Financial Asset Securitization Act Article 79

The Supervisory Institution, the holders holding more than three (3) percent of the total units of Asset-Backed Securities in the same series, or the SPC may, for the common interest of the Asset-Backed Security holders, convene a meeting of the Asset-Backed Security holders in the same series.When convening the meeting as set for in the preceding paragraph, a notice shall be given to each Asset-Backed Security holder at least ten (10) days prior to the scheduled meeting date, and the representative appointed by the Supervisory Institution shall act as the chairman of said meeting.Any meeting as described in paragraph 1 shall have a quorum of holders holding at least two-thirds of the total units of the Asset-Backed Securities, and any resolution at said meeting shall be adopted by more than one-half votes of present at such meeting. The Asset-Backed Security holders shall be entitled to one vote for each unit of Asset-Backed Securities being held. In case the SPC issues different types and durations of Asset-Backed Securities, the voting shall be separately made by the Asset-Backed Security holders in different groups based on the variety and duration of the Asset-Backed Securities.The resolution at the meeting of the Asset-Backed Security holders described in the preceding paragraph shall be made into journals and signed by the chairman of the meeting, and shall become binding upon all the Asset-Backed Security holders and be carried out by the Supervisory Institution, if recognized by the court at the place where the SPC's principal office is located and publicly announced, unless otherwise directed in the meeting of the Asset-Backed Security holders.The court shall not recognize the resolution of the meeting of the Asset-Backed Security holders in any of the following situations:1. the procedures for convening the meeting of the Asset-Backed Security holders or the method by which the resolutions were adopted violates laws or regulations;2. the resolution violates the common interest of the Asset-Backed Security holders;3. amending or altering the asset securitization plan without the approval of the competent authority; or4. in case the Asset-Backed Security holders with different types and durations exercise their voting rights in different groups, no unanimous resolution has been reached among all groups.