Foreign contribution vesting rules tighten control over assets, return conditions, and public-purpose disposal under the new Chapter IIIA. Chapter IIIA establishes a vesting regime for foreign contribution and assets created from foreign contribution when a certificate is cancelled, surrendered or ceases. Vesting is initially provisional in the Designated authority, with a limited right to seek return of any separable portion attributable to other sources, and the authority may take possession, supervise, manage and safeguard the vested assets and, where necessary, manage activities in the public interest. If a fresh certificate is granted, renewed or restored within the prescribed period, the unutilised foreign contribution and vested assets are returned subject to prescribed conditions; failing that, the property becomes permanently vested and may be transferred or disposed of for public purposes.
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Foreign contribution vesting rules tighten control over assets, return conditions, and public-purpose disposal under the new Chapter IIIA.
Chapter IIIA establishes a vesting regime for foreign contribution and assets created from foreign contribution when a certificate is cancelled, surrendered or ceases. Vesting is initially provisional in the Designated authority, with a limited right to seek return of any separable portion attributable to other sources, and the authority may take possession, supervise, manage and safeguard the vested assets and, where necessary, manage activities in the public interest. If a fresh certificate is granted, renewed or restored within the prescribed period, the unutilised foreign contribution and vested assets are returned subject to prescribed conditions; failing that, the property becomes permanently vested and may be transferred or disposed of for public purposes.
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