, listens to the donor or appoints an expert to apply for its information. After this decision, the foundation will gain legal personality.

Establishing a Foundation with Official Certificate

Establishing a foundation with an official deed is carried out through a notary public. Transactions are made by the person making the foundation or by a power of attorney appointed by a special power of attorney, including the goods to be allocated to the foundation and the purposes of the foundation. A copy of the official deed is sent to the General Directorate of Foundations within 7 days after the notary public declares that the foundation will be established in this way. Delivery can also be done by hand in order to make the process go faster and to avoid the problems that may occur by mail.

Following the notary procedures, an application for registration is made to the Civil Court of First Instance in the settlement of the foundation by the donor or the attorney. If one or more of the founders is a legal entity, the status of establishment or the decision of the authorized body, which states that this legal entity can establish a foundation and allocate assets to the foundation, is given to the court together with the foundation deed.

LinkBuilding a Foundation with Death-Related Savings

It is possible to establish a foundation by registering the assets of the donor after his death. In foundations established in this way, the magistrate sends the document to the general directorate of foundations within seven days. Upon notification, the General Directorate of Foundations applies to the Civil Court of First Instance ex officio. The expenses incurred in this process are covered by the General Directorate of Foundations by being collected from the foundation's assets later on.

ConnectionFoundation Document Required

Name of the Foundation: A name that is compatible with the purposes and not contrary to law, morals and morals is determined.

Purpose of the Foundation: The purposes for which the assets submitted to the foundation's disposal by the donor will be used are clearly stated.

Assigned Property and Rights: The assets declared at the foundation of the foundation and submitted to the foundation's disposal must be sufficient for at least the initial stage. However, if the allocated assets are in cash, this money should be deposited into the account of one of the founders in a bank serving within the borders of Turkey. The situation is slightly different for movable and immovable properties. The value of these goods must be determined by the court and registered in the name of the foundation.

Settlement Address of the Foundation: The address of the center where the foundation activities will be carried out should be clearly stated in the foundation deed.

Aidango is an association automation designed to meet all technical infrastructure needs of foundations and associations from the very beginning. You can benefit from the power of Aidango services in all managerial processes of foundations that started operating after establishment.