Regulations Governing The Establishment Criteria and Administration of The Industrial Bank Article 23

The Commission may annul the establishment permit of an industrial bank if a promoter is replaced by another person before the registration of the bank. If, however, any of the following circumstances occurs and the bank reports to the Commission for approval of replacement of a promoter(s) within two weeks after the date of the occurrence of the facts (mentioned as follows), this provision does not apply:1.A promoter is missing or passed away.2.A promoter who is subject to the commencement of guardianship or assistantship and has not yet revoked those orders.3.After a promoter(s) files an application for establishment of an industrial bank with the Commission, the Commission finds that any of the circumstances listed in Paragraph 3 of the Regulations Governing Qualification Requirements and Concurrent Serving Restrictions and Matters for Compliance by the Responsible Persons of Banks does/did occur.4.A promoter is a company. It is restructured after the decision of the court, or it has other major events with respect to losing credit.For any change other than to a promoter, proper reasons shall be specified and they shall be reported to the Commission for approval in advance. However, if a circumstance, due to its nature, cannot be reported to the Commission for approval in advance, it shall be reported to the Commission for approval within two weeks after the date of the occurrence of the facts.Upon the approval by the Commission, the above-mentioned two circumstances shall be posted in the daily newspaper located in the area of the headquarters and the branch of the industrial bank and also be published in the notable column.