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Article 16
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Without prejudice to the laws and regulations of the foreign issuer's country of registration and listing country, upon approval by a majority of the directors present at a board of directors meeting attended by two-thirds of the directors, the foreign issuer may repurchase from the centralized securities exchange market of of the TWSE the Taiwan depository receipts issued, pursuant to the TWSE Rules Governing the Repurchase of Taiwan Depositary Receipts by Secondary Listed Companies.
The Taiwan depositary receipts repurchased as in the preceding paragraph may be used only for redeeming the securities they represent, in which event such securities shall be deregistered.
If the foreign issuer repurchases from the centralized securities exchange market the Taiwan depository receipts issued, it shall report and disclose the repurchase within the prescribed period pursuant to relevant regulations of the TWSE regarding material information.
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