Regulations Governing the Organization and Administration of Sinking Fund Established by Electronic Payment Institutions Article 10

The Foundation shall have thirteen to fifteen directors, which are positions without remuneration, and each director may serve a term of three years. One of the directors will be the chairperson. Each electronic payment institution will designate a representative. Except for the position of chairperson, the representatives appointed by electronic payment institutions will be elected as directors by consecutive record secret ballot. In addition, two experts and scholars shall be appointed as directors. If a director is replaced for some reasons during his/her term of office, the newly designated or appointed director will serve for the remaining term of office of the director being replaced.The chairperson of the Foundation will be the chairman of the trade association designated by the competent authority as provided in Paragraph 1, Article 44 of the Act. Before the competent authority designates a trade association, the chairman of the Electronic Payment Processing Committee of the Bankers Association of the Republic of China will act as the chairperson of the Foundation.The Foundation shall have an executive secretary, and if necessary, have additionally one to two accounting or auditing staff to handle related affairs.The Foundation may appoint suitable personnel to serve concurrently the positions in the preceding paragraph.The charter and bylaws as well as rules governing the conduct of meetings of the Foundation, and subsequent amendments thereto shall be submitted to the competent authority for approval.