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.
UNILATERAL MOVES: Officials have raised concerns that Beijing could try to exert economic control over Kinmen in a key development plan next year The Civil Aviation Administration (CAA) yesterday said that China has so far failed to provide any information about a new airport expected to open next year that is less than 10km from a Taiwanese airport, raising flight safety concerns. Xiamen Xiangan International Airport is only about 3km at its closest point from the islands in Kinmen County — the scene of on-off fighting during the Cold War — and construction work can be seen and heard clearly from the Taiwan side. In a written statement sent to Reuters, the CAA said that airports close to each other need detailed advanced
Tropical Storm Fung-Wong would likely strengthen into a typhoon later today as it continues moving westward across the Pacific before heading in Taiwan’s direction next week, the Central Weather Administration (CWA) said. As of 8am, Fung-Wong was about 2,190km east-southeast of Cape Oluanpi (鵝鑾鼻), Taiwan’s southernmost point, moving westward at 25kph and possibly accelerating to 31kph, CWA data showed. The tropical storm is currently over waters east of the Philippines and still far from Taiwan, CWA forecaster Tseng Chao-cheng (曾昭誠) said, adding that it could likely strengthen into a typhoon later in the day. It is forecast to reach the South China Sea
WEATHER Typhoon forming: CWA A tropical depression is expected to form into a typhoon as early as today, the Central Weather Administration (CWA) said yesterday, adding that the storm’s path remains uncertain. Before the weekend, it would move toward the Philippines, the agency said. Some time around Monday next week, it might reach a turning point, either veering north toward waters east of Taiwan or continuing westward across the Philippines, the CWA said. Meanwhile, the eye of Typhoon Kalmaegi was 1,310km south-southeast of Oluanpi (鵝鑾鼻), Taiwan’s southernmost point, as of 2am yesterday, it said. The storm is forecast to move through central
UNKNOWN TRAJECTORY: The storm could move in four possible directions, with the fourth option considered the most threatening to Taiwan, meteorologist Lin De-en said A soon-to-be-formed tropical storm east of the Philippines could begin affecting Taiwan on Wednesday next week, the Central Weather Administration (CWA) said yesterday. The storm, to be named Fung-wong (鳳凰), is forecast to approach Taiwan on Tuesday next week and could begin affecting the weather in Taiwan on Wednesday, CWA forecaster Huang En-hung (黃恩鴻) said, adding that its impact might be amplified by the combined effect with the northeast monsoon. As of 2pm yesterday, the system’s center was 2,800km southeast of Oluanbi (鵝鑾鼻). It was moving northwest at 18kph. Meteorologist Lin De-en (林得恩) on Facebook yesterday wrote that the would-be storm is surrounded by
RSS