Standards Governing the Establishment of Commercial Banks Article 11

For the bank establishment, when there is a change in founders before the company establishment is registered, the competent authority may revoke its permit, which, however, does not apply to any one of the following circumstances, provided that it is reported to the competent authority requesting for changing the approval within two weeks after occurrence of such events:1. The founder is missing or passed away.2. The founder is declared by a court to be under guardianship or assistance and that declaration has not been voided.3. After submitting the establishment application, the founders are discovered to have one of the listed circumstances stipulated in Article 3 of the "Regulations for the Responsible Persons of the Bank".4. The founder is a company which is found to be in the circumstances of having been ruled by the court for reorganization or suffering from other major credit losses.When there is a change in the items except the founders, it shall state the legitimate reason and report to the competent authority in advance for approval. Those who cannot be reported to the competent authority in advance for approval due to its specific circumstances shall be reported to the competent authority for approval within two weeks after occurrence of such events.Upon the approval by the competent authority, the abovementioned two situations shall be posted in the daily newspaper located in the area of the headquarters and the branch of the bank and also be published in the notable column.