Financial Holding Company Act Article 20

A financial holding company, upon the resolution to dissolve by its shareholders' meeting, shall file an application to the competent authority for approval, stating therein the reasons and enclosing therein the minutes of said shareholders' meeting, a plan for debt repayment, the plan and the deadline by which its subsidiaries or invested enterprise(s) will be disposed of and conduct liquidation in accordance with the Company Act upon the competent authority’s approval.If a financial holding company conducts special liquidation, to supervise the company’s special liquidation, the court shall consult the competent authority’s opinion. When necessary, the court may request the competent authority to recommend a liquidator or to designate a person to assist the liquidator in carrying out their duties.After a financial holding company has commenced liquidation, no capital or dividends may be distributed under any circumstance until all of the financial holding company's debts have been paid off.