ANKARA
Turkey's Assembly of Foundations on Thursday decided to pay compensation to the Gedikpasa Armenian Protestant Church and School Foundation.
The decision to pay compensation came after the Armenian foundation applied for the return of a property which was earlier sold by the Turkish Treasury.
Since the property was sold, the Assembly of Foundations decided to pay compensation to the Armenian foundation.
Speaking to the Anadolu Agency (AA), Director General of Turkey's Foundations Dr. Adnan Ertem said that paying compensation to communities began after a legal arrangement made in August 2011.
The legal arrangement was made to solve the property problems of the community foundations, Ertem indicated.
While the Gedikpasa Armenian Protestant Church and School Foundation will receive compensation for their property sold by the Turkish Treasury, their application for the return of their orphanage in Tuzla district was rejected as their demand was not in line with the new law on foundations.
The Armenian foundation has to use legal means in order to apply for the return of the orphanage, Ertem stressed.
We expect to receive around 500 applications from community foundations for their properties. They have until August 27, 2012 to file their applications, Ertem also said.
The most important legal basis in Turkey relating to foundations is the Foundation Law.
The new Foundation Law was adopted and put into effect on February 20, 2008. It brought about many changes. It allows foundations established in Turkey to play an effective role in business life. While foundations were equal to charitable institutions in Turkish practice in the past, the revised Foundation Law aims to make foundations important participants in social and business life.
The amendments in the Foundation Law were made to adjust to European Union rules and aimed to produce a new legal identity for foundations.
