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Administrative Sanction

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Fine Imposition on the Person Responsible for the Act of Mutto Optronics Corporation


1.    Date of sanction: May 9, 2024
2.    Object of sanction: XX Chen, the person responsible for the act of Mutto Optronics Corporation
3.    Legal basis for the sanction: Paragraph 7, Article 26-3, subparagraph 9, paragraph 1, Article 178, and Article 179 of the Securities and Exchange Act.
4.    Facts of violation: Mutto Optronics Corporation elected nine directors (including three independent directors) at its extraordinary shareholders’ meeting on September 29, 2021. As of December 25, 2023, one director had transferred more than half of the shares he held at the time of election and was naturally discharged, and two independent directors had resigned, resulting in the vacancies of one-third of the seats as specified in its articles of incorporation. However, the company did not convene an extraordinary shareholders’ meeting for a by-election to fill the vacancies within 60 days from the date of occurrence of the fact, and this is verified to have violated paragraph 7, Article 26-3 of the Securities and Exchange Act.
5.    Sanction imposed: A fine of NT$240,000 is imposed on the person responsible for the company’s act in accordance with subparagraph 9, paragraph 1, Article 178 and Article 179 of the Securities and Exchange Act.
Contact unit: Section Chief Chen, Securities Issuance Group, Securities and Futures Bureau
Tel: (02) 2774-7129
If you have any questions, please write to mail
 
Visitor: 425   Update: 2024-05-15
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