Clauses of the Real Estate Securitization Act Article 14

After the application or registration of the public offering of REIT Funds is approved or effectively registered with the competent authority, the Trustee shall commence the offering within three (3) months upon the receipt of the written approval or after the date when the registration takes effects; provided, that those with reasonable reasons may apply to the competent authority for an extension prior to the expiry date. The extension shall not be longer than three (3) months and shall be granted once only.The Trustee shall report to the competent authority for the record within five (5) business days after the offering of the REIT Funds is completed.If the Trustee fails to collect the minimum amount raised for the establishment of the REIT Funds at the expiration of the fund offering duration, the Trustee shall inform the beneficiaries in written form and submit to the competent authority for the record within ten (10) business days after the expiration of fund offering duration, and shall manage the consequent matters in accordance with the REIT plan.