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Title: Clauses of the Real Estate Securitization Act CH
Category: Financial Supervisory Commission(金融監督管理委員會)
Chapter Two Real Estate Investment Trust
Section Three Accounting of REIT Funds
Article 26
The trust asset assessment committee established by the Trustee pursuant to Article 21 of the Trust Enterprise Act, shall at least assess the trust property of the REIT Funds once every three (3) month, and shall make an announcement in the daily local newspapers circulated at the place of its principal office or in other ways prescribed by the competent authority after reporting to the board of directors.
When necessary or pursuant to the provisions of the REIT Contract, the trust asset assessment committee may request the Professional Appraisers or experts for related appraisal reports or opinions as the reference of trust property assessment.
The Professional Appraisers or experts referred to in the preceding paragraph shall not be the related parties or substantive related parties, as prescribed in Number 6 of the Financial Accounting Standards Gazette, to the Trustee.
The Trust Association shall enact the assessment principles and calculation standards for the assessment and net asset value calculation of the REIT Fund trust property, and shall submit the same to the competent authority for approval.
The Trustee shall calculate the REIT Fund net asset value pursuant to the net asset value calculation standards approved by the competent authority as referred to in the preceding paragraph, relevant laws and regulations, and generally accepted accounting principles.
The Trustee shall calculate in each b usiness day and make announcements regarding the REIT Fund net asset value of each beneficial interest unit in the previous business day in the daily local newspapers circulated at the place of its principal office or in other ways prescribed by the competent authority. However, the asset value of real estate or other trust property, which has no major alteration and has no major impact on the net asset value of the Funds during the announcement period, may replace the asset value re-assessment calculation of the real estate or trust property with the attachment disclosure pursuant to the REIT contract.
Article 27
The REIT Funds publicly offered or privately placed by the Trustee shall possess independent accounting, and the Trustee shall not make inter-item transfer with self-owned property or other trust property.
The account book constitution of the REIT Funds shall comply with relevant laws and regulations as well self-discipline standards; the retaining method and period shall be managed pursuant to the Business Accounting Act and other related regulations.
Article 28
The Trustee may charge the beneficiaries handling fees and remuneration for business management of the REIT or deduct such amount from the trust property of REIT for such payment.
In case of the Trustee engaged in the business of REIT, the expenses and taxes derived from the utilization and management may be directly deducted from the trust property for payment.
The proceeds deprived from the REIT investment, which shall be distributed pursuant to the REIT contract, shall be distributed within six (6) months after the end of each fiscal year.