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Private colleges are affiliated institutions founded and operated by educational corporations, which are special corporations governed by the Private School Act, and institutions defined in the Administrative Law. Therefore, the legal entities of private colleges are the educational corporations that found and operate them, and these corporations become the owners of the real estate properties owned by the private colleges. Also, the real estate properties owned by the private colleges are classified into educational properties and profit properties. The authority’s permission is required in order to dispose of the basic assets of private colleges or provide them for collaterals for mortgage, etc. However, it is valid to annul the sale or provision of educational properties that are directly used for education even if it is permitted by the authority, as it is against the fair customs and the social order. Also, the educational properties that are directly used for education shall not be subject to any enforcements or provisional seizure for preservative measure. In case a private college goes bankrupt or two school corporations or two colleges affiliated to the same school corporation merge and it is clear that the real estate properties of private colleges will no longer be used for education purposes, it shall generally be valid to allow their sale and provision for collateral with the authority’s permission.