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Article 1
The regulations are based on Paragraph 3 of Article 30 in Credit Union Act (hereinafter called the “Act”).
Article 2
The regulations apply to the registered credit unions that acquired land and improved buildings with their own reserves by registered as a natural person or in the name of Credit Union League of the Republic of China (hereinafter called the “League”) before the regulations were amended and implemented on February 6, 2002.
Article 3
For the situations specified in Paragraph 2 of Article 30 in the Act, Credit Unions have to prepare the following documents and deliver to the League for review.
1. An application (Appendix 1).
2. Certificates or documents that shall be proved land or improved buildings were purchased with their own reserves.
3. A copy of registration of Credit Unions.
4. A report of final accounts for the previous year.
5. A transcript of registers of land or improved buildings.
6. Other documents designated by the central competent authority.
Article 4
Certificates or documents specified in Subparagraph 2 of Article 3 refer to any of the following papers:
1. Contracts of sale: Contracts that specify land or improved buildings purchased in the name of credit unions.
2. Minutes of the General meeting of members: Minutes that specify resolutions of purchase of land or improved buildings.
3. Account books and forms: Accounts or forms that specify expenditures of buying land or improved buildings, balance sheets or inventories of properties.
4. Letter of consent of the League: For registrations in the name of the League, the League shall present a letter of authorization for title change.
5. Affidavit of owner, successor or administrator of land or improved buildings: The affidavit should specify the land or improved buildings are not possessed by a certain natural person and agree to change its ownership to a certain credit union.
6. Other documents designated by the central competent authority.
Article 5
The League shall report the qualified applications to the respective competent authorities of municipalities, counties or cities for issuing the certificate (Appendix 2).
Credit unions may take this certificate to apply to their local land administration offices for title change registration.
Article 6
The regulations will be executed upon the date of announcement.
Web site:Laws & Regulations Database of The Republic of China