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Non-approval of the financial report by the Supervisory Committee, a failure to file this report or failure to file it on a timely basis shall entail:
1. loss of the endowment which would be granted to the institution¬ referred to in Article 22 for the period of the subsequent four quarters¬, pursuant to Chapter III of the present Law;
2. loss of accreditation as an institution covered by Article 71, §1 (4 - i) of the Income Tax Code for the period of the subsequent tax year.