Regulations Governing the Public Offering or Private Placement of REIT and REAT Beneficiary Securities by a Trustee Article 16

Beginning on the date a trustee is served notice of the suspension of effective registration, it may submit supplementation based on the cause of the suspension, and apply to lift the suspension; if the Competent Authority does not again notify the trustee to submit supplemental documentation, or reject its case, the registration becomes effective in twelve (12) business days from the date the Competent Authority receives the supplemental documentation. However if the Competent Authority did not receive a written opinion issued by the central competent authority of the respective industry until after receiving the aforementioned supplemental documentation, the registration become effective in twelve (12) business days from the date the Competent Authority receives the written opinion of the central competent authority of the respective industry.When a trustee’s filing for effective registration is suspended by the Competent Authority under the preceding Article and the trustee does not apply to lift the suspension in accordance with the preceding paragraph within twelve (12) business days from service of the written notice of suspension, or if it has applied to lift the suspension but the original reasons for the suspension still exist, the Competent Authority may reject its case.