Standards Governing the Establishment of Commercial Banks Article 5

When a foreign financial institution applies for the establishment permit according to Article 8, it shall submit to the competent authority the application together with the minutes of the board of directors which approves the establishment of a commercial bank in the Republic of China, or the certified document to such an effect.The foreign financial institution that is approved by the competent authority to establish a bank in accordance with the preceding article shall, within three (3) months after completing the incorporation registration, complete the merger or acquisition of the entire business, and assets and liabilities of the local bank, and acquisition of the portion of the business , and assets and liabilities of the foreign branch of said foreign financial institution in the Republic of China and apply to the competent authority according to Article 13 for the issuance of the business license.Before the expiry of deadline mentioned in the preceding Paragraph, an extension may be applied in case of a legitimate reason. Such an extension shall not exceed three (3) months and be limited to one time only. The competent authority may revoke the establishment permit if it does not approve the extension request.