Article 3 Institutions that engage in the business of negotiable instruments exchange and
clearance of accounts among banks shall be called clearinghouses. A clearing house
shall be a foundation and established with the approval of the Central Bank of the
Republic of China (Taiwan) (hereafter referred to as “the Bank”).
〈Establishment and Supervison of the Clearinghouse〉
Article 4 The establishment, supervision and administration of foundations established in
accordance with the preceding article shall be governed by the Foundations Act, the
Regulations Regarding Authorization Provisions of the Foundations Act by the Central
Bank of the Republic of China (Taiwan), and the Regulations Governing the Accounting
Treatment and the Preparation of Financial Reports for Foundations Overseen by the
Central Bank of the Republic of China (Taiwan).
〈Operation of Board of Directors〉
Article 5 The board of directors of a clearinghouse shall meet at least once every three
months, and minutes of each meeting shall be reported to the Bank for record within
one month after the conclusion of the meeting.
〈Full-time Responsible Persons〉
Article 6 The chairman of the board, president, vice president or persons holding comparable
positions of a clearinghouse shall in principle be fulltime positions. Notwithstanding
the foregoing, such principle may be waived under special circumstances subject to
the approval of the Bank.
〈Advisory Committee〉
Article 7 A clearinghouse may establish an advisory committee. The committee shall be
composed of representatives appointed or recommended by the financial institutions
participating in the clearing operations, and shall be responsible for studying and
giving advice on matters related to clearing operations, business development,
regulatory affairs or other important matters.
