The Credit Cooperatives Act Of The Republic Of China Article 30

Where a credit cooperative has met the prescribed requirements and has been approved for reincorporated into a commercial bank organized as a company limited with shares by a resolution of at least two-thirds of the members or the member representatives present at a meeting having a quorum of at least three-fourths of the members or the member representatives, it shall apply to the Central Competent Authority for approval.Where the resolution referred to in the preceding paragraph was adopted at a general meeting of the member representatives, the credit cooperative shall give notice in writing to all members of the contents of the resolution and specify therein a period of more than 20 days during which an objection to the resolution may be raised. Any member who objects to the resolution shall submit the objection in writing during such period. Where the number of objecting members exceeds one-third of the total membership, the original resolution shall become null and void. All members who did not submit an objection during the specified period shall be deemed to have consented to the resolution.The terms and conditions and the procedures under which a credit cooperative may be reincorporated into a commercial bank shall be prescribed by the Central Competent Authority.Where a credit cooperative has been approved for reincorporation into a commercial bank, the procedures for the adoption of the articles of cooperative shall follow mutatis mutandis the same rules as those for the adoption of a resolution under Paragraph 1.