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Chapter Law Content

Chapter III Business and Supervision
Article 19
The scope of supervision of the Institute carried out by the supervisory authority shall be limited to:
1. Approving the development goals and plans;
2. Approving or filing for reference the Institute’s rules, annual business plan and budget, annual achievements report, and financial statement reports;
3. Examining the Institute’s property and finances;
4. Evaluating business performance.;
5. The appointing and dismissing of Directors and Supervisors, and rendering opinions thereon.
6. Meting out punishment to Directors and Supervisors who have infringed upon relevant regulations;
7. Dismissing, changing, abolishing, requiring timely improvements, halting the execution of duties, and other punishments where the Constitution, laws, and regulations are breached by the Institute.
8. Approving the disposal of or the creation of encumbrance over the real estate owned by the Institute;
9. Other supervisory duties under the law.
Article 20
The supervisory authority shall invite representatives of relevant agencies, scholars and experts, and upstanding members of the public to prepare performance evaluations of the Institute. Among these, the number of scholars and experts, and upstanding members of the public shall account for no less than one-half of the total.
The methods, procedures, and other relevant matters for the performance evaluation mentioned in the preceding Paragraph shall be determined by the supervisory authority.
Article 21
The content of the performance evaluation mentioned in the preceding Article shall cover:
1. A review of the annual achievements report of the Institute.
2. An assessment of the operational performance and achievement rate of the Institute.
3. An assessment of the achievement rate of the Institute’s annual self-funding targets.
4. Recommendations on budget allocation to the Institute.
5. Other related matters.
Article 22
The Institute’s development goals and plans shall be submitted to the supervisory authority for approval.
The annual work business and budget are to be sent to the supervisory authority after it is approved by the Board of Directors.
Article 23
Within two months of the end of the Institute’s fiscal year, it shall present its annual achievements report and financial statement report to a certified public accountant for audit and attestation, following which these are to be reviewed by the Board of Directors. After being approved by the Board of Supervisors, these report should are to be sent to the supervisory authority for future reference and to the auditing authority.
The financial statement report may be audited by the auditing authority. The audit report may be sent to the supervisory authority or other related agency for any necessary action.