| Article 52 |
A Bank is a juridical person and, unless otherwise provided by law,
shall only be in the form of a company limited by shares or have been
established with special approval obtained prior to the amendment and
enforcement of this Act.
The requirements for establishment of Banks or other financial
institutions to be established in accordance with this Act or other
laws shall be as prescribed by the Central Competent Authority. |
| Article 53 |
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| Article 54 |
After obtaining authorization for incorporation, a bank shall be incorporated as a company pursuant to the provisions of the Company Law. After the capital is fully paid in and the company registration completed, the bank shall apply to the Competent Authority for a business license, submitting the following documents:
1. documentation of company registration;
2. certificate of paid-in capital;
3. articles of incorporation;
4. roster of shareholders and minutes of the shareholders meeting;
5. roster of directors and minutes of the board of directors meeting;
6. roster of managing directors and minutes of managing directors meeting; and
7. roster of supervisors and minutes of supervisors meeting.
A bank not organized as a company limited by shares may, after obtaining authorization for establishment, apply directly for a business license, in which case the provisions of the preceding paragraph shall apply. |
| Article 55 |
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| Article 56 |
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| Article 57 |
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| Article 58 |
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| Article 59 |
Where a bank violates paragraph 1 of the preceding article, the Competent Authority shall order the bank to make the necessary corrections within a prescribed time limit. If corrections are not made within the time limit and the circumstances are severe, the Competent Authority may suspend the bank's operations. |
| Article 60 |
In applying f or a business license, a registration fee will be required.
The amount thereof shall be as prescribed by the Central Competent
Authority. |
| Article 61 |
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| Article 61-1 |
When a bank violates any law, regulation, or its articles of incorporation, or impedes sound operations, the Competent Authority may take corrective measures, order improvements within a fixed period of time, and/or may make the following dispositions, depending on the severity of the circumstances:
1. Vacate resolutions adopted at statutory meetings;
2. Suspend the bank's operations in part;
3. Order the bank to dismiss managerial officers or employees;
4. Relieve directors or supervisors of their offices, or prohibit them from exercising their duties for a fixed period of time;
5. Other necessary dispositions.
When directors or supervisors are relieved of their offices pursuant to subparagraph 4 above, the Competent Authority shall notify the Ministry of Economic Affairs to cancel the registration of such directors or supervisors.
When business guidance is necessary in order to improve operational deficiencies of the bank, the Competent Authority may appoint an institution to handle such guidance. |
| Article 62 |
If a Bank, due to obvious adverse changes in its business or financial
status, fails to pay its liabilities when due or risks damage to
depositors' interests, the Central Competent Authority may order such
Bank to suspend business and take resolution measures, may suspend part
of such Bank's business, may send officials to supervise or take over
operations or may take other necessary actions, including a request
to the relevant authorities to restrict the departure from the country
of the Responsible Person of the Bank.
When supervising or taking over a Bank, the Central Competent Authority
may suspend all or part of the rights and functions of shareholders'
meetings, the board of directors or supervisors.
Regulations governing the above-mentioned supervision and take-overs
s hall be as prescribed by the Central Competent Authority.
A Bank, as referred to in paragraph 1, above, which has been ordered
to suspend business, may apply to the Central Competent Authority to
resume its business operations if it has recovered from financial
insolvency during the period of time prescribed for taking corrective
measures. If approval to resume business is not granted within the
period of time prescribed for taking corrective measures, the Bank's
Permit shall be revoked, the Bank shall then be deemed to have been
dissolved commencing from the date of suspension, and the corrective
measures shall be considered to be part of the liquidation procedure.
The provisions of the preceding four paragraphs shall apply to Banks
and other financial institutions which are established under other
laws. |
| Article 62-1 |
When the Competent Authority dispatches personnel to take conservatorship or receivership of a bank or orders the bank to suspend operations for rehabilitation, the Competent Authority may notify relevant agencies or institutions to prohibit transfer, delivery, or encumbrance of property of the bank and its responsible person or employees suspected of violating the law, and may give written request to the authorities in charge of immigration approval to restrict such persons from exiting the country. |
| Article 62-2 |
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| Article 62-3 |
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| Article 62-4 |
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| Article 62-5 |
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| Article 62-6 |
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| Article 62-7 |
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| Article 62-8 |
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| Article 62-9 |
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| Article 63 |
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| Article 63-1 |
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| Article 64 |
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| Article 65 |
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| Article 66 |
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| Article 67 |
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| Article 68 |
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| Article 69 |
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