Clauses of the Real Estate Securitization Act Article 32

The Trustee shall operate the REAT businesses pursuant to the REAT plan approved by or effectively registered with the competent authority.The Trustee, with the completion of the public offering or private placement of REAT Beneficial Securities, shall not alter the REAT plan without the resolution of the beneficiaries’ meeting and the approval of or effective registration with the competent authority, provided that the alteration without any substantial impact on the rights and interests of the beneficiaries may be made with the approval of or effective registration with the competent authority.The application or registration as referred to in the preceding paragraph shall be made in an application form or registration form, which shall expressly state the contents and reasons for the alteration, along with the following documents:1. REAT plan with and without alteration and the corresponding comparison tables;2. minutes of the beneficiaries’ meeting. Where the alterations fall within those prescribed in the proviso of the preceding paragraph, the minutes may be exempted;3. evaluation and expert opinions on whether or not the alteration has any significant impact on the rights and interests of the beneficiaries; and4. other documents as required by the competent authority.The competent authority shall consult with the central competent authority for written opinions prior to the examination of the documents as prescribed in the preceding paragraph.