Conversion to Educational Foundations.
Section 50
SEC. 50. Conversion to Educational Foundations.—An educational institution may convert itself into a non-stock, non-profit educational foundation, in accordance with the implementing rules to be issued jointly by the Ministry of Education, Culture and Sports and the Ministry of Finance. In the case of stock corporations, if for any reason its corporate existence as an educational institution ceases and is not renewed, all its net assets after liquidation of the liabilities and other obligations may be conveyed and transferred to any non-profit educational institution or successor non-profit educational institution or to be distributed by a court to another organization to be used in such manner as in the judgment of said court will best accomplish the general purposes for which the dissolved organization was organized, or to the State. D. Assistance to Students