Regulations Governing Receivership of Banking Institutions Article 6

Where the Competent Authority has assigned officials to take receivership over a banking institution, the said banking institution’s operation and management and disposal of the banking institution’s properties shall be handled by the receiver. The receiver has the authority to represent the banking institution under receivership in litigation and non-litigation matters.In the event a banking institution is placed under receivership, the duties and powers of the institution’s shareholders’ meeting (general meeting of the membership representatives), board of directors, directors, supervisors (supervisor committee) or audit committee are ipso facto suspended; all matters to be proposed for review and decision to the said shareholders’ meeting (general meeting of the representatives), board of directors, and directors, supervisors (supervisor committee), or the audit committee shall be reviewed and decided by the receiver.With regards to the following actions toward a banking institution under receivership, the receiver shall formulate a feasibility action plan with the approval of the competent authority:1. Mandating other Banks, financial institutions or the Central Depository Insurance Company to operate all or part of the business.2. Increasing capital, reducing capital or increasing capital after reducing capital.3. Sale of all or part of the business, assets or liabilities.4. Merger with another bank or financial institution.5. Significant property disposition outside the scope of its business.6. Waiver or assignment of important rights or commitment to important obligations;7. Appointment and removal of important personnel.8. Other important matters required by the competent authority.