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Article 72
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To issue new shares as stock dividends or carry out a capital reduction, a public company shall submit for registration to the FSC a registration statement, (Attachments 32 and 33) specifying all required particulars, and the required documents.<br/>Registration under the preceding paragraph shall become effective when the number of business days specified in the subparagraphs below has elapsed from the date upon which the FSC and FSC-designated institutions receive the registration statement:<br/>1. 3 business days for issuance of new shares as stock dividends.<br/>2. 12 business days for capital reduction by an exchange-listed or OTC-listed company.<br/>3. 7 business days for capital reduction by an emerging stock company, or a company whose shares are neither listed on an exchange nor traded at the business places of securities firms.<br/>4. 12 business days for a registration case by a financial holding, bank, bills finance, credit card, or insurance enterprise.<br/>The provisions of Article 5, paragraph 2 of Article 12, Article 15, and Article 16 shall apply mutatis mutandis to cases handled under paragraph 1.<br/>If, after effective registration, any circumstance in Article 11, paragraph 1, subparagraphs 4 to 7, the FSC may void or revoke the effective registration.
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