Clauses of the Real Estate Securitization Act Article 60

If any of the following circumstances, the person(s) responsible for such act shall be punished with imprisonment for not less than two (2) years or detention, and/or a criminal fine of not more than Three Million New Taiwan Dollars (NT$ 3,000,000):1. an enterprise not qualified as a Trustee as provided for in Article 4, paragraph 2 hereof serves as a Trustee of a REIT or REAT and privately places and delivers Beneficial Securities;2. the Trustee privately places and delivers Beneficial Securities without the approval of or registration with the competent authority, in violation of Article 6, paragraph 1 or Article 29, paragraph 1 hereof; or3. the private placement of Beneficial Securities violates Article 13, paragraph 1 or Article 36 hereof referring to the mutatis mutandis application of Article 13, paragraph 1 hereof.