2 Hrs_1777294237270_124456903.png&w=64&q=75)
Source:
الوطن
Review and Revive Funds
The General Authority for Awqaf has approved regulations for addressing unidentified and inactive endowments and reviving them. The regulations give the trustee several options, including leasing, investing, financing, merging, entering into partnerships, borrowing, replacing the endowment, or selling part of it to repair the remainder, subject to applicable controls and approval from the competent court. The trustee must begin taking action within one year of the regulations taking effect, and the Authority may extend this period by a further year. If notified that an endowment is inactive, the trustee must respond within 30 days with a statement describing its status and a plan for its revival. The Authority may hold the trustee accountable or develop a revival plan for the endowment, and may also provide advice and technical and financial support, while ensuring that the endower’s stipulations are respected.
Size: 120%Text Size
Notice: This Is an AI-Generated Summary
Comments (0)