Holocaust Victims' Assets Law (Restitution to Heirs and Dedication for Purposes of Assistance and Commemoration), 5766-2006
חוק נכסים של נספי השואה (השבה ליורשים והקדשה למטרות סיוע והנצחה), תשס"ו-2006
Published: 2006-01-03Consolidated Hebrew text as of 2025-08-14 · Last amended 2024-08-14✓ Amendment status checked against the Knesset legislation record on 2026-09-29
Premium
Unofficial English translation — for reference only. It may contain errors or omissions and cannot be relied on as a legal text. Only the Hebrew text published in Reshumot is legally binding.More
This English text was translated from the official Hebrew using a range of translation tools, and it undergoes ongoing checks and updates. It is not a certified translation.
Despite these checks, it may contain errors, omissions, or imprecise renderings of legal terminology and cross-references, and it may not yet reflect the latest amendments. It cannot be relied upon as a legal text.
The Hebrew text as published in Reshumot (ספר החוקים) and on the Knesset website is the sole authoritative and legally binding version. In any discrepancy, the Hebrew text prevails.
This translation is provided for informational purposes only and does not constitute legal advice. For use in legal proceedings, request a certified Expert Legal Opinion.
Section D: Winding Up of the Company
Period of Activity of the Company§
60.
(a)The company shall operate for the purpose of realising its purposes and performing its functions pursuant to the provisions of this Law until the 13th day of Tevet 5778 (31 December 2017) (in this Law – the company's period of activity); upon the expiry of the company's period of activity, the company shall act for its winding up pursuant to the provisions of section 61, unless a decision on its winding up was made at an earlier date.
(b)At least three months before the end of the company's period of activity, the company shall give written notice that its period of activity is about to end, to the Minister and to the Authority.
Winding Up of the Company§
61.
The company shall be wound up in one of the following ways only:
(1)winding up by a court pursuant to the provisions of section 62;
(2)voluntary winding up pursuant to the provisions of section 63.
Winding up by court§
62.
(a)The company shall be wound up by a court in accordance with the provisions of Chapter XII of the Companies Ordinance, provided that a petition for winding up as aforesaid shall not be filed by the company except with the approval of the Government; notice of the filing of a petition for the winding up of the company and of any other petition filed in the course of the winding-up proceedings shall be given to the Attorney General.
(b)In addition to the grounds for winding up set out in section 257 of the Companies Ordinance, the following persons may file a petition for the winding up of the company, as referred to in subsection (a), as detailed below:
(1)the Attorney General or the company – on the ground that the period of activity of the company has ended; for this purpose, the company shall not be required to pass a special resolution as referred to in section 257(1) of the Companies Ordinance and the approval of the Government as referred to in subsection (a) shall not be required;
(2)the Attorney General – if he has considered that the activities of the company are being conducted in contravention of the law, its objects or its articles of association, provided that a written warning has been given to the company to remedy the wrong and it has not done so within a reasonable time after receipt of the warning;
(3)the Government – if a Government decision has been made that the objects of the company have been fulfilled or that the realisation of all assets transferred to the company for the purpose of fulfilling its objects and performing its functions under the provisions of this Law has been completed and there are no pending requests before it for the restitution of an asset of a Holocaust victim that require a decision by the company;
(4)the Government – if a Government decision has been made that the fulfilment of the objects of the company is not possible.
(b1)If the winding up of the company has not commenced in accordance with the provisions of section 60(a), the Attorney General shall file a petition for its winding up under subsection (b)(1).
(c)Where a petition for the winding up of the company has been filed with the court under subsections (a), (b)(2) or (b)(4), the court shall not order the winding up except after it has been satisfied that in the circumstances of the matter it is not possible to bring about the proper functioning of the company or the fulfilment of its objects.
Voluntary winding up§
63.
(a)The company may, with the approval of the Government, be voluntarily wound up in any of the following circumstances –
(1)the realisation of all assets transferred to the company for the purpose of fulfilling its objects and performing its functions under the provisions of this Law has been completed;
(2)the period of activity of the company has ended, provided that before it passed a resolution approving the winding up, the Government received a declaration made by the directors or a majority of them, at their meeting, to the effect that they have thoroughly examined the state of the company's affairs and have formed the opinion that it is able to pay its debts in full within 12 months after the commencement of its winding up, and if the winding up is under paragraph (1) – also that all assets of the Holocaust victims as aforesaid have been realised.
(b)In addition to the provisions of sections 262 and 341 of the Companies Ordinance, where the company is being voluntarily wound up, the court may, at any stage, on the application of the Attorney General, order that the winding up be by the court, if it has found that there is a public interest in court supervision of the winding-up proceedings of the company.
Treatment of assets in winding up§
64.
(a)The assets that do not form part of the current budget of the company, which are managed separately pursuant to section 56(b) (in this section – the separately managed assets), shall not form part of the assets of the company available for distribution in the winding up.
(b)The company shall transfer to the management of the General Guardian, no later than the end of the period of activity of the company, every asset of the separately managed assets in respect of which, at the time of the transfer, one of the following applies:
(1)the company has given a decision on a request to receive the asset under section 22 or 26, to the effect that the applicant has a right in the asset, or the company has made its decision conditional upon the production of a succession order, probate order or an order concerning the successors of the Holocaust victim, and the asset has not yet been restored to the person entitled to it;
(2)the company has decided under section 22 or 26 to reject a request to receive the asset and the time for filing an appeal to the appeals committee under section 28(a) or for filing an appeal under the Administrative Courts Law, as the case may be, in respect of that decision has not yet expired, or such an appeal to the appeals committee or an appeal as aforesaid is pending;
(3)the asset is real property and one of the following applies:
(a)a request to receive it under the provisions of Chapter IV is pending;
(b)the company has commenced an inquiry under section 17 to trace the heirs or other holders of rights in the asset and has reasonable grounds to believe that heirs or holders of rights as aforesaid will be traced.
(b1)The provisions of paragraphs (1) and (2) of section 32 shall apply, with the necessary modifications, to the transfer of assets from the company to the General Guardian under subsection (b).
(b2)If among the assets transferred to the management of the General Guardian under subsection (b) there is an asset in respect of which rights or transactions therein require registration in a register maintained pursuant to a statute, the General Guardian shall notify the Registrar maintaining the register thereof, and the Registrar shall enter an appropriate note therein; where a note has been entered as aforesaid, no right or transaction in the asset that contradicts the content of the note shall be registered.
(b3)The liability of the company in respect of an asset of a Holocaust victim that it is required to transfer to the General Guardian under subsection (b) shall end at the time of its transfer to the General Guardian or at the time of the transfer of the documents, accounts and information concerning it as referred to in section 64b, whichever is later.
(b4)Without derogating from the provisions of subsection (b3), from the time of the transfer of an asset to the General Guardian under subsection (b), the General Guardian shall replace the company for all purposes relating to the asset and its management, including a request to receive the asset or proceedings for its restitution, and including proceedings pending before a court or the appeals committee in connection with rights in the asset or in respect of the asset.
(c)The separately managed assets to which the provisions of subsection (b) do not apply shall be conveyed to the company upon its winding up, and the liquidator shall act to realise them and to transfer the consideration received from their realisation in accordance with the provisions of section 64a1.
(c1)(Repealed)
(c2)(Repealed)
(c3)
(1)the Official Receiver, as defined in the Companies Ordinance, shall serve as the liquidator of the company;
(2)the Official Receiver shall be entitled to employ a special manager or an office holder for the purpose of performing his functions under paragraph (1).
(d)(Repealed)
64a.§
(Repealed — תשע״ח)
Transfer of monies received by the liquidator§
64a1.
(a)Monies received by the liquidator shall be transferred by him to the State Treasury, after deducting an amount equal to 4% of such monies, which the liquidator shall transfer to the Ministry for Social Equality for the purpose of distributing them for use for the purpose of commemoration in accordance with the provisions of section 64a2; for this purpose, "monies received by the liquidator" means each of the following:
(1)the consideration from the realisation of the separately managed assets, received by the liquidator under section 64(c);
(2)the consideration from the realisation of the assets or monies, received by the liquidator under section 67h.
(b)The transfer of monies by the liquidator as referred to in subsection (a) shall be carried out at the end of each calendar year.
Distribution of monies to be used for the purpose of commemoration§
64a2.
(a)The Ministry for Social Equality (in this section – the Ministry) shall distribute the monies it received from the liquidator under the provisions of section 64a1, in accordance with criteria set by the Minister for Social Equality under subsection (b).
(b)The Minister for Social Equality, in consultation with the Attorney General, shall set criteria for the distribution of the monies as referred to in subsection (a) for use for the purpose of commemoration (in this section – distribution criteria), provided that monies as aforesaid shall not be distributed to a State institution or to a local authority; the distribution criteria shall be published in Reshumot (Official Gazette).
(c)The filing of a request to receive monies under this section (in this section – a request), and the consideration of the request, shall be governed by the provisions of the procedure for the filing of requests for support from the State budget and for their consideration, as set under section 3a(f) of the Budget Foundations Law, 5745-1985, with the necessary modifications, and also with the modifications that the Minister for Social Equality shall direct, in consultation with the Attorney General, which shall be published in Reshumot (Official Gazette).
(d)All of the following shall be published on the Ministry's website:
(1)a draft of the distribution criteria, for public comments; such a draft shall be published at least 30 days before the setting of the criteria under subsection (b);
(2)a notice of the possibility of filing a request and the ways of filing the request, in accordance with the provisions under subsection (c), as well as the modifications to the procedure that the Minister for Social Equality has directed under the provisions of that subsection;
(3)the distribution criteria;
(4)the bodies that received monies under the provisions of this section, the amount given to each body, and the purpose for which the monies were given.
Reporting§
64a3.
Without derogating from any duty of reporting under any law –
(1)the liquidator shall submit to the Minister of Justice, the Minister of Finance and the Minister for Social Equality a report on the inventory of assets that he managed in that year and the assets that were realised therefrom and on the monies transferred to the State Treasury and to the Ministry for Social Equality under the provisions of section 64a1; such a report shall be submitted by 30 June of the year following the year in respect of which the report is submitted;
(2)upon the liquidator completing his functions pursuant to a court order, he shall notify the Minister of Justice, the Minister of Finance and the Minister for Social Equality thereof and shall submit to them a summary report on the assets and monies referred to in paragraph (1) that he managed and the assets that were realised therefrom, and on the monies transferred to the State Treasury and to the Ministry for Social Equality, during the entire period of his activity.
Transfer of information from the company at the end of its period of activity§
64b.
(a)The company shall transfer to the General Guardian, as early as possible and no later than the end of the period of activity of the company, the documents, accounts and all other information in its possession that may assist in tracing assets of Holocaust victims, in tracing the heirs and holders of rights in such assets and in restoring the assets to them, including information relating to assets of Holocaust victims that were transferred to it under the provisions of Chapter III.
(b)The company and the General Guardian shall, at the time of the transfer of the information under subsection (a), take the information security measures necessary to protect the integrity of the information and to protect it from exposure, use or copying without lawful authorisation.
(c)A person who has received information under subsection (a) shall not disclose it to another and shall not make any use of it except for the purpose of implementing the provisions of this Law or pursuant to a court order.
(d)Without derogating from the provisions of subsection (a), the company shall deposit in the State Archives, no later than the end of the period of activity of the company, material in its possession that is, in the opinion of the Archivist after consultation with the company, archival material; for this purpose, "the State Archives", "the Archivist" and "archival material" – as defined in the Archives Law, 5715-1955.
(e)The provisions of this section shall apply notwithstanding the provisions of any law concerning the preservation of confidentiality and the protection of privacy.
Need to cite this law in a foreign court?
Eli Shimony Israeli Attorneys-at-Law provides certified Expert Legal Opinions on Israeli law within 24–48 hours, accepted by courts worldwide.
Contact Us →Section E: Miscellaneous
Application of sections from the Government Companies Law and provisions concerning application of the Companies Law§
65.
(a)The provisions of sections of the Government Companies Law, as detailed in the Third Schedule, shall apply to the company.
(b)If the Government Companies Law is amended after the commencement day, the Minister may, by Order, pursuant to a Government decision and with the approval of the Constitution, Law and Justice Committee, amend the Third Schedule for the purpose of applying such an amendment to the company, with the necessary modifications.
(c)The Minister responsible for the affairs of the company within the meaning of section 6(3) of the Government Companies Law shall be the Minister.
(d)The provisions of sections 255 and 268 to 275 of the Companies Law shall apply to the company as if it were a public company, with the following modifications:
(1)section 272(a) of the Companies Law shall also apply to an engagement with an office holder who is not a director with respect to the terms of his tenure and employment;
(2)the provisions of sections 272(c) and (c1), 273(b), 275(c1) and 279 of the Companies Law shall not apply to the company;
(3)wherever the approval of the remuneration committee is required, it shall be read as if the approval of the audit committee were required.
(e)Nothing in the provisions of subsection (d) shall derogate from the application of the provisions of sections 10 and 13 of the Trust Law as referred to in section 53.
Application of laws§
66.
(a)The provisions of the laws listed below shall apply to the company, office holders therein and its employees, as the case may be, as if it were a Government company:
(1)the Women's Equal Rights Law, 5711-1951;
(2)the Youth Labour Law, 5713-1953;
(3)the State Comptroller Law, 5718-1958 [Consolidated Version];
(4)the State Service (Restriction of Party Activity and Collection of Funds) Law, 5719-1959;
(5)the Penal Law, 5737-1977;
(6)the Public Service (Gifts) Law, 5740-1979, provided however that if the provisions of that Law have been applied to holders of positions and functions in the company by an Order under section 4(b) of that Law – in section 2 of that Law, wherever it appears, instead of "to the property of the State" it shall be read as "to the property of the company" and instead of "to the State Treasury" it shall be read as "to the company";
(7)the Mandatory Tenders Law, 5752-1992, except for section 3a of that Law and Regulations made thereunder;
(8)the Limitation of Advertising (Public Bodies) Law, 5756-1996;
(9)the Employee Protection (Exposure of Offences and Harm to Integrity or Proper Administration) Law, 5757-1997;
(10)the Equal Rights for Persons with Disabilities Law, 5758-1998;
(11)the Freedom of Information Law, 5758-1998;
(12)the Use of the Hebrew Date Law, 5758-1998.
(b)The provisions of Chapters IV and V of the Budget Foundations Law shall apply to the company as if it were a corporation, in respect of a financial year in which the Government participates in the budget of the company.
Ancillary powers§
67.
(a)The company may request the court to summon and examine any person on matters pertaining to its sphere of activity.
(b)Where a person has admitted in an examination under subsection (a) that he holds an asset of a Holocaust victim, the court may order him to deliver the asset to the company at the time and on the conditions that the court shall determine.
(c)A transcript of an examination under section 9(c) and under subsections (a) and (b) shall be admissible as evidence of its content in any legal proceedings to which the company is a party.
Need to cite this law in a foreign court?
Eli Shimony Israeli Attorneys-at-Law provides certified Expert Legal Opinions on Israeli law within 24–48 hours, accepted by courts worldwide.
Contact Us →Read the entire law on one page — continuous text, no page breaks, plus PDF downloads.