Law of the Republic of Moldova on Foundations
No 581-XIV of 30.07.99
Monitorul Oficial al R.Moldova No 118-119/556 of 28.10.1999
Article 34. Cessation of Foundation Activities
Cessation of Foundation Activities
(1) Activities of the Foundation shall be ceased in case of its voluntary or obliged liquidation.
(2) The order of cessation of foundation activities in case of its voluntary liquidation shall be established by the founder and envisaged by the Foundation Statute.
(3) Obliged liquidation shall be exercised on the basis of judicial decision.
Article 35. Obliged Liquidation of the Foundation
The Foundation may be liquidated on the demand of the Ministry of Justice on the basis of judicial decision:
- if the annual value of its property is less than the value of its initial property;
- if it deviates from the statutory objectives in its activities;
- if its aims or applied means become illegal or contradict the public order or moral norms, or if its actions cause damage to the principles of a lawful State, or the sovereignty, independence, or territorial integrity of the Republic of Moldova;
- in the case envisaged by Article 22, point (2) of this law.
Article 36. Order of Liquidation of the Foundation
(1) The body that adopted the decision on the liquidation of the Foundation shall form the Commission on Liquidation and determine the order and terms of liquidation in accordance with the Civil Code and this law.
(2) The Commission on Liquidation shall publish information on the liquidation of the Foundation, which should include:
- the names of members of the Commission on Liquidation and location of the Foundation;
- the order and terms of liquidation of the Foundation;
- the deadline for the creditors' claims; the term must be no less than two months since the day of publishing information on the liquidation of the Foundation;
- invitation for the creditors to submit the evidences of their claims. The creditors who are known shall be invited individually.
(3) The Commission on Liquidation shall take measures in order to find debtors, to exact credits, informing the debtors about the liquidation of the Foundation in writing.
(4) After the term for submission of creditors' claims expires, the Commission on Liquidation shall compose a midterm liquidation balance, which should include information on the Foundation's property at the time of liquidation, list of all creditors' claims, as well as the results of their consideration.
(5) If the funds of the Foundation at the time of liquidation are not enough for the repayment of all debts to creditors, the Commission on Liquidation shall sell the property of the Foundation.
(6) Upon the repayment of debts to all the creditors, the Commission on Liquidation shall compose liquidation balance which shall be approved by the body authorized for this action according to the Foundation Statute.
(7) The property remained after the liquidation of the Foundation and repayment of debts shall be used in compliance with the Foundation Statute; in the event that the Statute does not include corresponding provisions, the property shall be used for the implementation of statutory objectives of the Foundation. The said property shall be used by means of its transfer to a similar in terms of statutory objectives foundation in accordance with the decision on liquidation. The decision concerning the use of the remained property shall be announced.
(8) The members of the Commission on Liquidation shall bear solidary responsibility for the damage caused by them.
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