Any endorsement and/or guarantee to be made by the Company shall be reported to and subject to the resolution of the board of directors’ Meeting, or each time a predetermined amount which is limited by thirty percent of specified amount in each item of the preceding article may be delegated to the Chairman by the board of directors to facilitate execution and such endorsement/guarantee shall be reported to the most upcoming board of directors' Meeting for ratification. Meanwhile, the development at the endorsement/ guarantee shall be reported at the shareholders' meeting for record.
Before subsidiaries in which the Company holds, directly and indirectly, 90% or more of the voting shares provide endorsements or guarantees for each other in accordance with Section 2, Article 2, a resolution must be passed by the Board of Directors of the Company firstly. However, such limitation is not applicable to subsidiaries in which the Company holds, directly and indirectly, 100% of the voting shares.
If the Company's investee asks the Company for endorsement/ guarantee or the Company asks any investee for endorsement/ guarantee, the Chairman of the Board and President of the Company or invesetee shall be the joint guarantors for the relevant endorsement/guarantee and affix the official seals therein, and the Company's responsible unit shall submit the application to the Chairman of the Board for approval on the endorsement/guarantee.