Financial Asset Securitization Act Article 24

A beneficiaries' meeting shall be convened by either the Trustee or the Trust Supervisor.Beneficiaries with three (3) percent or more of the total Principal Holding may, for the common interests of the beneficiaries, request in writing, stating the matters for discussion and the reasons thereof, that the people having the right to convene the beneficiaries' meeting in accordance with the preceding paragraph convene a beneficiaries' meeting.Within fifteen (15) days from the written request described in the preceding paragraph, if the person having the right to convene the beneficiaries' meeting fails to convene or cannot convene a beneficiaries' meeting due to any reasons, such beneficiaries with three (3) percent or more of the total Principal Holding may convene a beneficiaries' meeting after the competent authority grants its approval.All the beneficiaries shall be informed of the notice of a beneficiaries' meeting twenty (20) days prior to the date of the beneficiaries' meeting.The notice described in the preceding paragraph shall contain the reason for convening the meeting, the total number of voting rights and the percentage of voting rights held by each beneficiary. Matters regarding the resignation and removal of the Trustee, the appointment of the new Trustee, the appointment, resignation, or removal of the Trust Supervisor, and the alteration or termination of the SPT contract shall be stated in the reason for convening the meeting and shall not be raised by extraordinary motions.