|Article 20|| In cases where the Review Committee has resolved to approve applications or re-applications for initial stock listing, but a dissenting opinion is issued by the Board of Directors, the Review Committee shall carry out a re-review.
Where a resolution for listing approval is still adopted following the re-review, the case shall be submitted again to the Board of Directors for consideration. Where the Board of Directors then still resolves to deny listing, the written consent of the TWSE's president shall be obtained and the application rejected.
For applications which, pursuant to Article 7-1, are exempt from review by the Review Committee and on which, following the application's submission to it for review, the Board of Directors has issued a dissenting opinion and which are then referred to the administering department for re-review, the provisions of the preceding paragraph shall apply mutatis mutandis. As it deems necessary, however, the administering department may apply the provisions of the Article 7-1 paragraph 1 proviso.