Lawmakers yesterday agreed to advance a slew of proposed adjustments to the Company Act (公司法) to a second reading, but failed to reach a consensus on 22 disputed draft amendments.
One of the disputed draft bills proposes that if the information provided for the establishment or registration of a company is found to be falsified, the Ministry of Economic Affairs could revoke the registration.
It initially included the proviso: “Exemptions apply where revocation of registration could severely hurt the rights of a company’s shareholders or creditors.”
Photo: George Tsorng, Taipei Times
Despite the proviso being removed following a round of cross-caucus negotiations on Wednesday, legislators yesterday resolved to set it aside to allow time for caucuses to propose their versions of the draft amendment, which would be voted on during a plenary session on Friday next week.
Another contentious draft amendment, which says that a shareholder who controls at least half of the shares issued by a company should be allowed to call extempore shareholder meetings, would also be put to a vote.
One proposed amendment, which suggests giving directors the right to retrieve company documents, such as the employee lists or account ledgers, is to be deliberated next week after Chinese Nationalist Party (KMT) Legislator Chen Chao-ming (陳超明) objected to it.
Granting such great authority to directors could “cause a company’s downfall,” Chen said.
The draft amendment has sparked concern over perceived lax conditions for calling extempore shareholder meetings, which some have said could see an increase in extempore meetings held because of struggles for company control.
However, a proposal that said proxy statements should not count in the election or ouster of directors or supervisors was dropped.
An amendment proposed by the Executive Yuan, which said proxy statements are to indicate the scope of authorization and are to be presented at annual shareholder meetings, passed the second reading.
The rule would not apply to listed or over-the-counter companies, which are subject to rules set out by the Securities and Futures Bureau, the draft amendment said.
A proposal by KMT Legislator Chiang Wan-an (蔣萬安), which said that employees or union members of companies facing bankruptcy should be allowed an opportunity to file for corporate reorganization, was given the green light by the four caucuses and passed the second reading.
The proposal was made in light of TransAsia Airways’ sudden announcement that it was dissolving in November 2016, leaving its employees displaced, Chiang said.
Trips for more than 100,000 international and domestic air travelers could be disrupted as China launches a military exercise around Taiwan today, Taiwan’s Civil Aviation Administration (CAA) said yesterday. The exercise could affect nearly 900 flights scheduled to enter the Taipei Flight Information Region (FIR) during the exercise window, it added. A notice issued by the Chinese Civil Aviation Administration showed there would be seven temporary zones around the Taiwan Strait which would be used for live-fire exercises, lasting from 8am to 6pm today. All aircraft are prohibited from entering during exercise, it says. Taipei FIR has 14 international air routes and
Taiwan lacks effective and cost-efficient armaments to intercept rockets, making the planned “T-Dome” interception system necessary, two experts said on Tuesday. The concerns were raised after China’s military fired two waves of rockets during live-fire drills around Taiwan on Tuesday, part of two-day exercises code-named “Justice Mission 2025.” The first wave involved 17 rockets launched at 9am from Pingtan in China’s Fujian Province, according to Lieutenant General Hsieh Jih-sheng (謝日升) of the Office of the Deputy Chief of the General Staff for Intelligence at the Ministry of National Defense. Those rockets landed 70 nautical miles (129.6km) northeast of Keelung without flying over Taiwan,
The Ministry of National Defense (MND) today released images of the military tracking China’s People's Liberation Army (PLA) movements during the latest round of Chinese drills around Taiwan. The PLA began "Justice Mission 2025" drills today, carrying out live-fire drills, simulated strikes on land and maritime targets, and exercises to blockade the nation's main ports. The exercises are to continue tomorrow, with the PLA announcing sea and air space restrictions for five zones around Taiwan for 10 hours starting from 8:30am. The ministry today released images showing a Chinese J-16 fighter jet tracked by a F-16V Block 20 jet and the
City buses in Taipei and New Taipei City, as well as the Taipei MRT, would on Saturday begin accepting QR code payments from five electronic payment providers, the Taipei Department of Transportation said yesterday. The new option would allow passengers to use the “transportation QR code” feature from EasyWallet, iPass Money, iCash Pay, Jkopay or PXPay Plus. Passengers should open their preferred electronic payment app, select the “transportation code” — not the regular payment code — unlock it, and scan the code at ticket readers or gates, General Planning Division Director-General Liu Kuo-chu (劉國著) said. People should move through the
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