The Credit Cooperatives Act Of The Republic Of China Article 32

Where a credit cooperative has been reincorporated into a commercial bank according to the preceding Article, every member is entitled to have the membership shares converted into corporate shares with a specified conversion rate.Every member who objects to the reincorporation may, within 20 days of the adoption of the resolution to reincorporate, request the redemption of the membership shares held by the member in writing. The calculation of the share capital shall be governed by Paragraphs 3 and 4 of Article 12-1, which concerns the request to redeem membership shares in case of withdrawal from membership.In the conversion of membership shares referred to in paragraph 1, the credit coopera-tive shall construct the rate of conversion, which shall be calculated on weighted variables of the years of membership, amount of share capital, and the accumulated volume of transactions. All this shall be attached with the rules of conversion procedures for the reincorporation plans.