Articles of Incorporation
The Company included all of its basic operating principles in its Articles of Incorporation. And in accordance with the Articles of Incorporation, the Company upholds shareholders' rights, hosts general meetings of shareholders and operates Board committees. Please click here to view our Articles of Incorporation.download PDF
The articles of incorporation is an agenda item of a general meeting of shareholders which requires special resolution. The amendment to the articles of incorporation shall be made only by resolution at the ordinary general meeting of shareholders.
In accordance with the commercial code, no amendment to the articles of incorporation shall be valid unless approved by two thirds or more of shares of the shareholders present at the general meeting of shareholders and by more than one third of outstanding shares.
* The amendment to the articles of incorporation shall not be made at the discretion of the Board or any insider of the Company. It can only be made by resolution at a general meeting of shareholders.
Since issuance of shares is an agenda item of Articles of Incorporation, our share issuance can only be made in accordance with the articles of incorporation. Thus, issuance of shares with superior dividend, voting, conversion or any other superior rights over existing stock can not be decided in the discretion of the board or any other body of the company.
The fiscal year of the Company shall be from January 1 to December 31 of each year, and the account shall be made at the end of each fiscal year.
The unappropriated retained earnings for each fiscal year of the Company shall be disposed of as follows:
- Legal Reserves (stipulated in the Commercial Code);
- Other statutory reserves;
- Voluntary reserve;
- Other retained earnings to be appropriated.
- Dividends of profits may be paid in either cash or shares.
- In the case of stock dividends, if the Company has issued several classes of shares, different classes of shares may be allotted by a resolution of the general meetings of shareholders.
- Dividends of profits may be paid by the Company in cash on the last day of the third, sixth, and ninth month from the beginning of each fiscal year (the "record date for quarterly dividend") by a resolution of Board of Directors.
- Dividends mentioned in Paragraphs (1) and (3) shall be paid to the shareholders entered in and the pledgees registered with the Register of Shareholders of the Company as of the last day of each fiscal year or the record date for quarterly dividend.
- After the beginning of the fiscal year, with respect to the distribution of quarterly dividends on the new shares (including bonus issue, stock dividend, requesting the conversion of convertible bonds, exercise of warrants on bonds with warrants) issued before the record date for quarterly dividend, the new shares shall be deemed to have been issued at the end of the quarter immediately preceding the quarter in which the new shares are issued.
- Right for payment of dividends shall be extinguished, if the right is not exercised for five(5) consecutive years.
- Upon the expiry of the prescription of dividends in Paragraph 1, such dividends shall be returned to the Company.