Article Twenty Three - Liquidation

ARTICLE TWENTY-THREE: Once the FOUNDATION is dissolved in accordance with the stipulations of Article Sixteen the liquidation shall be carried out by the Board of Directors, for which a quorum of a minimum of two thirds of the Board of Directors is required, or by the person or persons designated by the same Board, once the procedures in Article Sixteen have been completed. The physical assets of the dissolved FOUNDATION or the resulting financial assets, as decided by the Board, shall be transferred, once any liabilities to third parties have been fulfilled, to one or various institutions which are non-profit organizations and have as its purpose any of the activities mentioned in Article Seven of these statutes.