1.These Directions are prescribed pursuant to Article 27 of the Central Bank of
　the Republic of China (Taiwan)Act.

2.The Central Bank of the Republic of China (Taiwan)("the Bank") certificates of
　deposit ("certificates of deposit ") shall be issued and held only by banks, 
　credit cooperatives, investment trust companies, bills finance companies,Chunghwa
　Post Co., Ltd., and other financial institutions as approved by the Bank.

3.The certificates of deposit shall be registered, and issued in 
　book-entry form.

4.The certificates of deposit shall be in the denominations of NT$5
　million, NT$10 million, NT$50 million and NT$100 million.

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7.The Bank's certificates of deposit shall have a maximum maturity of three
　years, and may be negotiable. Any certificates of deposit issued in 
　non-negotiable form shall not be transferred without the Bank's consent.

8.The certificates of depositmay be issued by competitive or 
　noncompetitive bidding. The interest rates on certificates of deposit issued
　by competitive bidding may be set in accordance with the winning bids, while
　the interest rates on non-competitive bidding certificates of deposit shall
　be set by the Bank.
　Directions to governing the sale of certificates of deposit by tender shall 
　be prescribed separately.

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10.The negotiable certificates of deposit shall not be transfered until
　account transfer procedures have been completed at the Bank's Banking
　Department.

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