Companies Law

1. The net assets of a non-profit company shall, upon liquidation, be transferred to the non-profit entities or persons specified in its articles of incorporation or articles of association. 2. If the net assets of a non-profit company arise from gifts, bequests, or endowments, such assets shall be transferred to the non-profit entities or persons specified by the donor, testator, or endower. Companies Law 3. If the company’s articles of incorporation or articles of association do not specify the non-profit entities or persons to which its assets are transferred, and if the donor, testator, or endower does not specify the same, such assets shall, upon obtaining the approval of the Ministry, be transferred to non-profit entities or persons with the aim to disburse such assets in areas of spending similar to the areas of spending specified for such assets. 4. Non-profit entities to which or persons to whom assets are transferred shall use them in the areas of spending specified therefor.