Act Governing Issuance of Electronic Stored Value Cards Article 10

(Extension of Time for Commencement of Business)If it is found after an issuer has obtained a business license that its application for business license contains false information of serious nature, or the issuer fails to commence business operations within the time prescribed, the Competent Authority may revoke or repeal the approval for establishment or business, order the issuer to turn in its business license within a specified period of time, and notify the Ministry of Economic Affairs. However, the time limit for commencing business operations may be extended if justified reasons exist; provided, that such extension may not exceed six (6) months and is limited to once.