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Article 43-8
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(Conditions for Further Transfer of Privately Placed Securities)<br/>Placees and purchasers of privately placed securities may not resell the securities except under the following circumstances:<br/>1. where the privately placed securities are held by persons specified in Article 43-6, paragraph 1, subparagraph 1 and no securities of the same type as said privately placed securities are traded on the centralized securities exchange market or over-the-counter markets, and the securities are transferred to persons of the same qualifications;<br/>2. where the privately placed securities are transferred to persons conforming to Article 43-6, paragraphs 1 and 2, at least one full year after the delivery date of the privately placed securities and within three years of said delivery date, subject to the restrictions prescribed by the Competent Authority concerning holding period and trading volume;<br/>3. where three full years have elapsed since the delivery date;<br/>4. where a transfer occurs by operation of act or regulation;<br/>5. where it is a direct private transfer of securities not in excess of one trading unit, and the interval between any two such transfers is not less than three months.<br/>6. where otherwise approved by the Competent Authority.<br/>The restrictions on transfers of privately placed securities set forth in the preceding paragraph shall be conspicuously annotated on a company's share certificates, and shall be stated on the relevant written documentation delivered to the placee or purchaser.
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