Securities Investment Trust and Consulting Act Article 47

When a securities investment trust contract is terminated, the liquidator shall complete the liquidation of the securities investment trust fund within three months from the date the Competent Authority approves liquidation and shall distribute the balance after liquidation to the beneficiaries pro rata to the number of beneficiary units. Provided that where, for some legitimate reason the liquidation cannot be completed within three months, the liquidator may apply to the Competent Authority before the expiration of the time limit for one extension, which shall be limited to three months.The liquidator shall report to the Competent Authority and publicly announce, and notify the beneficiaries of, the methods for liquidation and distribution under the preceding paragraph. Within two months from the conclusion of the liquidation procedures, he shall report the results thereof to the Competent Authority for recordation and notify the beneficiaries of the same.