Regulations Governing the Management of Collective Trust Funds Article 41

When a collective trust fund is terminated, the trust enterprise shall complete liquidation of the collective trust fund within 3 months from the approval by or recordation with the competent authority. The trust assets after liquidation shall be distributed to respective beneficiaries based on the proportion of beneficiary rights.A trust enterprise shall report the liquidation and distribution methods in the preceding paragraph to the competent authority and publicly announce it, and notify the beneficiaries; within 2 months after the date upon which the liquidation procedures are concluded, the trust enterprise shall notify the competent authority by letter of the results thereof for recordation, and notify the beneficiaries.With regard to the circumstances in the preceding two paragraphs, the trust enterprise shall first obtain the approval of the trust supervisors before reporting to the competent authority by letter for approval or recordation.