Recent Keynotes of September 2018
International Agreements
- The Resolution of the President dated 13.09.2018 and numbered 2018/89 on Amendment No. 1 together with the Accompanying Notes to the Financing Agreement on the Multi-Annual Action Programme for Turkey on Transportation was published in the Official Gazette dated 14.09.2018 and numbered 30536.
- The Resolution of the President dated 13.09.2018 and numbered 2018/88 on Amendment No. 1 together with the Accompanying Notes to the Financing Agreement on the Multi-Annual Action Programme for Turkey on Competitiveness and Innovation was published in the Official Gazette dated 14.09.2018 and numbered 30536.
- The Resolution of the President dated 13.09.2018 and numbered 2018/87 on the Security Cooperation Agreement Between the Government of the Republic of Turkey and the Government of Mongolia was published in the Official Gazette dated 14.09.2018 and numbered 30536.
- The Resolution of the President dated 13.09.2018 and numbered 2018/86 on the Entry into Force of the Agreement between the Government of Republic of Turkey and the Government of Turkish Republic of Northern Cyprus Regarding Healthcare Donation was published in the Official Gazette dated 14.09.2018 and numbered 30536.
Resolutions of the President
- Resolution of the President dated 29.08.2018 and numbered 2018/47 on the Entry into Force of the Memorandum of Understanding Between The Ministry of Finance, Financial Crimes Investigation Board (“MASAK”) of the Republic of Turkey and the Department in the Struggle for Tax, Currency Crimes and Legalization of Criminal Incomes under the Prosecutor General’s Office of the Republic of Uzbekistan Concerning Cooperation in the Exchange of Financial Intelligence Related to Money Laundering, Terrorism Financing and Related Criminal Activities was published in the Official Gazette dated 31.08.2018 and numbered 30521.
- Resolution of the President dated 11.09.2018 and numbered 2018/162 on Amendment to the Resolution on Procedures and Principles on Structure and Functioning of the Turkey Wealth Funds Management Joint Stock Company was published in the Official Gazette dated 12.09.2018 and numbered 30533.
- Resolution of the President dated 12.09.2018 and numbered 2018/85 on Amendment of Resolution No. 32 on Protection of Turkish Currency Value was published in the Official Gazette dated 13.09.2018 and numbered 30534.
Legislation
- Communique on the Amendment to the Communique on the Advance Dividend Distribution entered into force through publication in the Official Gazette dated 01.09.2018 and numbered 30522.
- Communique (Import: 2018/6) on the Amendment to the Communique (No: Import 2006/7) on Goods Subject to Registration in Import entered into force through publication in the Official Gazette dated 01.09.2018 and numbered 30522.
- Communique on Resolution No. 32 on the Protection of Turkish Currency Value (Concerning Export Proceeds) (No: 2018-32/48) entered into force for a six month period through publication in the Official Gazette dated 04.09.2018 and numbered 30525.
- Communique on the Prevention of Unfair Competition in Importation (No: 2018/28) entered into force through publication in the Official Gazette dated 05.09.2018 and numbered 30526.
- Communique on the Administration of Quota and Tariff Quotas in Importation (No: 2018/6) entered into force through publication in the Official Gazette dated 05.09.2018 and numbered 30526.
- Communique (BİK/TÜRKPATENT: 2018/3) on the Amendment to the Communique (BİK/TÜRKPATENT: 2018/1) on the Fee Tariff that shall be applied by the Turkish Patent and Trademark Authority in 2018 was entered into force through publication in the Official Gazette dated 05.09.2018 and numbered 30526.
- Communique on the Amendment to the Communique on General Application of Value Added Tax (Serial No: 20) entered into force through publication in the Official Gazette dated 06.09.2018 and numbered 30527.
- General Communique on Collection (Serial No: C Item No: 3) entered into force through publication in the Official Gazette dated 06.09.2018 and numbered 30527.
- Communique on the Prevention of Unfair Competition in Importation (No: 2018/33) entered into force through publication in the Official Gazette dated 07.09.2018 and numbered 30528.
- Regulation on the Amendment to the Regulation on the Trade of Second Hand Motor Vehicles entered into force through publication in the Official Gazette dated 08.09.2018 and numbered 30529.
- Communique on the Amendment to the Communique on the Prevention of Unfair Competition in Importation (No: 2006/30), Communique on the Prevention of Unfair Competition in Importation (No: 2018/29), Communique on the Prevention of Unfair Competition in Importation (No: 2018/30), and Communique on the Prevention of Unfair Competition in Importation (No: 2018/32) entered into force through publication in the Official Gazette dated 08.09.2018 and numbered 30529.
- Communique on the Administration of Quota and Tariff Quotas in Import (No: 2018/4) entered into force through publication in the Official Gazette dated 09.09.2018 and numbered 30530.
- Communique on the Administration of Quota and Tariff Quotas in Import (No: 2018/5) was published in the Official Gazette dated 09.09.2018 and numbered 30530 and entered into force on the day of publication, and valid as of 06.08.2018.
- Regulation on the Amendment to the Regulation on the Establishment of Right of Construction on Public Immovables for Education and Dormitory Activities entered into force through publication in the Official Gazette dated 11.09.2018 and numbered 30532.
- Regulation on the Amendment to the Regulation on Personal Participation Capital entered into force through publication in the Official Gazette dated 11.09.2018 and numbered 30532.
- Regulation on the Amendment to the Regulation on the Operating Principles and Establishment of Precious Metals Market Intermediary Institutions entered into force through publication in the Official Gazette dated 11.09.2018 and numbered 30532.
- Regulation on the Amendment to the Regulation on Market Surveillance and Control of the Ministry of Industry and Technology was entered into force through publication in the Official Gazette dated 12.09.2018 and numbered 30533.
- Regulation on the Amendment to the Regulation on the Outfitting of Private Boats and the Competencies of Navigators entered into force through publication in the Official Gazette dated 14.09.2018 and numbered 30535.
- Communique on the Principles and Procedures for the Application of Article 376 of Turkish Commercial Code numbered 6102 entered into force through publication in the Official Gazette dated 15.09.2018 and numbered 30536.
- Communique on the Principles Regarding Joint Stock Companies with the Majority of the Shares that belong to Cooperative and Cooperative Associations (II-16.2) entered into force through publication in the Official Gazette dated 19.09.2018 and numbered 30540.
- Communique (No: 2018/77) on the Amendment to the Communique (No: 2018/51) on Rating Activities in the Capital Markets and Principles on Rating Agencies entered into force through publication in the Official Gazette dated 19.09.2018 and numbered 30540.
- Regulation on the Amendment to the Regulation on the Principles and Procedures Concerning Transactions Affecting Foreign Exchange Position Monitoring by the Central Bank of the Republic of Turkey entered into force through publication in the Official Gazette dated 19.09.2018 and numbered 30540.
- Regulation on the Principles of Activity, Operation and Audit of Data Storage Organization entered into force through publication in the Official Gazette dated 19.09.2018 and numbered 30540.
- Communique (No: 2018/7) on the Safeguarding Measures in Imports entered into force through publication in the Official Gazette dated 20.09.2018 and numbered 30541.
- Communique (No: 2018/7) on the Amendment to the Communique (No: 2016/8) on the Maximum Interest Rates that shall be Applied to Credit Card Transactions entered into force through publication in the Official Gazette dated 20.09.2018 and numbered 30541.
Competition Board Decisions
- The Competition Board (“Board”) granted a negative declaratory certificate related to the change of indirect shareholding of Turkland Sigorta A.Ş. and Groupmed Sigorta Acenteliği A.Ş. in accordance with Article 8 of Law No. 4054. (18-29/491-242, 27.8.2018)
- The Board Kurul, granted a negative declaratory certificate related to the change of indirect shareholding of Turkland Sigorta A.Ş. in accordance with Article 8 of Law No. 4054. (18-29/492-243, 27.8.2018)
- The Board granted individual exemption to the agreement titled “Trientine 300 mg – Ticari Şartlar,” signed between EİP Eczacıbaşı İlaç Pazarlama A.Ş. and Univar B.V. (18 -30/518-257, 6.9.2018)
- The Board granted individual exemption to the Financial Institution Agreement signed between Aktif Yatırım Bankası A.Ş. and the Turkish Football Federation, and to the Agreements on Mediation of Ticket Sales signed between the football clubs and Aktif Yatırım Bankası A.Ş., if they meet all of the conditions listed in Article 5 of Law No. 4054, until the end of football season 2023-2024; and also a negative declaratory to the System Integrator Agreement signed between the Turkish Football Federation and E-Kent Teknoloji ve Ödeme Sistemleri San. ve Tic. A.Ş. - Netaş Telekomünikasyon A.Ş. Consortium within the scope of Article 8 of Law No. 4054. (18-31/532-262, 12.9.2018)
- The Board decided that the Distributorship Agreement, which is a typical agreement signed between Mey İçki Sanayi ve Ticaret A.Ş. and Gram Gıda ve Tekel Maddeleri A.Ş., benefits from a block exemption within the scope of Block Exemption Communique No. 2002/2 on Vertical Agreements in terms of whiskey, wine, liquor, tequila, and rum products; it also granted individual exemption to the Distributorship Agreement in terms of raki, vodka, and gin products that cannot be included within the scope of a block exemption of Communique No. 2002/2, due to the fact that they meet all of the conditions listed in Article 5 of Law No. 4054. (18-33/547-270, 19.9.2018)
Mergers and Acquisitions
- The Board authorized the acquisition of a certain portion of shares of Arimpeks Alüminyum Sanayi İç ve Dış Ticaret A.Ş. by Aluflexpack AG. (18-33/551-272, 19.9.2018)
- The Board authorized the transfer of the sole control of Terratec Group Inc. from Terratec Ltd. to the shared control of JIM Technology Corporation and Terratec Ltd. (18-31/529-260, 12.9.2018)
- The Board authorized the acquisition of the sole control over Container Finance Ltd. Oy by CMA CGM S.A. (18-31/530-261, 12.9.2018)
- The Board authorized the acquisition of the remaining percentage of the shares of Acarlar Dış Ticaret ve Makine Sanayi A.Ş by Haulotte Group S.A., which holds a certain percentage of the shares of the company. (18-31/543-268, 12.9.2018)
- The Board authorized the acquisition of 50% of the shares of STEAG GuD Herne GmbH by Siemens Project Ventures GmbH. (18-30/506-245, 6.9.2018)
- The acquisition of the sole control of the Augusta refinery and the accessory assets of Esso Italiana S.r.I., which was a subsidiary of Exxon Mobil Corporation by SONATRACH. (18 -30/507-246, 6.9.2018)
- The Board authorized the acquisition of the shares of Bütangaz A.Ş. that belongs to Total Turkey Pazarlama A.Ş., by İpragaz A.Ş. (18 -30/508-247, 6.9.2018)
- The Board authorized the acquisition of the joint control of LCY Chemicals Corp., which had been controlled by Kartlon Group, by KKR & Co. Inc. (18 -30/510-249, 6.9.2018)
- The Board authorized the acquisition of 55% of the shares of the Financial and Risk Business of Thomson Reuters Corporation by the Consortium under the leadership of the Blackstone Group L.P. (18 -30/511-250, 6.9.2018)
- The Board authorized the acquisition of the sole control of Recordati Industria Chimica e Farmaceutica S.p.A., of and by itself, by CVC Capital Partners SICAV-FIS S.A. via some CVC Funds. (18 -30/513-252, 6.9.2018)
- The Board authorized the merger of Suzano Papel e Celulose S.A. and Fibria Celulose S.A. (18 -30/514-253, 6.9.2018)
- The Board authorized the acquisition of the sole control of Gist-Broacades International B.V. and DSM Sinochem Pharmaceuticals Pte Ltd. via the funds managed by Bain Capital Investors, LLC. (18 -30/515-254, 6.9.2018)
- The Board authorized the acquisition of the sole control of Elif Holding A.Ş. by Alpha Flexibles B.V. (18 -30/516-255, 6.9.2018)
- The Board authorized the acquisition of the sole control of Shire Plc. by Takeda Pharmaceutical Company Limited. (18 -30/517-256, 6.9.2018)
- The Board authorized the acquisition of the sole control of Antelope Topco S.C.A. and subsidiaries by Akita Bidco S.â.r.l. (18-29/477-231, 27.8.2018)
- The Board authorized the acquisition of the sole control of Schenectady International Group by Addivant USA Holdings Corp. (18-29/479-232, 27.8.2018)
- The Board authorized the acquisition of the sole control of LR Global Holding GmbH which was under the shared control of Quadriga Capital Private Equity Fund IV, L.P. and The Bregal Fund III L.P.by Quadriga Capital Private Equity Fund IV, L.P. (18-29/481-233, 27.8.2018)
- The Board authorized the transfer of the sole control of SOCAR Turkey LNG Satış A.Ş. from SOCAR Turkey Petrol Enerji Dağıtım A.Ş. to the shared control of Reysaş Yatırım Holding A.Ş. and SOCAR Turkey Petrol Enerji Dağıtım A.Ş. (18-29/482-234, 27.8.2018)
- The Board authorized the acquisition of the control of Megadyne S.p.A by Partners Group AG. (18-29/483-235, 27.8.2018)
- The Board authorized the acquisition of the sole control of Demirer Kablo Tesisleri San. ve Tic. A.Ş. by Jiangsu Zhongtian Technology Co. Ltd. (18-29/485-236, 27.8.2018)
- The Board authorized the acquisition of the sole control of Gemalto N.V. by Thales S.A. (18-29/486-237, 27.8.2018)
- The Board authorized the acquisition of the sole control of KLX Inc. by The Boeing Company. (18-29/493-244, 27.8.2018)
Energy
- Announcement Regarding the Amendment to the Electric Market Balance and Conciliation Regulation was published on the official website of the Energy Market Regulatory Authority (“EMRA”) on 11.09.2018.
- Announcement Regarding the Amendment to the Principles of Collateral Procedure was published on the official website of the EMRA on 11.09.2018.
All rights of this article are reserved. This article may not be used, reproduced, copied, published, distributed, or otherwise disseminated without quotation or Erdem & Erdem Law Firm's written consent. Any content created without citing the resource or Erdem & Erdem Law Firm’s written consent is regularly tracked, and legal action will be taken in case of violation.
Other Contents
The Resolution of the President dated 28.08.2025 and numbered 10310 on the Approval of the attached Notes Verbales exchanged between the Republic of Türkiye and the United Nations Secretariat regarding the application, for a period of one year, of the provisions of the Revised Standard Agreement on...
The Resolution of the President dated 20.05.2025 and numbered 9836 on the Approval of the Memorandum of Understanding on Cooperation in the Field of Forestry between the Government of the Republic of Türkiye and the Government of the Kingdom of Cambodia was published in the Official Gazette dated...
The Resolution of the President dated 22.04.2025 and numbered 9755 on the Approval of the Agreement on Trade and Economic Cooperation Between the Government of the Republic of Türkiye and the Government of the Republic of Maldives was published in the Official Gazette dated 23.04.2025 and numbered...
The Resolution of the President dated 21.03.2025 and numbered 9686 on the Approval of the Implementing Agreement for the IPA Bulgaria-Türkiye Program (Interreg VI-A) was published in the Official Gazette dated 22.03.2025 and numbered 32849...
Law No. 7544 on the Approval of the Ratification of the Cooperation Agreement between the Government of the Republic of Türkiye and the Government of the Republic of Azerbaijan in the Field of Natural Gas entered into force through publication in the Official Gazette dated 05.03.2025 and numbered 32832...
The Resolution of the President dated 31.01.2025 and numbered 9486 on the Approval of the Agreement between the Government of the Republic of Türkiye and the Cabinet of Ministers of the Kyrgyz Republic on the Establishment and Functioning of Cultural Centers was published in the Official Gazette dated...
The Resolution of the President dated 21.12.2024 and numbered 9272 on the Approval of the Annexed Letters dated 25/10/2024 and 12/11/2024 Exchanged between the Government of the Republic of Türkiye and the European Commission on the Amendment to the Financing Agreement for IPARD III Assistance...
The Resolution of the President dated 26.11.2024 and numbered 9144 on the Approval of the Implementing Protocol on Cooperation between the Government of the Republic of Türkiye and the Government of the Turkish Republic of Northern Cyprus on Product Safety Inspection of Products Imported...
The Resolution of the President dated 01.11.2024 and numbered 9076 on the Approval of the Host Country Agreement between the Government of the Republic of Türkiye and the Turkish Investment Fund, was published in the Official Gazette No. 32710 on 02.11.2024...
The Resolution of the President dated 03.10.2024 and numbered 8993 on the Approval of the Board of Governors’ Resolutions No. 259 and 260 on the Amendment to the Annexed Agreement on the Establishment of the European Bank for Reconstruction and Development, Approved by Law No. 7526 dated...
The Resolution of the President dated 16.07.2024 and numbered 8729 on the Approval of the Economic and Financial Cooperation Agreement between the Government of the Republic of Türkiye and the Government of the Turkish Republic of Northern Cyprus was published in the Official Gazette dated...
The Resolution of the President dated 24.05.2024 and numbered 8511 on the Ratification of the Additional Protocol No. 1 to the Free Trade Agreement between the Government of the Republic of Türkiye and the Government of Malaysia was published in the Official Gazette dated 24.05.2024 and numbered 32555...
In administrative cases concerning monetary matters, the right to appeal to ordinary legal remedies against the decisions of administrative and tax courts is subject to the condition that the dispute exceeds a certain monetary limit in the Turkish legal system...
The Resolution of the President dated 26.04.2024 and numbered 8407 on the Approval of the Annexed Financing Agreement for the NEXT Mediterranean Basin (NEXT MED) Cooperation Program (Interreg VI-B) signed on behalf of the Republic of Türkiye in Ankara on 13 October 2023 was published in the Official...
The Resolution of the President dated 04.04.2024 and numbered 8298 on the Approval of the Agreement on Commercial and Economic Cooperation between the Government of the Republic of Türkiye, the Government of the Republic of Azerbaijan and the Government of Turkmenistan was published in the Official...
The Law numbered 7497 on the Approval of the Ratification of the Protocol Amending the “Preferential Trade Agreement” between the Government of the Republic of Türkiye and the Government of the Republic of Azerbaijan entered into force through publication in the Official Gazette dated 01.03.2024 and...
The Resolution of the President dated 23.01.2024 and numbered 8123 on the Approval of the Amendment Protocol signed by the Exchange of Letters dated 6/12/2023 and 20/12/2023 between the Government of the Republic of Türkiye and the European Commission on the Amendment to the Financing Agreement...
The Resolution of the President dated 27.12.2023 and numbered 7996 on the Approval of the Annexed Financing Agreement for the Annual Action Programme for Türkiye for the Year 2022, Signed on behalf of the Republic of Türkiye on 30 November 2023, together with the accompanying Notes was...
The Law numbered 7478 on the Approval of the Ratification of the Air Services Agreement between the Government of the Republic of Türkiye and the Government of the Republic of Maldives entered into force through publication in the Official Gazette dated 29.11.2023 and numbered 32384...
The Resolution of the President dated 24.10.2023 and numbered 7731 on the Approval of the Protocol on Cooperation in the Field of Social Assistance and Social Services between the Government of the Republic of Türkiye and the Government of the Turkish Republic of Northern Cyprus was published in the...
The Law on the Approval of the Ratification of the Intergovernmental Agreement on Dry Ports numbered 7459 was published in the Official Gazette dated 17.10.2023 and numbered 32342...
The Resolution of the President dated 14.09.2023 and numbered 7611 on the Approval of the Agreement signed between the Government of the Republic of Turkey and the Government of Hungary on 06/04/2023 on Cooperation in the Field of Sports was published in the Official Gazette dated 15.09.2023 and...
The concept of estate, which can be considered as the foundation of our inheritance law, refers to all the property, rights, and debts belonging to an individual after their death. Throughout history, humans have been buried with their cherished belongings based on religious beliefs, but over time, it has been observed...
The Resolution of the President dated 21.07.2023 and numbered 7393 on the Approval of the Memorandum of Understanding between the Government of the Republic of Türkiye and the Government of the People’s Democratic Republic of Algeria on Cooperation in the Field of Mining was published in the Official...
The Grant Agreement signed on 06.04.2023 between the Ministry of Treasury and Finance of Republic of Türkiye, Development and Investment Bank of Turkey (TKYB) and German Development Bank (KfW) was published in the Official Gazette dated 04.07.2023 and numbered 32238...
Inheritance contracts are contracts involving a testamentary disposition concluded by the legator, with her inheritor or a third party. A testamentary disposition is a legal transaction that includes the orders of the legator that she wishes to be carried out after her death. Testamentary disposition term is used in two...
The Resolution of the President dated 06.06.2023 and numbered 7302 on the Ratification of the Economic and Financial Cooperation Agreement between the Republic of Türkiye and the Turkish Republic of Northern Cyprus for 2023 was published in the Official Gazette dated 07.06.2023 and numbered 32214...
This study examines the decision ("Decision") of the Turkish Constitutional Court ("CC") dated 22.02.2023, published in the Official Gazette on April 28, 2023, which abolished the first sentence of Article 187 of the Turkish Civil Code numbered 4721 ("TCC"), which obliges a woman to take her husband's surname upon...
The Resolution on the Approval of the Annexed Amendment Letter Regarding the Separate Agreement on the Financing Agreement between the Ministry of National Education of the Republic of Turkey and the German Development Bank (KfW) on the Clean Energy and Energy Efficiency Measures Project...
The Resolution of the President dated 01.04.2023 and numbered 7025 on the Approval of the Protocol on the Accession of the Republic of Finland to the North Atlantic Treaty was published in the Official Gazette dated 02.04.2023 and numbered 32151...
The Resolution of the President dated 08.03.2023 and numbered 6913 on the Ratification of the Agreement between the Republic of Turkey and the European Union on the Participation of the Republic of Turkey in the Union Program on Cooperation in the Customs Area, ‘Customs’, effective from 1 January 2021...
The Resolution of the President dated 25.01.2023 and numbered 6728 on the Application of the Exemption in the Fourth Paragraph of the Provisional Article 14 of the Corporate Tax Law No. 5520 to the Foreign Currencies in the Balance Sheets of the Corporations as of 31.12.2022 was published in the Official...
The Resolution on the Approval of the Protocol between the Government of the Republic of Turkey and the Government of the Turkish Republic of Northern Cyprus on the Deployment of Energy Transmission Lines of Geçitkale Airport (Resolution No: 6647) entered into force through publication in the...
The Resolution of the President dated 23.11.2022 and numbered 6416 on the Approval of the Economic and Financial Cooperation Agreement - Additional Agreement - signed between the Government of the Republic of Turkey and the Government of the Turkish Republic of Northern Cyprus on...
The Resolution of the President dated 19.10.2022 and numbered 6238 on the Approval of the Memorandum of Understanding Between the Government of the Republic of Turkiye and the Government of the Federal Republic of Nigeria on Cooperation in the Field of Energy was published in the Official Gazette...
The Resolution of the President dated 26.09.2022 and numbered 6090 on the Approval of the Annexed Amendment Protocol signed by the Exchange of Letters dated 12.08.2022 and 31.08.2022 between the Government of the Republic of Turkey and the European Commission on the Amendment to...
The Resolution of the President dated 15.09.2022 and numbered 6080 on the Approval of the Memorandum of Understanding About Implementation of the Multilateral Tax Program Between the Government of the Republic of Turkey and the Organization for Economic Cooperation and Development at...
Since social media has turned into a modern mass communication tool, the concepts of advertising and marketing have been brought to a new dimension. Influencers, who promote various products and services by "influencing" their audience through social media, are driving the next generation of...
The Resolution of the President dated 20.07.2022 and numbered 5801 on the Determination of the Default Interest Rate under the First Paragraph of Article 51 of the Law numbered 6183 on the Collection Procedure of Public Receivables as 2.5% to be Applied Separately for Each Month, was published...
Decision dated 27.06.2022 and numbered 5751 on the Ratification of the Fund Grant Agreement signed between Republic of Turkey Ministry of Labor and Social Security and International Bank for Reconstruction and Development, on 05.05.2022...
The Resolution of the President dated 23.05.2022 and numbered 5596 on the Ratification of the Economic and Financial Cooperation Agreement between the Government of the Republic of Turkey and the Government of the Turkish Republic of Northern Cyprus was published in the Official Gazette dated...
The Resolution of the President dated 23.04.2022 and numbered 5520 on the Approval of the Agreement between the Government of the Republic of Turkey and the Government of the Republic of Cote D’Ivoire Concerning the Reciprocal Promotion and Protection of Investments...
In a decision dated 29.09.2021 with application number 2018/357 (“Decision”), the Constitutional Court decided by a large majority that the applicant's right to property was violated due to the fact that the immovables expropriated for the purpose of mass housing construction...
Pursuant to Art. 101 of the Turkish Civil Code (“CC”) No. 4721, foundations are an ensemble of assets that have legal personality, which comprises of sufficient assets and rights that are allocated by real and legal persons for a determined and perpetual objective. Foundations are legal persons that have “ideal...