Beneficiary certificate shall be registered.
Beneficiary certificate may be issued in scripless form and delivered by book-entry transfer.
Regulations governing matters related to beneficiary certificate shall be drafted by the Securities Investment Trust and Consulting Association and submitted to the Competent Authority for ratification.

Where several persons own the same beneficial interest certificate(s), the co-owners shall select one of them to exercise their beneficial rights.
Where a government or juristic person is the beneficiary, it shall appoint one natural person to exercise its beneficial rights on its behalf.

Beneficiary certificate may freely be transferred unless otherwise provided by law.
The transfer of beneficiary certificate shall be effected by endorsement and delivery by the beneficiary, and the transferee's name shall be specified on the beneficiary certificate.
A transfer under the preceding paragraph shall not be asserted as a defense against a securities investment trust enterprise unless the name or title and domicile or residence of the transferee have been specified by the beneficiaries' register of the securities investment trust enterprise.
The preceding paragraph does not apply to the transfer of beneficiary certificate effected by means of book-entry transfer or registration. Regulations governing book-entry transfer or registration shall be promulgated by the Competent Authority.

The beneficial rights of a securities investment trust fund shall be divided equally based on the total number of beneficiary units. The number of beneficiary units of each beneficiary certificate shall be as specified on the beneficiary certificate.
The rights of the beneficiary shall be in accordance with the content specified on the beneficiary certificate and are exercisable according to the number of beneficiary units. Identical beneficial rights shall be enjoyed under any additional public offerings or private placements of the fund.

Unless the beneficiary certificate are scripless, the securities investment trust enterprise shall record the required information on them in the format prescribed by the Competent Authority, and issue them after they have been signed by the fund custodian.
The following information is required to be specified on beneficiary certificate under the preceding paragraph:
1.Name of the securities investment trust fund, total number of beneficiary units, issue date, duration, and whether additional issues are permitted.
2.Name and address of the securities investment trust enterprise and the fund custodian.
3.Name (individual or entity) of the beneficiary.
4.Number of beneficiary units represented by the beneficiary certificate.
5.Method for calculating the purchase price per beneficiary unit and the fee.
6.Method for calculating, payment method and times, for the management or custodial fees charged by the securities investment trust enterprise and fund custodian.
7.When the beneficiary requests redemption of the beneficiary certificate, the procedure, time, place, and method for calculating the redemption price and redemption fee, and the time and method of payment of the redemption price by the securities investment trust enterprise.
8.Method for calculating and publicly announcing the net asset value of the beneficiary units.
9.If there are any restrictions on whom beneficiary certificate may be transferred to, the content and effect of the restrictions.
10.Other particulars that the Competent Authority requires to be specified.
Beneficiary certificate issued shall be certified unless the certificates are in scripless form. The certification provisions governing the issuance of stocks and corporate bonds by public companies shall apply mutatis mutandis to the certification of beneficiary certificate.

A beneficiary's right to claim the distribution of proceeds shall be extinguished by prescription if not exercised within five years from the distribution date of the proceeds. Any proceeds that are extinguished by prescription shall be incorporated into the securities investment trust fund.
A beneficiary's right to claim payment of the price for the redemption of beneficiary certificate shall be extinguished by prescription if not exercised within 15 years from the expiration of the time limit for payment of the price.
When exercising the rights referred to in the preceding three paragraphs before extinction by prescription has occurred under this article, a beneficiary may not claim default interest.