(1) A bond administration company shall have the power to do on behalf of the bondholders all judicial or extra-judicial acts necessary for collecting redemption concerning the bonds or for preservative measures to materialize the bonds.
(2) When a bond administration company collects redemption under paragraph (1), it shall without delay give a public notice thereof and give separate notice to each bondholder known to the company.
(3) In cases falling under paragraph (2), a bondholder may claim payment of the relevant redemption amount and the interest accrued thereon against the bond administration company. In such cases, when the bond certificate has been issued, the claim for payment of the relevant redemption amount shall be made in exchange for the bondholder‘s bond certificate, and of the interest accrued thereon, in exchange for the coupon, respectively.
(4) In cases where a bond administration company does any of the following acts (excluding acts necessary for collecting redemption concerning bonds or for preservative measures to materialize bonds), a resolution by a meeting of bondholders is required: Provided, That a bond-issuing company may determine that an act under subparagraph 2 may be done by a bond administration company without a resolution adopted by a meeting of bondholders:
1. Deferring of payment with respect to all the relevant bonds, or exoneration from or settlement of the liability accrued due to nonperformance of an obligation;
2. A legal action with respect to all the relevant bonds, or an act falling under the procedures concerning debtor rehabilitation and bankruptcy.
(5) When a bond administration company has done an act under paragraph (4) 2 without a resolution by a meeting of bondholders, pursuant to the proviso to paragraph (4), it shall without delay give a public notice thereof and give separate notice to each bondholder known to the company.
(6) Public notification under paragraphs (2) and (5) shall be made in the same manner as public notification used by the company which has issued bonds.
(7) With respect to bonds, the administration of which has been commissioned to a bond administration company, the bond administration company may investigate the affairs and financial conditions of the bond-issuer company with the permission of the court, if necessary for conducting an act under paragraph (1) or any subparagraph of paragraph (4).[This Article Wholly Amended by Act No. 10600, Apr. 14, 2011]