Division 4
Listed Securities
 
Division 4 Listed Securities
 
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Section 189
 
 
Any issuer of securities who wishes to have its securities traded in the Securities Exchange shall proceed to have such securities listed in the Securities Exchange.

Upon receiving the application for listing, the Securities Exchange shall consider and submit its opinion to the board of directors of the Securities Exchange for the purpose of making an order to accept or reject such securities as listed securities.
 
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Section 190
 
 
In the purchase or sale of listed securities, the retention or the return of such securities which have been used as collateral for a repayment of loan under Section 195 or in any other cases as specified by the SEC, securities of the same category, type and amount of the same juristic person or the same mutual fund project may be used as substitutes.
 
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Section 191
 
 
The company issuing securities which are listed in the Securities Exchange shall be required to keep a register of securities holders in accordance with the rules and procedures as specified by the board of directors of the Securities Exchange.

In keeping the register referred to in the first paragraph, the issuing company may appoint the Securities Exchange or any other person who has been given a license to provide services of being a securities registrar in accordance with Section 221 to carry out such duty.
 
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Section 192
 
 
In cases where shareholders who collectively hold not less than twenty-five percent of the total amount of shares sold in the company issuing securities which are listed in the Securities Exchange make a request to the Securities Exchange to act as securities registrar of the company, the Securities Exchange shall accept such request. In such case, the issuing company shall deliver relevant documents to the Securities Exchange within sixty days from the date on which the Securities Exchange has notified its acceptance to the issuing company and after the lapse of such period of time the issuing company can no longer act as the registrar.
 
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Section 193
 
 
In cases where the company issuing securities which are listed in the Securities Exchange has determined the date on which it shall not accept the entry of the transfer of name securities into the register prior to the shareholders' meeting and there are securities holders who have requested the registration of transfer prior to the date of non-acceptance, the issuing company shall complete the registration of the transfer prior to the date of the shareholders' meeting.
 
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Section 194
 
 
No company issuing securities which are listed in the Securities Exchange shall pay dividends or other benefits to persons other than the persons whose names are entered in the securities register and in cases where such securities are shares, no issuing company shall allow such other person to vote in the shareholders' meeting.
 
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Section 195
 
 
In cases where the owner of securities has entered into an agreement allowing a securities company to retain listed securities which have been purchased in the Securities Exchange as collateral for a loan relating to the purchase of such securities by the securities company on his behalf, the securities company shall:
(1) keep an account of such listed securities in accordance with the form specified by the Securities Exchange and shall make a complete and correct record of entry;
(2) maintain, at all times, listed securities corresponding with the category, type and net amount as appears in the securities account under (1), unless specified in the notification of the board of directors of the Securities Exchange, and shall return them to the borrower immediately upon the borrower having fully repaid the loan.
The provisions of Section 753 of the Civil and Commercial Code shall not apply to the retention of the listed securities as a collateral for the repayment of a loan referred to in the first paragraph.

The provisions concerning pledge under the Civil and Commercial Code shall apply to the extent that they are not contrary to or inconsistent with the provisions of this Section and Section 196.
 
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Section 196
 
 
Prior to the enforcement upon listed securities which have been held as collateral by a securities company or other financial institution for the repayment of a loan, the lender shall notify the borrower in writing requiring him to make such repayment within a reasonable period of time. If the borrower fails to comply with such notice, the lender shall have the right to sell such retained securities in accordance with the procedures specified by the Securities Exchange.
 
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Section 197
 
 
In issuing securities certificates, the securities registrar shall have the power to sign his name in the securities certificates in lieu of the signature of the directors of the company issuing securities which are listed in the Securities Exchange when authorized by such company.
 
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Section 198
 
 
The provisions of Section 191, Section 192, Section 193, Section 194, Section 195 and Section 196 shall not apply to the following securities:
(1) bonds issued by government organizations or state enterprises;
(2) bills;
(3) any other securities as specified by the board of directors of the Securities Exchange.
 
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Section 199
 
 
he provisions of Section 51, Section 52, Section 53 and Section 55 including related penalty provisions shall apply mutatis mutandis to the transfer and preparation of a listed securities register of the company issuing securities listed in the Securities Exchange which are not bills.

The provisions of Section 56, Section 57, Section 58, Section 59, Section 60 and Section 62 including related penalty provisions shall apply mutatis mutandis to the disclosure of information and to the auditor of the company issuing securities listed in the Securities Exchange which are not bonds issued by government organizations or state enterprises or any other securities as specified by the board of directors of the Securities Exchange. In cases where such company has already prepared and submitted a report to the Office concerning the disclosure of information in accordance with Section 56, the company may submit a copy of report to the Securities Exchange.

In cases where the provisions referred to in the first and second paragraphs specify the powers and duties of the Office or the SEC, such provisions shall be deemed to be the powers and duties of the Securities Exchange or the board of directors of the Securities Exchange, as the case may be.
 
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Section 200
 
 
The balance sheet and profit and loss account for any accounting period of a securities company or financial institution whose securities listed in the Securities Exchange which have been prepared in accordance with the form specified under the first paragraph of Section 106 or in accordance with the law relating to the operation of such financial institution, shall be the financial statements for the accounting period as specified in Section 199. The auditor who has been given an approval in accordance with Section 106 of the said law shall be deemed to be the auditor who has been given an approval by the Securities Exchange.