Enforcement Rules Of The Financial Asset Securitization Act Article 11

Where a beneficiary requests for a beneficiaries’ meeting pursuant to Article 24, Paragraph 2 of the Act, if the person responsible for convening such a meeting rejects the request or fails to hold a meeting due to other reasons, this person must notifysaid beneficiary in writing within fifteen (15) days after a written request has been filed by the beneficiary.When a beneficiary applies to the competent authority for approval to convene a beneficiaries’ meeting pursuant to Article 24, Paragraph 3 of the Act, the beneficiary shall attach the written notice referred to in the preceding paragraph from the person responsible for convening such a meeting. The requirement does not apply in the situation where the person responsible for convening such a meeting has not issued a written notice.For beneficiaries’ meetings held in accordance with Article 24, Paragraph 3 of the Act, both Trustee and the Trust Supervisor must be notified to attend. When a beneficiaries’ meeting or a meeting of Asset-Backed Securities holders is held, both Trustee and the Supervisory Institution shall be present to respond to inquiries.