Companies Law

Subject to the provisions of relevant laws and the company’s articles of association, a public non-profit company may accept, manage, or invest cash and in-kind gifts, bequests, and endowments, and disburse from their proceeds in accordance with the conditions, if any, of the donor, testator, or endower. If the company wishes to amend or be relieved from such conditions, and cannot obtain the approval of the donor, testator, or endower due to his death, disability, or absence, it may petition the competent judicial authority, which shall decide on the request as it deems appropriate to fulfill the conditions of the donor, testator, or endower.