Articles 25-1, 44-1, 44-2 and 129-2 added and Articles 19, 25, 33-3, 35-2, 42, 44, 48, 50, 62 ~ 62-5, 62-7, 62-9, 128, 129, 131, and 133 amended per Presidential Decree Hua-Zong-Yi-Yi-Zi No. 09700279621 dated December 30, 2008.
Article 19
The term “Competent Authority” as used in this Act shall mean the Financial Supervisory Commission, Executive Yuan.
Article 25
The shares issued by a Bank shall be registered shares.
The same person or same concerned party who singly, jointly or collectively acquires more than five percent (5%) of a Bank’s outstanding voting shares shall report such fact to the Competent Authority within ten (10) days from the day of acquisition; the preceding provision applies to each cumulative increase or decrease in the shares of the same person or same concerned party by more than one percent (1%) thereafter.
The same person or same concerned party who intends to singly, jointly or collectively acquire more than ten percent (10%), twenty-five percent (25%) or fifty percent (50%) of a Bank’s outstanding voting shares shall apply for prior approval of the Competent Authority.
A third party who holds shares of the Bank on behalf of the same person or same concerned party in trust, by mandate or through other types of contract, agreement or authorization shall fall within the purview of a concerned party.
The same person or same concerned party who singly, jointly or collectively holds shares of the Bank representing more than five percent (5%) but less than fifteen percent (15%) of a Bank’s outstanding voting shares prior to the implementation of the amendment to the Act on December 9, 2008 shall report such fact to the Competent Authority within six (6) months from the implementation date of the said amendment. Those who report to the Competent Authority within the said prescribed period may maintain their shareholding at the time of reporting. However, those whose original shareholding exceeds ten percent (10%) shall apply for the prior approval of the Competent Authority when they intend to increase their shareholding for the first time thereafter.
The regulations governing the qualifications and requirements for the same person or same concerned party who applies for approval pursuant to Paragraph 3 hereof or the proviso of the preceding paragraph, required documentation, shares to be acquired, purpose of acquisition, sources of funding, and other matters to be complied with shall be prescribed by the Competent Authority.
Where the same person or same concerned party who holds voting shares issued by a Bank without filing a report with the Competent Authority or obtaining approval from the Competent Authority in accordance with the provisions set forth in Paragraphs 2, 3 or 5 hereof, the excess shares held by such same person or same concerned party shall not have voting rights and shall be disposed of within the given period prescribed by the Competent Authority.
If the total number of a Bank’s shares held by the same person or by the principal, his/her spouse and children under twenty (20) years of age exceeds one percent (1%) of the Bank’s outstanding voting shares, such principal shall notify the Bank thereof.
Article 25-1
The term “same person” as used in the preceding article shall mean the same natural or juristic person.
The term “same concerned party” as used in the preceding article shall mean parties related to the same natural or juristic person, including:
1. Parties related to the same natural person:
(1) The principal, his/her spouse and relatives by blood within the second degree of kinship.
(2) An enterprise in which the persons referred to in the preceding subparagraph hold more than one third (1/3) of its outstanding voting shares or more than one third of its capital.
(3) An enterprise or a foundation in which the persons referred to in subparagraph (1) hereof act as its chairman, president or directors representing the majority of directors.
2. Parties related to the same juristic person:
(1) The same juristic person and its chairman and president as well as the spouse and relatives by blood within second degree of kinship of the chairman and president.
(2) Enterprises in which the same juristic person and natural persons referred to in the preceding subparagraph hold more than one third (1/3) of their outstanding voting shares or more than one third of their capital, or enterprises or foundations in which the same juristic person and natural persons referred to in the preceding subparagraph act as their chairman, president or directors representing the majority of directors.
(3) The affiliates of the same juristic person. The term “affiliate” shall be defined under Articles 369-1 through 369-3, Articles 369-9 and 369-11 of the Company Law.
The calculation of shares of a Bank held by the same person or same concerned party under the preceding two paragraphs shall exclude shares held under the following circumstances
1. Shares acquired by a securities firm during the underwriting period of the securities and disposed of during the period prescribed by the Competent Authority.
2. Shares acquired by a financial institution under a collateral pledge or security agreement and four years have not elapsed since the date of acquisition.
3. Shares acquired by inheritance or bequest and two years have not elapsed since the date of inheritance or bequest.
Article 33-3
The Competent Authority may impose restrictions on credit extensions or other transactions by a Bank with the same person, the same concerned party or the same affiliate, and issue regulations with respect to the limits on such credit extensions, the scope of other transactions, and other matters to be complied with.
The same person, same concerned party or the same affiliate with which a Bank may extend credit or engage in other transactions as referred to in the preceding paragraph shall be defined as follows:
1. The same person shall mean the same natural or juristic person.
2. The same concerned party shall mean the principal, his/her spouse and relatives by blood within the second degree of kinship, as well as enterprises in which the principal or his/her spouse is the responsible person.
3. The same affiliates shall be defined under Articles 369-1 through 369-3, Articles 369-9 and 369-11 of the Company Law.
Article 35-2
The guidelines for qualifications and requirements for the responsible person of a Bank, restrictions on concurrent posts thereof and other matters to be complied with shall be prescribed by the Competent Authority.
A person not meeting the qualifications and requirements set forth in the guidelines referred to in the preceding paragraph shall not act as the responsible person of a Bank; any such person who currently acts as the responsible person of a Bank shall be ipso facto discharged.
Article 42
A Bank shall provide reserves for different types of deposits and other types of liabilities incurred by such Bank in accordance with the rates established by the Central Bank of China.
The scope of the “other types of liabilities” under the preceding paragraph shall be determined by the Central Bank of China in consultation with the Competent Authority.
Article 44
A Bank’s equity capital to its risk assets shall not be less than a certain ratio. For Banks which are required by the Competent Authority to produce consolidated financial statements, the equity capital to risk assets on such consolidated basis shall also meet a certain ratio.
Banks shall be graded by capital as follows based on the ratio of its equity capital to risk assets:
1. Adequate capital.
2. Inadequate capital.
3. Significantly inadequate capital.
4. Seriously inadequate capital.
The term “seriously inadequate capital” mentioned in subparagraph 4 of the preceding paragraph shall mean the ratio of equity capital to risk assets being less than two percent (2%). A Bank whose net-worth to total assets is less than two percent (2%) shall be deemed as having seriously inadequate capital.
The regulations governing the definition of “certain ratio” as referred to in Paragraph 1 hereof, the scope of a Bank’s equity capital and risk assets, method of calculation, and measures for grading in Paragraph hereof, and reviews shall be prescribed by the Competent Authority.
Article 44-1
Banks having any of the following situations are prohibited from distributing cash profits or buying back shares thereof:
1. The Bank is graded as having inadequate capital, significantly inadequate capital or seriously inadequate capital.
2. The Bank is graded as having adequate capital, but the Bank might be downgraded to any of the grades stipulated in the preceding subparagraph if it distributes cash profits or buys back shares thereof.
Banks stipulated in Subparagraph 1 of the preceding paragraph shall not make payments to their responsible persons other than remunerations, unless it is otherwise approved by the Competent Authority.
Article 44-2
The Competent Authority shall take the following actions in part or in whole based on the grading of a Bank’s capital:
1. Banks having inadequate capital:
(1) Order the Bank or its responsible person to propose a capital restructuring or other finance and business improvement plans. For Banks that fail to propose a capital restructuring or other finance and business improvement plans as ordered, or fail to carry out the said plan accordingly, supervisory actions for the next capital grade may be adopted.
(2) Restrict the new acquisition of risk assets or take other necessary actions.
2. Banks having significantly inadequate capital:
(1) Apply the provisions in the preceding paragraph.
(2) Remove the responsible person from his/her position and notify the competent authority in charge of company registration to take note thereof on the registered items.
(3) Order the Bank to obtain the prior approval of the Competent Authority before acquiring or disposing of specific assets.
(4) Order the Bank to dispose of specific assets.
(5) Restrict or prohibit credit extension or other transactions with interested parties.
(6) Restrict the investment activities or some businesses of the Bank, or order the Bank to close a branch or department within a prescribed period.
(7) Limit the interest rate the Bank pays on deposits to a level not exceeding the interest rate other banks pay on comparable deposits or deposits of the same nature.
(8) Order the reduction in remuneration of responsible persons, and the reduced remuneration shall not exceed 70% of the average remuneration paid out to the said responsible person within twelve (12) months before the Bank’s capital becomes significantly inadequate.
(9) Assign officials to take conservatorship over the Bank’s operations or take other necessary actions.
3. Banks having seriously inadequate capital: The Competent Authority shall take actions set out in Paragraph 2 of Article 62 of this Act in addition to the actions prescribed in the preceding subparagraph.
The Competent Authority may examine at any time the implementation status of the Bank’s capital restructuring or finance and business improvement plan, if deemed necessary, consult with relevant authorities or institutions and entrust a professional institution to provide assistance t the cost of the Bank.
Where a Bank is under the conservatorship of an official assigned by the Competent Authority, Paragraph 3 of Article 62-2 of this Act shall apply mutatis mutandis.
Where a Bank’s business operation is seriously inadequate or its capital might be downgraded, the Competent Authority may adopt supervisory actions for the next capital grade. Where there is a concern of imminent danger of the Bank’s continuing operation or adverse effect on the financial stability, the Competent Authority should renew the review or adjustment of the Bank’s capital grade.
The regulations related to the procedure for conservatorship mentioned in Paragraph 1 hereof, the responsibility and authority of the conservator, assumption of related expenses and other matters to be complied with shall be prescribed by the Competent Authority.
Article 48
A Bank may not accept requests from a third party to stop payment on deposits or remittances, to detain collateral or articles in such Bank's custody, or other similar requests, unless such requests are made under a judgment of a court or under relevant provisions of other laws.
A Bank shall keep confidential all related information on deposits, loans or remittancesof its customers unless under any of the following circumstances:
1. Otherwise provided for by law.
2. The write-off data related to the same customer whose delinquent debt has been written off and the cumulative amount of write-off exceeds NT$50 million, or the cumulative amount of delinquent debt of the same customer written off in half a year after the loan was made exceeds NT$30 million, .
3. The information on non-performing loan or non-accrual loan in cases prosecuted by prosecutors pursuant to Articles 125-2, 125-3, or127-1.
4. Other circumstances as prescribed by the Competent Authority.
Article 50
A Bank, at the time of distributing its earnings for each fiscal year, shall set aside thirty percent (30%) of its after-tax earnings as a legal reserve. However, unless and until the accumulated legal reserve equals the Bank's paid-in capital, the maximum cash profits which may be distributed shall not exceed fifteen percent (15%) of the Bank's paid-in capital.
In the event that the accumulated legal reserve equals or exceeds a Bank’s paid-in capital or the Bank is sound in both its finance and business operations and have set aside legal reserve in compliance with the Company Law, the restrictions stipulated in the preceding paragraph shall not apply.
In addition to the required legal reserve, a Bank may set aside a special surplus reserve in accordance with its Articles of Incorporation or a resolution of its shareholders meeting.
The regulations governing the criteria of capital adequacy ratio for being sound in finance and business operations as stipulated in Paragraph 2 hereof, asset quality and compliance shall be prescribed by the Competent Authority.
Article 62
When there is a concern that a Bank is unable to pay its debts when due or there might detriment to the depositors’ interests due to obvious deterioration in the Bank’s business or financial status, the Competent Authority shall assign officials to take receivership over the Bank, order such a Bank to suspend and wind up business , or take other necessary measures. If deemed necessary, the Competent Authority may notify relevant authorities or institutions to prohibit the Bank’s responsible person from transferring, delivering or creating other rights in his/her properties, and/or request the immigration agency to prohibit the responsible person from departing the country.
When a Bank’s capital is graded as being seriously inadequate, the Competent Authority shall assign officials to take receivership over the Bank within ninety (90) days from the date the Bank is listed as having seriously inadequate capital. Notwithstanding the foregoing, for Banks that are ordered by the Competent Authority to undertake capital restructuring or merger within a prescribed period but have failed to comply therewith accordingly, the Competent Authority shall assign officials to take receivership over the Bank within ninety (90) days from the next day following the expiration of the prescribed period.
The regulations governing the procedure for receivership mentioned in the preceding two paragraphs hereof, the responsibilities and powers of the receiver, assumption of related expenses and other matters to be complied with shall be prescribed by the Competent Authority.
For Banks that are ordered to suspend business under Paragraph 1 hereof, the winding-up procedure for such Banks shall be deemed as liquidation under the Company Law.
A court that receives a Bank’s filing for bankruptcy shall promptly forward a copy of the petition to the Competent Authority and consult the specific opinions of the Competent Authority on whether bankruptcy declaration should be allowed.
Article 62-1
In the event a Bank is placed under receivership or is ordered to suspend and wind up business, the duties and powers of the Bank’s shareholders’ meeting, board of directors, directors, supervisors or audit committee are ipso facto suspended. The Competent Authority may notify relevant authorities or institutions to prohibit the transfer, delivery or creation of rights in the properties owned by the Bank or its responsible persons or staff members who are suspected of violating laws, and may request the immigration agency to prohibit said persons from departing the country.
Article 62-2
Where the Competent Authority has assigned officials to take receivership over a Bank, the Bank’s operation and management and disposal of the Bank’s properties shall be handled by the receiver.
The receiver in the preceding paragraph has the authority to represent the Bank under receivership in litigation and non-litigation matters and may designate a natural person to discharge duties on his/her behalf. A receiver is not subject to Article 17 of the Administrative Execution Act in the performance of duties.
Upon receiving the order of receivership, the responsible person and staff members of a Bank shall deliver all books, documents, seals and properties together with an inventory thereof to the receiver and shall disclose all necessary information relating to the assets and liabilities of the Bank to the receiver and take other necessary actions to comply with such receivership as per the receiver’s request; the Bank’s responsible person or staff members shall not refuse to answer relevant inquiries or make false representations.
A Bank is not subject to Article 35 of Civil Code, Articles 208-1, 211, 245, and 282 ~ 314 of Company Law, or the Bankruptcy Act during receivership.
The duration of receivership over a Bank shall last two hundred and seventy (270) days from the date the Competent Authority assigns officials to take over. If deemed necessary and with the approval of the Competent Authority, the duration of receivership may be extended once for a period of no longer than one hundred and eighty (180) days.
A receiver is not required to furnish security when requesting the court for provisional seizure or provisional disposition in the performance of his or her duties.
Article 62-3
With regards to the following actions toward a Bank under receivership, the receiver shall formulate a feasibility action plan with the approval of the Competent Authority:
1. Mandating other Banks, financial institutions or the Central Depository Insurance Company to operate all or part of the business.
2. Increasing capital, reducing capital or increasing capital after reducing capital.
3. Sale of all or part of the business, assets or liabilities.
4. Merger with another bank or another financial institution.
5. Other important actions as determined by the Competent Authority.
All necessary expenses and debts incurred by the receiver for maintaining the operations and in the performance of duties shall be borne by the Bank under receivership and repaid by the Bank’s properties at any time; the types of necessary expenses and debts shall be prescribed by the Competent Authority.
Where the expenses and debts referred to in the preceding paragraph are not paid off, they shall have priorities over other debts of the Bank when the Bank under receivership is ordered by the Competent Authority to suspend and wind up business , and may be repaid at any time by the assets of the winding-up Bank .
Article 62-4
In the event that a bank or financial institution receives the transfer of business, assets and liabilities pursuant to Subparagraph 3, Paragraph 1 of the preceding article, the following provisions shall apply:
1. For a company limited by shares, a resolution of consent to the transfer must be adopted by at least a majority of the votes of shareholders present at a shareholders' meeting attended by shareholders representing a majorityof the outstanding shares of the company, whereas dissenting shareholders may not request buy back of their shares, and Articles 185 through 188 of the Company Law do not apply.
2. Notifications of the transfer of debt may be done by a public announcement and Article 297 of the Civil Code does not apply.
3. The assumption of debt does not require the acknowledgment of creditors as provided in Article 301 of the Civil Code.
4. If the Competent Authority determines that there is a need for exigent measures , which will not have materially adverse effect on financial market competition, approval of the Fair Trade Commission under Paragraph 1, Article 11 of the Fair Trade Law is not required.
In case a Bank transfers its business, assets and liabilities pursuant to Subparagraph 3, Paragraph 1 of the preceding article, Paragraph 2, Article 5 of The Protective Act for Mass Dismissal of Employees does not apply.
In addition to Subparagraph 4 of Paragraph 1hereof, the following provisions shall also apply when a Bank or another financial institution is merged with a Bank under receivership in accordance with Subparagraph 4 of Paragraph 1 of the preceding article:
1. For a company limited by shares, a resolution of consent to merger must be adopted by at least a majority of the votes of shareholders present at a shareholders' meeting attended by shareholders representing a majorityof outstanding shares of the company, whereas dissenting shareholders may not request buy back of their shares. For a credit cooperative, a resolution of consent to merger must be adopted by at least a majority of members (representatives) present in a members (representatives) meeting attended by at least a majority of all members (representatives), whereas dissenting members may not request refund of the amount of their shares, and Paragraphs 1 through 3 of Article 316 and Article 317 of the Company Law, and Paragraph 1 of Article 29 of the Credit Association Act shall not apply.
2. Notifications of dissolution or merger may be done by a public announcement and Paragraph 4, Article 316 of the Company Law does not apply.
Subparagraph 4 of Paragraph 1 hereof shall apply where another Bank, financial institution or the Central Depository Insurance Company is mandated to operate a Bank’s business pursuant to Subparagraph 1 of Paragraph 1 of the preceding article.
Article 62-5
For the winding-up of a Bank, the Competent Authority shall designate a liquidator to handle such proceedings and may dispatch officials to supervise the winding-up process; Paragraphs 1-3 and 6 of Article 62-2 herein shall apply to the liquidator in the performance of duties.
The duties of a rehabilitator shall be to:
1. To wind up all pending business.
2. To collect all outstanding debts and to pay off all claims .
When a liquidator discharges his or her duty pursuant to the preceding paragraph to transfer the business, assets and liabilities of a winding-up Bank to another bank or financial institution, or proposes the merger of the Bank with another bank or financial institution, the liquidator shall acquire the prior approval of the Competent Authority.
Paragraphs 1 and 3 of the preceding article shall apply where a winding-up Bank transfers its business, assets, and/or liabilities to or merges with another bank or financial institution.
Article 62-7
If a Bank is ordered by the Competent Authority to suspend and wind up business , creditors’ rights shall not be exercised by any third party against the Bank other than through the winding-up proceeding set forth in Paragraph 1 of the preceding article, except for rights that have been ascertained through litigation procedures.
If the distribution of payment of creditors’ rights referred to in the preceding paragraph is likely to be delayed due to litigation, the liquidator may set aside an amount based on the winding-up distribution ratio and distribute the residue assets to other creditors.
The proceedings for corporate reorganization, bankruptcy, settlement, and compulsory execution shall automatically stay during a Bank’s winding-up period.
The liquidator may terminate or void any contract or agreement already entered into by the winding-up Bank but not yet being performed or fully performed. The counterparties to such contracts or agreements that sustain damages thereof may exercise their rights as creditors under the winding-up proceedings.
The following creditors’ rights shall be excluded from the winding-up :
1. Interest accrued after the Bank’s suspension of business.
2. Expenses incurred by creditors for personal benefit in participating in the winding-up .
3. Damages and penalties owed by the Bank due to non-performance of obligations after the Bank’s suspension of business.
4. Criminal fines , administrative fines and arrears fees .
Those who hold pledges, mortgages or liens on the Bank’s properties prior to the date of suspension of business shall have the right of exclusion; creditors with the right of exclusion may exercise their rights independently of the winding-up procedure; provided that for debts that remain unsettled after the exercise of right of exclusion, such creditors may file a claim in accordance with the winding-up proceeding.
Expenses and debts incurred from the performance of winding-up duties by the liquidator shall have priority over winding-up claims and may be reimbursed at any time by the assets of the Bank undergoing rehabilitation.
The statute of limitations on claims in accordance with Paragraph 1 of the preceding article or known to the liquidator and included as winding-up claims shall be interrupted and shall be reinstated from the conclusion of the winding-up proceedings.
The rights of creditors who have been repaid in the winding-up proceeding to request payment of the unpaid part of their claims shall be deemed extinguished. After completion of winding-up, if distributable property is discovered, supplemental distribution shall be carried out. If there is any residue property after paying those creditors who are listed in the winding-up proceeding, the creditors referred to in paragraph 5 shall be entitled to claim it.
After a Bank has repaid its debts according to the preceding paragraph, the remaining assets, if any, shall be distributed among the Bank’s shareholders pursuant to the Company Law.
Article 62-9
The expenses and debt incurred by an institution designated by the Competent Authority or its dispatched officials to provide guidance or carry out the work of conservatorship shall be borne by the Bank receiving the guidance or undergoing conservatorship.
Article 128
The directors or supervisors of a Bank who violate Paragraph 1 of Article 64 herein by delaying filing reports to the Competent Authority, or the directors or staff members of an Investment and Trust Company who violate Article 108 herein by participating in such decision, shall, respectively, be punished by an administrative fine of not less than Two Million New Taiwan Dollars (NT$ 2,000,000) and not more than Ten Million New Taiwan Dollars (NT$10,000,000).
In the event that the responsible person or staff member(s) of a foreign bank violate Article 123 herein to which Article 108 of the Act applies mutatis mutandis by participating in the decision, the penalties prescribed in the preceding paragraph shall apply.
In the event that a shareholder of a Bank violates Paragraphs 2, 3 or 5 of Article 25 herein by failing to file a report with the Competent Authority with respect to his/her shareholding, or failing to acquire the approval of the Competent Authority to hold shares of the Bank, such shareholder shall be imposed of an administrative fine of not less than Two Million New Taiwan Dollars (NT$2,000,000) and not more than Ten Million New Taiwan Dollars (NT$10,000,000).
A financial information business which handles inter-bank funds transfers and bills clearing, or a service business which handles the inter-bank credit data processing and exchange commits one of the following acts shall be imposed of an administrative fine of not less than Two Million New Taiwan Dollars (NT$2,000,000) and not more than Ten Million New Taiwan Dollars (NT$10,000,000):
1. Refusing to be examined or concealing or damaging related data, or refusing to respond to or making false representation in response to the inquiries of the investigators without justifications, missing the deadline for submission of data or making false or incomplete representations the Competent Authority dispatches officials or appoints an appropriate institution to examine its business, financial condition and other related matters, or orders submission of financial reports or other related data.
2. Suspending all or part of its business without obtaining the approval of the Competent Authority.
3. Unless otherwise provided for in other laws or regulations prescribed by the Competent Authority, disclosing without cause a third party’s data learned or held through their position.
A service business which conducts inter-bank credit data processing and exchange without obtaining the approval of the Competent Authority shall be punished pursuant to the preceding paragraph.
Article 129
Commission of any of the following acts shall be imposed of an administrative fine of not less than Two Million New Taiwan Dollars (NT$2,000,000) and not more than Ten Million New Taiwan Dollars (NT$10,000,000):
1. Violation of Articles 21, 22 or 57 or violation of Article 123 to which Articles 21, 22 or 57 of the Act applies mutatis mutandis.
2. Issuing share certificates in violation of Paragraph 1 of Article 25 herein;
3. Violation of Paragraphs 1 through 3, Article 28 or violation of Article 123 to which Paragraphs 1 through 3 of Article 28 of the Act apply mutatis mutandis;
4. Violation of restrictions imposed by the Competent Authority under Article 33-3 or Article 36 or Article 123 herein to which Article 33-3 or Article 36 of the Act applies mutatis mutandis;
5. Violation of the notice given by the Competent Authority in accordance with Article 43 or Article 123 to which Article 43 of the Act applies mutatis mutandis by failing to make the adjustment required thereby within the prescribed period;
6. Violation of Article 44-1 of the Act or the actions taken by the Competent Authority in accordance with Paragraph 1 of Article 44-2 herein;
7. Failure to establish or diligently conduct the internal control and audit systems, internal processing system and procedures, and internal operation system and procedures in accordance with Article 45-1 or Article 123 herein to which Article 45-1 of the Act applies mutatis mutandis;
8. Failure to apply for approval in accordance with Paragraph 2 of Article 108, or violation of Article 123 herein to which Paragraph 2 of Article 108 of the Act applies mutatis mutandis;
9. Violation of Paragraph 4 of Article 110, or violation of Article 123 herein to which Paragraph 4 of Article 110 of the Act applies mutatis mutandis by failing to set aside sufficient special reserve;
10. Violation of Paragraph 1 of Article 115, or violation of Article 123 herein to which Paragraph 1, Article 115 of the Act applies mutatis mutandis in publicly offering mutual trust fund; or
11. Violation of Article 48 of the Act.
Article 129-2
The responsible person of a Bank who violates Paragraph 1 of Article 44-2 of the Act by failing to propose or to diligently undertake capital restructuring, or other finance and business improvement plan shall be imposed of an administrative fine of not less than Two Million New Taiwan Dollars (NT$2,000,000) and not more than Ten Million Dollars (NT$10,000,000).
Article 131
Commission of any of the following acts shall be imposed of an administrative fine of not less than Five Hundred Thousand New Taiwan Dollars (NT$ 500,000) and not more than Two Million and Five Hundred Thousand New Taiwan Dollars (NT$2,500,000):
1. Violation of Paragraph 8 of Article 25 herein by failing to give notice;
2. Violations of Article 34 or Article 123 to which Article 34 of the Act applies mutatis mutandis by accepting deposits;
3. Appointing a person not meeting the qualification requirements set forth in the guidelines stipulated in Paragraph 1 of Article 35-2 herein or the appointed responsible person violating the restrictions on concurrent posts prescribed in said guidelines;
4. Violation of Article 49 or Article 123 herein to which Article 49 of the Act applies mutatis mutandis;
5. Violation of Article 114 or Article 123 herein to which Article 114 of the Act applies mutatis mutandis;
6. Violation of Paragraph 1 of Article 50 herein by failing to set aside legal surplus reserve;
7. Violation of the rules set forth by the Competent Authority in accordance with Article 51 or Article 123 herein to which Article 51 of the Act applies mutatis mutandis; or
8. Violation of rules set forth by the Competent Authority in accordance with Article 51-1 herein by refusing to make payment.
Article 133
The administrative fines set forth in Articles 129, 129-1, 130, Subparagraphs 2 through 8 of Article 131, and Article 132 herein shall be imposed against the Bank or its branch.
The Bank or its branch may seek recourse from the responsible person after paying the administrative fines in accordance with the preceding paragraph.