BUSINESS MERGERS AND ACQUISITIONS ACT Article 12
If any of the following events occur in the course of the merger/consolidation and acquisitions by a company, the shareholder may request the company to buy back her shares at the then fair price:1.If a company attempts to amend its Articles of Incorporation to prescribe restrictions on transfer or pledge of shares, the shareholder has expressed her objection, in writing or verbally with a record before or during the meeting, and voted against or waived her voting right;2.In case of any merger/consolidation proceeded under Article 18 of this Act by a company, the shareholder of the surviving or dissolved company has expressed her objection, in writing or verbally with a record before or during the meeting, and voted against or waived her voting right, provided, however, that in the merger/consolidation proceeded under Article 18(7) of this Act, only the shareholder of the dissolved company may express such objection;3.In case of any short-form merger/consolidation proceeded under Article 19 by a company, the shareholder of the subsidiary company has expressed her objection in writing within a term specified in the notice and public announcement made under Article 19(2) of this Act by the Board of Directors of the subsidiary company that resolves the merger/consolidation;4.In case of an acquisition proceeded under Article 27 of this Act by a company, the shareholder has expressed her objection, in writing or verbally with a record before or during the meeting, and voted against or waived her voting right;5.In case of share exchange proceeded under Article 29 by a company, the shareholder of the transferor company and of the surviving transferee company has expressed her objection, in writing or verbally with a record before or during the meeting, and voted against or waived her voting right. But in case of a share exchange proceeded under Article 29(6) by a company, only the shareholder of the transferor company can express her objection;6.In case of a share exchange proceeded under Article 30 by a company, the shareholder of the subsidiary company has expressed her objection in writing within a term specified in the notice and public announcement made under Article 30(2) of this Act by the Board of Directors of the subsidiary company that resolves the share exchange;7.In case of a division proceeded under Article 35 by a company, the shareholder of the company being divided or of the surviving transferee company has expressed her objection, in writing or verbally with a record before or during the meeting, and voted against or waived her voting right;8.In case of any short-form division proceeded under Article 37 by a company, the shareholder of the subsidiary company has expressed her objection in writing within a term specified in the notice and public announcement made under Article 37(3) of this Act by the Board of Directors of the subsidiary company that resolves the short-form division.Shares for which voting right has been waived in the preceding Paragraph shall not be counted in the number of votes of shareholders present at the meeting.The shareholder filing a request under Paragraph 1 shall make it in writing within 20 days since the resolution of the general meeting was made, specify the price for buying back, and deposit certificates of her shares; in case of the resolution of merger /consolidation or acquisition made by the Board of Directors under this Act, it shall be made in writing within a term specified under Article 19(2), Article 30(2) or Article 37(3) of this Act, with the requested price for buying back specified and certificates of her shares deposited.When the shareholder deposits her shares, the company shall mandate an institution that is permitted by law to handle shareholder services. The shareholder shall deposit her shares to that institution and the institution shall issue the certificate specifying the type and amount of shares to the shareholder; if the shareholder deposited her shares by book-entry transfer, she shall follow the procedure under the rules or regulations for centralized securities depository enterprises.The request of a shareholder as provided in Paragraph 1 shall lose its effect when the company calls off its acts.If the company and shareholder reach an agreement about the price of buying back, the company shall pay for the shares within 90 days since the resolution of the general meeting or the board meeting was made. In case no agreement is reached, the company shall pay the fair price it has recognized to the dissenting shareholder who asks for a higher price within 90 days since the resolution of the general meeting was made. If the company does not pay, the company shall be considered to be agreeable to the price requested by the shareholder as provided in Paragraph 3.In case no agreement is reached within 60 days since the resolution of the general meeting or the board meeting was made, the company shall apply to the court for a ruling on the fair price against all the dissenting shareholders as the opposing party within 30 days after that duration. If the company did not apply against the dissenting shareholders as the opposing party, or the application was voluntarily dismissed by the company or dismissed by the court, the company shall be considered to be agreeable to the price requested by the shareholder as provided in Paragraph 3. But if the opposing party has already expressed her opinions or the ruling has already been served upon the opposing party, the rescission by the company shall be effective if agreed by the opposing party.When the company applies to the court for a price ruling, the company shall annex the specification of the auditing and attestation of financial statements by certified public accountants of the company and the assessment about the fair price, and present to the court written copies or photocopies of the specification based on the number of people of the opposing party, which are to be served upon the opposing party by the court.Before making the ruling on the price, the court shall let the applicant and the opposing parties have the chance to express their opinions. In case the opposing party includes two people or more, The provisions set out in Articles 41 to 44, as well as Paragraph 2 of Article 401 of Taiwan Code of Civil Procedure shall apply mutatis mutandis.When the ruling made under the preceding paragraph is appealed against, before making the ruling on the appeal, the court shall let the applicant and the opposing party have the chance to express their opinions.When the price ruling becomes final and binding, the company shall, within 30 days of the ruling becoming final and binding, pay for the shares with that price deducted from the part already paid plus the legal interest accruing from the date next to the expiration of the 90-day period after the resolution was made.The provisions set out in Article 171 as well as Paragraph 1, 2, and 4 of Article 182 of the Non-litigation Act shall apply mutatis mutandis.The company shall bear the expenses of the application procedure and the compensation for the inspector.
中文原文 企業併購法第12條
公司於進行併購而有下列情形之一，股東得請求公司按當時公平價格，收買其持有之股份：
一、公司股東對公司依前條規定修改章程記載股份轉讓或股票設質之限制，於股東會集會前或集會中，以書面表示異議，或以口頭表示異議經記錄，並投票反對或放棄表決權者。
二、公司進行第十八條之合併時，存續公司或消滅公司之股東於決議合併之股東會集會前或集會中，以書面表示異議，或以口頭表示異議經記錄，並投票反對或放棄表決權者。
但公司依第十八條第七項進行合併時，僅消滅公司股東得表示異議。
三、公司進行第十九條之簡易合併時，其子公司股東於決議合併之董事會依第十九條第二項公告及通知所定期限內以書面向子公司表示異議者。
四、公司進行第二十七條之收購時，公司股東於股東會集會前或集會中，以書面表示異議，或以口頭表示異議經記錄，並投票反對或放棄表決權者。
五、公司進行第二十九條之股份轉換時，進行轉換股份之公司股東及受讓股份之既存公司股東於決議股份轉換之股東會集會前或集會中，以書面表示異議，或以口頭表示異議經記錄，並投票反對或放棄表決權者。
但公司依第二十九條第六項規定進行股份轉換時，僅轉換股份公司之股東得表示異議。
六、公司進行第三十條股份轉換時，其子公司股東於決議股份轉換之董事會依第三十條第二項規定公告及通知所定期限內，以書面向子公司表示異議者。
七、公司進行第三十五條之分割時，被分割公司之股東或受讓營業或財產之既存公司之股東於決議分割之股東會集會前或集會中，以書面表示異議，或以口頭表示異議經記錄，並投票反對或放棄表決權者。
八、公司進行第三十七條之簡易分割時，其子公司股東，於決議分割之董事會依第三十七條第三項規定公告及通知所定期限內，以書面向子公司表示異議者。
前項放棄表決權之股份數，不算入已出席股東之表決權數。
股東為第一項之請求，應於股東會決議日起二十日內以書面提出，並列明請求收買價格及交存股票之憑證。
依本法規定以董事會為併購決議者，應於第十九條第二項、第三十條第二項或第三十七條第三項所定期限內以書面提出，並列明請求收買價格及交存股票之憑證。
公司受理股東交存股票時，應委任依法得受託辦理股務業務之機構辦理。
股東交存股票時，應向公司委任股務業務之機構辦理。
受委任機構接受股票交存時，應開具該股票種類、數量之憑證予股東；股東以帳簿劃撥方式交存股票者，應依證券集中保管事業相關規定辦理。
第一項股東之請求，於公司取銷同項所列之行為時，失其效力。
股東與公司間就收買價格達成協議者，公司應自股東會或董事會決議日起九十日內支付價款。
未達成協議者，公司應自決議日起九十日內，依其所認為之公平價格支付價款予未達成協議之股東；公司未支付者，視為同意股東依第三項請求收買之價格。
股東與公司間就收買價格自股東會或董事會決議日起六十日內未達成協議者，公司應於此期間經過後三十日內，以全體未達成協議之股東為相對人，聲請法院為價格之裁定。
未達成協議之股東未列為相對人者，視為公司同意該股東第三項請求收買價格。
公司撤回聲請，或受駁回之裁定，亦同。
但經相對人陳述意見或裁定送達相對人後，公司為聲請之撤回者，應得相對人之同意。
公司聲請法院為價格之裁定時，應檢附會計師查核簽證公司財務報表及公平價格評估說明書，並按相對人之人數，提出繕本或影本，由法院送達之。
法院為價格之裁定前，應使聲請人與相對人有陳述意見之機會。
相對人有二人以上時，準用民事訴訟法第四十一條至第四十四條及第四百零一條第二項規定。
對於前項裁定提起抗告，抗告法院於裁定前，應給予當事人陳述意見之機會。
價格之裁定確定時，公司應自裁定確定之日起三十日內，支付裁定價格扣除已支付價款之差額及自決議日起九十日翌日起算之法定利息。
非訟事件法第一百七十一條、第一百八十二條第一項、第二項及第四項規定，於本條裁定事件準用之。
聲請程序費用及檢查人之報酬，由公司負擔。
一、公司股東對公司依前條規定修改章程記載股份轉讓或股票設質之限制，於股東會集會前或集會中，以書面表示異議，或以口頭表示異議經記錄，並投票反對或放棄表決權者。
二、公司進行第十八條之合併時，存續公司或消滅公司之股東於決議合併之股東會集會前或集會中，以書面表示異議，或以口頭表示異議經記錄，並投票反對或放棄表決權者。
但公司依第十八條第七項進行合併時，僅消滅公司股東得表示異議。
三、公司進行第十九條之簡易合併時，其子公司股東於決議合併之董事會依第十九條第二項公告及通知所定期限內以書面向子公司表示異議者。
四、公司進行第二十七條之收購時，公司股東於股東會集會前或集會中，以書面表示異議，或以口頭表示異議經記錄，並投票反對或放棄表決權者。
五、公司進行第二十九條之股份轉換時，進行轉換股份之公司股東及受讓股份之既存公司股東於決議股份轉換之股東會集會前或集會中，以書面表示異議，或以口頭表示異議經記錄，並投票反對或放棄表決權者。
但公司依第二十九條第六項規定進行股份轉換時，僅轉換股份公司之股東得表示異議。
六、公司進行第三十條股份轉換時，其子公司股東於決議股份轉換之董事會依第三十條第二項規定公告及通知所定期限內，以書面向子公司表示異議者。
七、公司進行第三十五條之分割時，被分割公司之股東或受讓營業或財產之既存公司之股東於決議分割之股東會集會前或集會中，以書面表示異議，或以口頭表示異議經記錄，並投票反對或放棄表決權者。
八、公司進行第三十七條之簡易分割時，其子公司股東，於決議分割之董事會依第三十七條第三項規定公告及通知所定期限內，以書面向子公司表示異議者。
前項放棄表決權之股份數，不算入已出席股東之表決權數。
股東為第一項之請求，應於股東會決議日起二十日內以書面提出，並列明請求收買價格及交存股票之憑證。
依本法規定以董事會為併購決議者，應於第十九條第二項、第三十條第二項或第三十七條第三項所定期限內以書面提出，並列明請求收買價格及交存股票之憑證。
公司受理股東交存股票時，應委任依法得受託辦理股務業務之機構辦理。
股東交存股票時，應向公司委任股務業務之機構辦理。
受委任機構接受股票交存時，應開具該股票種類、數量之憑證予股東；股東以帳簿劃撥方式交存股票者，應依證券集中保管事業相關規定辦理。
第一項股東之請求，於公司取銷同項所列之行為時，失其效力。
股東與公司間就收買價格達成協議者，公司應自股東會或董事會決議日起九十日內支付價款。
未達成協議者，公司應自決議日起九十日內，依其所認為之公平價格支付價款予未達成協議之股東；公司未支付者，視為同意股東依第三項請求收買之價格。
股東與公司間就收買價格自股東會或董事會決議日起六十日內未達成協議者，公司應於此期間經過後三十日內，以全體未達成協議之股東為相對人，聲請法院為價格之裁定。
未達成協議之股東未列為相對人者，視為公司同意該股東第三項請求收買價格。
公司撤回聲請，或受駁回之裁定，亦同。
但經相對人陳述意見或裁定送達相對人後，公司為聲請之撤回者，應得相對人之同意。
公司聲請法院為價格之裁定時，應檢附會計師查核簽證公司財務報表及公平價格評估說明書，並按相對人之人數，提出繕本或影本，由法院送達之。
法院為價格之裁定前，應使聲請人與相對人有陳述意見之機會。
相對人有二人以上時，準用民事訴訟法第四十一條至第四十四條及第四百零一條第二項規定。
對於前項裁定提起抗告，抗告法院於裁定前，應給予當事人陳述意見之機會。
價格之裁定確定時，公司應自裁定確定之日起三十日內，支付裁定價格扣除已支付價款之差額及自決議日起九十日翌日起算之法定利息。
非訟事件法第一百七十一條、第一百八十二條第一項、第二項及第四項規定，於本條裁定事件準用之。
聲請程序費用及檢查人之報酬，由公司負擔。