Source: https://www.global-regulation.com/translation/san-marino/2984302/law-101-of-july-1%252c-2015---law-on-foundations.html
Timestamp: 2020-04-02 05:27:39
Document Index: 604350054

Matched Legal Cases: ['Art. 4', 'Art.5', 'Art. 9', 'Art.10', 'Art.11', 'Art.12', 'Art.14', 'Art.15', 'Art.16', 'Art.17', 'Art.18', 'Art.19', 'Art.20', 'Art. 21', 'Art. 22', 'Art. 23', 'Art. 24', 'Art. 25', 'Art. 26', 'Art. 27', 'Art. 28', 'Art. 29', 'Art. 30', 'Art. 31', 'Art. 32', 'Art. 33', 'Art. 34', 'Art. 35', 'Art. 36', 'Art. 37', 'Art. 38', 'Art. 39', 'Art. 40', 'Art. 41', 'Art. 42', 'Art. 43', 'Art. 44', 'Art. 45', 'Art. 46', 'Art. 47', 'Art.48', 'Art. 49', 'Art. 50', 'Art. 51', 'Art. 52', 'Art. 53', 'Art. 54', 'Art. 55', 'Art. 56', 'Art. 57', 'Art. 58', 'Art. 59', 'Art. 60', 'Art. 61', 'Art. 62', 'Art. 63', 'Art. 64', 'Art. 65', 'Art. 66', 'Art. 67', 'Art. 68', 'Art. 69', 'Art. 70', 'Art. 71', 'Art. 72']

Machine Translation of "Law 101 Of July 1, 2015 - Law On Foundations" (San Marino)
Law 101 Of July 1, 2015 - Law On Foundations
Original Language Title: Legge 1 luglio 2015 n.101 - Legge sulle Fondazioni
Microsoft Word - L101-2015.doc SAN MARINO We the Captains Regent of the Most Serene Republic of San Marino Having regard to Article 4 of the Constitutional Law no.185 / 2005 and Article 6 of Qualified Law n.186 / 2005; Promulgate and publish the following ordinary law approved by the Great and General Council at its meeting on June 25, 2015: Law 101 of July 1, 2015 LAW ON FOUNDATIONS TITLE I GENERAL PROVISIONS CHAPTER I DEFINITIONS AND GENERAL ASPECTS Article 1 (Definitions) 1. in this Act, the following terms have the following meanings: a) "Act", this law and its subsequent amendments; b) "" Registry, the Registry of Foundations provided for in Article 7; c) "Register of Auditors", the Register of Auditors established by Law 146 of October 27, 2004, as amended; d) "Trust", the company authorized to carry out reserved in Annex 1, letter C) of the Act 17 November 2005 n. 165, as amended; e) "Chancellor", the Chancellor of the competent Court to maintain the Register; f) "Subject unsuitable", a physical and / or legal person respects the conditions provided for in Article 1, paragraph 1, item 9) of Law 47 of February 23, 2006, as amended; g) "AIF", the Financial Intelligence Agency for the prevention and combating money laundering and terrorist financing pursuant to Law 92 of June 17, 2008, as amended; h) "Agency", the private entity with legal personality and administrative autonomy, non-profit organization, other than a company, which does not perform economic activities, governed by law; i) "Organization non-profit or non-profit", the organizations referred to in point h); l) "certification": 1) if it refers to legal person, the Good Standing Certificate and the license revocation certificate; 2) if it refers to a natural person, the General Penal Certificate and the license revocation certificate; m) for "formal control of documents" by the Chancellor, the only verifies the existence of the formal requirements in acts, the presence of the documents, the certification of the absence of conditions for the integration of the definition of Subject unsuitable, and production of the other documents specifically required by law in order of registration of documents and data in the Register; n) for "founder", the person or persons that allocate a range of goods and assets aimed at the establishment of a foundation for the attainment of the objectives covered by this law. In that sense, if in this Act refer to death or qualification Subject suitable or unsuitable subject of the founder, that reference is to be understood the totality of the founders where there are several of them. 2. The certification of entities not resident or domiciled in the Republic of San Marino must be substantially equivalent to that indicated in paragraph 1, letter l). With regard to natural persons, it is considered substantially equivalent certification which shows the absence of quality Subject unsuitable. With regard to legal persons, it is considered substantially equivalent certification, issued by the entity responsible for the sealing of the Foundations Register in the country where the legal entity has its seat, from which emerge the contents of the Good Standing Certificate. The Commissioner of the relevant law may issue circulars in order to identify a general level equivalencies or further refine the assessment of substantial equivalence of the certification criteria. In the evaluation of entries resulting in the General Penal Certificate you must take into account the causes of extinction of the crime, the causes of extinction of criminal effects of convictions, rehabilitation and more favorable to the accused contained in the Criminal Code, in the implementing rules of the Criminal Code, in other laws and decrees of the Republic. In the event that the non-certified releases foreign state with characteristics similar to those specified in the Act, the certification shall be replaced by the competent consular declaration, which also indicates the existence of any other substitute documents issued by foreign state authorities. 3. Natural persons resident in the Republic of San Marino and San Marino citizens can replace the certificate with the replacement statement issued in the manner provided for in Law 159 of October 5, 2011. 4. The certification, in original or certified copy, should not bear a date earlier than six months from the submission date with the Registrar or to the notary at the time of exhibition
establishment of the Foundation. Article 2 (Purpose) 1. This law gives full effect to the principles contained in Article 6 of Law 59 of July 8, 1974 and subsequent amendments and additions "Declaration of the Rights of Citizens and Fundamental Principles of San Marino legal order". 2. The present law also aims to: a) enhance the realization of general interest or for certain categories of persons who do not pursue for profit; b) ensure the conduct of activities involving the public utility or social benefit; c) ensure effective monitoring of the foundations in order to prevent and repress abuses of money laundering and terrorist financing. 3. This Act also proposes to align the legislation of San Marino in respect of the recommendations and international standards on the prevention and combating money laundering and terrorist financing. Article 3 (Scope and Exclusion) 1. This Act regulates the foundations that have acquired legal personality established in the territory of the Republic of San Marino. 2. Excluded from the scope of this Act, the Central Bank Foundation of the Republic of San Marino. Also they excluded from the scope of this Act the banking foundations that remain governed by the law 29 November 1995 n. 130, as amended. 3. They are likewise excluded from the scope of this law, foundations, private bodies, committees and more generally all forms of aggregation that, irrespective of the purpose, has acquired a legal personality. 4. In the entities referred to in paragraph 3 of the unlimited and respond with its assets bonds those who have acted directly and also for the purposes of any criminal responsibility. Art. 4 (Definition and purposes of the foundation) 1. foundation means a private entity governed by this law, with legal personality, an organization of goods, assets and administrative autonomy, non-profit, different from the company, which does not perform economic activities, created by one or more founders, natural persons and / or legal persons, that allocate, in full autonomy, the assets for one purpose only in the public interest and in one of the areas indicated in paragraph 3 . 2. the foundation is determining the assets intended by the founder of the foundation for achieving the objectives it identified. 3. Foundations locate their activities in one or more of the following policy areas: a) culture; b) health and welfare; c) art; d) musical, theatrical; e) dance; f) voluntary; g) education and training; h) protection of civil rights; i) protection of the environment; l) the promotion of art; m) worship; n) recreation; o) care; p) social solidarity; q) scientific research; r) any other area other than those listed above that does not include the exercise of an economic activity other than those strictly accessory directly related to Article 53, and not constitute activities reserved to particular authorizations or otherwise governed by special laws . 4. In any case, the purpose of the foundations must be lawful, possible, determined or determinable by the memorandum and by-laws and respect the rules of this law and any authorizations required for certain sectors of activity in relation to reference special laws. Art.5 (non-profit organizations of social utility-NPO) 1. To non-profit social organizations (NGO) are defined as private entities, however, with legal personality and different from the Company, also made in the form of foundations, pursuing solely to achieve social solidarity, non-profit and direct activities in altruistic purposes and working with prohibited from pursuing various activities except those directly related. Foundations that want to carry out non-profit activities of social utility (ONLUS) must carry out their activities, except for those directly related, in one or more of the following areas of action: a) alleged solidarity activities: 1) social welfare and social health; 2) charitable activity; 3) the protection, promotion and enhancement of things of artistic and historical interest; 4) protection and enhancement of nature and environment; 5) scientific research of particular social interest held directly; 6) promotion of culture and art; b) a solidarity activity conditioning: 1) health care; 2) education; 3) training; 4) protection of civil rights. 2. The activities in solidarity conditioned considering solidarity only when the Act
incorporation and bylaws shows that are directed to bring benefits to predetermined categories of persons who are facing specific conditions that need to disadvantaged persons because of physical, mental, economic, social or family. 3. For charitable activities are those of the distributive character of benefits in cash or in kind to the needy or otherwise designed to alleviate the conditions of need deserving charitable entities, including donations made to entities that operate directly against these same individuals and also in favor of other NGO or government agencies. 4. For scientific research of particular social interest held directly refers to the activity carried out with the authorization of the competent bodies provided for by the special laws of reference, in one or more of the following areas: a) prevention, diagnosis and treatment of all the human diseases; b) prevention and limitation of damages resulting from drug abuse; c) to study the environmental etiology diseases; d) production of new drugs and vaccines for human and veterinary use; e) methods and systems to increase safety in the food and in the environment category to protect public health; f) reduction of energy consumption; g) waste disposal; h) simulations, diagnosis and prediction of climate change; i) prevention, diagnosis and treatment of social diseases and forms of social exclusion; l) improvement of services and social interventions, social, health and health care. 5. For scientific research of particular social interest held directly also means that the foundation entrusted to universities, research bodies or other foundations that play directly. 6. The non-profit social organizations is entered in the register under Article 7 by the acronym, after the name of NPO and can enjoy special treatment in relations with the Public Administration and can get character breaks tax and tax in accordance with the aims pursued and the basis of specific enactments issued by delegated decree. 7. With delegated decree can be modified, extended or reduced in the sectors of activity referred to in paragraph 1. Article 6. (the foundation requirements - Responsibility) 1. The foundation may consist of one or more natural or legal persons. 2. In any case, the foundation can not be constituted by legal persons carrying on business within the fiduciary. 3. The destination, even for as long as the will drawn up in the form of public will, of a complex of assets for purpose established by whoever has the funds can be aimed at the establishment of a foundation. 4. The founding charter can be revoked until the registry entry has not intervened in Article 16, however, this option is not exercised by the heirs. 5. They can not form the foundation of the physical and / or legal persons who have the status of "Subject unsuitable". 6. In the foundations with legal personality for the social obligations answers only the foundation with its own assets. 7. Violation of the provisions contained in paragraphs 2 and 5 result in the nullity of the foundation. Article 7 (Foundations Register) 1. And 'created a Register of Foundations, kept with the Clerk of the Court, for the registration of the following data for each foundation: a) references to the articles of association; b) name, with an indication of Acronym NPO foundations for carrying out activities referred to in Article 5 and its possible variations; c) the head office and its possible variations; d) amount of the assets and its possible variations; e) policy area among those listed in Article 4, paragraph 3, and its possible variations; f) identification of the legal representatives, the members of the board of directors, auditors, liquidators, with the determination of its powers; g) the date of approval of the budget; h) judicial authority measures for the award of the foundation, the opening of bankruptcy proceedings, as well as any other measure that the court considers it useful to write down. 2. Entries in the data register mentioned in paragraph 1 shall be conducted, unless otherwise provided by law, at the request of the legal representative or the liquidators, accompanied by the relevant documents. 3. They must be also filed with the Registry all minutes of meetings of the founder and board meetings of the foundations on which the resolutions are
for the approval of the budget, the introduction of alterations to the memorandum and articles of association and to the offices appointments, within thirty days from the registration or, if the resolutions are not subject to such formalities, the date of the meeting, subject to different terms established by law. 4. Modification of the information referred to in paragraph 1, until the investment is entered in the Register, they are not binding on third parties unless it is proved that they knew about. The minutes of foundations, instances, certificates, registration measures and in general all documents contained in the file of the foundation at the Tribunal can be created, transmitted, stored, communicated, notified, kept and stored in electronic format, with procedures and guarantees to be fixed by appropriate regulations of the State Congress. 5. The Registry may also be held by electronic means under arrangements to be laid down by regulations. 6. The register is public and anyone can take free viewing. 7. To obtain registration of the foundation in the register must still be filed with the Clerk of the certifications pertaining to the founder, the members of the board, auditors appointed for the incorporation of the foundation. 8. The deposit with the Clerk of the certificates of those who occupy the positions, must be made in case of confirmation in his role or replacement and is a condition for enrollment in the Register. 9. Where the assumption of office that require the entry in registers or professional associations or special registers, must still be filed with the Clerk also a certificate of registration issued by the body in charge of the public register or the register. 10. The members of the Board and Auditors, in its annual report to the budget of their respective competence, or attached to it declare, under their personal responsibility, the stay-in-chief of the same subjective and objective conditions required by law for holding the charge. Article 8 (Heritage foundation) 1. The assets of the foundation shall consist of: a) the set of assets or sums of money transferred and allocated by the founder upon incorporation; b) by the contributions of the following founding the constitution; c) the revenues from the provision of ancillary activities directly related to the purpose of Article 53; d) from grants, donations, gifts, donations and bequests; e) contributions from both public and private; f) by the immovable and movable property; g) by operating surpluses; h) from the reserve fund articles of association. Art. 9 (Amount of assets) 1. The amount of the Foundation's assets may not be less than € 25.500,00 (venticinquemilacinquecento / 00). CHAPTER II SPECIAL PROVISIONS ON CAPITAL OF FONDAZIONIE Art.10 (Contributions and payments) 1. The assets of the foundation is established by the memorandum and Articles of Association. 2. The assets of the foundation, when the statute states otherwise, is given in cash to be paid in full at a San Marino bank free within sixty days following the date of entry of the foundation in the Register referred to in Article 7. 3 . the effected payment of contributions amounted to a statement issued by the legal representative in the manner and under the notice of penalty provided for by Law 159 of October 5, 2011, to be filed within thirty days from the execution of the same with the Registrar by the President of the foundation. 4. Failure to carry out the payment of contributions in the terms set forth therein is the cause of dissolution of the foundation and you must settle. In the event of inaction by the Governing Council, the liquidation may be ordered ex officio. The Law Commissioner, to this end, prior to the Governing Council assigns a period not exceeding sixty days to file the documentation proving the purpose of making contributions. 5. In addition to money, may be vested with all the assets capable of economic assessment, but not for work performance or services or personal rights of enjoyment. Any such contribution must still be declared together with the stipulation of incorporation of the foundation or the resolution to increase the capital. 6. The founder conferring a credit meets the insolvency of the debtor. 7. For the assets conferred the founder is held to the same obligations which would be held if he had sold them. 8. Who gives in kind or credits must submit the sworn report of an auditor or
of an auditing firm entered in the register of auditors or a professional registered in a professional register of San Marino. The sworn report can not be drafted by those who pour into the causes of ineligibility provided to auditors by Article 32. The report must contain a description of the goods or credits granted, the disclosure of accounting policies used and the statement that their value is at least equal to the value for which it was conferred. The report must be attached to the articles of association or the resolution to increase the capital. Art.11 (sole founder) 1. Foundations can have a single founder at the time of their constitution. 2. The sole founder of the powers and rights conferred by this Act. 3. The existence of the sole founder is to be entered in the Register. 4. In the event of insolvency of the foundation, the sole founder of the foundation of the unlimited liability obligations only if: a) the request for registration in the registry of the existence of the sole founder is not made within the time limits provided for in Article 16, in case of establishment of foundation with unilateral act, or b) the provision found not fully paid within the period of sixty days from the date of registration in the Register of the foundation established with unilateral act. Art.12 (Reduction of capital) 1. Where the assets of the foundation declined by more than a third, the Governing Council and, in the case of inaction, the supervisory board or single auditor, without delay convene the founder for appropriate measures and, if the assets are not readily reconstituted, the founder shall reduce the assets subject to the legal limits provided for in Article 9. 2. the reduction of the assets can be decided when it is exuberant than the foundation. The resolution can be performed only after ninety days from the same in the register, provided that within this period, no creditor has given notice of opposition. 3. The convening of the founder who must provide for the reduction in assets, in cases where this is required, it can be ordered by the Commissioner of the Law Office or at the request of anyone interested, if not undertaken by those who are obliged to perform it pursuant to paragraph 1. 4. in the event that the founder, convened pursuant to the preceding paragraphs, adopts certain provisions of law, the law Commissioner shall, on application by the Governing Council, the Board of Auditors, the single auditor or any interested party or on its own, has the reduction of assets because of the loss resulting from the balance sheet, with a decree to enroll in the registry. 5. If, for the loss of over a third of the assets, this drops below the minimum required by law, the board must convene the founder for the measures referred to in Article 56. Section 13 (increase in assets) 1. it can not be resolved to increase equity until the previously signed is not fully paid. 2. In case of violation of the provisions referred to in paragraph 1, of the Governing Council members are jointly liable for the damages caused to third parties. 3. The founder may increase the assets of the foundation being allocated to capital reserves and other reserves recognized in the balance sheet as available. 4. In every case of increase of capital, the founder is obliged to pay in the manner and terms set out in Article 10. CHAPTER III OF THE CONSTITUTION BY APPLICATION BETWEEN LIVING AND THE AMENDMENTS TO THE STATUTE Art.14 (Form of incorporation ) 1. the articles of association of the foundation must, on pain of nullity, a public act. Art.15 (incorporation Content) 1. The articles of association must indicate: a) the name; b) the purpose of one or more sectors of activity listed in Article 4, paragraph 3; c) the absence of profit-making and anticipation that the proceeds of the asset can not, under any circumstances, be perceived by the founder even indirectly; d) the obligation of presentation of financial statements, the financial statements and accompanying notes and the procedures for approval of the same by the foundation's organs; e) the means of terminating and extinction of the foundation; f) arrangements for devolution for purely public the assets in case of dissolution of the foundation; g for non-profit the exact nature and characteristics of the beneficiaries of the activities of NPO same; h) the duration; i) the registered office; l) the name, first name, date and place of birth, residence, citizenship of the founder for natural persons, or the name, date and place of incorporation, location, and the
registration number in the register of companies for legal persons, who participated as a founding the conclusion of incorporation; m) the amount of assets and the value attributed to contributions in kind, and its evaluation criterion; n) the contributions of each founder; o) the rules on capital and on income of the foundation; p) the appointment of the first members of the foundation bodies; q) information on the regulations concerning the operation of the foundation, with particular reference to: 1) regulation of the powers of the founders survivors and cases of loss of status of Subject Suitable by some of the founders in relation to foundations established by several founders; 2) regulation of any powers available to third parties, which give money or goods to the foundation in cases of voluntary liquidation of the company and change of the purpose of the foundation itself. 2. The statute contains rules on the appointment, convening, the composition and powers of the foundation organs, indicating those relating to the administration and representation and also the rules for the operation of the foundation organs. 3. Even if a separate instrument, the statute is an integral part of incorporation. 4. The information referred to in paragraph 1, letters b), c), d), f), g), m) and o) shall be indicated in the articles on pain of nullity. Art.16 (Deposit incorporation and registration in the register of the act) 1. The notary who received the act of constitution of the foundation, verified the fulfillment of the conditions provided by law, shall deposit copies with the Registrar within thirty days of date of registration, attaching the documents proving the existence of the conditions provided for by law. 2. If the notary fails to deposit the said deadline, the founder or however the appointed legal representative may do so at the expense of the foundation. 3. The registration of the foundation is required simultaneously filed incorporation. 4. The Chancellor, merely checked the formal validity of the documentation, within ten days of the registration request registers the foundation into the Registry or emits motivated decision refusing to be served to the person who requested the registration. 5. If the Registrar refuses the entry in the Register, or fails to register in the period referred to in paragraph 4, the notary or, failing that, the legal representative appointed or the founder, may appeal to the Law Commissioner within thirty days from notification of denial measure or after the deadline within which the Chancellor should have issued the decision. In this case, the Law Commissioner, verified the fulfillment of the conditions required by law, order by decree the inscription of the foundation in the Register. In case of refusing registration of the foundation in the Register, the decree of the Commissioner of the Law is subject to appeal before the Judge of Appeals within thirty days of notification. 6. The registration of the foundation in the Register shall be notified by the Registrar also to the Review Board of the Foundations of Article 42 within fifteen days from the execution of the formalities. 7. By entering the Register, the foundation acquires legal personality, which lasts until the removal from the Register. 8. For transactions carried out in the name of the foundation prior to enrollment, are unlimited, jointly and personally liable to third those who have acted. They are, also, unlimited joint and personally responsible even those among the founders in the articles or a separate document have decided, authorized or permitted the completion of the transaction. Opponents pacts are not binding on third parties. 9. With the acquisition of legal personality on the assets of the foundation is separate from the assets of the founder. 10. In the foundation with legal personality for bonds only meets the foundation with its own assets. 11. The acquisition of legal personality does not allow you to buy real estate in the territory of the Republic, to accept donations of real property or inheritance or even legacies without the authorization of the Council of Twelve. 12. The acquisition of legal personality does not allow, also, to buy real estate abroad without authorization from the Control Committee in the manner established in Article 52. Art.17 (Amendments of the Statutes) 1. The resolutions that change the statute must be a public deed; the attesting notary, within thirty days from the date of registration, when the payment of
conditions established by law, it requires registration in the Register and, simultaneously filed, attach any required permits and documents. The Chancellor, only verified the formal validity of the documentation, registers the resolution in the Register. 2. If the notary believes not fulfilled the conditions set by law, it shall be disclosed promptly and in any event no later than the said period to the legal representative. The legal representative within thirty days following and, failing that, the only mayor or any member of the supervisory board at the expense of the foundation, may resort to the Law Commissioner. In this case, the Law Commissioner, verified the fulfillment of the conditions required by law, provides for the approval of resolutions and orders entry in the Register. The decree of the Commissioner of the Law is subject to appeal before the Judge of Appeals within thirty days of notification. 3. Provisions of company statutes can be changed at the request of the founder in accordance with the standards referred to in this law. Art.18 (Nullity of the foundation) 1. Following entry in the Register, the nullity of the foundation can be declared at the request of any interested person, as well as for violation of the provisions of Article 6, paragraph 7, and articles 14 and 15, paragraph 4, even if the unlawful purpose. 2. The declaration of nullity shall not affect the effectiveness of the acts committed in the name of the foundation after entry in the Register and the founder is not freed from the obligation of contributions until you are satisfied with your creditors. 3. The nullity can not be declared when the cause has been eliminated and such elimination is publicized by registration in the Register. 4. The judgment declaring the nullity contains the order of dissolution and liquidation of the foundation and must be registered in the Register. CHAPTER IV OF THE CONSTITUTION FOR TESTAMENT Art.19 (Constitution by will) 1. The establishment of the foundation to act upon death is willing to public will on pain of nullity. Art.20 (testamentary provisions) 1. With a will providing for the establishment of a foundation, the testator has the right to: a) provide all the elements that the law requires for the memorandum referred to in Chapter III of this Title , expressing its willingness to undress in a definitive way the ownership of the assets to be allocated for the purpose of indicating the founding executive mode; b) express their will to allocate certain assets to achieve the purpose of a foundation, leaving to others the task of completing the foundation store the missing elements; c) have, as a burden on one or more heirs or legatees, to establish a foundation and determine all the elements that indicate only the means, the properties and purpose. 2. The notary proceeds to the establishment of a foundation running in testamentary dispositions shall notify to the Review Board within thirty days from its establishment. 3. In the event that the testamentary disposition which shall constitute a foundation does not identify the person liable, the constitution is made from person duly designated by the Audit Committee at the request of specific responsibility notary. 4. The Audit Committee following the notary's communication referred to in paragraph 3 is allowed to promote conservation actions that it considers necessary for the execution of the disposition and, in particular, to ask the Commissioner of the Law, in case of emergency or necessity, the appointment of a temporary administrator of the goods that are the subject of the assets of the foundation. 5. They are subject in all cases to the provisions of Articles 15, 16, 17 and 18 mutatis mutandis. TITLE II ORGANISATION OF THE FOUNDATION CHAPTER I THE FOUNDER Art. 21 (Of the powers of the founder, the procedures and the functioning of meetings and related resolutions) 1. The founder has the right to carry out all the consultative and deliberative activities under this law and the statutes of the foundation. 2. When the foundation was attended by several founders, these act by a majority and in proportion to the value of the assets or of contributions by each of them contributed to the foundation. 3. In cases where it is not possible to reach a resolution, the same is referred to person duly designated by the Audit Committee. 4. In case of death of the sole founder or founders of all, the functions pertaining to them are taken by the Audit Committee. The preceding provision also applies in the case in which
the sole founder or founders all Subjects become unsuitable. The resolutions of the founder are recorded in a book of meetings and resolutions referred to in Article 39, paragraph 4, letter a), which is signed by the recording secretary appointed from time to time or permanently, from the founder. 5. The meetings of the founder shall be convened by the Chairman of the Executive Board at the request of the founder and whenever the chairperson of the board of directors deems it necessary and in the event of inaction or incapacity of the President, the Vice Chairman of the Board. 6. Where neither the president nor the vice president provide for the convening of meetings, the meeting can be called by the single mayor or the chairman of the supervisory board. 7. The founder may ask the Law Commissioner to order the convening of the meeting and to designate the person to preside in the absence of action of the single mayor or the chairman of the supervisory board. 8. The meetings of the founder must be invited, without voting rights, all members of the Governing Council, the only mayor that all members of the supervisory board. 9. The statute establishes the rules governing the formalities on the convening procedures and the functioning of the meeting, including voting procedures. 10. The statute should in any case provide that: a) meetings should be held in Italy; b) the notice must contain the complete list of the items on the agenda; c) the notice convening the meeting is sent to the founder, all members of the board, the single auditor or all members of the supervisory board, by registered letter at their residence, or even by e-mail or by fax at least eight days before the meeting; d) in case of emergency meetings of the founder can still take place even without the formalities referred to in subparagraph c), with the presence of the founder, the entire board of directors, the single auditor or all members of the supervisory board. CHAPTER II THE BOARD OF DIRECTORS Art. 22 (Powers of the Board) 1. The Governing Council, composed of a minimum number of three members including the chairman appointed for the first term of office, with the Constitution, has the power to perform all acts necessary or useful for the pursuit of the foundation. 2. The Board shall implement, in accordance with the statutory purposes, the will of the founder. 3. The Governing Council shall: a) pursue the aims and institutional purposes provided in the articles and the Statute; b) approves the entering into supply contracts for goods and services and in favor of the foundation; c) propose to the founder of the purchase and sale of functional property to the exercise of jurisdiction of the Foundation's activities; d) deliberate taking out loans; e) preparing the budget, the profit and loss account and the notes; f) decides the hiring of employees, contractors and consultants; g) propose to the founder of all the resolutions it deems appropriate to refer to its assessment; h) resolve all the measures necessary for the operation of the foundation. 4. The Governing Board may appoint, within it, the vice-president of the entity entrusted the functions of the President in case of absence or impediment. 5. The Council may appoint, on the inside, the treasurer who not only provides self-management delegated by the board to guard the assets of the foundation. 6. The majority of the board members must be resident in the Republic of San Marino. Art. 23 (Causes of ineligibility and disqualification) 1. They can not be elected as members of the Board and, if elected, shall forfeit their office as incapable Subjects. 2. The statutes may also provide for other reasons for incompatibility, limits and criteria for holding office or revocation of a member of the Governing Council. Art. 24 (Operation of the Board) 1. The statute contains the rules governing the formalities and procedures for convening and operation of the board. In any case includes: a) that the board has a quorum with the absolute majority of its members and that the resolutions are adopted with the favorable vote of the majority of members present, provided that the statutes may provide higher constitutive and deliberative quorum, even for individual resolutions; b) which are not admitted attorney; c) that the resolutions must be recorded in a report drawn up and signed by the chairman and the secretary extender appointed from time to time or permanently by the board also
between people chosen among the non-; d) that the resolutions concerning persons must be taken by secret ballot if so requested, in accordance with the procedures to be established in the statute. 2. The statutes may provide that the board meetings may also be held by videoconference or teleconference, if the minutes are drawn up by a notary. In this case, however, the statute provides that: a) the President and the Secretary extender are in the Republic of San Marino; b) to each participant is allowed to identify the others, intervening in real time in the discussion; c) to each of the participants are able to view, receive and transmit documents relating to the meeting. Art. 25 (Term of office of members of the Board) 1. The office of member of the board may be granted for a maximum period of three years, renewable. 2. Members of the Board may be dismissed by the founder even before the expiry of the term provided that a fair cause. 3. If the founder's death or when he becomes subject unsuitable revocation and / or the appointment of the Governing Board shall be by resolution of the Audit Committee. 4. Members of the Board may give up their office by giving written notice to the other States or, failing that, to the only mayor or the board of auditors. 5. The waiver of a member of the board may have immediate effect if a majority of the board remains in office. 6. If during the year is no longer a majority of Governing Council members, the remaining directors must immediately convene the founder because they are responsible for the replacement of missing. 7. If you are missing all the members of the board, the founder shall be convened by the mayor or by the single supervisory board for the appointment of the entire Board. 8. Termination of Governing Council members expires's term is effective from the moment the board was reconstituted. Art. 26 (the President Empowerment) 1. The powers of representation, through which the foundation acquires rights, assume obligations and is in court, unless otherwise provided by the statutes, the responsibility of the chairman of the board that has the authority to perform all acts which fall under the statutory purposes subject to the limitations set out by law or the statutes. 2. Documents relating to the financial statements are signed by the Chairman or, in his absence or impediment, by the Vice-President. 3. The Chairman shall convene and chair the Governing Council. 4. The President promotes, upon resolution of the board, legal proceedings, administrative and resists actions brought against the foundation, appointing lawyers and attorneys. 5. Failure to comply with the limits resulting from the statutory purposes or by statute can not be enforced against third parties in good faith. Art. 27 (Challenging of the Governing Council of decisions) 1. The board member absent or dissenting, the only mayor or any member of the supervisory board may appeal the decisions of the Governing Council that are not taken in accordance with the law or the Statutes resorting the Law Commissioner for the annulment and possibly the suspension on an urgent basis for the contested decisions. 2. The appeal shall be lodged with the Registrar within ten days of the filing of the copy of the minutes of the Board; in the absence of filing the application is made within ten days from the time when the applicant became aware of the resolution provided no later than two years from the resolution itself. 3. The Law Commissioner, if the opposition appears prima facie seriously founded, may issue a decree the temporary suspension of the resolution. 4. The order shall be served ex officio and at the expense of opponents, the legal representative and auditors; of what is noted in the registry. 5. Within thirty days of the notification, and if the board has not initiated a procedure for the confirmation of the opposite decision, the opponent has to introduce an adversarial procedure for the cancellation of the resolution; otherwise the opposition will be canceled permanently. 6. All the grounds of appeal of the resolution are determined in a single judgment. 7. Cancellation may not be pronounced if the contested decision is replaced with other decision complies with the law, provided that the costs of the appeal proceedings shall be borne by the Foundation. 8. Any cancellation of resolutions shall not prejudice the rights of bona fide third parties. Art. 28
(Responsibilities of the Governing Council) 1. The members of the board fulfill the obligations imposed upon them by law, articles of incorporation and bylaws and are liable for the management of the foundation in accordance with the rules of the mandate, subject to the provisions of 'Article 29 and without prejudice to any criminal penalties. 2. In particular, they say: a) the proper completion of the foundation and its books books; b) the careful watch on operations; c) the compliance of financial statements with the principles laid down in Article 40; d) the obligation to allocate the economic and financial resources of the foundation exclusively for statutory purposes; e) of the diligent execution of any of the judicial measures, measures and / or regulations issued by the Audit Committee; f) damages that are derived from the utilization of the foundation for their own benefit or third party data, news or assets of the foundation. 3. The members of the Board respond to creditors of the foundation for the non-observance of obligations related to the conservation of heritage. The share of responsibility of creditors can be exercised when the assets of the foundation is not sufficient to satisfy their claims. 4. The members of the Board are also personally responsible to the founder and also towards third parties that have been damaged by negligence or malicious acts performed by them. 5. The liability action against the members of the Board is promoted by the founder and, in case of death or when he becomes subject unsuitable, from the Control Committee. 6. The resolution of legal action in the removal of the members of the Board and in this case their replacement is done in the manner laid down in Article 25. 7. The foundation may waive the exercise of the action of liability and may compromise, provided that the waiver and the settlement are approved, with a waiver of the founder and, in case of death of the founder, or when he becomes subject unsuitable, from the Control Committee. The waiver is not enforceable against creditors of the foundation, while the transaction can be contested by them only if it fulfills the extremes actio pauliana. 8. The members of the board of directors, auditors, liquidators involved in criminal proceedings relating to the charge made part or other serious criminal may be suspended from office by order of the same organ or department responsible to the assignment in . The sentence for the crimes referred to in this paragraph will be permanently disqualification from office and the inability to assume the duties of a member of the board of directors or liquidators of foundations for the time to be determined by the judgment. Art. 29 (Limits of liability of the members of the Board) 1. The liability of the members of the Board concerning actions or omissions which they accomplished, since the day they took office that in which they are replaced by other States or by the liquidators. 2. It is not responsible for the collegial deliberations the board member, being free from iniquity, it did not participate in the deliberations or did note in the minutes without delay its reasoned dissent on decisions arising from the minutes. CHAPTER III OF AUDITORS Art. 30 (Appointment, termination and forfeiture) 1. The appointment of the single auditor or of the supervisory board is mandatory. 2. The single auditor or the board of auditors is appointed for the first time in the deed and then by the founder; in case of founder's death or when he becomes subject unsuitable the appointment of the single auditor or supervisory board is made by resolution of the Audit Committee. 3. Auditors remain in office for three years. 4. The termination of the deadline for mayor, resignation, disqualification shall take effect from the time it was replaced. 5. The mayor's office is renewable, freely waivable, but is revocable only for cause. 6. The revocation decision shall be approved by decree of the Law Commissioner hearing the person concerned. 7. Decade office the mayor who, without justifiable reason, does not participate in a financial year to at least one board meeting. Art. 31 (Replacement) 1. In case of death, resignation or forfeiture of the single auditor or the entire college replacing union is decided by the founder; in case of founder's death or when he becomes subject unsuitable replacement is carried out by the Audit Committee. 2. In case of death, resignation or disqualification of one or more auditors of the Board of Auditors
replacement is carried out by the founder; in case of founder's death or when he becomes subject unsuitable replacement is carried out by the Audit Committee; in that case the new mayors appointed expiry of the term of office. Art. 32 (Causes of ineligibility and disqualification) 1. May not be elected as auditors and, if elected, fall from office those who: a) Subjects are ineligible; b) are spouses, relatives or relatives up to the fourth degree of the members of the board of the foundation; c) are spouses, relatives or relatives up to the fourth degree of the founder; d) they are in any way related to the foundation of a business relationship or a continuous or periodic relationship counseling or provision of work, or other relations of a financial nature that could compromise their independence; e) are deleted or suspended from the Register of Auditors; f) have been canceled or struck off from the professional register. 2. The statutes may provide grounds for incompatibility, limits and criteria for the number of offices. Art. 33 (Composition of the supervisory board and the single auditor requirements) 1. The board of auditors is composed of three or five members. 2. At least two members must be enrolled in the Register of Auditors. 3. The remaining members, if not enrolled in this Register, must be members of the Chamber of Accountants and Auditors and the Association of Lawyers and Notaries. Is considered equivalent enrollment in foreign orders and colleges that enable the exercise of these professions obtained abroad for this purpose certificates and foreign representations are considered equivalent to those of San Marino when they emerge that the requirements established. 4. The majority of the supervisory board members must be resident in the Republic of San Marino. 5. The chairman of the supervisory board is appointed in the College by a majority of its members. 6. Unique mayor must have his residence in the Republic of San Marino and be entered in the Register of Auditors. Art. 34 (Meetings of the Board of Statutory Auditors) 1. The Board of Auditors meets at least every quarter. 2. For meetings of the supervisory board is written report shall be recorded in the book provided for in Article 39, paragraph 4, letter c), and is signed by all participants. 3. The Board constitutes a quorum with the majority of members and a majority of those present. 4. The mayor has the right to write down on record his dissent. Art. 35 (Duties and powers of the supervisory board or the single auditor) 1. The single auditor or the supervisory board shall: a) monitor compliance with the law, the Statute and the principles of good administration by the bodies of the foundation; b) exercise the audit; c) participate in meetings of the Board; d) express written opinions to the members of the Governing Council, although not mandatory binding, before the adoption of measures entailing changes in the assets or entering into loan agreements; e) manifest to the board members their dissent concerning acts or facts, urging them to comply with the law, the Statute and their duty of care, indicating the need for certain requirements, advancing observations to be included in the minutes of the meeting of the board of directors; f) carry out the publications prescribed by law in the event of omission or unjustified delay of members of the Governing Council; g) convene the founder, upon notice to the members of the Board, should deem reprehensible actions in the performance of particularly serious; h) perform such other duties and obligations under the law; i) report to the Review Board made particularly serious for the adoption of measures of competence. 2. The mayor may at any time: a) carry out acts of inspection and control; b) ask the board members any information and news relevant for the purposes of control and also on the performance of the foundation operations or on specific business. 3. In the presence of the Statutory Auditors the powers referred to in paragraph 2 shall be exercised by the individual auditor without the need of any delegation by the Board of Auditors itself. The decisions regarding the steps to be taken following the exercise of these powers lie with the Board of Auditors. 4. The inspections, investigations, control and inspection acts, decisions or deliberations of the single auditor, the supervisory board and / or its members, must be provided by the book article 39, paragraph 4, letter c) . Art. 36 (Responsibility)
1. The auditors perform their duties with professionalism and diligence required by the nature, are responsible for the truth of their claims and hold in confidence on facts and documents of which they have knowledge by reason of their office. 2. The mayors respond to the foundation, the founder and third parties, jointly with the members of the Governing Council, the facts or omissions of the latter when the damage would not have occurred if they had supervised in accordance with the obligations associated with their function . 3. The liability action is promoted by the founder; in case of founder's death or when he becomes subject unsuitable action of responsibility it is promoted by the Control Committee. Shall apply, mutatis mutandis, the provisions of Article 28. Art. 37 (Reporting to the mayors) 1. The founder may report the facts that it considers objectionable to the supervisory board or the single auditor who must investigate without delay on the facts reported and present its conclusions and any proposals to the founder, summoning immediately if the complaint appears founded and, if any requirements, bring the complaint to the Tribunal in accordance with Article 38. Art. 38 (Complaints to the Court) 1 . If there is reason to suspect that the members of the board of directors have committed serious management irregularities that may cause damage to the foundation, the only mayor, the supervisory board or the founder and, in case of death of the founder, or when he becomes subject unsuitable, the Audit Committee may report such serious irregularities to the Law Commissioner. 2. The Law Commissioner, after consultation with the members of the Governing Council, the only mayor or members of the supervisory board, ie the complainants, taken all appropriate summary information and investigation of the case carried out, it may order an inquiry at the expense of the foundation, including through of experts appointed office; It may also require the complainants of a security for the costs and possible damages. 3. If the alleged irregularities exist, the Law Commissioner, depending on the emerging circumstances order the urgent measures that appear most suitable to limit the effects of such irregularities and issue any necessary provision to eliminate the irregularities and, insofar necessary, to ensure the continuity of the foundation. To this end may convene the founder for consequent resolutions and appoint a judicial administrator, after removal of members of the board of directors in office. 4. The judicial administrator is in charge of the ordinary administration; any acts beyond ordinary administration needed to prevent irreparable prejudice to the foundation are authorized by the Law Commissioner; may propose the liability action against the members of the Board and auditors and, if the verses foundation in insolvency, petition for the opening of insolvency proceedings. 5. Before the expiry of his mandate on judicial receiver summons the founder to appoint new board members and auditors or to suggest, if subsistent a cause of dissolution, liquidation of the foundation. The receiver appointed deposited in court, together with the notice, the statement of operations. TITLE III OF THE DOCUMENTATION OF THE FOUNDATION AND THE BUDGET Art. 39 (Books of the foundation and compulsory accounting) 1. The foundation holds, including by computer, the paper book, the book inventory and the book of depreciable assets. 2. Preserve, also neatly, for each case, the original correspondence and invoices received and copies of correspondence and invoices sent. 3. The books and documents specified in paragraphs 1 and 2 shall be kept in the headquarters of the foundation for five years. 4. The foundation also holds: a) the book of meetings and deliberations of the founder; b) the book of meetings and resolutions of the Board; c) the book of meetings and, respectively, of the deliberations or decisions of the single auditor or of the supervisory board. 5. The books referred to in paragraph 4 are kept in the headquarters of the Foundation for the duration thereof. It is, moreover, permitted the filing of such books and the books and the documents referred to in paragraphs 1 and 2 in the office of a notary or accountant or auditor registered with the professional. The depositary of the books she is still required to exhibit them to the judiciary, administrative and simple control their request. Failure to produce results in
application of the penalty provided for in Article 68, paragraph 5. The Foundation shall deposit with the Clerk of the Court a declaration containing details of the trader from whom the books referred to in paragraphs 1 and 2. 6. Before they are required use all books are endorsed by the subjects authorized by law following the formalities specified by law. Art. 40 (The budget) 1. The budget is the document by which the Governing Council, for each business year coincides with the calendar year, is the picture of the financial position of the foundation and of the economic result . 2. In preparing the budget, the principles hereof, the structure of the balance sheet and income statement, the contents of the balance sheet, the provisions relating to certain balance sheet items, the content of the income statement, enrollment revenue, income and expenses, the balance evaluation criteria, the contents of the notes, the report of the auditors, the budget filing and publication of the same shall apply, mutatis mutandis, the rules laid down in articles 74 and following Law 47 of February 23, 2006, as amended. 3. The financial statements and the notes are approved only by the Governing Council. TITLE IV OBLIGATIONS AND BANS THE FONDAZIONIE Art. 41 (Obligations and prohibitions) 1. The foundation is required to: a) continuously update the books and mandatory documentation set out in Article 39; b) draw up and approve the annual financial statements and the notes; c) to keep and constantly update the accounts relating to income and expenditure; d) exclusively to fulfill the institutional aims indicated in the articles and in-laws to the direct pursuit of collective interests; e) not to exercise directly and indirectly any economic activities or having profit-making and in any case in activities other institutional those indicated in the articles and the Statute with the exception of ancillary activities directly related to the aims and purposes of the foundations, Article 53; f) not acquire directly or indirectly shares in the company without prior approval of the Audit Committee, to which must be addressed special reasoned request pursuant to Article 51 showing the connection of the investment with the aim of the foundation. The Control Committee shall establish within three months of entry into force of this Act proposed legislation to regulate the limits and requirements dictate the purchase of such holdings that will be adopted in the form of state regulation of the Congress; g) not to distribute, both directly and indirectly, profits or operating surpluses; constitute indirect distribution of profits or surpluses: 1) the supply of goods or services effected on terms more favorable in view of their quality, to the founders, the members of the administrative and control bodies and to their relatives within the third grade and their relatives up to the second degree and businesses and / or companies which they have direct or indirect subsidiaries; 2) the purchase of goods or services for which fees, no valid economic reasons, are greater than their normal value: a) normal value of immovable property means the value identified on the basis of the criteria laid down in Article 25 of Law 29 85 October 1981 and subsequent amendments; b) normal value of goods other than immovable property means the price or consideration average sum for goods and services of the same or similar, in conditions of free competition and at the same stage of marketing, at the time and place where the goods or services were acquired or provided, or, failing that, the time and place nearest; 3) the payment to the administrative bodies of individual annual salaries exceeding EUR 2,000.00 (two thousand / 00) without prejudice to its right to reimbursement of costs for activities closely related to the exercise of the functions in the interest of the foundation; 4) the payment to the supervisory bodies of individual annual salaries higher than those envisaged by the tariff in force without prejudice to its right to reimbursement of costs for activities closely related to the exercise of the functions in the interest of the foundation; 5) the payment, to entities other than supervised entities and mandate to exercise activities reserved under Law 165 of 17 November 2005 and subsequent amendments, the interest expenses higher than those charged by supervised entities and authorized in respect of loans;
6) the payment to employees of wages or salaries in excess of 20% compared to those provided by the reference collective bargaining agreements; h) allocating economic resources, profits and operating surpluses exclusively for institutional purposes mentioned in the articles and the Statute; i) request the Council of Twelve the required authorization to accept donations of real estate, inheritance or legacies; l) buying, with the approval of the Council of Twelve, immovable property which are designed for and suited to the needs and purposes of the foundation; to the size, the intended use, this effect to the request for authorization to the Council of Twelve for the header in the Republic real estate sites is attached, in addition to the usual documentation, even a special technical report from which the characteristics are, the value of property valuation and the purchase of real estate abroad is authorized by the Audit Committee with the arrangements and procedures provided for in Article 52; m) donate the assets in case of dissolution and liquidation, for exclusively public purposes or to other foundations and / or associations; n) require the Committee to authorize control to accept donations, transfers, assignments, donations, sponsorships, donations however named or donations of movable property whose value is, in a single operation or in several operations linked to the same subject also fractionated among them, more than EUR 25,000.00 (twenty-five thousand / 00) per year with the arrangements and procedures provided for in Article 50; o) request the Audit Committee to authorize the opening of bank accounts abroad or in any case for the establishment and / or performance of banking relationships, financial and insurance with foreign authorized entities on such terms and procedures laid Article 51; p) refuse sums and dations of cash, in a single operation or in several operations linked to the same subject, exceed the annual amount of € 1,000.00 (one thousand / 00) except by means of an authorized person to 'exercise of reserved activities as per Law 165 of 17 November 2005 and subsequent amendments and with the limit referred to in subparagraph n); q) make cash payments up to EUR 1,000.00 (one thousand / 00) except by means of an authorized person to perform the activities reserved under Law 165 of 17 November 2005 and subsequent amendments and with the limit referred to in subparagraph n); r) refuse any dation, transfer, assignment, donation, sponsorship, donations however named or donations of movable property by physical and / or legal persons who are resident in one of the non-cooperative countries, monitored, falling in listing and disclosed updated AIF; s) to identify and survey the physical and / or legal persons making donations, transfers, assignments, donations, sponsorships, donations however named or donations of movable property, preserving the related documentation at the headquarters of the foundation for five years; t) provide for the registration of data and information on the loans and the funds received and to their use. The data and information and documentation must be kept for at least five years from the date of receipt of the financing or execution of the operation of use of funds. These data and information must be provided, on request, to the Control and all'AIF Committee for functions at the same attributed by Law 92 of June 17, 2008, as amended. For this purpose the report "Financing and detailed Uses", conforming to the model adopted by the Audit Committee through a resolution; u) deposited annually at the Budget Control Committee and the statement "Loans and Loans Summary", conforming to the model adopted by the same Control Committee through a resolution; v) report to the Board of Control made of particular significance in the management and administration for the adoption of measures of competence of the same Monitoring Committee; z) provide a simple request of the Control Committee of the AIF any information and / or documentation relating to the management, administration and even the use of the resources of the foundation for the adoption of measures within their competence; aa) request to the Review Board approval for the exercise of ancillary activities directly related and linked to the aims and to the institutional purposes stated in the Constitutive Act and the Statute with the arrangements and procedures provided for in Article 53; bb) keep for at least five years and make available to the Audit Committee and of the AIF
A list of national and international transactions in order to verify that the funds have been used in accordance with the purposes and institutional purposes contained in the Constitutive Act and the Statute; cc) not to proceed with the merger and the split with other foundations; dd) to request the Committee of the authorization to acquire control, for whatever reason, the registered assets of a cylinder capacity exceeding 2000 cc., provided the same are instrumental to the purposes and to the institutional purposes mentioned in the articles and the Statute. TITLE V CONTROL AND PERMITS IN THE FOUNDATION CHAPTER I INSTITUTION, AND THE APPOINTMENT OF PROCEDURE OF THE COMMITTEE OF CONTROL Art. 42 (Establishment of the Audit Committee) 1. You set up the Audit Committee which are delegated tasks, functions and powers set out in Article 49. 2. The Audit Committee performs the duties under this Act in full autonomy and independence. 3. The Audit Committee is composed of: a) the Executive Office of Industry and Commerce, who presides; b) two members appointed by the Great and General Council., including one proposed by the majority groups board and one board from minority groups. 4. The appointment of members of the referred to in paragraph 3 Control Committee, b) lasts three years and is renewable for one further term. The Control Committee shall appoint, from among its members, a vice-president at entrusted with the functions of the President be absent or prevented from attending. 5. At the Board are allocated a seat for the exercise of their activities and resources also annual budget, to be used in an efficient and cost-effectiveness; to this end they are set up special expenditure items in the state budget. 6. The Control Committee prepares within the month of May each year a report on the management of resources received in the previous year and by the end of September of each year a cost estimate document that will be incurred in the following year. 7. The statement and the budget document are transmitted to the State Congress through the State Secretariat for Industry and Commerce. 8. The Audit Committee is required to submit annually to the Great and General Council, through the Secretary of State for Industry and Commerce, an activity report. Art. 43 (Incompatibility of the members of the Audit Committee) 1. The office of member of the Audit Committee is precluded to the members of the Great and General Council and the Congress of State, judges, to members of the police forces and employees foundations and those who, directly or indirectly, engage in activities that may result in conflicting or competing interests with the purpose and functions entrusted to the Foundation. Art. 44 (Requirements for appointment of members of the Audit Committee) 1. They can hold the office of member of the Audit Committee referred to in Article 42, paragraph 3, letter b), San Marino citizens or residents in possession of the enjoyment civil and political rights as well as possess a master degree or degrees equated with administrative policies or accounting in accordance with Law 161 of October 5, 2011. 2. No person may hold office as a member of the audit committee, and shall lapse immediately if appointed, those who find themselves in the position of Subject unfit or have been indicted for the same case that determine the condition of the subject unsuitable. 3. The members of the Board are required to establish the existence of the requirements of this law and the absence of any element that involves the qualification of subject unsuitable. 4. The members of the Audit Committee members are entitled to a attendance fee determined on the basis of those provided for similar functions. This coin is not paid to members who are public employees when the sessions are held during working hours. Art. 45 (Convening of the Audit Committee) 1. Meetings of the Audit Committee shall be convened by the President, taking into account efficiency and cost-effectiveness criteria mentioned in Article 42, paragraph 5, by a notice sent by registered letter to the members at the homes, or by e-mail or by fax at least five days before the meeting. 2. The notice of meeting contains the list of the items on the agenda and indicate the date, time and place of the meeting. 3. In urgent cases, meetings may be carried out without compliance with the deadline set out in paragraph 1 provided with at least one day's notice.
4. The Audit Committee meets at least once a month and whenever the Chairman considers it necessary or when requested by the majority of its members. 5. The meetings of the Audit Committee are not public. Art. 46 (of the Control Committee Deliberations) 1. The quorum for the deliberations of the Audit Committee the presence of the president is required or, in his absence, the Vice-Chairman or a majority of members. 2. Resolutions are passed by an absolute majority of the members. 3. In urgent cases, resolutions can also be taken via handwritten indication of their vote on the document showing the text of the proposed resolution. 4. In case of a tie in the open voting the chairman shall vote, or, in his absence, the vice-president. 5. The members of the Audit Committee may not take part in discussions, deliberations or decisions in which they have a personal and / or professional or you have it their relatives or relatives up to the second degree. 6. The meetings of the Audit Committee may participate, at the invitation of the chairman and non-voting, consultants and external experts, the magistrates, the FIA ​​officials and the police officers. Art. 47 (Minutes of the Audit Committee) 1. The Control Committee from time to time appoint a recording secretary internally or permanently even among people who do not hold office as a member of the Audit Committee. 2. The minutes of the Audit Committee meetings are signed by the chairman or, in his absence, by the vice-president and the recording secretary. 3. Minutes of the Meeting The Secretary may issue copies and extracts of the minutes to the parties concerned by the resolutions. Art.48 (Forfeiture and replacement of members of the Audit Committee) 1. The members of the Audit Committee referred to in Article 42, paragraph 3, letter b), which do not intervene without justification five consecutive sessions or that with their conduct prejudicial to the interests of the Committee, they shall forfeit their office; In this case, the remaining members shall inform the Congress of State the occurrence of the conditions for the declaration of forfeiture within thirty days of the discovery of the cause that gave it the place, in order of substitution in the manner provided for in Article 42, paragraph 3. 2. the proposal for revocation shall be notified by registered mail to the person at least five days prior to the resolution of the Control in order to allow the recipient the Committee to submit any observations as to which the Committee is expressed in the final resolution. 3. The Audit Committee accepted the resignation of its members notifying the State Congress. Should it fail to acknowledge it or notify, may do so directly to the State Congress. 4. The members who have resigned shall remain in office until they are replaced by the Great and General Council. CHAPTER II POWERS AND DUTIES OF THE COMMITTEE OF CONTROL Art. 49 (Powers and functions of the Audit Committee) 1. The Control Committee: a) implement the control and supervision of foundations governed by this Act; b) verify that the foundations pursuing institutional purposes stated in the Constitutive Act and the Statute and that they comply with the obligations and prohibitions laid down by law; c) checks that the foundations use economic resources, profits and operating surpluses exclusively for institutional purposes mentioned in the articles and in the Statute and in any case for the purposes provided by law; d) ensure that devolvano foundations, in case of dissolution and liquidation, their assets exclusively for public purposes or to other foundations and / or associations; e) grants to authorize foundations to accept donations, transfers, assignments, donations, sponsorships, donations however named or donations of movable property, whose value is, in a single operation or in several operations linked to the same subject even split between them, more than EUR 25,000.00 (twenty-five thousand / 00) per year in the manner and with the procedures provided for in Article 50; f) grants to foundations authorization for the opening of bank accounts abroad or in any case for the establishment and / or performance of banking relationships, financial and insurance entities with foreign authorized or for the purchase of shares in companies in the manner and with the procedures described in Article 51; g) grants permission foundations for the header of real estate sites abroad with the arrangements and procedures provided for in Article 52;
h) grants to foundations to authorize the acquisition in any way a good recorded mobile cylinder capacity exceeding 2000 cc., provided instrumental to the purposes and to the institutional purposes stated in the Constitutive Act and the Statute; i) grants permission foundations for the exercise of ancillary activities directly related and linked to the aims and to the institutional purposes stated in the Constitutive Act and the Statute in the manner and with the procedures provided for in Article 53; l) proceed to the appointment, removal or replacement of the Board members and auditors in the cases referred to in Article 25, paragraph 3, and Articles 30, paragraph 2, and 31; m) promote the liability action against the members of the Board and auditors in the case of founder's death or when he becomes subject unsuitable; n) may waive the exercise of the liability action against the members of the Board in case of founder's death or when he becomes subject unsuitable; o) Sample test data recording and information relating to finance and funds received from foundations and their use; p) monitor and review the reports received about the failure by the foundations of the duties and obligations imposed by law to adopt the measures within its competence; q) may apply to any foundations also banking information and documentation relating to the activity and the management of the foundation; r) issue instructions, regulations, orders and / or circular in order to bind the direct foundations to improve the pursuit of the goals of the foundation, as well as memoranda of understanding with other authorities, including international ones, to the circulation of information in order to prevent the risk of money laundering and terrorist financing, in the framework of the powers and functions provided for in this law and to ensure compliance with the recommendations and international standards; s) organizes training courses, conferences and seminars in order to promote, also in concert with the AIF, terrorism awareness and information campaigns on the risk of money laundering and financing aimed at all foundations; t) may ask the supervised and authorized parties to the exercise of reserved activities within the 165/2005 Act, as amended, and by means of the AIF, all the information and documentation concerning the relations established by foundations governed by this Law in order to perform the functions required of it; u) signals the Council of Twelve foundations who have not requested the required authorization to accept donations, legacies and bequests of real estate; v) reports to the court the facts and circumstances that may constitute a criminal offense, providing all information and / or documentation useful to the investigation; z) reports to the court made major in scale, for the adoption of measures within its competence; aa) proposes the judiciary the liquidation of the foundation in the cases provided by this law; bb) cooperates with the FIA ​​in order to implement a coordination to ensure the exchange of national and international information in order to implement effective prevention and combating money laundering and terrorist financing, reporting anomalies and / or suspicion of violation of the standards in the law n.92 / 2008 and subsequent amendments; cc) periodically prepare questionnaires to be sent to foundations and to non profit-making organizations, and also in collaboration with the FIA ​​in order to analyze the risks of abuse of entities non-profit sector; dd) develop, within the month of May each year a report on the management of resources received in the previous year and by the end of September each year, a cost estimate document that will be incurred in the following year; ee) appoint, from among its members, a vice-president at entrusted with the functions of the President be absent or prevented from attending; ff) apply the penalties provided by law. CHAPTER III AUTHORISATION OF COMPETENCE OF THE CONTROL COMMITTEE, AND AUTHORIZATION REQUEST Art. 50 (Authorizations to accept donations, transfers, assignments, donations, sponsorships, donations however named or donations of movable property, application and authorization procedure) 1. The foundations intend to accept donations, transfers, assignments, donations, sponsorships, donations however named or donations of movable property, whose value is, in a single operation or in several operations linked to the same subject even divided among themselves, higher than EUR 25.000,00 = (twenty-five thousand / 00) per year are required to submit an
instance to the Review Board. 2. The application is attached a report with accompanying documentation that identify: a) the subject, physical and / or legal person who intends to perform the giving, contribution, assignment, the giving, sponsorship, donations or donation of movable property and its value; b) the value of previous donations, transfers, assignments, donations, sponsorships, donations or donations of movable property, where the authorization is required to exceed the total provided for in the first paragraph; c) a commitment for the foundation to use the objects listed in the instance exclusively for institutional purposes mentioned in the articles and in the statute with prohibition on use for different purposes; d) the obligation for the foundation to hold an economic statement of the giving, transfer, assignment, donation, sponsorship, donation or donation of movable property, which in any case is reported in the compulsory accounting. 3. The Monitoring Committee shall examine the application referred to in paragraph 2 within thirty days after the deposit of the same and justified measure can grant or deny permission, and, if it considers the petition or insufficient attached documentation, order integration pain of rejection instance. 4. The refusal of authorization makes it impossible for the foundation to receive the giving, contribution, assignment, the giving, sponsorship, donation or donation of movable property and, where delivery has already taken place, the consequent restitution that require the Audit Committee, to report to the court the facts and circumstances that could constitute the news of crime, providing all information and / or documentation useful to the investigation and also all'AIF when anomalies are found and / or suspected of breach of the rules contained in 92/2008 Act, as amended, with application, in case of violation of the provisions of this Article, the penalty provided for in Article 68, paragraph 5. 5. the amount referred to in paragraph 1 can be varied by delegated decree. 6. Actions against decisions of the Control Committee are open to appeal in the manner and the terms of Law 68 of June 28, 1989. Art. 51 (Permissions opening of foreign bank accounts and for the establishment and / or execution of banking relationships, financial and insurance with foreign authorized entities, or for the acquisition of shares in companies, application and authorization procedure) 1. the foundations of their intention to open bank accounts abroad or in any case to the establishment and / or the execution of banking relationships, financial and insurance with foreign authorized entities or intending to acquire, directly or indirectly, investments in companies are required to submit an application to the Review Board. 2. The application is attached a report with accompanying documentation that identify: a) the reasons for the request with an indication of the close relationship of the request to the pursuit of the institutional purposes stated in the Constitutive Act and the Statute; b) the commitment for the foundation to keep and maintain at its office all documents relating to the relationship or acquisition of the investment; c) the requirement for the foundation to provide the Audit Committee all the documentation of the relationship or interest for checks and inspections within its competence; d) the obligation to include in the compulsory accounting records and financial statements in the banking and / or financial report and the acquired participation. 3. The Monitoring Committee shall examine the application referred to in paragraph 2 within thirty days after the deposit of the same and justified measure can grant or deny permission, and, if it considers the petition or insufficient attached documentation, order integration pain of rejection instance. 4. The refusal of authorization makes it impossible for the Foundation to proceed to the opening of bank accounts abroad or in any case to the establishment and / or performance of banking and / or financial relations with foreign authorized entities or to ' acquisition of the investment, that require the committee to report to judicial authorities check facts and circumstances that could constitute the news of crime, providing all information and / or documentation useful to the investigation and also all'AIF when anomalies are found and / or suspected of breach of the rules contained in Law 92/2008, as amended, with application, in case of violation of the provisions of this Article, the penalty provided for in Article 68, paragraph 5.
5. An appeal against the decisions of the Control Committee are open to appeal in the manner and the terms of Law 68/1989, as amended. Art. 52 (Authorizations for the purchase of real estate abroad, application and authorization procedure) 1. The foundations of their intention in any way to the purchase of real estate abroad are required to submit an application to the Review Board . 2. The application is attached a report with accompanying documentation that identify: a) the reasons for the request with an indication of the close relationship of the request to the pursuit of the institutional purposes stated in the Constitutive Act and the Statute; b) the nature, size, location, the intended use and the estimated value of the property; c) the origin of the property and what the precise and identification of the subject, physical and / or legal person; d) the commitment for the foundation to use the real property listed in the instance exclusively for institutional purposes stated in the Constitutive Act and the Statute with a prohibition on the use for different purposes; e) the requirement for the foundation to enter and bring in the mandatory accounting records and financial statements in the property held abroad; f) a commitment for the foundation to keep and maintain at its office all documents relating to real property held abroad; g) the obligation for the foundation to provide the Audit Committee all the documentation relating to prisoners real estate abroad for checks and inspections within its competence. 3. The application referred to in paragraph 1 is attached to the property valuation report prepared by a qualified technician to practice as a professional engineer, architect or surveyor, sworn before the Registrar of the Court of the Republic of San Marino. 4. The Audit Committee shall examine the application referred to in paragraph 1 within thirty days after the deposit of the same and justified measure can grant or deny permission, and, if it considers the petition or insufficient attached documentation, order integration pain of rejection instance. 5. The refusal of authorization makes it impossible for the foundation to purchase real estate abroad and, if the purchase is the start of the process took place in the absence of authorization of the Audit Committee, for the liquidation of the foundation with the terms and procedures set out in articles 56 and following. 6. The Control Committee may report to the court the facts and circumstances that could constitute the news of crime, providing all information and / or documentation useful to the investigation and also all'AIF when anomalies are found and / or suspected violations of the rules contained in law 92/2008, as amended, with application, in case of violation of the provisions of this Article, the penalty provided for in Article 68, paragraph 5. 7. Actions against decisions of the Control Committee are open to appeal with methods and terms of Law 68/1989, as amended. Art. 53 (Authorizations for the exercise of ancillary activities directly related to the aims and purposes of the foundation, application and authorization procedure) 1. The foundations wishing to pursue ancillary activities directly related and linked to the aims and the indicated institutional purposes in the constitutive act and the Statute are required to submit an application to the Review Board. 2. We consider ancillary activities directly related and linked to the aims and to the institutional purposes indicated in the articles and the Statute and temporary activities consisting of the sale of goods and / or provision of services lasting no more than fifteen consecutive days, organization of lotteries with prizes or other forms of organization of events to raise funds to be allocated to the pursuit of the foundation. 3. The application is attached a report with accompanying documentation that identify: a) the reasons for the request with an indication of the close relationship of the request to the pursuit of the institutional purposes stated in the Constitutive Act and the Statute; b) the duration, place and manner of carrying out activities related to and connected with the names of persons who will assume responsibility for the organization and management of those activities; c) the origin, and what the precise identification of the subject and the physical and / or legal persons, goods and services used for the exercise of related activities and associated product category with an indication of its value;
d) the commitment for the foundation to use the funds raised exclusively for institutional purposes indicated in the articles and in the statute with prohibition on use for different purposes; e) the requirement for the foundation to keep and maintain a statement relating to connected and related activities, which in any case is reported in the mandatory accounts; f) an obligation for the foundation to enter and bring in the mandatory accounting records and financial statements in the proceeds from the exercise of related activities and associates; g) the obligation for the foundation to make available all documentation of the Audit Committee on the exercise of related activities and associates. 4. The Audit Committee shall examine the application referred to in paragraph 3 within thirty days after the deposit of the same and justified measure can grant or deny permission, and, if it considers the petition or insufficient attached documentation, order integration pain of rejection instance. 5. With the acceptance of the application of the Control Committee may order compliance with specific requirements for the exercise of ancillary activities directly related and connected to the purpose and the institutional aims of the foundation. 6. This is subject to specific authorization by the competent bodies in the field of health and safety, occupation of public land and in general permits provided by special rules. 7. The authorization is not required when the exercise of ancillary activities directly related and linked to the aims and purposes of the institutional foundations set out in the Constitutive Act and the Statute determines the sale of goods and / or provision of services, the organization sweepstakes prize or other forms of organization of events and the proceeds do not exceed the amount of EUR 5,000.00 (five thousand / 00). 8. The refusal of authorization makes it impossible for the foundation to carry out the exercise of ancillary activities directly related and linked to the aims and to the institutional purposes stated in the Constitutive Act and the Statute. 9. The Audit Committee may report to the court the facts and circumstances that could constitute the news of crime, providing all information and / or documentation useful to the investigation and also all'AIF when anomalies are found and / or suspected violations of the rules contained in law 92/2008, as amended, with application, in case of violation of the provisions of this Article, the penalty provided for in Article 68, paragraph 5. 10. An appeal against the resolutions of the Audit Committee may be challenged with methods and terms of Law 68/1989, as amended. TITLE VI OF THE WINDING UP AND LIQUIDATION OF THE FOUNDATION Art. 54 (Causes of dissolution) 1. The foundation melts and its liquidation shall: a) upon expiration of the term; b) for the achievement of the aims and purposes or for the impossibility of achieving them; c) for the operation of impossibility; d) for the lack of even capital resources that determine the impossibility of continuation of the activity; e) by the will of the founder, and for non-payment of contributions; f) by resolution of the Audit Committee and reporting the same to the court; g) for violation of the provisions contained in Article 52. 2. It is also due to the dissolution of the foundation the reduction for losses which send down the assets below the legal minimum. 3. The foundation is also dissolved for other reasons provided by law and the statutes. Art. 55 (New Business) 1. When there is an event giving rise to the dissolution of the foundation, the board may not perform new operations. Otherwise the members of the Board who acted jointly liable and without limit for damage suffered by the foundation, the founder, creditors and third parties. Art. 56 (Liquidation) 1. Upon the occurrence of a cause of the dissolution of the foundation board shall convene the founder; in case of founder's death or when he becomes subject unsuitable the focus deliberation in liquidation is carried from person duly designated by the Audit Committee. 2. If the statute does not provide a way to liquidate the assets of the foundation, if the Board fails to convene the founder, within thirty days of the occurrence of the cause determining the dissolution, the liquidation shall be provided by liquidators appointed by the Law Commissioner d ' or at the request of anyone interested. 3. For serious reasons, the Law Commissioner, ex officio or upon application by any person interested, may
terminate the appointment even if the liquidators appointed by the founder. Art. 57 (Powers of liquidators) 1. The liquidators may perform acts of alienation and conversion of the assets of the foundation, can accept payments and collect debts, sue and be sued on behalf of the foundation, and to compromise, unless the duty to acquire the 'authorization of the Law Commissioner in the case of transactions relating to immovable property. 2. The liquidators can not perform transactions will begin judgments in the name of the foundation beyond what is strictly necessary to complete the liquidation. 3. The liquidators must fulfill their duties with professionalism and diligence required by the nature and responsibility for damages resulting from failure of such duties is governed by Article 28. 4. The liquidators Subjects must not be defective. Art. 58 (Method) 1. Within six months of the appointment of the liquidators shall submit a report and a draft definition of all debts in the order of precedence wanted by law. 2. The liquidation and competition procedures are declared closed by decree of the Law Commissioner, without further formality, when, on the basis of the report of the liquidator or of the competition prosecutor, showing the absence of active or this is less than € 1,000 , 00 (one thousand / 00). 3. The liquidators shall submit an annual report outlining the salient facts of the proceedings. However, the period between the transfer of the liquidation resolution, namely the decision of the Commissioner of the Law that has, and the preparation of the final liquidation balance sheet constitutes a single taxable year; the liquidators have, therefore, a tax return relating to that period in accordance with tax regulations in force. 4. At the end of the asset liquidation, the liquidators have the final report with the distribution plan of any debris, in accordance with statutory provisions, the founder and, in case of death or when he becomes subject unsuitable, the Committee of Control. The final report is filed with the Registrar where it remains available to interested parties for thirty days and this deposit is given the news by posting to valvas Palatii and the Public Palace tables. 5. If within thirty days of the expiry of the period referred to in paragraph 4 is submitted objections to the draft breakdown by quotation of the liquidator, the Law Commissioner, in interlocutory proceedings, decide on a judgment. The opposition came together and decided in a single judgment in which the founder and the creditors concerned may intervene. The ruling is also about the state did not intervene. 6. If the opposition is not filed, or if they are rejected the bill is approved by decree and the decision of the Law Commissioner immediately makes the project executive. 7. The liquidators convene the founder to approve the final liquidation financial statements prepared on the basis of enforced project. After approval execute payments to creditors and, according to the purposes stated in the report, the remainder will be donated in accordance with the statutory provisions, for public purposes, or to other foundations and / or associations. 8. Executed all incumbent liquidators request the deletion of the foundation from the Register; Canceling the foundation is extinct. Art. 59 (Somme uncollected) 1. Amounts not collected by those entitled within one year from the date of their provision by the liquidators are devolved all'Ecc.ma Chamber of the Republic of San Marino. Art. 60 (Storage of corporate books) 1. The books of the foundation shall be deposited and kept for five years in the places and with the guarantees established by law; anyone can examine them, anticipating expenses. TITLE VII OF THE POOL AND FOUNDATIONS of Membership Art. 61 (Affiliation and grouping of foundations) 1. Foundations governed by this law can get affiliation with other international foundations also, subject to the respect for and observance of the provisions of law. 2. The foundations governed by this Law may create a grouping instrumental in order to help each other in achieving the common goal. 3. Each foundation can offer to others their skills and specialties. Also participating foundations in the group can exchange goods and services in order to achieve cost savings and mutual benefits. 4. The grouping does not arise as a legal entity in its own right and with specific characteristics or acquire legal personality.
5. The grouping of instrumental it involves a contract concluded by the participating foundations. 6. They constitute essential elements of the grouping contract: a) the purpose: the participating foundations are non-profit entities that pursue practical purposes and ideals of public interest and non-commercial purposes and lucrative for the purposes of this Act; b) the common goal: the participating foundations are to pursue a common goal; c) the favorable resolution of the board of the foundation on the formation of the grouping; d) the object of the activity; headquarters; duration; the rules on the administration of the grouping; the rules for the acceptance of new members; e) to elect a common representative: the participants in the group elect a common representative, ie the investor foundation representing the group, engaging in relations with third parties; f) the paritarietà of participants in the group: the grouping decisions are taken unanimously; g) the procedures for transcription of the grouping decisions are recorded in a special book of meetings and deliberations of the grouping; h) to specify the requirement for the common representative to draw up a regular report on the activities of the grouping to be registered in a special book of meetings and deliberations of the grouping; i) requirements for each member of the founding group of note, in his accounts separately from the other, the operations that relate to the agreements made within the grouping. 7. The fact that the grouping of foundations shall be communicated to the Audit Committee. TITLE VIII THE TAXATION OF THE FOUNDATION Art. 62 (Taxation) 1. The tax regime of dondazione covered by this law for matters relating to income tax is governed by Law 166 of December 16, 2013. 2. For all other tax and tax provision apply to the applicable legal provisions. Art. 63 (Entering into agreements with foundations) 1. The State Congress adopts delegated decree which sets forth the terms and procedures relating to the signing of agreements with foundations governed by this law in order to grant special fiscal incentives, and taxation or exemptions from taxes, duties and taxes to contribute to the pursuit of the overriding public interest purposes. TITLE IX TRANSITIONAL RULES FOR THE ADAPTATION OF THE EXISTING FOUNDATIONS Art. 64 (Adaptation of existing foundations) 1. The foundations with legal personality existing at the date of entry into force of this Act are obliged to adapt its statutes and comply with the provisions of law within one year from the entry into force of this Act. Art. 65 (Non-compliance of existing foundations) 1. Failure to comply with the obligations laid down in Article 64 is the cause of dissolution of the foundation; in this case it proceeds to liquidation. 2. In the case of the board of directors inertia the liquidation may be ordered ex officio by the Law Commissioner. 3. To this end, the Law Commissioner shall assign to the foundation of a period of sixty days for the amendment of the statute, course unsuccessfully who may order the winding up of office. 4. Apply for the liquidation of the Title VI provisions. TITLE X SANCTIONS Art. 66 (Power of sanction) 1. At the Control Committee will supervise the proper implementation of this Act and the rules governing foundations. 2. The Audit Committee shall ascertain the administrative violations and application of administrative fines provided for by law. 3. It shall hold its own initiative or on the recommendation or request of any other public office including through the Civil Police and the Gendarmerie. 4. The Audit Committee has the power to take surveys, carry out investigations, formulate opinions, give instructions, issue regulations enforceable; It can take an ordinary court to adopt precautionary measures to stop or provide evidence of facts or unlawful behavior, including the power to require all'AIF measures within its competence provided by law n.92 / 2008, as amended. 5. For the purposes of the provisions of paragraphs 1, 2 and 3: a) the Police Corps have a duty to report to the Monitoring Committee of the facts that constitute administrative offenses in the area of ​​foundations and transmit to the same all the evidence ; They are required, also to carry out surveys and inspections required by the Committee of
Control, to lend cooperation to the investigations carried out directly by the Committee; b) the Audit Committee transmits an ordinary court news of the criminal offenses related to administrative offenses of which he has knowledge as part of the investigation carried out by the Committee; c) The Audit Committee has power to order to ensure that foundations carry out their activities in accordance with the law, conventions and international agreements, in compliance with the lawful orders of authority: to this end, the Committee of the Foundations Control shall issue a reasoned order, requirements and provisions enforceable; against such ordinances it is possible to appeal to the Administrative Judge of Appeal, within twenty days of the notice, and in the procedure provided for in Article 34 of Law 68/1989, as amended; the appeal does not suspend the enforcement of the Act unless the contrary decision of the court hearing; d) The Audit Committee reports to the offices of public administration within their competence, providing the evidence. Art. 67 (Procedure and criteria for the application of sanctions) 1. The Audit Committee shall notify in writing, by letter, to the foundations, and through them to their legal representatives, the irregularities found catering to impose the sanction. 2. The penalty means: the identity of the offender, the exact circumstances that led to the contravention, an indication of the rule breached, the amount to be paid and the method as well as the time-limit for the appeal and dell ' competent authority to be seised. 3. The size of the fine and the determination of the same within the limits set by law, between a minimum and a maximum, is determined by the Audit Committee taking into account the existence of multiple violations of the same provision or to violations of different provisions made a single act or omission, the recurrence of the misconduct as well as any other evidence from which to infer the gravity of the infringement and also the subsequent behavior of the infringement held in order to aggravate or mitigate the consequences of the violation. 4. Unless otherwise provided by law, the foundation that, with an act or omission, violates several provisions that provide for administrative sanctions or commits multiple violations of the same provision is subject to the penalty provided for the most serious violation, increased up to three times. 5. For the purpose of this law is a recidivist who, in the three years preceding the last violation, is committing to at least twice the same administrative violation prescribed by law. In that case it does not allow the voluntary subsidies provided for in Article 33 of Law 68/1989, as amended. 6. In case of recurrence an administrative penalty is increased to three times as much as the maximum in the minimum, taking into account the gravity of the infringement. 7. The penalty is extinguished by the party sanctioned by payment within the period of twenty days from the date of receipt of the relevant penalty. 8. The payment periods referred to in paragraph 7 includes the possibility to settle the breach with the payment at the reduced amount equal to half of the sums mentioned in the sanction. 9. An appeal against the penalty imposed by the Control Committee are open to appeal in the manner, within the terms and in the manner provided in Article 34 of Law 68/1989, as amended. 10. After the deadline for the payment of the Audit Committee relies, for the collection of the amounts, the recovery procedure through role under Law 70 of May 25, 2004, as amended. The collection of the fines are therefore safeguarded in the same manner cash collection of taxes, taxes, taxes, penalties and any other income attributable Most Excellent Chamber, the institutions and autonomous agencies of the State. 11. The sums collected as a result of the payment of penalties, is made on a specific chapter of the state budget. 12. The pecuniary administrative violations defined by this Law are included in the list of administrative sanctions that year the Administrative Judge of Appeal proposes in accordance with Article 32 of Law 68/1989, as amended. Art. 68 (Sanctions) 1. The notary who fails to comply with the filing of incorporation of the foundation under the terms indicated in Article 16, paragraph 1, or who fails to file documents that modify the statute to him rogati within the time specified Article 17, independently and in addition to sanctions
can be individually adopted by the competent professional association, it shall be punished by a fine of EUR 2,000.00 (two thousand / 00). 2. Unless the act constitutes a crime, and in addition to the responsibilities provided for in Article 28, the members of the Board of Trustees who fail to comply with their obligations under paragraph 2, letter a), c), d) and e) of 'Article 28 shall be punished by a fine of between EUR 1,000.00 (one thousand / 00) to EUR 5,000.00 (five thousand / 00). 3. Unless the act constitutes a crime, the mayor who fails to fulfill its obligations under Article 35, paragraph 1, independently and in addition to the penalties that can be taken independently by the competent professional association, is punished with a fine of between EUR 1,000.00 (one thousand / 00) to EUR 5,000.00 (five thousand / 00). 4. Unless the act constitutes a crime, foundations that do not comply with their obligations under Article 39 shall be punished with a fine of between EUR 1,000.00 (one thousand / 00) to EUR 5,000.00 (five thousand / 00). 5. Unless the act constitutes a crime, foundations that do not comply with their obligations under Article 41, paragraph 1, shall be punished with a fine of between EUR 1,000.00 (one thousand / 00) to EUR 10,000.00 (ten thousand / 00). 6. Unless the act constitutes a crime, in addition to the responsibility of the liquidators referred to in Article 57, paragraph 3, foundations that do not comply with the provisions of Article 58, paragraphs 1, 3, 4, 7 and 8, are punished with a fine of between EUR 1,000.00 (one thousand / 00) to EUR 5,000.00 (five thousand / 00). 7. Unless the act constitutes a crime, the foundations that: a) do not comply with the provisions of Article 60 shall be punished by a fine of € 1,000.00 (one thousand / 00); b) does not comply with the provisions of Article 61, paragraphs 6 and 7, they shall be punished with a fine of between EUR = 1,000.00 (one thousand / 00) to EUR = 3,000.00 (three thousand / 00). 8. Subject to the administrative violations set forth in this Law, the violation of the instructions and orders issued by the Control Committee shall be punished with fine from EUR 1,000.00 (one thousand / 00) to EUR 5,000.00 (five thousand / 00 ). 9. Violation of any other provision in this Act shall be punished by applying an administrative fine of € 1,000.00 (one thousand / 00) to EUR 5,000.00 (five thousand / 00). 10. In the event of repeated violations of paragraphs 1 and 3 shall apply to suspend the exercise of the profession from a minimum of fifteen days to a maximum of two months. TITLE XI TRANSITIONAL PROVISIONS, FINAL PROVISIONS, REPEALS AND ENTRY INTO FORCE Art. 69 (Reference to standards) 1. All matters not governed by this law refers to the provisions of applicable law and in particular the law n.47 / 2006 and later changes, mutatis mutandis. Art. 70 (Amendments) 1. Within two years from the date of entry into force of this law it is possible to intervene with delegated decree in order to make the same changes aimed at ensuring compliance with the recommendations and international standards with regard to preventing and combating money laundering and terrorist financing, the Moneyval recommendations or other international bodies in which the Republic of San Marino adheres. Art. 71 (Repeals) 1. The following legal provisions are hereby repealed: a) Article 37 of Law 129/2010 and subsequent amendments in one part concerning foundations; b) Article 38 of Law 129/2010, as amended; c) all the rules expressly or implicitly in conflict with the provisions of this Act. Art. 72 (Entry into force) 1. This law comes into force on the fifteenth day following that of its legal publication. Our Residence, this day of July 1 2015/1714 THE CAPTAINS REGENT Andrea Belluzzi - Roberto Venturini THE SECRETARY OF STATE FOR INTERNAL AFFAIRS Gian Carlo Venturini
2006 On The Law Society '
2000 Regulations For The Exercise Of The Games, Contest Prize, The Lottery, The Lottery, Games Of Chance And Skill 'and Betting
2004 Government Regulation No. 15 Of 2004
Decree Of June 21, 2011, With Approval Of The Professional Practice Standard In The Commissioner's Report Accounts Prepared Pursuant To Articles L. 225-235 And 226-10-1 Of The Code Of Commerce On The Report Of The President
2017 Law No. 54 Of 10 April 2017Pentru The Amendment Of Ordinance No. 28/2008 Concerning Agricultural Register