Turkey adopts new Foundations Law

Turkish parliament adopted on Wednesday a new foundations law, which was returned by former President Ahmet Necdet Sezer back to parliament for review of the ninth article.

Turkey adopts new Foundations Law
The law was passed by 242 votes in favor and 72 against.

The new law allows foreigners to establish new foundations in Turkey on the principle of legal and actual reciprocity. Foundations will also be able to establish economic enterprises and companies on the condition of notifying Turkey's foundations authority.

Foundations will be able to acquire assets and use them at their will.

Güncelleme Tarihi: 21 Şubat 2008, 10:03