Newsletter
Penalties for Failure to Notify Some Shareholders about Shareholders' Meeting
If a director representing the company fails to meet the requirements for calling a shareholders meeting as prescribed under Paragraphs, 1, 2, and 3, Article 172 of the Company Act, the director will be subject to a fine of no less than NT$10,000 but no more than NT$50,000 (Paragraph 6, Article 172 of the Company Act). On May 5, 2010, the Ministry of Economic Affairs issued a ruling stating that the failure to notify some of the company's shareholders about a shareholders meeting should be deemed a failure to meet the requirements for calling a shareholders meeting and should subject the director representing the company to the fine prescribed under Paragraph 6 of Article 172.