The Foundations which, also for the purpose of acquiring legal personality, will register in the Single National Register of the Third Sector will be required, with a public deed authenticated by the notary, to adapt their statutes to the provisions of the reform. Among these, the existing non-profit foundations will be required to make the necessary changes by 3 February 2019.
In particular, the appointment of a control body must be envisaged (mandatory pursuant to art. 30 of Legislative Decree no. 117/2017) and, in the event that the limits established by art. 31 Legislative Decree no. 117/2017, by a statutory auditor. The new statutes will also have to contain the clauses relating to the devolution of assets in the event of dissolution of the institution.
Even if it is the subject of a separate deed, the statute of foundations constitutes an integral part of the deed of incorporation and, in the event of conflict, the rules contained therein will prevail (art. 21 Legislative Decree no. 117/2017).
