Section 5 The Foundation's assets

Article 13.-Resources.

The Foundation's resources consist of the goods and assets of any kind within the terms authorised by Article 19 of Ley 8/1998, dated 9th December, for Foundations in the Comunidad Valenciana, without more limitations than those established by the judicial system.

I.- The Foundation's assets: The Foundation's assets at the time of this amendment to the Statutes are those detailed in the accounts approved on 31st December 2012.

II.- Successive contributions to the Foundation's resources:

a) Any goods and assets modified by the Trustee-Founder, any other Trustee or the Board of Trustees during the existence of the Foundation will be considered as legal contributions, and will be a permanent part of the Foundation's aims.

b) At the same time, any goods and assets left to the Foundation by the Founder and any other Trustee by means of their testament will also be considered as legal contributions.

c) The successive contributions to the Foundation's assets, once integrated into the accounts and inventories for this purpose, will be considered for all intents and purposes as the Foundation's assets.

d) Only in exceptional circumstances and when there is a grave and irreversible risk to the suitable preservation of the natural heritage of the Foundation and if there are insufficient ordinary funds, the Board of Trustees can ask the Protectorado de Fundaciones, in so far as the law allows, and in a motivated and valued way, at least by the majority plus one of its members, if access can be given to a contribution of the necessary part of the Foundation's assets in order to avoid the damage. This article establishes the following order of priority; the Jardín de la Albarda; the natural space Mas de Peraire; followed by the rest of the natural spaces.

e) When the net yields of the bequest of the President-Founder are integrated into the Foundation's assets, they should be accounted for in a specific way in order for them to be used expressly to meet the Foundation's aims and not be used to pay the personal or administrative expenses of the Foundation, for amounts higher than 30 % of the said yield.

III.- Guardianship and custody of the assets:

To guarantee the guardianship and custody of the component goods of the Foundation's assets and, where appropriate , additional assets, the following rules will be observed:

1.- The property assets acquired and the real rights to the same will be registered in the appropriate Registro de la Propiedad, in the name of the Foundation and, in the same entry, details will be giiven of the objectives to which they will contribute, their allocation will not be able to be modified.

2.- The public and private effects, cash, property titles and deposits and any other accrediting documents of the domain, use, benefit or any other right of which the Fundation is holder, will be deposited in the name of the Foundation, in the banks or other financial estabishments designated by the Board of Trustees or they will be kept at the social address of the same.

3.- All the Foundation's assets will figure in the inventory and in the balance sheet of the same, with the exact data to enable their identification. Both documents will be held by the Secretary of the Board of Trustees.


Article 14º.-Composition, administration and regulations concering the estate.

14.1.- The Fundation's estate can be made up of all kinds of goods and assets of economic value.

14.2.- The administration and disposition of the estate will correspond to the Board of Trustees in the manner set out in these Statutes and subject to current law.

14.3.- The Foundation can acquire goods and assets:

a) By purchasing them.

b) From inheritances, legacies or donations, with those limitations set out in Ley 8/1998, dated 9th December, for Foundations of the Comunidad Valenciana and other applicable dispositions.

c) By prescription.

d) By any other legal method in accordance with the judiciary system.

14.4.- Alienation and encumbrance of the Foundation's goods and assets will be compulsorily subject to the following procedure:

14.4.1.- The previous authorisation of the Board of Trustees will be required in all cases set out in article 22 of Ley 8/1998, dated 9th December, for Foundations in the Comunidad Valenciana.

14.5.- Transactions and arbitrage. All transactions and arbitrage in respect of the goods and assets whose alienation or encumbrance is subject to authorisation or communication will require the authorisation of the Protectorado.

14.6.- The system of authorisations and communications anticipated in this article will be subject at all times to the current law.

14.7.- Regulations regarding the procedure for acts of disposition of the estate detailed in the current article.

14.7.1.- In all cases the agreemenet of the Board of Trustees will be required and should be motivated, for the alienation and encumbrance of goods and assets.

14.7.2.- The President of the Foundation will have the responsibility of formalising the private and public documents and asking for their registration in the relevant registers. (Registro de la Propiedad, Registro Mercantil, etc.).