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Chapter Law Content

Chapter III Business and S upervision
Article 20
Article 20
The scope of supervision carried out by the supervisory authority shall be limited to:
1. Approving the development goals and plans;
2. Approving or filing for reference the Institute’s Charter, annual work plan and budget, annual achievements report, and final report;
3. Examining the Institute’s property and finances;
4. Evaluating reports on work completed;
5. Appointing and dismissing Directors and Supervisors, and rendering opinions thereon;
6. Meting out punishment to Directors and Supervisors who have infringed upon relevant regulations;
7. Dismissing, changing, abolishing, requiring improvements to be made, halting the execution of duties, and otherwise meting out punishment where the Constitution, laws, and regulations are breached by the Institute;
8. Approving the granting or removing of rights over the real estate and intangible assets of the Institute and approving the annual plan for pooling miscellaneous funds.
9 .Other supervisory duties in accordance with the law.
Article 21
The supervisory authority shall evaluate the following:
1. The Institute’s annual achievements;
2. An assessment of how well the Institute did in achieving its goals;
3. An assessment of the success (percentage collected) of fundraising campaigns;
4. Recommendations on budget allocation; and
5. Other related matters.
The supervisory authority shall determine regulations governing the method and procedure of the evaluation and related matters.
Article 22
The Institute’s development goals and plan shall be approved by the supervisory authority after being approved of by the Board of Directors.
The annual work plan and budget shall be sent to the supervisory authority after being adopted by the Board of Directors.
Article 23
Within three months of the end of the Institute ’s accounting year, the Institute shall present its annual achievements report and final report to an accountant for certification. These documents are then to be reviewed by the Board of Directors. After being approved by the Board of Supervisors, they are to be sent to the supervisory authority as well as the auditing authority.
The final report is to be audited by the auditing authority. After this audit, the report is to be sent to the supervisory authority or other related agency for any necessary action.