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Korff Stiftung

Katz Alex, Coca Cola Girl, 2018

Statutes of Korff Foundation

§ 1
Name, seat, legal status
The foundation leads the name Korff foundation. The seat is Munich. It is a having legal capacity public foundation of the civil law.

§ 2
Foundation purpose
1. The purpose of the foundation is the support single, after §53 Tax Code of destitute mothers with children, the support of children who depend on account of her mental and/or physical state on the help more different as well as the support of art and culture.
2. The foundation pursues with it exclusively and immediately charitable and non-profit as well as as approved cultural purposes especially worthy of promotion for the purposes of the tax regulations and is unselfishly active.
3. The foundation purpose is in particular realised by
- Provision of financial or objective means to other, also tax-preferred corporate bodies, institutions and foundations or to a suitable authority if these places with the means promote measures after figure 1 of this statute, in particular the support of women's houses.
- Support of destitute people in particular cases
- Support by realisation of art exhibitions by a subsidy towards the material costs
- Acquisition and care of objects of art to the free provision in museums and similar equipment or for the realisation of own art exhibitions

§ 3
Restrictions
1. The foundation does not pursue primarily own-economic goals. She may not favour a juridical or natural person by expenses which are foreign to the purpose of the foundation or by unreasonably high support, allowances or reimbursements.
2. A legal right to granting of the foundation pleasure revocable any time does not exist.

§ 4
Basic assets
The basic assets of the Foundation has to be preserved permanently and undiminished. It consists of EUR 511,291.88 in cash.

§ 5
Foundation means
1. The foundation fulfils her assignments
a) from the yields of the foundation legal estate;
b) from allowances, as far as they are not determined by the turning to the strengthening of the store legal estate.
2. All means may be used only for the statutory purposes.
3. By the disposal of bonds earned profits can be given by decision of the foundation council also on the foundation purpose.
4. Within the scope of the tax regulations reserves can be formed.

§ 6
Foundation elements
1. Elements of the foundation are
a) the foundation executive board
b) the foundation council
2. The activity in the foundation elements is honourary. Attacking expenses are substituted.

§ 7
Foundation executive board

1. The Foundation Executive Board consists of two persons, the chairman and his deputy. The first Board of Trustees is appointed by the founders, then, § 9 para. 1 Buchst. e hereof. The term of office of the Management Board shall be five years, re-appointed. Retiring members shall remain until the appointment of their successors in office.
2. The Foundation Executive Board represents the Foundation in and out of court. Both directors are of sole representation. In internal matters, the Chairman, the Foundation represents alone. He leads according to the guidelines and decisions of the Board, the business of the current administration. He has the power to make urgent arrangements instead of the Board and to get urgent business. Of these, he shall give the Board no later than at the next meeting thereof.

§ 8
Foundation council
1. The foundation council exists of three up to seven members. The first members are appointed by the founder. The term of office of the members of the foundation council amounts two years. For the rest, the foundation council is complementary by newly election. A recall of single members of the foundation council by the founder is possible any time.
2. The foundation council chooses from his middle a chairperson and a deputy chairperson who represents the chairperson in all affairs by prevention.

§ 9
Jurisdiction of the foundation council
1. The foundation council decides in all basic affairs and supervises the foundation executive board. He decides in particular
a) the budgetary proposal and the annual invoice and legal estate invoice;
b) the use of the foundation means;
c) the conclusion of the acts of legal significance which are in need of an administrative decision by the foundation.
d) Changes of the foundation statute and applications for conversion or abatement of the foundation
e) Naming of the foundation executive board with discontinuation of a member of the executive board;
f) the appointment of an auditor or an auditing company
g) the discharge of the foundation executive board
2. The chairperson of the foundation council represents the foundation with acts of legal significance with the foundation executive board.

§ 10
Routine of the foundation council
1. The foundation council will call up from the chairperson according to demand, at least however, once a year under specification of the agenda and observance of a period of 14 days for a meeting. Meetings are to be called up further if a member requires this.
2. The foundation council has a quorum if was loaded properly and at least two members are present. Load mistakes are valid as cured if all affected members are present and from them no contradiction follows.
3. The foundation council makes his decisions, as far as no case §11 is given, with bare majority of the given votes. With parity of votes the voice of the chairperson tips the balance.
4. If no member contradicts, decisions can be made in the written circulation procedure. This is not valid for decisions after §11 for this statute.
5. About the meetings notes are to be manufactured and to sign from the present members as well as to bring to the not present member if necessary, the foundation executive board and the foundation supervision to the knowledge.

§ 11
Statute changes, conversion and abatement of the foundation
1. Decisions about change of the statute and applications for conversion (change of the foundation purpose) or abatement of the foundation need the approval of all members of the foundation council. They may not affect or lift the tax furtherances of the foundation. They are to be supplied with a statement to the responsible tax authority of the foundation supervisory authority.
2. Changes of the foundation purpose are only allowed if his fulfilment becomes impossible or the relations change so that the fulfilment of the foundation purpose does not seem sensible any more .

§ 12
Legal estate seizure
With abatement or resolution of the foundation or with discontinuation of her tax-preferred purposes the rest legal estate falls to charitable non-profit or as approved cultural corporate bodies especially worthy of promotion or public coporations which still have to determined by the foundation council.
These have to use it considering the foundation purpose immediately and exclusively for the support of people in need of care and/or especially worthy of promotion approved cultural purposes for the purposes of this statute.

§ 13
Foundation supervision
1. The foundation is subordinate to the supervision of the government of Upper Bavaria.
2. Changes of the address and the composition of the organs are to be informed of the foundation supervisory authority immediately.

§ 14
Coming into effect
The foundation statute becomes effective with licence by the government of Upper Bavaria.