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BOARD CHAIRMAN TO BE AUTHORIZED TO DETERMINE RECORD DATES ONLY AFTER RELEVANT SHAREHOLDERS' MEETINGS ARE HELD
juliak.f.yung
The board of a company may authorize their chairman to determine the record date for de-termining shareholders entitled to subscribe for new shares in a cash capital increase or a capital increase through the capitalization of earnings or legal reserves and the distribution date. However, the authorization should be granted only after the shareholders' meetings adopting relevant resolutions are held. It would inappropriate for the board to grant the authorization before those shareholders' meetings are held. The Ministry of Economic Affairs issued a directive on August 11, 2011 confirming this issue.
