Article 714Succession to Bond Administrator's Administration of Bonds

①If a bond administrator has fallen under any of the following circumstances, if there is no other bond administrator, the bond-issuing company must specify a bond administrator to succeed to the administration of the bonds, and entrust the administration of the bonds to the person on behalf of the bondholders. In these cases, the bond-issuing company must convene a bondholders meeting without delay in order to obtain the consent of the same, and if the consent cannot be obtained, must file a petition for the permission of the court in lieu of that consent:

②In the cases provided for in the first sentence of the preceding paragraph, if a bond-issuing company does not convene a meeting under the provisions of the second sentence of that paragraph or file a petition under the second sentence of that paragraph within two months of the day on which the bond-issuing company fell under any of the circumstances in each item of that paragraph, the bond-issuing company will forfeit the benefit of time in relation to the total amount of relevant bonds.

④If a bond-issuing company has specified the bond administrator to succeed to the administration of the bonds pursuant to the provisions of the first sentence of paragraph (1) (excluding cases where the consent of a bondholders meeting has been obtained), or if a bond administrator has been appointed to succeed to the administration of the bonds under the provisions of the preceding paragraph, the bond-issuing company must, without delay, give public notice to that effect and separate notice thereof to each known bondholder.