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These funds must be organized and operate on a not-for-profit basis for promoting culture, education, healthcare, physical training and sports, scientific, charity, humanitarian and community development activities.
The organization and operation of the funds are in accordance with the laws and regulations recognized by the authorized State agencies.
The funds receive certain assets voluntarily donated by domestic and foreign individuals or organizations in line with purposes of the funds and the laws and organize activities based on the laws to preserve and improve the funds’ assets.
A fund may be established when fully meeting the following conditions:1- Its operation purposes conform with regulations;2-It has founding members ensuring conditions defined in the regulations; 3- The fund founding board has sufficient assets to contribute for the fund establishment as regulated and 4- It has a fund establishment dossier.
A fund shall have its establishment license revoked in the following cases:1-The decision on its division, consolidation, merger or dissolution comes into force and 2 -It fails to comply with Clause 4, Article 12 of this Decree after obtaining an establishment license and charter recognition paper and, as a result, its establishment license and charter recognition paper are invalidated. If the fund has not yet complied with Clause 4, Article 12 of this Decree for objective reasons, at least 10 working days before the prescribed deadline, the fund founding board shall send an extension request to the state agency which has granted its establishment license and charter recognition paper. Only one extension shall be allowed for at most 20 days. Upon the expiration of the extension period, if the fund still fails to comply with Clause 4, Article 12 of this Decree, its establishment decision and charter recognition paper shall cease to be effective.
(Source:VGP)
