Art. 1 
The “Foundation Sassi” was created and located in the city of Matera.

Art. 2
The Foundation is a nonprofit organization.
Are aims of the Foundation are:
– encourage and support the recovery of districts “Sassi” of Matera by promoting the establishment of educational, social, cultural and artistic institutions and, if necessary, collaborate with the townspeople;
– promote studies and research that valorize the cultural heritage of the region of Basilicata;
– organize and facilitate meetings, seminars, conferences, workshops and training sessions;
– give or take charge of bestowing grants and/or scholarships;
– partner with public and private administrations or other Foundations and organizations of any other nature, including non-Italians, and if deemed fit for purpose, entering an agreements with them.
The forms and the methods through which are achieved the objectives of the institution, with gradual and extended progression, are determined and governed by the Board of Directors, under art. 4.

Art. 3
The assets of the Foundation are determined by the Fund, referred in the Act of Constitution of the Foundation, supplemented by incoming contributions.
For the achievement of its purposes, the Foundation provides with the proceeds of assets or any inheritance, bequests, donations, gifts and any other income not intended to increase assets.

Art. 4 
The management bodies of the Foundation are:
The Board of Directors;
The Board of Auditors;
The Board of Trustees.

Art. 5
The Foundation is governed by the Board of Directors composed of five members whose position is determined by the Board of Trustees. The positions are hold for five years and they can be reappointed.
The appointments required professionalism and competence in the areas of intervention of the Foundation.
The position of the member of the Board of Directors is not incompatible with the position of the Member of the Board of Trustees.

Art. 6
The Board of Directors appoints the President, which will be the legal representative of the institution, take decision for actions, promotes the development according to the regulations and the determinations of the Council.
In case of absence or impediment, the duties of the President are the responsibility of the Vice President, designated by the Council.

Art. 7
During the year the meetings of the Board of Directors will be two regular and various extraordinary.
The regular meetings are held:
– the first one is before April 30 to approve the final reports;
– the second one is before October 31, for the approval of the budget.
The others meetings will be convened by the Chairman if he decide that is appropriate and justified by written least from four members of the Board.

Art. 8
For the validity of the meetings of the Board of Directors requires the presence of a majority of its members.
The resolutions are adopted by an absolute majority of the present votes, except for amendments of the articles for which it’s necessary the vote of at least two thirds of the members of the Board of Directors.
In case of a equality, the vote of the Chairman shall prevail.
The Council shall be convened by its Chairman at least five days before the chosen date.
The notice must contain an indication for an agenda of the meeting.

Art. 9
The Board of Directors shall rule about the budgets and final accounts and shall ensure that any institutional goals are strictly observed.

Art. 10
The control of the management, the cash and the accounting feedback, shall be exercised by the Board of Auditors, composed of three members nominated:
– two from the Board of Trustees;
– one from the Foundation’s Board of Directors.
The Auditors may attend meetings of the Board of Directors.
The Auditors elects the President.
The Auditors are selected for five years and may be reappointed.
The Bord prepares budget reports and financial statements to be submitted to the Board of Directors together with the financial statements.
The position of the auditor is not incompatible with the position of the Members of the Board of Trustees.

Art. 11
The financial year of the Foundation begin on 1 January and ends on 31 December of each year.

Art. 12
The Board of Trustees consist of three members:
– with a lifetime appointment, unless waiver;
– by resolution of the Board of Directors adopted unanimously;
– among those who have significantly contributed to the pursuit of the statutory objectives of the Foundation.
The members of the Board of Trustees are entitled to attend meetings of the Board of Directors with an advisory capacity. The nomination is not pay.

Art. 13
The Board of Directors may appoint a Scientific Committee to assist in its cultural activities. He is selected for the period of term of the Board of Directors which appointed it.

Art. 14
Can participate in the life of the Foundation companies and individuals, free to access through financial contributions/or assets.

Art. 15
In case of dissolution of the Foundation the assets will go to the municipality of Matera, provided that it is intended to safeguard and recovery the neighborhoods of “Sassi”.

Art. 16
Although not specifically indicate in this Status, the provisions of the current legislation are respected.