(Handling of Beneficial Certificate Matters and Regulations Governing Scripless Beneficial Certificates)
Beneficial interest certificates shall be registered.
Beneficial interest certificates may be issued in scripless form and transferred by the book-entry method.
Regulations governing matters related to beneficial interest certificates shall be drafted by the Securities Investment Trust and Consulting Association and submitted to the Competent Authority for ratification.

(Person to Exercise Beneficial Rights)
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.

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

(Content of Beneficial Certificates)
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 beneficial interest certificate shall be as recorded on the beneficial interest certificate.
The rights of the beneficiary shall be in accordance with the content recorded on the beneficial interest 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.

(Format, Required Information, and Certification of Beneficial Certificates)
Unless the beneficial interest certificates 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 institution.
The following information is required to be recorded on beneficial interest certificates 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 institution.
3. name (individual or entity) of the beneficiary.
4. number of beneficiary units represented by the beneficial interest certificate.
5. method for calculating the purchase price per beneficiary unit and the fee.
6. method for calculating, and payment method and times, for the management or custodial fees charged by the securities investment trust enterprise and fund custodian institution.
7. when the beneficiary requests redemption of the beneficial interest 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 beneficial interest certificates may be transferred to, the content and effect of the restrictions.
10. other particulars that the Competent Authority requires to be recorded.
Beneficial interest certificates 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 beneficial interest certificates.

(Extinctive Prescription Periods for Right to Claim Distribution of Proceeds and Right to Claim Payment of Beneficial Certificate Redemption Price)
A beneficiary's right to claim 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 redemption of beneficial interest certificates shall be extinguished by prescription if not exercised within 15 years from the expiration of the time limit for payment of the price.
When a fund is liquidated, a beneficiary's right to claim distribution of residual assets shall be extinguished by prescription if not exercised within 15 years from the distribution date.
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.