ENFORCEMENT RULE OF THE SECURED BOND TRUST ACT
Wholly Amended by Ordinance of the Prime Minister No. 699, Aug. 11, 1969
Amended by Ordinance of the Prime Minister No. 7, Apr. 24, 1998
Ordinance of the Prime Minister No. 875, Mar. 3, 2008
| Article 1 (Application for Authorization) |
Any person who desires to obtain an authorization for the trust business concerning secured bonds in accordance with the provision of Article 5 (2) of the Secured Bond Trust Act (hereinafter referred to as the "Act") shall submit to the Financial Services Commission an application for authorization along with the following documents attached thereto: <Amended by Ordinance of the Ministry of Finance and Economy No. 17, Apr. 24, 1998; Ordinance of the Prime Minister No. 875, Mar. 3, 2008> | 2. | Estimated income statement. |
| Article 2 (Application for Authorization for Stocks as Collateral) |
| (1) | If stocks are to be offered as collateral for bonds in accordance with the provision of Article 4 (2) of the Act, the following documents shall be submitted to the Financial Services Commission along with the application for authorization: <Amended by Ordinance of the Ministry of Finance and Economy No. 17, Apr. 24, 1998; Ordinance of the Prime Minister No. 875, Mar. 3, 2008> |
| 1. | Documents describing the class, quantity, and value of the stocks offered as collateral and the type and value of other collateral, if any, offered in addition to the stocks; and |
| 2. | Documents describing the ground of the calculation of the values set forth in subparagraph 1. |
| (2) | If stocks are to be offered as an additional collateral in accordance with Article 64 of the Act, documents describing the outstanding amount of bonds to be redeemed shall be attached in addition to the documents specified in paragraph (1). <Amended by Ordinance of the Ministry of Finance and Economy No. 17, Apr. 24, 1998> |
| (3) | If stocks are to be offered as a replacement of collateral in accordance with Article 64 of the Act, the minutes of the assembly of bondholders (hereinafter referred to as the "assembly") shall be attached in addition to the documents specified in paragraph (2). <Amended by Ordinance of the Ministry of Finance and Economy No. 17, Apr. 24, 1998> |
| Article 3 (Trust Contract with Foreign Companies) |
Any person who intends to enter into a trust contract with a foreign company in accordance with the provisions of Article 11 of the Act shall submit to the Financial Services Commission an application along with the following documents attached thereto: <Amended by Ordinance of the Ministry of Finance and Economy No. 17, Apr. 24, 1998; Ordinance of the Prime Minister No. 875, Mar. 3, 2008> | 2. | Statement describing the type, quantity and value of the collateral to be offered to the bonds; |
| 3. | Financial statements of the trustor; and |
| 4. | Articles of Incorporation and financial statements of the foreign trust company, and a statement describing the name, nationality, and address of its director. |
| Article 4 (Application for Authorization for Calling Meetings) |
A person who desires to obtain an authorization for calling a meeting in accordance with the provision of Article 42 (2) of the Act shall submit to the Financial Services Commission an application for authorization along with the following documents attached thereto: <Amended by Ordinance of the Ministry of Finance and Economy No. 17, Apr. 24, 1998; Ordinance of the Prime Minister No. 875, Mar. 3, 2008> | 1. | Statement describing the purpose of the meeting and the reason for calling the meeting; and |
| 2. | Statement certifying that the applicant is a bondholder who holds at least ten percent of total amount of the bonds, if it is the case. In this case, a bondholder of bearer bonds shall deposit his/her bonds first and attach a statement certifying the fact that the bonds are duly deposited. |
| Article 5 (Application for Appointment of Special Representative) |
In applying for appointment of the special representative in accordance with the provision of Article 78 (1) of the Act, the following documents shall be submitted to the Financial Services Commission along with the application. <Amended by Ordinance of the Ministry of Finance and Economy No. 17, Apr. 24, 1998; Ordinance of the Prime Minister No. 875, Mar. 3, 2008> | 1. | Minutes of meeting of the assembly; and |
| 2. | Statement describing the facts supporting the reason for application. |
| Article 6 (Request for Deposit) |
The trustor or the assembly that intends to request for deposit in accordance with the provision of Article 83 of the Act shall submit to the Financial Services Commission the application along with documents proving the fact that the collateral has ceased to exist or its value has been reduced. <Amended by Ordinance of the Ministry of Finance and Economy No. 17, Apr. 24, 1998; Ordinance of the Prime Minister No. 875, Mar. 3, 2008>
| Article 7 (Application for Resignation from Trustee) |
The trust company that intends to resign from trustee in accordance with the last sentence of Article 86 (1) of the Act shall submit to the Financial Services Commission an application along with the following documents attached thereto: <Amended by Ordinance of the Ministry of Finance and Economy No. 17, Apr. 24, 1998; Ordinance of the Prime Minister No. 875, Mar. 3, 2008> | 1. | Statement describing the reason for resignation; and |
| 2. | Statement describing the status of its business since the commencement of its trust service for the issuance of the relevant bonds. |
| Article 8 (Application for Removal of Trustee) |
In filing an application for removal of the trustee in accordance with the provision of Article 87 of the Act, a statement describing the reason shall be submitted to the Financial Services Commission along with the application. <Amended by Ordinance of the Prime Minister No. 875, Mar. 3, 2008>
| Article 9 (Report on Succession) |
In submitting a report on succession to the trust service in accordance with the provision of Article 89 (2) of the Act, the following documents shall be submitted to the Financial Services Commission along with the report: <Amended by Ordinance of the Prime Minister No. 875, Mar. 3, 2008> | 1. | A copy of succession agreement; and |
| 2. | Settlement statement concerning the trust service. |
| Article 10 (Submission of Business Report, etc.) |
| Article 11 (Procedure for Collection of Fine for Negligence) |
The Rule on Process of Tax Collection Officer's Works shall apply mutatis mutandis to the procedure for collection of a fine for negligence under the provision of Article 2 (4) of the Decree. In this case, the demand for payment notice shall contain information about the method and time limit for filing an objection. [This Article Newly Inserted by Ordinance of the Ministry of Finance and Economy No. 17, Apr. 24, 1998]
ADDENDUM
This Rule shall enter into force on the date of its promulgation.
ADDENDUM<Ordinance of the Ministry of Finance No. 699, Aug. 11, 1969>
This Rule shall enter into force on the date of its promulgation.
ADDENDUM<Ordinance of the Ministry of Finance and Economy No. 17, Apr. 24, 1998>
This Rule shall enter into force on the date of its promulgation.
ADDENDA<Ordinance No. 875 Mar. 3, 2008>
Article 1 (Enforcement Date)
This Rule shall enter into force on the date of its promulgation.
Articles 2 through 5 Omitted.