On July 23rd, 2009, the Greek Parliament ratified the contract for the realization of the Stavros Niarchos Foundation Cultural Center.
The “Stavros Niarchos Foundation Cultural Center” shall be realized on grounds that belong and shall continue to belong indefinitely to the Greek State. Therefore, the facilities of the National Library of Greece, of the Greek National Opera, as well as the Stavros Niarchos Park that will be constructed in implementation hereof shall come under the full ownership of the Greek State.
The realization (construction and fitting out of the new facilities and of the park) and operation of the “Stavros Niarchos Foundation Cultural Center”, shall be undertaken by an independent special purpose legal entity (the Operator), that will be controlled by the Foundation during the realization period of the “Stavros Niarchos Foundation Cultural Center” and by the Greek State during the operation period of the “Stavros Niarchos Foundation Cultural Center” when it shall act as an independent project operator. The Stavros S. Niarchos Foundation will fund the Operator to the extent necessary to insure that the “Stavros Niarchos Foundation Cultural Center” shall be realized in accordance with the highest professional, design, construction and operating standards, all consistent with the terms of this agreement. The responsibility of the Stavros S. Niarchos Foundation is strictly limited to providing the funds required to assure the realization of the “Stavros Niarchos Foundation Cultural Center”, whereas the responsibility and liability for all aspects of that realization shall rest entirely with the Operator.
Following the donation of the completed “Stavros Niarchos Foundation Cultural Center” to the Greek State, the Foundation shall no longer be associated with the Operator, which shall come under the exclusive ownership of the Greek State; the latter, as sole owner of the Operator, shall have the exclusive control of its operations and finance without further assistance from the Foundation (though the Foundation is not precluded from extending such further assistance and support as it may choose).
To read the entire law, as published in the Government Gazette, please click here (text available in Greek only).