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Company Law of the People's Republic of China (1999 Amendment) [Revised]
中华人民共和国公司法(1999修正) [已被修订]
【法宝引证码】

COMPANY LAW OF THE PEOPLE'S REPUBLIC OF CHINA

 

中华人民共和国公司法

(Adopted at the Fifth Session of the Standing Committee of the Eighth National People's Congress on December 29,1993;amended in accordance with theDecision on Amending the Company Law of the People's Republic of Chinaadopted at the 13 th Session of the Standing Committee of the Ninth National People's Congress on December 25, 1999;  Order No. 15 of the President) (1993年12月29日第八届全国人民代表大会常务委员会第五次会议通过 根据1999年12月25日第九届全国人民代表大会常务委员会第十三次会议《关于修改〈中华人民共和国公司法〉的决定》修正 以主席令第29号发布)

CONTENTS 目录
CHAPTER ONE GENERAL PROVISIONS 第一章 总则
 
CHAPTER TWO ESTABLISHMENT AND ORGANIZATIONAL SETUP OF A LIMITED LIABILITY COMPANY 第二章 有限责任公司的设立和组织机构
 
SECTION ONE ESTABLISHMENT 第一节 设立
 
SECTION TWO ORGANIZATIONAL SETUP 第二节 组织机构
 
SECTION THREE SOLELY STATE-OWNED COMPANIES 第三节 国有独资公司
 
CHAPTER THREE ESTABLISHMENT AND ORGANIZATIONAL SETUP OF JOINT STOCK COMPANY LIMITED 第三章 股份有限公司的设立和组织机构
 
SECTION ONE ESTABLISHMENT 第一节 设立
 
SECTION TWO SHAREHOLDER'S MEETING 第二节 股东大会
 
SECTION THREE BOARD OF DIRECTORS, MANAGER 第三节 董事会、经理
 
SECTION FOUR SUPERVISORY COMMITTEE 第四节 监事会
 
CHAPTER FOUR ISSUE AND TRANSFER OF SHARES OF A JOINT STOCK LIMITED COMPANY 第四章 股份有限公司的股份发行和转让
 
SECTION ONE ISSUE OF SHARES 第一节 股份发行
 
SECTION TWO TRANSFER OF SHARES 第二节 股份转让
 
SECTION THREE LISTED COMPANIES 第三节 上市公司
 
CHAPTER FIVE CORPORATE BONDS 第五章 公司债券
 
CHAPTER SIX FINANCIAL AFFAIRS AND ACCOUNTING OF A COMPANY 第六章 公司财务、会计
 
CHAPTER SEVEN MERGER AND DIVISION OF A COMPANY 第七章 公司合并、分立
 
CHAPTER EIGHT BANKRUPTCY, DISSOLUTION AND LIQUIDATION 第八章 公司破产、解散和清算
 
CHAPTER NINE BRANCHES OF FOREIGN COMPANIES 第九章 外国公司的分支机构
 
CHAPTER TEN LEGAL RESPONSIBILITIES 第十章 法律责任
 
CHAPTER ELEVEN SUPPLEMENTARY PROVISIONS 第十一章 附则
 
CHAPTER ONE GENERAL PROVISIONS 

第一章 总则

 
Article 1 The law is formulated in conformity with the Constitution in view to establishing a modern enterprise system, standardizing the organization and operation of companies,protecting the legitimate rights and interests of companies, shareholders and creditors, maintaining the socialist economic order and promoting the development of the socialist market economy.   第一条 为了适应建立现代企业制度的需要,规范公司的组织和行为,保护公司、股东和债权人的合法权益,维护社会经济秩序,促进社会主义市场经济的发展,根据宪法,制定本法。
Article 2 The term "company" used in this law refers to a limited liability company or a joint stock company limited set up within the territory of the People's Republic of China according to the provisions of this law.   第二条 本法所称公司是指依照本法在中国境内设立的有限责任公司和股份有限公司。
Article 3 A limited liability company and a joint stock company limited are enterprise legal persons.   第三条 有限责任公司和股份有限公司是企业法人。
For a limited liability company, a shareholder bears the responsibility to the company within the limit of the amount of investment made by the shareholder per se and the company shall bear the responsibility for its debts with all its assets 有限责任公司,股东以其出资额为限对公司承担责任,公司以其全部资产对公司的债务承担责任。
For a joint stock company limited the entire capital is divided into shares of equal amount and the shareholders bear responsibilities to their company within the scope of the number of shares they hold and the company shall bear responsibilities for its debts with all its assets. 股份有限公司,其全部资本分为等额股份,股东以其所持股份为限对公司承担责任,公司以其全部资产对公司的债务承担责任。
Article 4 Shareholders of a company, as capital contributor, shall have the right to enjoy capital gains, take major policy decisions and choose managers in proportion to share of the investment they make in the company.   第四条 公司股东作为出资者按投入公司的资本额享有所有者的资产受益、重大决策和选择管理者等权利。
A company shall enjoy all legal person property rights formed by the investment by shareholders, enjoy civil rights, and bear the civil responsibilities according to law. 公司享有由股东投资形成的全部法人财产权,依法享有民事权利,承担民事责任。
Ownership of the State-owned property rights in a company belongs to the State. 公司中的国有资产所有权属于国家。
Article 5 A company shall operate independently with all its assets, and be responsible for its own profits and losses.   第五条 公司以其全部法人财产,依法自主经营,自负盈亏。
Under the macro-economic control and regulation by the State, a company shall have the autonomy in organizing its own production and operations according to market demand so as to raise its economic efficiency, step up its productivity and preserve and accrete the value of its assets. 公司在国家宏观调控下,按照市场需求自主组织生产经营,以提高经济效益、劳动生产率和实现资产保值增值为目的。
Article 6 A company shall institute an internal management system that is of a clear division of power and responsibility, a scientific management, and a combine mechanism of incentives and restrictions.   第六条 公司实行权责分明、管理科学、激励和约束相结合的内部管理体制。
Article 7 In changing over to a company, a State-owned enterprise shall first of all change its original operational mechanism, gradually and systematically make an inventory of its own assets, define its own property right, clear its own credits and debts, appraise its own assets and establish a standard internal organizational setup according to law and administrative decrees concerned.   第七条 国有企业改建为公司,必须依照法律、行政法规规定的条件和要求,转换经营机制,有步骤地清产核资,界定产权,清理债权债务,评估资产,建立规范的内部管理机构。
Article 8 A limited liability company or a joint stock company limited shall be set up according to this law. Only those that can meet the requirements as set in this law can be registered as limited liability companies or joint stock companies limited those that cannot meet such requirements cannot be registered as a limited liability company or joint stock company limited.   第八条 设立有限责任公司、股份有限公司,必须符合本法规定的条件。符合本法规定的条件的,登记为有限责任公司或者股份有限公司;不符合本法规定的条件的,不得登记为有限责任公司或者股份有限公司。
 法律、行政法规对设立公司规定必须报经审批的,在公司登记前依法办理审批手续。
Article 9 A limited liability company established according to this law shall include the words "limited liability" in its name. A joint stock company limited established according to this law shall be clearly indicated as a joint stock company limited in its name.   第九条 依照本法设立的有限责任公司,必须在公司名称中标明有限责任公司字样。
 依照本法设立的股份有限公司,必须在公司名称中标明股份有限公司字样。
Article 10 A company shall make the location of its main office as its address.   第十条 公司以其主要办事机构所在地为住所。
Article 11 A company established according to this law shall formulate its articles of association that have a binding force on the company, its shareholders, directors, supervisors and managers alike.   第十一条 设立公司必须依照本法制定公司章程。公司章程对公司、股东、董事、监事、经理具有约束力。
The scope of business shall be defined in the articles of association and registered according to law. If the scope of business covers items restricted by law or administrative decrees, it shall be subject to approval according to law. 公司的经营范围由公司章程规定,并依法登记。公司的经营范围中属于法律、行政法规限制的项目,应当依法经过批准。
A company shall conduct its business activities within the scope registered. If a company has revised its articles of association according to legal procedures and registered for alteration with the registration authorities, it may change the scope of business. 公司应当在登记的经营范围内从事经营活动。公司依照法定程序修改公司章程并经公司登记机关变更登记,可以变更其经营范围。
Article 12 A company may invest in other limited liability companies or joint stock companies limited and bear responsibility to the companies in which it has invested in proportion to the amount of investment it has made.   第十二条 公司可以向其他有限责任公司、股份有限公司投资,并以该出资额为限对所投资公司承担责任。
Except for investment companies and holding companies as specified by the State Council, where a company invests in other limited liability companies or joint stock companies limited, the aggregate amount of the investment shall not exceed 50% of the net assets of the company, not including the capital gains of the latters put in by the company from its profits gained from the latters. 公司向其他有限责任公司、股份有限公司投资的,除国务院规定的投资公司和控股公司外,所累计投资额不得超过本公司净资产的百分之五十,在投资后,接受被投资公司以利润转增的资本,其增加额不包括在内。
Article 13 A company may set up branches, which shall not enjoy the status of enterprise legal persons, and the parent company shall be responsible for civil liabilities of its branches.   第十三条 公司可以设立分公司,分公司不具有企业法人资格,其民事责任由公司承担。
A company may set up subsidiaries which shall enjoy the status of enterprise legal persons and be independently responsible for their own civil liabilities. 公司可以设立子公司,子公司具有企业法人资格,依法独立承担民事责任。
Article 14 In conducting business operations, a company shall abide by law, observe business ethics, promote socialist culture and ethics, and accept the supervision by the government and the public.   第十四条 公司从事经营活动,必须遵守法律,遵守职业道德,加强社会主义精神文明建设,接受政府和社会公众的监督。
The legitimate rights and interests of a company shall be protected by law against any infringement. 公司的合法权益受法律保护,不受侵犯。
Article 15 A company shall protect the legitimate rights and interests of its staff and workers, strengthen labor protection, and ensure safe production.   第十五条 公司必须保护职工的合法权益,加强劳动保护,实现安全生产。
A company shall provide its workers with vocational education and in job training in various forms to improve their working quality. 公司采用多种形式,加强公司职工的职业教育和岗位培训,提高职工素质。
Article 16 Workers of a company shall organize a trade union in accordance with the law to carry out trade union activities and protect their legitimate rights and interests. A company shall provide the necessary conditions for activities of its trade union.   第十六条 公司职工依法组织工会,开展工会活动,维护职工的合法权益。公司应当为本公司工会提供必要的活动条件。
A solely State-owned company or a limited liability company established by more than two State-owned enterprises or by more than two State-owned investment entities shall exercise democratic management in accordance with the provisions of the Constitution and relevant laws through the general meetings of the staff and workers or otherwise. 国有独资公司和两个以上的国有企业或者其他两个以上的国有投资主体投资设立的有限责任公司,依照宪法和有关法律的规定,通过职工代表大会和其他形式,实行民主管理。
Article 17 The grass roots organizations of the Communist Party of China in a company shall carry out their activities according to the Constitution of the Communist Party of China.   第十七条 公司中中国共产党基层组织的活动,依照中国共产党章程办理。
Article 18 This law applies to limited liability companies established with foreign investment except otherwise provided foreign the laws concerning Sino-foreign joint equity ventures, Sino-foreign joint cooperative ventures and foreign enterprises.   第十八条 外商投资的有限责任公司适用本法,有关中外合资经营企业、中外合作经营企业、外资企业的法律另有规定的,适用其规定。
CHAPTER TWO ESTABLISHMENT AND ORGANIZATIONAL SETUP OF A LIMITED LIABILITY COMPANY 

第二章 有限责任公司的设立和组织机构

 
SECTION ONE ESTABLISHMENT 

第一节 设立

Article 19 The establishment of a limited liability company shall be subject to the fulfillment of the following conditions:   第十九条 设立有限责任公司,应当具备下列条件:
1. The number of shareholders tallies with that provided for by law; (一)股东符合法定人数;
2. The investment contributed by shareholders reaches the minimum amount of capital required by law; (二)股东出资达到法定资本最低限额;
3. Shareholders participate in the formulation of articles of association; (三)股东共同制定公司章程;
4. The company has a suitable name and its organizational setup complies with that of a limited liability company. (四)有公司名称,建立符合有限责任公司要求的组织机构;
5. The company has fixed production or operational site(s) and necessary conditions for production or operations. (五)有固定的生产经营场所和必要的生产经营条件。
Article 20 A limited liability company shall be set up by capital contributions made up by at least two and no more than 50 shareholders. Investment entities or departments authorized by the State may set up limited liability companies with sole State investment.   第二十条 有限责任公司由二个以上五十个以下股东共同出资设立。
 国家授权投资的机构或者国家授权的部门可以单独投资设立国有独资的有限责任公司。
Article 21 A State-owned enterprise set up before the implementation of this law if can fulfill the condition of a limited liability company under this law may be reorganized into a solely State-owned limited liability company in the case of an investment entity with a single investor, or into a limited liability company as provided for in the first paragraph of the preceding Article in the case of an investment entity with many investors.   第二十一条 本法施行前已设立的国有企业,符合本法规定设立有限责任公司条件的,单一投资主体的,可以依照本法改建为国有独资的有限责任公司;多个投资主体的,可以改建为前条第一款规定的有限责任公司。
The steps and specific methods for State-owned enterprises to convert into companies shall be formulated separately by the State Council. 国有企业改建为公司的实施步骤和具体办法,由国务院另行规定。
Article 22 The articles of association of a limited liability company shall specify clearly:   第二十二条 有限责任公司章程应当载明下列事项:
1. Name and address of the company; (一)公司名称和住所;
2. Scope of business of the company; (二)公司经营范围;
3. Registered capital of the company; (三)公司注册资本;
4. Names of shareholders; (四)股东的姓名或者名称;
5. Rights and obligations of shareholders; (五)股东的权利和义务;
6. Forms and amount of investment made by shareholders; (六)股东的出资方式和出资额;
7. Conditions for shareholders to transfer their investment; (七)股东转让出资的条件;
8. The organizations of the company and the methods of establishment, their powers and functions and rules of procedures for meetings; (八)公司的机构及其产生办法、职权、议事规则;
9. Legal representative of the company; (九)公司的法定代表人;
10.Grounds for dissolution of the company and liquidation methods; and (十)公司的解散事由与清算办法;
11.Other matters deemed necessary by shareholders.Shareholders should sign and seal the articles of association of the company. (十一)股东认为需要规定的其他事项。
 股东应当在公司章程上签名、盖章。
Article 23 The registered capital is the total amount of investment paid in by all the shareholders registered with the registration department.   第二十三条 有限责任公司的注册资本为在公司登记机关登记的全体股东实缴的出资额。
The amount of registered capital should not be less than the amount specified below: 有限责任公司的注册资本不得少于下列最低限额:
1. for a company mainly engaging in production operations, RMB500,000; (一)以生产经营为主的公司人民币五十万元;
2. for a company mainly engaging in wholesales, RMB500,000; (二)以商品批发为主的公司人民币五十万元;
3. for a company mainly engaging in retail sales, RMB300,000; (三)以商业零售为主的公司人民币三十万元;
4. for a company engaging in technology development, consulting and services, RMB100,000. (四)科技开发、咨询、服务性公司人民币十万元。
If the minimum amount of registered capital of a limited liability company of a given trade should be higher than those provided for in the preceding paragraph, it shall be determined separately by law or administrative decrees. 特定行业的有限责任公司注册资本最低限额需高于前款所定限额的,由法律、行政法规另行规定。
Article 24 Shareholders may make their investment in cash, in kind, in industrial property rights, in non-patented technology or land use rights must be correctly assessed and verified in value terms without any over or under-valuation. The assessment of land use rights in value shall be made according to law or administrative decrees.   第二十四条 股东可以用货币出资,也可以用实物、工业产权、非专利技术、土地使用权作价出资。对作为出资的实物、工业产权、非专利技术或者土地使用权,必须进行评估作价,核实财产,不得高估或者低估作价。土地使用权的评估作价,依照法律、行政法规的规定办理。
The amount of industrial property rights or non-patented technology in value shall not exceed 20 percent of the total value of the registered capital of a limited liability company, except otherwise provided for by the State for the use of high and new technology. 以工业产权、非专利技术作价出资的金额不得超过有限责任公司注册资本的百分之二十,国家对采用高新技术成果有特别规定的除外。
Article 25 Shareholders shall pay in full their subscribed capital contributions as specified in the articles of association. In cases of making investment in cash, the contribution in cash should be deposited in full into a temporal account opened by the proposed limited liability company in a bank. In cases of using investment in kind, industrial property rights, non-patented technology or land use rights, the procedures for transfer of the property rights shall be completed according to law.   第二十五条 股东应当足额缴纳公司章程中规定的各自所认缴的出资额。股东以货币出资的,应当将货币出资足额存入准备设立的有限责任公司在银行开设的临时帐户;以实物、工业产权、非专利技术或者土地使用权出资的,应当依法办理其财产权的转移手续。
Shareholders who fail to pay in the subscribed amount of investment as provided for in the preceding paragraph should be liable to breach of contract. 股东不按照前款规定缴纳所认缴的出资,应当向已足额缴纳出资的股东承担违约责任。
Article 26 After all the shareholders have paid in their investment, the investment shall be verified by a legal investment verification institution and a certificate shall be produced by the institution.   第二十六条 股东全部缴纳出资后,必须经法定的验资机构验资并出具证明。
Article 27 After all the investment paid in by shareholders is verified, a representative designated or an agent commonly commissioned by all the shareholders shall apply for registration of establishment of the company with the registration department with an application form for registration, the articles of association, investment verification documents and other documents of the company.   第二十七条 股东的全部出资经法定的验资机构验资后,由全体股东指定的代表或者共同委托的代理人向公司登记机关申请设立登记,提交公司登记申请书、公司章程、验资证明等文件。
If an examination and approval procedure is required by law or administrative decrees, the document of approval should be submitted when the applications for establishment and registration are filed. 法律、行政法规规定需要经有关部门审批的,应当在申请设立登记时提交批准文件。
The company registration department should grant registration if all the requirements provided for by this law are met and issue business licenses but if the requirements provided for by this law are not met, the registration shall be refused. 公司登记机关对符合本法规定条件的,予以登记,发给公司营业执照;对不符合本法规定条件的,不予登记。
The date of issue of the company business license shall be the date of establishment of the limited liability company. 公司营业执照签发日期,为有限责任公司成立日期。
Article 28 After the establishment of a limited liability company, if the actual value of the investment in kind, industrial property rights, non-patented technology or land use rights are found to be apparently lower than the values set for in the articles of association of the company, the shortage shall be made good by the shareholder(s) concerned with the other shareholder bearing joint responsibility.   第二十八条 有限责任公司成立后,发现作为出资的实物、工业产权、非专利技术、土地使用权的实际价额显著低于公司章程所定价额的,应当由交付该出资的股东补交其差额,公司设立时的其他股东对其承担连带责任。
Article 29 If a limited liability company sets up branches at the time of its establishment, it should apply for registration to obtain business licenses for the branches.   第二十九条 设立有限责任公司的同时设立分公司的,应当就所设分公司向公司登记机关申请登记,领取营业执照。
If a limited liability company sets up a branch or branches after its establishment, the legal representative of the company shall apply for registration of the branch of branches to obtain business license(s). 有限责任公司成立后设立分公司,应当由公司法定代表人向公司登记机关申请登记,领取营业执照。
Article 30 After the establishment, a limited liability company shall issue certificates of investment to shareholders.A certificate of investment should specify clearly:   第三十条 有限责任公司成立后,应当向股东签发出资证明书。
 出资证明书应当载明下列事项:
1. Name of the company; (一)公司名称;
2. Date of registration of the company; (二)公司登记日期;
3. Registered capital of the company; (三)公司注册资本;
4. Names of shareholder, amount of investment paid in and the date of payment; and (四)股东的姓名或者名称、缴纳的出资额和出资日期;
5. Serial number and date of issue of the certificates of investment.Certificates of investment shall be affixed with the seal of the company. (五)出资证明书的编号和核发日期。
 出资证明书由公司盖章。
Article 31 A limited liability company should keep a list of its shareholders with the following specified items:   第三十一条 有限责任公司应当置备股东名册,记载下列事项:
1. Names or both names and address of shareholders; (一)股东的姓名或者名称及住所;
2. Amount of investments paid in by the shareholders; (二)股东的出资额;
3. Serial number of the certificates of investment. (三)出资证明书编号。
Article 32 Shareholders of a company have the right to review the minutes of meetings of shareholders and the financial and accounting statements of their company.   第三十二条 股东有权查阅股东会会议记录和公司财务会计报告。
Article 33 Shareholder shall get dividends in proportion to the amount of investment they have made. If a company wants to increase its capital, its shareholders have the priority of subscription.   第三十三条 股东按照出资比例分取红利。公司新增资本时,股东可以优先认缴出资。
Article 34 Shareholders are not allowed to withdraw their investment after the registration of the company.   第三十四条 股东在公司登记后,不得抽回出资。
Article 35 Shareholders may transfer to each other all or part of their investment.   第三十五条 股东之间可以相互转让其全部出资或者部分出资。
For transferring the investment to other people other than other shareholders of the company, a shareholder must get the consent of the simple majority of the shareholders. Shareholders who disapprove of the transfer should buy the shares of investment to be transferred. If they fail to buy the shares, it shall be regarded as approval of the transfer. 股东向股东以外的人转让其出资时,必须经全体股东过半数同意;不同意转让的股东应当购买该转让的出资,如果不购买该转让的出资,视为同意转让。
For the investment shares having been approved to be transferred, other shareholders shall have the priority for the purchase under the same conditions. 经股东同意转让的出资,在同等条件下,其他股东对该出资有优先购买权。
Article 36 After a shareholder has transferred its investment according to law, the company shall record the name(s) and address(es) of the transferee(s) and the amount of investment transferred in the list of shareholders.   第三十六条 股东依法转让其出资后,由公司将受让人的姓名或者名称、住所以及受让的出资额记载于股东名册。
SECTION TWO ORGANIZATIONAL SETUP 

第二节 组织机构

Article 37 The meeting of shareholders of a limited liability company shall be made up of all shareholders. The meeting of shareholders shall be the authoritative organization of the company and exercises its powers according to this law.   第三十七条 有限责任公司股东会由全体股东组成,股东会是公司的权力机构,依照本法行使职权。
Article 38 The meeting of shareholders shall exercise the following powers:   第三十八条 股东会行使下列职权:
1. To decide upon the operation policies and investment plans of the company. (一)决定公司的经营方针和投资计划;
2. To elect and replace directors and decide on matters relating to remuneration to directors. (二)选举和更换董事,决定有关董事的报酬事项;
3. To elect and replace the supervisors who are the representatives of shareholders and decide on the payment to supervisors. (三)选举和更换由股东代表出任的监事,决定有关监事的报酬事项;
4. To examine and approve the reports by the board of directors. (四)审议批准董事会的报告;
5. To examine and approve the reports by the supervisory committee or individual supervisors. (五)审议批准监事会或者监事的报告;
6. To examine and approve the annual financial and budget plan and financial accounting plan of the company. (六)审议批准公司的年度财务预算方案、决算方案;
7. To examine and approve the plans for company's profit distribution and losses recovery. (七)审议批准公司的利润分配方案和弥补亏损方案;
8. To pass resolutions on the increase or decrease of registered capital. (八)对公司增加或者减少注册资本作出决议;
9. To pass resolutions on the issue of bonds. (九)对发行公司债券作出决议;
10. To pass resolutions on the transfer of investment by shareholders to people other than shareholders. (十)对股东向股东以外的人转让出资作出决议;
11. To pass resolutions on issues as merger, division, change in corporate form, dissolution and liquidation and other affairs of the company. (十一)对公司合并、分立、变更公司形式、解散和清算等事项作出决议;
12. To revise the articles of association of the company. (十二)修改公司章程。
Article 39 Methods of discussion and voting procedures of the meeting of shareholders shall be provided for in the articles of association except otherwise provided for by this law.   第三十九条 股东会的议事方式和表决程序,除本法有规定的以外,由公司章程规定。
The resolution on the increase or decrease of registered capital, division, merger, dissolution or change of corporate form of the company must be agreed by shareholders representing two-thirds of the voting rights. 股东会对公司增加或者减少注册资本、分立、合并、解散或者变更公司形式作出决议,必须经代表三分之二以上表决权的股东通过。
Article 40 A company may revise its articles of association. The resolution on the revision of the articles of association must be agreed by shareholders representing over two-thirds of the voting rights.   第四十条 公司可以修改章程。修改公司章程的决议,必须经代表三分之二以上表决权的股东通过。
Article 41 In a meeting of shareholders, the voting rights shall be exercised in proportion to the amount of investment made by shareholders.   第四十一条 股东会会议由股东按照出资比例行使表决权。
Article 42 The first meeting of the shareholders shall be convened and presided over by the shareholder whose capital contribution is the largest. Such shareholder shall exercise its rights according to the provisions of this law.   第四十二条 股东会的首次会议由出资最多的股东召集和主持,依照本法规定行使职权。
Article 43 Meetings of shareholders shall be divided into regular meetings and irregular meetings.   第四十三条 股东会会议分为定期会议和临时会议。
Regular meetings shall be called according to the provisions of the articles of association of the company. Irregular meetings may be called upon the motion by shareholders who represent over one-fourth of the voting rights or by over one-third of the directors or supervisors. 定期会议应当按照公司章程的规定按时召开。代表四分之一以上表决权的股东,三分之一以上董事,或者监事,可以提议召开临时会议。
If a limited liability company has a board of directors, the meeting of shareholders shall be called by the board of directors and presided over by the chairman of the board of directors. If the chairman of the board of directors is unable to perform the duty due to special reasons, the meetings shall be presided over by a vice-chairman of the board of directors or a director designated by the chairman of the board of directors. 有限责任公司设立董事会的,股东会会议由董事会召集,董事长主持,董事长因特殊原因不能履行职务时,由董事长指定的副董事长或者其他董事主持。
Article 44 If a meeting of shareholders is to be held, notice shall be given to all the shareholders 15 days before the meeting is held.   第四十四条 召开股东会会议,应当于会议召开十五日以前通知全体股东。
The meeting of shareholders shall keep minutes on matters discussed and to be signed by shareholders present. 股东会应当对所议事项的决定作成会议记录,出席会议的股东应当在会议记录上签名。
Article 45 The board of directors of a limited liability company shall be made up of 3 to 13 persons.   第四十五条 有限责任公司设董事会,其成员为三人至十三人。
For a board of directors established by at least two State owned enterprises or by at least two State owned investment entities, members of its board of directors should include representatives of workers, who are to be elected by the workers through democratic processes. 两个以上的国有企业或者其他两个以上的国有投资主体投资设立的有限责任公司,其董事会成员中应当有公司职工代表。董事会中的职工代表由公司职工民主选举产生。
A board of directors shall have a chairman and may have one to two vice-chairmen. The method of election of the chairman and vice- chairmen of the board of directors shall be provided for in the articles of association of the company. 董事会设董事长一人,可以设副董事长一至二人。董事长、副董事长的产生办法由公司章程规定。
The chairman of the board of directors is the legal representative of the company. 董事长为公司的法定代表人。
Article 46 The board of directors shall be responsible to the meeting of shareholders and exercises the following powers:   第四十六条 董事会对股东会负责,行使下列职权:
1. To call meetings of shareholders and report work to the meetings of shareholders. (一)负责召集股东会,并向股东会报告工作;
2. To execute the resolutions passed by the meetings of shareholders. (二)执行股东会的决议;
3. To decide on the operation and investment plans. (三)决定公司的经营计划和投资方案;
4. To formulate the company's annual financial budget and final accounts. (四)制订公司的年度财务预算方案、决算方案;
5. To formulate the profit distribution and losses recovery plans. (五)制订公司的利润分配方案和弥补亏损方案;
6. To formulate plans for increasing or decreasing registered capital of the company. (六)制订公司增加或者减少注册资本的方案;
7. To draft plans for merger, division, change of corporate form and dissolution of the company. (七)拟订公司合并、分立、变更公司形式、解散的方案;
8. To decide on the organizational setup of the company. (八)决定公司内部管理机构的设置;
9. To appoint or dismiss manager (general manager) of the company (hereinafter referred to as "manager"), appoint or dismiss deputy managers and financial officers of the company according to the recommendation by the manager and decide on their remuneration. (九)聘任或者解聘公司经理(总经理)(以下简称经理),根据经理的提名,聘任或者解聘公司副经理、财务负责人,决定其报酬事项;
10. To formulate the basic management systems of the company. (十)制定公司的基本管理制度。
Article 47 The term of office for the chairman of the board of directors shall be provided for in the articles of association, in case that each term of the office shall not be longer than three years. The chairman of the board of directors may be re-elected upon the expiration of the term to serve another term.   第四十七条 董事任期由公司章程规定,但每届任期不得超过三年。董事任期届满,连选可以连任。
Before the term of office of a director expires, the meeting of shareholders shall not dismiss him (her) from his (her) posts without justifiable reasons. 董事在任期届满前,股东会不得无故解除其职务。
Article 48 The meetings of the board of directors shall be called and presided over by the chairman of the board of directors. If the chairman of the board of directors is unable to perform his (her) duty due to special reasons, a vice-chairman of the board of directors or a director designated by the chairman of the board of directors shall call and preside over the meetings. A meeting of the board of directors may be called upon the motion by at least one-third of the directors.   第四十八条 董事会会议由董事长召集和主持;董事长因特殊原因不能履行职务时,由董事长指定副董事长或者其他董事召集和主持。三分之一以上董事可以提议召开董事会会议。
Article 49 The method of discussion and the procedures of voting at the meeting of the board of directors shall be provided for in the articles of association except otherwise provided for in this law. In concerning a meeting of the board of directors, a notice shall be given to the directors concerned 10 days before the meeting is held.   第四十九条 董事会的议事方式和表决程序,除本法有规定的以外,由公司章程规定。
The board of directors shall keep minutes of meetings made on the matters discussed and being signed by the directors present. 召开董事会会议,应当于会议召开十日以前通知全体董事。
 董事会应当对所议事项的决定作成会议记录,出席会议的董事应当在会议记录上签名。
Article 50 A limited liability company shall have a manager, subject to appointment or dismissal by the board of directors. The manager shall be responsible to the board of directors and exercise the following powers:   第五十条 有限责任公司设经理,由董事会聘任或者解聘。经理对董事会负责,行使下列职权:
1. To be in charge of the company's production operations and management of the company and organize the implementation of the decisions of the board of directors. (一)主持公司的生产经营管理工作,组织实施董事会决议;
2. Implementation of the annual operation and investment plans of the company. (二)组织实施公司年度经营计划和投资方案;
3. Formulate the internal organizational setup plan. (三)拟订公司内部管理机构设置方案;
4. Formulate the basic management system of the company. (四)拟订公司的基本管理制度;
5. Formulate specific rules and regulations of the company. (五)制定公司的具体规章;
6. Propose the appointment or dismissal of deputy managers and financial officers of the company. (六)提请聘任或者解聘公司副经理、财务负责人;
7. Appoint or dismiss management officers other than those required to be appointed or dismissed by the board of directors. (七)聘任或者解聘除应由董事会聘任或者解聘以外的负责管理人员;
8. Other powers conferred by the articles of association and the board of directors.The manager shall attend the meeting of the board of directors as a non-voting member. (八)公司章程和董事会授予的其他职权。
 经理列席董事会会议。
Article 51 If a limited liability company with a small number of shareholders and a small scale of operation, it may have one sole executive director instead of the board of directors. The executive director may concurrently serve as the manager of the company.   第五十一条 有限责任公司,股东人数较少和规模较小的,可以设一名执行董事,不设立董事会。执行董事可以兼任公司经理。
The powers and functions of the managing director shall be defined in the articles of association pursuant to the provisions of Article 46 of this law. 执行董事的职权,应当参照本法第四十六条规定,由公司章程规定。
If a limited liability company has no board of directors, the managing director shall be the legal representative. 有限责任公司不设董事会的,执行董事为公司的法定代表人。
Article 52 A limited liability company with a relatively large scale of operation shall have a supervisory committee made up of not less than three members and a convenor elected among the members.   第五十二条 有限责任公司,经营规模较大的,设立监事会,其成员不得少于三人。监事会应在其组成人员中推选一名召集人。
The supervisory committee shall include representatives of shareholders and a certain proportion of workers' representatives. The specific proportion shall be specified in the articles of association. 监事会由股东代表和适当比例的公司职工代表组成,具体比例由公司章程规定。监事会中的职工代表由公司职工民主选举产生。
The workers' representatives to the supervisory committee shall be elected by workers through democratic process.A limited liability company with a relatively small number of shareholders and of a small operation scale may have one to two supervisors. 有限责任公司,股东人数较少和规模较小的,可以设一至二名监事。
Director, manager and financial officer of a company shall not concurrently serve as supervisors. 董事、经理及财务负责人不得兼任监事。
Article 53 The term of office of a supervisor is three years, upon the expiration of the term, a supervisor may be reappointed and serve another term.   第五十三条 监事的任期每届为三年。监事任期届满,连选可以连任。
Article 54 The supervisory committee or individual supervisors of a company exercise the following powers:   第五十四条 监事会或者监事行使下列职权:
1. To check up on the financial affairs of the company; (一)检查公司财务;
2. To supervise the law and regulation violating acts or the articles of association of directors and manager in performing their duties; (二)对董事、经理执行公司职务时违反法律、法规或者公司章程的行为进行监督;
3. To request directors or manager to remedy their acts whenever such acts harm the interests of the company; (三)当董事和经理的行为损害公司的利益时,要求董事和经理予以纠正;
4. To propose the convening of an interim shareholders' meeting; and (四)提议召开临时股东会;
5. To exercise other powers as provided for in the articles of association.Supervisors shall attend the meeting of the board of directors as non-voting members. (五)公司章程规定的其他职权。
 监事列席董事会会议。
Article 55 Whenever considering and deciding on wages, welfares, production safety of the staff and workers and labor protection and labor insurance and other issues concerning the personal interests of the staff and workers, opinions of the trade union and the workers of the company should first of all be solicited and representatives of the trade union or workers should be invited as observers to meetings concerned.   第五十五条 公司研究决定有关职工工资、福利、安全生产以及劳动保护、劳动保险等涉及职工切身利益的问题,应当事先听取公司工会和职工的意见,并邀请工会或者职工代表列席有关会议。
Article 56 Opinions and suggestions of the trade union and workers of the company should also be solicited when considering and deciding on major issues concerning the operation of the company and when major rules and regulation are formulated for the company.   第五十六条 公司研究决定生产经营的重大问题、制定重要的规章制度时,应当听取公司工会和职工的意见和建议。
Article 57 The following persons may not serve as the director, supervisor or manager of a company:   第五十七条 有下列情形之一的,不得担任公司的董事、监事、经理:
1. persons without or with restricted civil capacity; (一)无民事行为能力或者限制民事行为能力;
2. persons who have committed the offences of corruption, bribery, infringement of property, misappropriation of property or sabotaging the social economic order, and have been sentenced to criminal penalties, where less than five years have elapsed since the date of completion of the sentence; or persons who have been deprived of their political rights due to criminal offense, where less than five years have elapsed since the date of the completion of this deprivation; (二)因犯有贪污、贿赂、侵占财产、挪用财产罪或者破坏社会经济秩序罪,被判处刑罚,执行期满未逾五年,或者因犯罪被剥夺政治权利,执行期满未逾五年;
3. persons who are former directors, factory directors of managers of a company or enterprise which has become bankrupt and been liquidated as a result of mismanagement and are personally liable of bankruptcy of such company or enterprise, where less than three years have elapsed since the date of completion of the bankruptcy and liquidation of the company or enterprise. (三)担任因经营不善破产清算的公司、企业的董事或者厂长、经理,并对该公司、企业的破产负有个人责任的,自该公司、企业破产清算完结之日起未逾三年;
4. persons who were legal representatives of a company or enterprise which had its business licence revoked due to a violation of the law and who are personally liable, where less than three years have been elapsed since the date of the revocation of the business licence; (四)担任因违法被吊销营业执照的公司、企业的法定代表人,并负有个人责任的,自该公司、企业被吊销营业执照之日起未逾三年;
5. persons who have a relatively large amount of debts due and outstanding. (五)个人所负数额较大的债务到期未清偿。
The election or appointment for directors, supervisors or manager of a company shall become invalid if not in comformity with the preceding provisions. 公司违反前款规定选举、委派董事、监事或者聘任经理的,该选举、委派或者聘任无效。
Article 58 Civil servants of the State are not allowed to serve as directors, supervisors or managers of companies.   第五十八条 国家公务员不得兼任公司的董事、监事、经理。
Article 59 Directors, supervisors and manager of a company shall abide by the articles of association, perform their duties faithfully, and safeguard the interests of the company. They are not allowed to exploit their positions and powers in the company for personal gains.   第五十九条 董事、监事、经理应当遵守公司章程,忠实履行职务,维护公司利益,不得利用在公司的地位和职权为自己谋取私利。
Directors, supervisors or manager of a company are not allowed to exploit their position to accept bribes or other illegal income or wrongfully take over the company property. 董事、监事、经理不得利用职权收受贿赂或者其他非法收入,不得侵占公司的财产。
Article 60 Directors or manager of a company are not allowed to misappropriate the funds of the company or loan such funds to others.   第六十条 董事、经理不得挪用公司资金或者将公司资金借贷给他人。
Directors or manager of a company are not allowed to deposit the assets of the company in their own or other personal bank accounts. 董事、经理不得将公司资产以其个人名义或者以其他个人名义开立帐户存储。
Directors or manager of a company shall not provide assets of the company as guarantee for the debts owed by shareholders of the company or by others. 董事、经理不得以公司资产为本公司的股东或者其他个人债务提供担保。
Article 61 Directors or manager of a company shall not engage on their own behalf or on behalf of others in any businesses that are the same of that of the company or activities that are harmful to their own company. The proceeds from any such businesses or activities shall belong to the company.   第六十一条 董事、经理不得自营或者为他人经营与其所任职公司同类的营业或者从事损害本公司利益的活动。从事上述营业或者活动的,所得收入应当归公司所有。
A director or a manager shall not enter into any contracts or transactions with the company except otherwise provided for in the articles of association or with the consent of the meeting of association or with the consent of meeting of shareholders. 董事、经理除公司章程规定或者股东会同意外,不得同本公司订立合同或者进行交易。
Article 62 A director, a supervisor, or a manager of a company shall not divulge secrets of the company except according to law or with the consent of the meeting of shareholders.   第六十二条 董事、监事、经理除依照法律规定或者经股东会同意外,不得泄露公司秘密。
Article 63 Where a director, a supervisor, or a manager of a company violates the law, administrative decrees, or the company's articles of association in performing his (her) official corporate duties resulting in harm of the company, such director, supervisor, or manager is liable for compensation for the damage.   第六十三条 董事、监事、经理执行公司职务时违反法律、行政法规或者公司章程的规定,给公司造成损害的,应当承担赔偿责任。
SECTION THREE SOLELY STATE-OWNED COMPANIES 

第三节 国有独资公司

Article 64 The term "solely State-owned companies" used in this law refers to the limited liability companies established solely by State authorized investment institution or department.   第六十四条 本法所称国有独资公司是指国家授权投资的机构或者国家授权的部门单独投资设立的有限责任公司。
Companies designated by the State Council to produce special products or belonging to a special trade as set should be solely State- owned. 国务院确定的生产特殊产品的公司或者属于特定行业的公司,应当采取国有独资公司形式。
Article 65 The articles of association of a solely State-owned company shall be formulated by the State authorized investment institution or department in accordance with the law or by the board of directors and be submitted to the investment institution or department concerned authorized by the State for approval.   第六十五条 国有独资公司的公司章程由国家授权投资的机构或者国家授权的部门依照本法制定,或者由董事会制订,报国家授权投资的机构或者国家授权的部门批准。
Article 66 A solely State-owned company shall not set up the meeting of shareholders but the board of directors which is empowered by the investment organization or department authorized by the State to exercise part of the powers and functions of the meeting of shareholder and decide on major matters concerning the company. But merger, division, dissolution or the increase or decrease of capital and issuing of bonds shall be determined by the investment institution or department concerned authorized by the State.   第六十六条 国有独资公司不设股东会,由国家授权投资的机构或者国家授权的部门,授权公司董事会行使股东会的部分职权,决定公司的重大事项,但公司的合并、分立、解散、增减资本和发行公司债券,必须由国家授权投资的机构或者国家授权的部门决定。
Article 67 The board of supervisors of a solely state-owned company shall be comprised mainly of the members designated by the State Council or the organs or departments authorized by the State Council and shall include representatives of the staff and workers. There shall be no less than three members in the board of supervisors. The board of supervisors shall exercise the powers as stipulated in items 1 and 2 of clause 1, Article 54 and other powers prescribed by the State Council." "The supervisors attend the meeting of the board of directors as non-voting members." "Directors, the manager and financial officers shall not serve concurrently as supervisors.   第六十七条 国有独资公司监事会主要由国务院或者国务院授权的机构、部门委派的人员组成,并有公司职工代表参加。监事会的成员不得少于三人。监事会行使本法第五十四条第一款第(一)、(二)项规定的职权和国务院规定的其他职权。
 监事列席董事会会议。
 董事、经理及财务负责人不得兼任监事。
Article 68 The board of directors of a solely State-owned company shall exercise its powers and functions according to the provisions of Article 46 and Article 66 of this law. The term of office of the board of directors shall be three years.   第六十八条 国有独资公司设立董事会,依照本法第四十六条、第六十六条规定行使职权。董事会每届任期为三年。
The board of directors shall be made up of three to nine persons, who are subject to the appointment or replacement by the investment institution or department authorized by the State according to the term of office for the board of directors. Workers in the company should elect through democratic processes representatives to the board of directors. 公司董事会成员为三人至九人,由国家授权投资的机构或者国家授权的部门按照董事会的任期委派或者更换。董事会成员中应当有公司职工代表。董事会中的职工代表由公司职工民主选举产生。
The board of directors shall have a chairman or may have a vice- chairmen if necessary. The chairman and vice-chairmen of the board shall be designated from among the directors by the investment institution or department authorized by the State. 董事会设董事长一人,可以视需要设副董事长。董事长、副董事长,由国家授权投资的机构或者国家授权的部门从董事会成员中指定。
The chairman of the board is the legal representative of the company. 董事长为公司的法定代表人。
Article 69 A solely State-owned company shall have a manager who shall be subject to the appointment or dismissal by the board of directors and exercises the powers according to the provisions of Article 50 of this law.   第六十九条 国有独资公司设经理,由董事会聘任或者解聘。经理依照本法第五十条规定行使职权。
With the consent of the investment institution or department authorized by the State, a member of the board may concurrently serve as the manager of the company. 经国家授权投资的机构或者国家授权的部门同意,董事会成员可以兼任经理。
Article 70 Chairman, vice-chairmen or directors of the board and the manager of a solely State-owned company may not serve concurrently as officers of other limited liability companies, joint stock companies limited or other business organizations without the consent of the investment institution or department authorized by the State.   第七十条 国有独资公司的董事长、副董事长、董事、经理,未经国家授权投资的机构或者国家授权的部门同意,不得兼任其他有限责任公司、股份有限公司或者其他经营组织的负责人。
Article 71 In transferring the assets of a solely State-owned company, the procedures of examination and approval and transfer shall be completed by the investment institution or department authorized by the State according to law or administrative decrees.   第七十一条 国有独资公司的资产转让,依照法律、行政法规的规定,由国家授权投资的机构或者国家授权的部门办理审批和财产权转移手续。
Article 72 Large solely State-owned companies with sound operational and management system and in good operational conditions may be authorized by the State Council to exercise rights as the owners of the assets.   第七十二条 经营管理制度健全、经营状况较好的大型的国有独资公司,可以由国务院授权行使资产所有者的权利。
CHAPTER THREE ESTABLISHMENT AND ORGANIZATIONAL SETUP OF JOINT STOCK COMPANIES LIMITED 

第三章 股份有限公司的设立和组织机构

 
SECTION ONE ESTABLISHMENT 

第一节 设立

Article 73 The establishment of a joint stock company limited shall meet the following conditions:   第七十三条 设立股份有限公司,应当具备下列条件:
1. The number of promoters shall meet the requirement of the law; (一)发起人符合法定人数;
2. The share capital subscribed by the promoters and public offer meets the minimum amount of capital required by law; (二)发起人认缴和社会公开募集的股本达到法定资本最低限额;
3. Issue of stocks and the related preliminary matters conform to the provisions of the law; (三)股份发行、筹办事项符合法律规定;
4. Articles of association are formulated by the promoters and adopted at the establishment meeting; (四)发起人制订公司章程,并经创立大会通过;
5. The company has a name and has established the organizational setup that meets the requirements of a joint stock company; (五)有公司名称,建立符合股份有限公司要求的组织机构;
6. The company has fixed production or operational sites and necessary conditions for production or operations. (六)有固定的生产经营场所和必要的生产经营条件。
Article 74 A joint stock company limited may be set up by means of promotion or public offer.   第七十四条 股份有限公司的设立,可以采取发起设立或者募集设立的方式。
By promotion, it means the establishment of a company by the subscription by promoters for all the shares to be issued by the company. 发起设立,是指由发起人认购公司应发行的全部股份而设立公司。
By public offer, it means the establishment of the company by the subscription by the promoters of part of the shares to be issued and a public offer of the remaining shares. 募集设立,是指由发起人认购公司应发行股份的一部分,其余部分向社会公开募集而设立公司。
Article 75 In setting up a joint stock company limited, there should at least be five promoters with over half of them living within the territory of China.   第七十五条 设立股份有限公司,应当有五人以上为发起人,其中须有过半数的发起人在中国境内有住所。
For a joint stock company limited reorganized from a State owned enterprise, the number of promoters may be less than five, but the method of public offering should be adopted. 国有企业改建为股份有限公司的,发起人可以少于五人,但应当采取募集设立方式。
Article 76 The promoters of a joint stock company limited shall subscribe to the shares due to them according to this law and be responsible for the preparations for the establishment of the company.   第七十六条 股份有限公司发起人,必须按照本法规定认购其应认购的股份,并承担公司筹办事务。
Article 77 The establishment of a joint stock company limited shall have the approval of the department authorized by the State Council or by the people's governments at the provincial level.   第七十七条 股份有限公司的设立,必须经过国务院授权的部门或者省级人民政府批准。
Article 78 The registered capital of a joint stock company limited shall be the total share capital which has been registered with the registration department and which has been actually received. The minimum amount of registered capital of a joint stock company limited shall be RMB10 million. Requirements for the minimum amount of the registered capital of a joint stock company limited to be higher than the above amount are provided for in separate laws or administrative decrees.   第七十八条 股份有限公司的注册资本为在公司登记机关登记的实收股本总额。
 股份有限公司注册资本的最低限额为人民币一千万元。股份有限公司注册资本最低限额需高于上述所定限额的,由法律、行政法规另行规定。
Article 79 The articles of association of a joint stock company limited shall define the following:   第七十九条 股份有限公司章程应当载明下列事项:
1. Name and address of the company; (一)公司名称和住所;
2. Scope of business of the company; (二)公司经营范围;
3. Method of establishment; (三)公司设立方式;
4. Total shares, par value of each share and the amount of registered capital of the company; (四)公司股份总数、每股金额和注册资本;
5. Names of promoters and the shares they have subscribed to; (五)发起人的姓名或者名称、认购的股份数;
6. Rights and obligations of shareholders; (六)股东的权利和义务;
7. Composition, powers, term of office and rules of procedure of the board of directors; (七)董事会的组成、职权、任期和议事规则;
8. Legal representative of the company; (八)公司法定代表人;
9. Composition, powers, term of office and rules of procedure of the supervisory committee; (九)监事会的组成、职权、任期和议事规则;
10.Method of distribution of profits of the company; (十)公司利润分配办法;
11.Reasons for dissolution of the company and liquidation methods; (十一)公司的解散事由与清算办法;
12.Methods for issuing public notices or announcement; and (十二)公司的通知和公告办法;
13.Other matters deemed necessary by the meeting of shareholders. (十三)股东大会认为需要规定的其他事项。
Article 80 Shareholders may pay in their investment in cash, in kind, in industrial property rights, non-patented technology or land use rights. The investment in kind, industrial property rights, non- patented technology or land use rights must be assessed in value and be converted into shares according to their assessed value without over or under valuation. The value assessment of land use rights shall be handled according to law or administrative decrees.   第八十条 发起人可以用货币出资,也可以用实物、工业产权、非专利技术、土地使用权作价出资。对作为出资的实物、工业产权、非专利技术或者土地使用权,必须进行评估作价,核实财产,并折合为股份。不得高估或者低估作价。土地使用权的评估作价,依照法律、行政法规的规定办理。
The industrial property rights or/and non-patented technology in value terms shall not exceed 20 percent of the registered capital of the company. 发起人以工业产权、非专利技术作价出资的金额不得超过股份有限公司注册资本的百分之二十。
Article 81 When reorganise a State-owned enterprise into a joint stock company limited, it is strictly prohibited to under-value State- owned assets for conversion into shares, sell them at prices below their value, or distribute them without compensation to individuals.   第八十一条 国有企业改建为股份有限公司时,严禁将国有资产低价折股、低价出售或者无偿分给个人。
Article 82 When establishing a joint stock company limited through promotion, the promoters shall subscribe in written form the amount of shares provided for in the articles of association in full payment. In cases of paying investment in kind, industrial property rights, non-patented technology or land use rights, procedures for the transfer of the property rights shall be completed according to law.   第八十二条 以发起设立方式设立股份有限公司的,发起人以书面认足公司章程规定发行的股份后,应即缴纳全部股款;以实物、工业产权、非专利技术或者土地使用权抵作股款的,应当依法办理其财产权的转移手续。
After the promoters all pay in their capital, they should elect the board of directors and the supervisory committee. The board of directors shall apply for registration of establishment of the company with the registration department with the document of approval for establishment, the articles of association, capital verification and other documents. 发起人交付全部出资后,应当选举董事会和监事会,由董事会向公司登记机关报送设立公司的批准文件、公司章程、验资证明等文件,申请设立登记。
Article 83 When establishing a joint stock company limited through public offer of shares, the amount of shares subscribed to by promoters shall not less than 35 percent of the total. The rest shall be offered to the public for subscription.   第八十三条 以募集设立方式设立股份有限公司的,发起人认购的股份不得少于公司股份总数的百分之三十五,其余股份应当向社会公开募集。
Article 84 In public offer, an application for the offer must be submitted to the securities administration of the State Council, together with the following documents:   第八十四条 发起人向社会公开募集股份时,必须向国务院证券管理部门递交募股申请,并报送下列主要文件:
1. Document of approval for establishing the company; (一)批准设立公司的文件;
2. Articles of association; (二)公司章程;
3. Operating budget; (三)经营估算书;
4. Names of promoters and the number of shares by the promoters, the method of capital contribution, and capital verification certificate; (四)发起人姓名或者名称,发起人认购的股份数、出资种类及验资证明;
5. Prospectus; (五)招股说明书;
6. Names and addresses of the receiving bankers; and (六)代收股款银行的名称及地址;
7. Names of underwriters and the relevant agreement.Promoters shall not make a public offer without the approval of the securities administration of the State Council. (七)承销机构名称及有关的协议。
 未经国务院证券管理部门批准,发起人不得向社会公开募集股份。
Article 85 With the approval of the securities administration of the State Council, a joint stock company limited may make a rally abroad. The specific method for the rally shall be formulated by the State Council.   第八十五条 经国务院证券管理部门批准,股份有限公司可以向境外公开募集股份,具体办法由国务院作出特别规定。
Article 86 Securities administration of the State Council shall approve the application on public offer which meets the conditions prescribed in this law. If the application does not comply with the conditions prescribed in this law, no approval is granted. If, after approval is given, the application is found not to meet the conditions prescribed by this law, the approval shall be revoked. If shares have not been offered, the offer will not be carried out. If shares have already been offered, the subscribers may demand the promoters to refund their payments for shares with interests at the bank's deposit rate of the same term.   第八十六条 国务院证券管理部门对符合本法规定条件的募股申请,予以批准;对不符合本法规定的募股申请,不予批准。
 对已作出的批准如发现不符合本法规定的,应予撤销。尚未募集股份的,停止募集;已经募集的,认股人可以按照所缴股款并加算银行同期存款利息,要求发起人返还。
Article 87 The prospectus should have the articles of association attached and define the followings:   第八十七条 招股说明书应当附有发起人制订的公司章程,并载明下列事项:
1. Number of shares subscribed to by promoters; (一)发起人认购的股份数;
2. Par value and issue price of each share; (二)每股的票面金额和发行价格;
3. Total number of non-registered shares issued; (三)无记名股票的发行总数;
4. Rights and obligations of subscribers; (四)认股人的权利、义务;
5. The time limit for the public offer and the notification that subscribers may revoke their subscription to share if the offer is under-subscribed at the close of the offer. (五)本次募股的起止期限及逾期未募足时认股人可撤回所认股份的说明。
Article 88 The promoters shall publish prospectus and prepare application forms during public offers. In the application forms, the items listed in the preceding article should be set out and the subscribers shall fill in the number of shares subscribed to total amount of payment, address and sign or seal the forms. Subscribers shall make payment for the shares they have subscribed.   第八十八条 发起人向社会公开募集股份,必须公告招股说明书,并制作认股书。认股书应当载明前条所列事项,由认股人填写所认股数、金额、住所,并签名、盖章。认股人按照所认股数缴纳股款。
Article 89 Public offers of shares shall be underwritten by securities institution established according to law and an underwriting agreement shall be entered.   第八十九条 发起人向社会公开募集股份,应当由依法设立的证券经营机构承销,签订承销协议。
Article 90 In a public offer of shares the promoters shall enter into an agreement with the receiving banker.   第九十条 发起人向社会公开募集股份,应当同银行签订代收股款协议。
The receiving banker shall receive and hold as agent the payments for shares according to the provisions of the agreement, produce receipts to subscribers who have made the payments and shall be obliged to produce evidence of receipt of payments to relevant departments. 代收股款的银行应当按照协议代收和保存股款,向缴纳股款的认股人出具收款单据,并负有向有关部门出具收款证明的义务。
Article 91 After full payments have been made to the share issued, an authorized investment verification organization must verify the investments and issue investment verification certificate. The promoters shall convene a meeting for founding the company within 30 days. The meeting shall be attended by all share subscribers.   第九十一条 发行股份的股款缴足后,必须经法定的验资机构验资并出具证明。发起人应当在三十日内主持召开公司创立大会。创立大会由认股人组成。
If the shares issued are not fully subscribed after the closing date as prescribed in the prospectus or the promoters fail to call the meeting for founding the company within 30 days, subscribers of shares may demand return of the payments for the shares, plus interests at the bank's rate for deposits of the same term. 发行的股份超过招股说明书规定的截止期限尚未募足的,或者发行股份的股款缴足后,发起人在三十日内未召开创立大会的,认股人可以按照所缴股款并加算银行同期存款利息,要求发起人返还。
Article 92 Promoters shall notify all the subscribers or make an announcement of the date of the establishment meeting 15 days before the meeting should be held. The meeting shall be held only if subscribers representing over half of the total shares are present.   第九十二条 发起人应当在创立大会召开十五日前将会议日期通知各认股人或者予以公告。创立大会应有代表股份总数二分之一以上的认股人出席,方可举行。
The establishment meeting shall exercise the following powers: 创立大会行使下列职权:
1. To examine the report on the preparation for the establishment of the company submitted by the promoters; (一)审议发起人关于公司筹办情况的报告;
2. To adopt the articles of association; (二)通过公司章程;
3. To elect directors of the board; (三)选举董事会成员;
4. To elect the supervisory committee; (四)选举监事会成员;
5. To examine the expenses on the establishment of the company; (五)对公司的设立费用进行审核;
6. To examine and verify the valuation of property which is used by the promoters as their payments for shares; and (六)对发起人用于抵作股款的财产的作价进行审核;
7. To make a resolution of not setting up the company in the case of the occurrence of force majeure or substantial changes to operating conditions that will affect the establishment of the company. (七)发生不可抗力或者经营条件发生重大变化直接影响公司设立的,可以作出不设立公司的决议。
A resolution on matters listed in the preceding paragraph requires the approval of the subscribers with half or more of the voting rights present at the meeting. 创立大会对前款所列事项作出决议,必须经出席会议的认股人所持表决权的半数以上通过。
Article 93 Promoters and subscribers may not withdraw their share capital after making payments for shares they subscribed, or making their contribution of capital as payment for shares, except where the shares have not been fully subscribed within the offer period, the promoters fail to convene the establishment meeting within the period specified, or the establishment meeting has decided not to set up the company.   第九十三条 发起人、认股人缴纳股款或者交付抵作股款的出资后,除未按期募足股份、发起人未按期召开创立大会或者创立大会决议不设立公司的情形外,不得抽回其股本。
Article 94 The board of directors should apply for registration on the establishment of the company within 30 days of the conclusion of the establishment meeting together with the following documents:   第九十四条 董事会应于创立大会结束后三十日内,向公司登记机关报送下列文件,申请设立登记:
1. Document of approval issued by the department in charge; (一)有关主管部门的批准文件;
2. Minutes of the establishment meeting; (二)创立大会的会议记录;
3. Articles of association of the company; (三)公司章程;
4. Auditor's report on the financial affairs concerning the preparations for the establishment of the company; (四)筹办公司的财务审计报告;
5. Investment verification certificate; (五)验资证明;
6. Names and addresses of the members of the board of directors and of the supervisory committee; (六)董事会、监事会成员姓名及住所;
7. Name and address of the legal representative. (七)法定代表人的姓名、住所。
Article 95 Company registration department shall decide on whether to give approval to the registration within 30 days after the application is received. If all the conditions prescribed in this law are met, approval shall be granted and business license shall be issued; if the conditions prescribed in this law are not met, approval shall not be granted.   第九十五条 公司登记机关自接到股份有限公司设立登记申请之日起三十日内作出是否予以登记的决定。对符合本法规定条件的,予以登记,发给公司营业执照;对不符合本法规定条件的,不予登记。
The date of the issue of the business license shall be the date of establishment of the company. After the company has been established, it should make a public announcement. 公司营业执照签发日期,为公司成立日期。公司成立后,应当进行公告。
After the establishment of the company through public offer of shares, a report on the offer should be submitted to the securities administration of the State Council for the record. 股份有限公司经登记成立后,采取募集设立方式的,应当将募集股份情况报国务院证券管理部门备案。
Article 96 When a branch or branches to be set up at the same time of the establishment of the joint stock company limited, application shall be made for the registration of the branch or branches and business license(s) should be obtained.   第九十六条 设立股份有限公司的同时设立分公司的,应当就所设分公司向公司登记机关申请登记,领取营业执照。
If the branch(es) is set up after the establishment of the joint stock company limited, the legal representative of the company shall apply for the registration of the branch(es) and obtain business license(s). 股份有限公司成立后设立分公司,应当由公司法定代表人向公司登记机关申请登记,领取营业执照。
Article 97 Promoters of a company shall have the following liabilities:   第九十七条 股份有限公司的发起人应当承担下列责任:
1. To be jointly liable for the debts and expenses arising from actions to establish the company if the company fails to be established; (一)公司不能成立时,对设立行为所产生的债务和费用负连带责任;
2. To be jointly liable to refund payments of subscribers for the shares, plus interests at the bank's rate for deposits of the same term; and (二)公司不能成立时,对认股人已缴纳的股款,负返还股款并加算银行同期存款利息的连带责任;
3. To be liable to compensate the company for damage the company caused by negligence of promoters in the process of establishing the company. (三)在公司设立过程中,由于发起人的过失致使公司利益受到损害的,应当对公司承担赔偿责任。
Article 98 A limited liability company to be reorganized into a joint stock company limited should conform to the conditions as prescribed in this law and go through the procedures prescribed by this law.   第九十八条 有限责任公司变更为股份有限公司,应当符合本法规定的股份有限公司的条件,并依照本法有关设立股份有限公司的程序办理。
Article 99 When a limited liability company has been approved to be reorganized into a joint stock company limited, the total shares converted should be equal to the value of the net assets of the former company. If a limited liability company needs to increase its capital through a public offer after it has been approved for converting into a joint stock company limited, provisions of their law concerning public offers must be abided by.   第九十九条 有限责任公司依法经批准变更为股份有限公司时,折合的股份总额应当相等于公司净资产额。有限责任公司依法经批准变更为股份有限公司,为增加资本向社会公开募集股份时,应当依照本法有关向社会公开募集股份的规定办理。
Article 100 After being converted into a joint stock company limited according to law, the creditor's rights and indebtedness of the original limited liability company shall be assumed by the joint stock company limited converted into.   第一百条 有限责任公司依法变更为股份有限公司的,原有限责任公司的债权、债务由变更后的股份有限公司承继。
Article 101 A joint stock company limited shall safekeep in the company a copy of the articles of association, the list of shareholders, minutes of meetings of shareholders and financial and accounting statements.   第一百零一条 股份有限公司应当将公司章程、股东名册、股东大会会议记录、财务会计报告置备于本公司。
SECTION TWO SHAREHOLDERS' MEETING 

第二节 股东大会

Article 102 A joint stock company limited shall have meeting of shareholder, which is authorized by the company to exercise its powers according to this law.   第一百零二条 股份有限公司由股东组成股东大会。股东大会是公司的权力机构,依照本法行使职权。
Article 103 The meeting of shareholders shall exercise the following powers:   第一百零三条 股东大会行使下列职权:
1. To decide upon the operational policies and investment plans of the company. (一)决定公司的经营方针和投资计划;
2. To elect and replace directors and decide on matters relating to the remunerations of directors. (二)选举和更换董事,决定有关董事的报酬事项;
3. To elect and replace supervisors who are the representatives of shareholders and decide on matters relating to remunerations of supervisors. (三)选举和更换由股东代表出任的监事,决定有关监事的报酬事项;
4. To examine and approve reports by the board of directors. (四)审议批准董事会的报告;
5. To examine and approve reports by supervisory committee or individual supervisors. (五)审议批准监事会的报告;
6. To examine and approve the company's proposed annual financial budget and final accounts. (六)审议批准公司的年度财务预算方案、决算方案;
7. To examine and approve the company's profit distribution plan and plan for recovery of losses. (七)审议批准公司的利润分配方案和弥补亏损方案;
8. To pass resolutions on the increase or decrease of registered capital. (八)对公司增加或者减少注册资本作出决议;
9. To pass resolutions on the issuing of bonds. (九)对发行公司债券作出决议;
10.To pass resolutions on merger, division, dissolution and liquidation and other matters.11. To amend the articles of association of the company. (十)对公司合并、分立、解散和清算等事项作出决议;
Article 104 The meeting of the shareholders shall hold an annual meeting every year. An interim meeting of shareholder shall be held within two months in one of the following cases: (十一)修改公司章程。
1. The number of directors is less than two-thirds of the number of directors as required by this law or the number of directors as specified in the articles of association;   第一百零四条 股东大会应当每年召开一次年会。有下列情形之一的,应当在二个月内召开临时股东大会:
2. The uncovered losses of the company capital reach one-third of the total share capital; (一)董事人数不足本法规定的人数或者公司章程所定人数的三分之二时;
3. Upon request by the shareholders holding 10% or more of the company's total share capital; (二)公司未弥补的亏损达股本总额三分之一时;
4. The board of directors deems it necessary; and (三)持有公司股份百分之十以上的股东请求时;
5. Upon request by the supervisory committee. (四)董事会认为必要时;
Article 105 The meeting of shareholders shall be convened by the board of directors according to the provisions of this law and presided over by the chairman of the board. In the absence of the chairman of the board due to special reasons, the meeting shall be presided over by a vice-chairman of the board or a director designated by the chairman. If a meeting of shareholders is to be convened, a notice should be served to all shareholders 30 days before the meeting stating matters to be discussed in the meeting. An interim meeting of shareholders shall not take resolutions on matters not specified in the notice. (五)监事会提议召开时。
When bearer's shares are issued, a public announcement shall be made on the matters listed in the preceding paragraph 45 days before the meeting. 
If holders of bearer's shares attend the shareholder's meeting, they should have their shares deposited with the company from 5 days prior to the meeting to the end of the meeting. 
Article 106 Every share has a vote at the shareholders' meeting.   第一百零五条 股东大会会议由董事会依照本法规定负责召集,由董事长主持。董事长因特殊原因不能履行职务时,由董事长指定的副董事长或者其他董事主持。召开股东大会,应当将会议审议的事项于会议召开三十日以前通知各股东。临时股东大会不得对通知中未列明的事项作出决议。
The resolution at the shareholders' meeting must be adopted with half or more of the voting rights held by shareholders present at the meeting. Resolutions on merger, division or dissolution of the company shall be adopted with two-thirds or more of the voting rights held by shareholders present at the meeting. 发行无记名股票的,应当于会议召开四十五日以前就前款事项作出公告。
 无记名股票持有人出席股东大会的,应当于会议召开五日以前至股东大会闭会时止将股票交存于公司。
Article 107 The resolution on amendment to the articles of association shall be adopted with two-thirds or more of voting rights held by the shareholders present at the meeting.   第一百零六条 股东出席股东大会,所持每一股份有一表决权。
 股东大会作出决议,必须经出席会议的股东所持表决权的半数以上通过。股东大会对公司合并、分立或者解散公司作出决议,必须经出席会议的股东所持表决权的三分之二以上通过。
Article 108 Shareholder may appoint proxies to attend the shareholders' meeting. A proxy should submit to the company a power of attorney from the shareholder and exercise his(her) voting rights within the terms of reference.   第一百零七条 修改公司章程必须经出席股东大会的股东所持表决权的三分之二以上通过。
Article 109 Minutes of the decisions made in matters discussed by the shareholders' meeting shall be kept and signed by the directors present at the meeting. The minutes of the meeting shall be kept together with the list of shareholders present and powers of attorney of proxies present.   第一百零八条 股东可以委托代理人出席股东大会,代理人应当向公司提交股东授权委托书,并在授权范围内行使表决权。
Article 110 Shareholders have the rights to examine the articles of association, minutes of meetings of shareholders and financial and accounting statements and put forward proposals or enquiries in respect to the operation of the company.   第一百零九条 股东大会应当对所议事项的决定作成会议记录,由出席会议的董事签名。会议记录应当与出席股东的签名册及代理出席的委托书一并保存。
Article 111 If the resolutions of a meeting of shareholders or the board of directors have violated the law, administrative decrees or encroached upon the legitimate rights of shareholders, the shareholders concerned have the rights to sue at the people's courts, to demand that such acts of violation or infringement be stopped.   第一百一十条 股东有权查阅公司章程、股东大会会议记录和财务会计报告,对公司的经营提出建议或者质询。
SECTION THREE BOARD OF DIRECTORS; MANAGER   第一百一十一条 股东大会、董事会的决议违反法律、行政法规,侵犯股东合法权益的,股东有权向人民法院提起要求停止该违法行为和侵害行为的诉讼。
Article 112 A joint stock company limited shall have a board of directors with five to 19 members. 

第三节 董事会、经理

The board of directors shall be responsible to the meetings of shareholders and exercise the following powers: 
1. To convene meetings of shareholders and report work to the meeting.   第一百一十二条 股份有限公司设董事会,其成员为五人至十九人。
 董事会对股东大会负责,行使下列职权:
2. To carry out the resolutions passed by the meetings of shareholders. (一)负责召集股东大会,并向股东大会报告工作;
3. To decide on the operational and investment plans. (二)执行股东大会的决议;
4. To formulate the company's annual financial budget and final accounts. (三)决定公司的经营计划和投资方案;
5. To formulate plans for profit distribution and recovery of losses. (四)制订公司的年度财务预算方案、决算方案;
6. To formulate plans for increasing or decreasing registered capital of the company and the plan for issuing bonds. (五)制订公司的利润分配方案和弥补亏损方案;
7. To draft plans for merger, division, or dissolution of the company. (六)制订公司增加或者减少注册资本的方案以及发行公司债券的方案;
8. To decide on the organizational setup of the company. (七)拟订公司合并、分立、解散的方案;
9. To appoint or replace manager (general manager) of the company (hereinafter referred to as "manager"), appoint or replace deputy managers and financial officers of the company according to the recommendation by the manager and decide on their remunerations. (八)决定公司内部管理机构的设置;
10. To formulate the basic management systems of the company. (九)聘任或者解聘公司经理,根据经理的提名,聘任或者解聘公司副经理、财务负责人,决定其报酬事项;
Article 113 The board of directors shall have a chairman and one or two vice-chairmen. The chairman and vice-chairmen shall be elected by majority vote of directors. (十)制定公司的基本管理制度。
Article 114 The chairman of the board shall be exercise the following powers;   第一百一十三条 董事会设董事长一人,可以设副董事长一至二人。董事长和副董事长由董事会以全体董事的过半数选举产生。
 董事长为公司的法定代表人。
1. To preside over the meeting of shareholders and convene and preside over the meetings of the board of directors;   第一百一十四条 董事长行使下列职权:
2. To examine the implementation of the resolutions adopted by the board of directors; (一)主持股东大会和召集、主持董事会会议;
3. To sign on shares and bonds issued by the company. (二)检查董事会决议的实施情况;
Vice-chairmen of the board shall assist the chairman of the board in his(her) work. If the chairman of the board is unable to perform his(her) duties, he(she) shall designate a vice-chairman to act in his(her) behalf. 
Article 115 The term of office for the chairman of the board of directors shall be provided for in the articles of association, but each term of office shall not exceed three years. The chairman of the board of directors may serve another term of office upon reelection after expiration of the former term. (三)签署公司股票、公司债券。
The shareholders meeting may not without reason remove a director from office before the term of office of the director expires. 副董事长协助董事长工作,董事长不能履行职权时,由董事长指定的副董事长代行其职权。
Article 116 The meeting of the board of directors shall be held at least twice a year. All the directors shall be notified of the meeting 10 days before the meeting.   第一百一十五条 董事任期由公司章程规定,但每届任期不得超过三年。董事任期届满,连选可以连任。
For an interim meeting, the method of notification and the time limited for the notification may be formulated separately. 董事在任期届满前,股东大会不得无故解除其职务。
Article 117 A meeting of the board of directors shall be held only if half of the directors present and resolutions to the board require the approval of more than half of all directors.   第一百一十六条 董事会每年度至少召开二次会议,每次会议应当于会议召开十日以前通知全体董事。
 董事会召开临时会议,可以另定召集董事会的通知方式和通知时限。
Article 118 The directors shall attend the meeting of board of directors in person. If a director is unable to attend a meeting for some reasons, he(she) may appoint another director by a written power of attorney to attend the meeting on his(her) behalf. The power of attorney shall set out the scope of the authorization.   第一百一十七条 董事会会议应由二分之一以上的董事出席方可举行。董事会作出决议,必须经全体董事的过半数通过。
The board of directors shall keep minutes of meetings on the decisions on matters discussed and the directors present at the meetings and the person who records the minutes shall sign the minutes of meetings. 
Directors shall bear the responsibilities for the resolutions adopted at the meeting of the board of directors. If the resolutions adopted at the board meeting have violated the law, administrative decrees, or the articles of association and incurred serious losses to the company, the directors that participate in the resolution are liable to compensate the company. But if a director can be proven expressly objecting to the resolutions and that the objection had been recorded in the minutes of meetings, the director per se may be exempt from the responsibilities. 
Article 119 A joint stock company limited shall have a manager, subject to the appointment or dismissal by the board of directors. The manager shall be responsible to the board of directors and exercise the following powers:   第一百一十八条 董事会会议,应由董事本人出席。董事因故不能出席,可以书面委托其他董事代为出席董事会,委托书中应载明授权范围。
 董事会应当对会议所议事项的决定作成会议记录,出席会议的董事和记录员在会议记录上签名。
 董事应当对董事会的决议承担责任。董事会的决议违反法律、行政法规或者公司章程,致使公司遭受严重损失的,参与决议的董事对公司负赔偿责任。但经证明在表决时曾表明异议并记载于会议记录的,该董事可以免除责任。
1. To be in charge of the company's production and operation and organize the implementation of the decisions of the board of directors.   第一百一十九条 股份有限公司设经理,由董事会聘任或者解聘。经理对董事会负责,行使下列职权:
2. To organize the implementation of the annual operational and investment plans of the company. (一)主持公司的生产经营管理工作,组织实施董事会决议;
3. To draft the internal organizational setup plan. (二)组织实施公司年度经营计划和投资方案;
4. To draft the basic management system of the company. (三)拟订公司内部管理机构设置方案;
5. To formulate specific rules and regulations of the company. (四)拟订公司的基本管理制度;
6. To propose the appointment or dismissal of deputy managers and financial officers. (五)制定公司的具体规章;
7. To appoint or dismiss management personnel other than those whose appointment or dismissal shall be decided upon by the board of directors. (六)提请聘任或者解聘公司副经理、财务负责人;
8. Other powers granted by the articles of association and the board of directors.The manager shall attend the meeting of the board of directors as a non-voting member. (七)聘任或者解聘除应由董事会聘任或者解聘以外的负责管理人员;
Article 120 The board of directors may authorize its chairman to exercise part of the powers of the board when the meeting of the board is not in session. (八)公司章程和董事会授予的其他职权。
 经理列席董事会会议。
Article 121 In considering the wages, welfare of the workers and safe production, labor protection and labor insurance and other issues concerning the personal interests of staff and workers, the company should first of all solicit and consider opinions of the trade union and the workers of the company and invite representatives of the trade union or workers to attend the relevant meetings as observes.   第一百二十条 公司根据需要,可以由董事会授权董事长在董事会闭会期间,行使董事会的部分职权。
 公司董事会可以决定,由董事会成员兼任经理。
Article 122 In considering and deciding on major issues concerning the operation of the company and in formulating major rules and regulations, the company should solicit and consider opinions and suggestions of the trade union or workers of the company.   第一百二十一条 公司研究决定有关职工工资、福利、安全生产以及劳动保护、劳动保险等涉及职工切身利益的问题,应当事先听取公司工会和职工的意见,并邀请工会或者职工代表列席有关会议。
Article 123 Directors and manager of a company shall abide by the provisions of the articles of association, faithfully perform their duties, protect the interests of the company and may not exploit their positions and powers to seek personal gains.   第一百二十二条 公司研究决定生产经营的重大问题、制定重要的规章制度时,应当听取公司工会和职工的意见和建议。
The provisions of Article 57 through Article 63 on persons not eligible for serving as directors and managers and about the obligations and liabilities of directors and managers also apply to directors and managers of joint stock companies limited. 
SECTION FOUR SUPERVISORY COMMITTEE   第一百二十三条 董事、经理应当遵守公司章程,忠实履行职务,维护公司利益,不得利用在公司的地位和职权为自己谋取私利。
 本法第五十七条至第六十三条有关不得担任董事、经理的规定以及董事、经理义务、责任的规定,适用于股份有限公司的董事、经理。
Article 124 A joint stock company limited shall have a supervisory committee made up of at least three persons with one of them to be elected as the convener. 

第四节 监事会

The supervisory committee is made up of representatives of shareholders and an appropriate proportion of representatives of staff and workers. The specific proportion of workers shall be provided for in the articles of association. The representatives of workers shall be elected by workers through democratic processes. 
Directors, the manager and financial officers shall not serve concurrently as supervisors. 
Article 125 The term of office of a supervisor is three years. The supervisor may be re-elected to serve another term upon expiration of the term.   第一百二十四条 股份有限公司设监事会,其成员不得少于三人。监事会应在其组成人员中推选一名召集人。
 监事会由股东代表和适当比例的公司职工代表组成,具体比例由公司章程规定。监事会中的职工代表由公司职工民主选举产生。
 董事、经理及财务负责人不得兼任监事。
Article 126 The supervisory committee or individual supervisors exercise the following powers:   第一百二十五条 监事的任期每届为三年。监事任期届满,连选可以连任。
1. To check up on the financial affairs of the company;   第一百二十六条 监事会行使下列职权:
2. To supervise over acts of directors and manager while performing their duties which violate laws, regulations or articles of association of the company; (一)检查公司的财务;
3. To request remedies from directors or manager for their acts which have made harm to the interests of the company; (二)对董事、经理执行公司职务时违反法律、法规或者公司章程的行为进行监督;
4. To propose the convening of interim meetings of the board of directors; (三)当董事和经理的行为损害公司的利益时,要求董事和经理予以纠正;
5. To exercise other powers provided for in the articles of association. (四)提议召开临时股东大会;
Supervisors shall attend the meeting of the board of directors as non- voting members. 
Article 127 The discussion methods and the procedures of voting at the meeting of the supervisory committee shall be provided for in the articles of association (五)公司章程规定的其他职权。
 监事列席董事会会议。
Article 128 Supervisors shall faithfully perform their duties of supervision according to law, administrative decrees and articles of association.   第一百二十七条 监事会的议事方式和表决程序由公司章程规定。
The conditions listed in Article 57 through Article 59 and Article 62 and Article 63 of this law on persons not eligible for the position of supervisors and on the obligations and duties of supervisors also apply to supervisors of joint stock companies limited. 
CHAPTER FOUR ISSUE AND TRANSFER OF STOCKS OF A JOINT STOCK COMPANY LIMITED   第一百二十八条 监事应当依照法律、行政法规、公司章程,忠实履行监督职责。
 本法第五十七条至第五十九条、第六十二条至第六十三条有关不得担任监事的规定以及监事义务、责任的规定,适用于股份有限公司的监事。
SECTION ONE ISSUE OF STOCKS 

第四章 股份有限公司的股份发行和转让

Article 129 The capital of a joint stock company limited shall be divided into shares of equal value. 

第一节 股份发行

Shares in a company take the form of share certificates, which are signed and issued by the company to certify that the shares are held by shareholders. 
Article 130 The shares shall be issued on the basis of the principle of public, fair and impartial. Shares of the same class must have the same rights and benefits.   第一百二十九条 股份有限公司的资本划分为股份,每一股的金额相等。
For share certificates issued at the same time should be equal in price and each share should have the same issue terms. The price of each share purchased by any organization or individual must be the same. 公司的股份采取股票的形式。股票是公司签发的证明股东所持股份的凭证。
Article 131 The shares may be issued in par value or above the par value, but not lower than the par value.   第一百三十条 股份的发行,实行公开、公平、公正的原则,必须同股同权,同股同利。
Share certificates with an issued price above the par value shall get the approval of the securities administration department of the State Council. 同次发行的股票,每股的发行条件和价格应当相同。任何单位或者个人所认购的股份,每股应当支付相同价额。
The premium arising from issue of stocks in prices above the par value shall be allocated to the company's capital common reserve fund. 
The specific regulations governing the issue of share certificates at a premium shall be separately issued by the State Council. 
Article 132 Share certificates take the form of paper certificates or other forms as provided for by the securities administration department of the State Council.   第一百三十一条 股票发行价格可以按票面金额,也可以超过票面金额,但不得低于票面金额。
The following items shall be set out in the share certificates: 以超过票面金额为股票发行价格的,须经国务院证券管理部门批准。
 以超过票面金额发行股票所得溢价款列入公司资本公积金。
 股票溢价发行的具体管理办法由国务院另行规定。
1. Name of the company;   第一百三十二条 股票采用纸面形式或者国务院证券管理部门规定的其他形式。
 股票应当载明下列主要事项:
2. Date of registration and establishment of the company; (一)公司名称;
3. The class of share certificate, the par value and number of shares represented by the share certificate; (二)公司登记成立的日期;
4. Serial number of the share certificate. (三)股票种类、票面金额及代表的股份数;
The share certificates shall be signed by the chairman of the board of directors and sealed by the company. 
Share certificates of promoters shall bear the notation promoters share certificate. 
Article 133 Shares issued to promoters, State authorized investment institutions and legal persons shall be in the form of registered share certificates and shall bear the names of such promoters, investment institutions or legal persons but not other names or the latter's representatives. (四)股票的编号。
The shares issued to the general public may be in the form of registered certificates or bearer certificates. 股票由董事长签名,公司盖章。
 发起人的股票,应当标明发起人股票字样。
Article 134 In issuing registered shares, the company shall keep a list of shareholders, with the following items set out:   第一百三十三条 公司向发起人、国家授权投资的机构、法人发行的股票,应当为记名股票,并应当记载该发起人、机构或者法人的名称,不得另立户名或者以代表人姓名记名。
 对社会公众发行的股票,可以为记名股票,也可以为无记名股票。
1. Names or both names and addresses of the shareholders;   第一百三十四条 公司发行记名股票的,应当置备股东名册,记载下列事项:
2. Number of shares held by each shareholder; (一)股东的姓名或者名称及住所;
3. Serial number of the shares held by the shareholders; (二)各股东所持股份数;
4. Date for acquiring the shares by shareholders.In issuing bearer shares, the company shall record the number, serial numbers and date of issue of the shares. (三)各股东所持股票的编号;
Article 135 The State Council may formulate separate regulations governing the issue of classes of shares not covered by this law. (四)各股东取得其股份的日期。
 发行无记名股票的,公司应当记载其股票数量、编号及发行日期。
Article 136 A joint stock company limited shall official deliver the share certificates to shareholders immediately after its registration and establishment. No share certificates shall be delivered to shareholders before the official establishment of the company.   第一百三十五条 国务院可以对公司发行本法规定的股票以外的其他种类的股票,另行作出规定。
Article 137 In issuing new shares, a joint stock company limited must meet the following conditions:   第一百三十六条 股份有限公司登记成立后,即向股东正式交付股票。公司登记成立前不得向股东交付股票。
1. The previous issue of shares has been fully subscribed and at least one year has elapsed since the issue;   第一百三十七条 公司发行新股,必须具备下列条件:
2. The company has been continuously taking profits and paying dividends to shareholders in the last three successive years; (一)前一次发行的股份已募足,并间隔一年以上;
3. There has not been any false reporting in the financial and accounting documents of the company in last three years; (二)公司在最近三年内连续盈利,并可向股东支付股利;
4. The projected profit rate of the company equals to or exceeds the interest on bank deposit for the same term. (三)公司在最近三年内财务会计文件无虚假记载;
A company which uses profit of a given year to issue new shares is not subject to item 2 above. 
Article 138 For issuing new shares, resolutions must be passed on the following matters by the shareholders meeting: (四)公司预期利润率可达同期银行存款利率。
 公司以当年利润分派新股,不受前款第(二)项限制。
1. Class and quantity of the new shares to be issued;   第一百三十八条 公司发行新股,股东大会应当对下列事项作出决议:
2. Issue price of the new shares; (一)新股种类及数额;
3. The starting and closing time for the issue; and (二)新股发行价格;
4. Class and quantity of the new shares to be issued to existing shareholders. (三)新股发行的起止日期;
Article 139 After the meeting of shareholders approved the revolutions, the board of directors shall file an application for approval with the departments authorized by the State Council or the people's governments at the provincial level for the new issue. If the new shares are to be issued by means of public offer, an approval should be acquired from the securities administration department of the State Council. (四)向原有股东发行新股的种类及数额。
Article 140 If a joint stock company limited has been approved to make public offer of new shares, the company must publish a prospectus for the new shares and the company's financial statements with detailed schedules attached and prepare application forms for subscription.   第一百三十九条 股东大会作出发行新股的决议后,董事会必须向国务院授权的部门或者省级人民政府申请批准。属于向社会公开募集的,须经国务院证券管理部门批准。
The new shares to be issued shall be underwritten by a legally established securities institution and an underwriting agreement shall be executed. 
Article 141 In issuing new shares, a joint stock company limited shall determine the pricing plan according to the profitability of the company and the increase in the value of its property.   第一百四十条 公司经批准向社会公开发行新股时,必须公告新股招股说明书和财务会计报表及附属明细表,并制作认股书。
 公司向社会公开发行新股,应当由依法设立的证券经营机构承销,签订承销协议。
Article 142 After fully collecting the payment for shares newly issued, the company shall go through the procedures of alteration of registration with the company registration department and make a public announcement.   第一百四十一条 公司发行新股,可根据公司连续盈利情况和财产增值情况,确定其作价方案。
SECTION TWO TRANSFER OF SHARES   第一百四十二条 公司发行新股募足股款后,必须向公司登记机关办理变更登记,并公告。
Article 143 A shareholder may transfer his (her) shares according to law. 

第二节 股份转让

Article 144 The transfer of shares shall be conducted in legally established stock exchanges.   第一百四十三条 股东持有的股份可以依法转让。
Article 145 Registered share certificates shall be transferred by way of endorsement or other forms provided for by law and administrative decrees.   第一百四十四条 股东转让其股份,必须在依法设立的证券交易场所进行。
After the registered share certificates are transferred, the company shall record the names or both the names and addresses of the transferees in the list of shareholders. 
No changes in the registration of shareholders shall be made pursuant to previous paragraph 30 days before the convening of the meeting of shareholders or five days before the record date for the issue of dividends. 
Article 146 The transfer of bearer shares shall come into effect upon the delivery of the share certificates by shareholders to the transferre(s) at the stock exchanges.   第一百四十五条 记名股票,由股东以背书方式或者法律、行政法规规定的其他方式转让。
 记名股票的转让,由公司将受让人的姓名或者名称及住所记载于股东名册。
 股东大会召开前三十日内或者公司决定分配股利的基准日前五日内,不得进行前款规定的股东名册的变更登记。
Article 147 The promoters' shares may not be transferred within three years starting from the date of establishment of the company.   第一百四十六条 无记名股票的转让,由股东在依法设立的证券交易场所将该股票交付给受让人后即发生转让的效力。
Directors, supervisors and managers of the company shall declare to the company the quantity of shares they hold and the shares concerned may not be transferred during the terms of their offices. 
Article 148 State authorized investment institutions may transfer the shares they hold according to law and may also purchase shares held by other shareholders. The approval limits and management regulatory regions for such transfers shall be provided for separately by law or administrative decrees.   第一百四十七条 发起人持有的本公司股份,自公司成立之日起三年内不得转让。
 公司董事、监事、经理应当向公司申报所持有的本公司的股份,并在任职期间内不得转让。
Article 149 A joint stock company limited may not buy shares issued by itself, except in order to decrease its capital by cancelling its shares or when it merges with other companies that hold its shares. After purchasing shares issued by itself according to the provisions of the preceding paragraph, a company shall cancel that portion of its shares, change its registration and make a notice to the public according to law and administrative decrees within ten days. A company may not accept its own share certificates as collateral.   第一百四十八条 国家授权投资的机构可以依法转让其持有的股份,也可以购买其他股东持有的股份。转让或者购买股份的审批权限、管理办法,由法律、行政法规另行规定。
Article 150 In cases of shares being stolen, lost of destroyed, the shareholder concerned may request the people's court to declare the shares invalid pursuant to procedures for public invitation to assert claims contained in the Code of Civil Procedures.   第一百四十九条 公司不得收购本公司的股票,但为减少公司资本而注销股份或者与持有本公司股票的其他公司合并时除外。
After the people's court declares the shares invalid according to the prescribed procedure, the shareholder concerned may apply for re-issue of the share certificates with the company. 公司依照前款规定收购本公司的股票后,必须在十日内注销该部分股份,依照法律、行政法规办理变更登记,并公告。
 公司不得接受本公司的股票作为抵押权的标的。
SECTION THREE LISTED COMPANIES   第一百五十条 记名股票被盗、遗失或者灭失,股东可以依照民事诉讼法规定的公示催告程序,请求人民法院宣告该股票失效。
 依照公示催告程序,人民法院宣告该股票失效后,股东可以向公司申请补发股票。
Article 151 The term "listed companies" used in this law refers to companies whose shares have been approved for trading at stock exchanges by the State Council or by the securities administration department authorized by the State Council. 

第三节 上市公司

Article 152 In applying for its shares to be listed, a joint stock company limited shall meet the following requirements:   第一百五十一条 本法所称上市公司是指所发行的股票经国务院或者国务院授权证券管理部门批准在证券交易所上市交易的股份有限公司。
1. Securities administration departments of the State Council have approved the company's stock being issued to the public;   第一百五十二条 股份有限公司申请其股票上市必须符合下列条件:
2. The total share capital of the company shall be no less than RMB50 million; (一)股票经国务院证券管理部门批准已向社会公开发行;
3. The company has opened business for at least three years and has been profitable over the last three years. For companies reorganized from an original State-owned enterprise according to law or newly established with the major promoters being the large or medium-sized State owned enterprises after this law comes into effect, the three year period can be calculated continuously; (二)公司股本总额不少于人民币五千万元;
4. Number of shareholders who each holds shares of a par value totally at least RMB1,000 shall be no less than one thousand and the shares of the company already issued to the public account for more than 25 percent of the total shares. For companies whose share capital has exceeded RMB400 million, the shares already issued to the public shall account for no less than 15 percent of the total shares of the company; (三)开业时间在三年以上,最近三年连续盈利;原国有企业依法改建而设立的,或者本法实施后新组建成立,其主要发起人为国有大中型企业的,可连续计算;
5. The company has not committed any significant law violating acts and there are no false records in the financial statements over last three years; (四)持有股票面值达人民币一千元以上的股东人数不少于一千人,向社会公开发行的股份达公司股份总数的百分之二十五以上;公司股本总额超过人民币四亿元的,其向社会公开发行股份的比例为百分之十五以上;
6. Other requirements as prescribed by the State Council. (五)公司在最近三年内无重大违法行为,财务会计报告无虚假记载;
Article 153 For listing its shares to public for trade, a joint stock company limited shall get the approval of the State Council or of a securities administration department of the State Council by submitting relevant documents prescribed by law and administrative decrees. (六)国务院规定的其他条件。
The State Council or its authorized securities administration department shall grant approval to the listing applications which meet all the requirements specified in this law or deny approval to those listing applications which do not meet such requirements. 
After the approval has been obtained, a company shall publish a share listing report and keep its application documents at a designated place for public inspection. 
Article 154 The shares of listed companies approved shall be traded according to law and administrative decrees.   第一百五十三条 股份有限公司申请其股票上市交易,应当报经国务院或者国务院授权证券管理部门批准,依照有关法律、行政法规的规定报送有关文件。
 国务院或者国务院授权证券管理部门对符合本法规定条件的股票上市交易申请,予以批准;对不符合本法规定条件的,不予批准。
 股票上市交易申请经批准后,被批准的上市公司必须公告其股票上市报告,并将其申请文件存放在指定的地点供公众查阅。
Article 155 With the approval of the a State Council authorized securities administration department, a joint stock company limited may have its stocks listed abroad. The special regulations there of shall be formulated by the State Council.   第一百五十四条 经批准的上市公司的股份,依照有关法律、行政法规上市交易。
Article 156 A listed company must periodically make public its financial and operational condition according to law and administrative decrees and publish the financial statements once every six months in each fiscal year.   第一百五十五条 经国务院证券管理部门批准,公司股票可以到境外上市,具体办法由国务院作出特别规定。
Article 157 The securities administration department authorized by the State Council may decide to temporarily suspend the listing of a company under the following circumstances:   第一百五十六条 上市公司必须按照法律、行政法规的规定,定期公开其财务状况和经营情况,在每会计年度内半年公布一次财务会计报告。
1. The total share capital, share distribution or other circumstances have changed such that the company no longer meets the listing requirements.   第一百五十七条 上市公司有下列情形之一的,由国务院证券管理部门决定暂停其股票上市:
2. The company does not make public its financial condition as required by the regulations or false entries have been found in its financial statements. (一)公司股本总额、股权分布等发生变化不再具备上市条件;
3. The company has committed significant law violation acts. (二)公司不按规定公开其财务状况,或者对财务会计报告作虚假记载;
4. The company has sustained losses in each of the last three years. (三)公司有重大违法行为;
Article 158 A securities administration department of the State Council may decide to terminate the listing of a company if the company is found to have committed one of the cases listed in items 2 and 3 of the preceding article with serious consequences or has committed one of the cases listed in items 1 and 4 of the preceding articles and is unable to correct within a limited time so as to lose the conditions for listing. (四)公司最近三年连续亏损。
The securities administration department of the State Council may decide to terminate the listing of a company if the company has decided to dissolve itself or has been ordered by the responsible administrative departments to close down or declared bankrupt. 
CHAPTER FIVE CORPORATE BONDS   第一百五十八条 上市公司有前条第(二)项、第(三)项所列情形之一经查实后果严重的,或者有前条第(一)项、第(四)项所列情形之一,在限期内未能消除,不具备上市条件的,由国务院证券管理部门决定终止其股票上市。
 公司决议解散、被行政主管部门依法责令关闭或者被宣告破产的,由国务院证券管理部门决定终止其股票上市。
Article 159 A joint stock company limited or a limited liability company established with investment by a solely State owned company or by two or more State owned enterprises or by more than two State owned investment institutions may issue corporate bonds in order to raise funds for production or operations according to this law. 

第五章 公司债券

Article 160 The term "corporate bond" used in this law refers to the valuable securities issued by a company according to legally prescribed procedures and pursuant to which the company covenants to repay principal and interest within a certain period of time.   第一百五十九条 股份有限公司、国有独资公司和两个以上的国有企业或者其他两个以上的国有投资主体投资设立的有限责任公司,为筹集生产经营资金,可以依照本法发行公司债券。
Article 161 In issuing corporate bonds, a company shall meet the following requirements:   第一百六十条 本法所称公司债券是指公司依照法定程序发行的、约定在一定期限还本付息的有价证券。
1. The net assets of the company shall be no less than RMB30 million in case of a joint stock company and no less than RMB60 million in case of a limited liability company.   第一百六十一条 发行公司债券,必须符合下列条件:
2. The aggregate amount of bonds issued does not exceed (一)股份有限公司的净资产额不低于人民币三千万元,有限责任公司的净资产额不低于人民币六千万元;
40 percent of the total net assets of the company. (二)累计债券总额不超过公司净资产额的百分之四十;
3. The average distributable profits over the last three years are sufficient to defray one year's interest payment on the company bonds. (三)最近三年平均可分配利润足以支付公司债券一年的利息;
4. The use of funds raised conforms to the industrial policy of the State. (四)筹集的资金投向符合国家产业政策;
5. The interest rate payable on the corporate bonds shall not exceed the levels set by the State Council. (五)债券的利率不得超过国务院限定的利率水平;
6. Other requirements prescribed by the State Council. (六)国务院规定的其他条件。
The funds raised by issuing corporate bonds must be used for the purposes approved by the authorized authorities and shall not be used to cover losses or for non-production expenditure. 发行公司债券筹集的资金,必须用于审批机关批准的用途,不得用于弥补亏损和非生产性支出。
Article 162 A company may not reissue corporate bonds under the following circumstances:   第一百六十二条 凡有下列情形之一的,不得再次发行公司债券:
1. The corporate bonds issued at the previous time have not been fully subscribed; (一)前一次发行的公司债券尚未募足的;
2. The company has defaulted on previously issued corporate bonds or other indebtedness, or is late in the payment of principal or interest, and such situation is still continuing. (二)对已发行的公司债券或者其债务有违约或者延迟支付本息的事实,且仍处于继续状态的。
Article 163 When a joint stock company limited or a limited liability company proposes to issue corporate bonds, its board of directors shall draft a plan for approval by meeting of shareholders.   第一百六十三条 股份有限公司、有限责任公司发行公司债券,由董事会制订方案,股东会作出决议。
When a solely State owned company proposes to issue corporate bonds, the decision is subject to the investment organization or department authorized by the State. 国有独资公司发行公司债券,应由国家授权投资的机构或者国家授权的部门作出决定。
After the resolution or decision is made according to the preceding paragraphs, the company shall apply for approval with the securities administration department of the State Council. 依照前二款规定作出决议或者决定后,公司应当向国务院证券管理部门报请批准。
Article 164 The scale of an issue of corporate bonds shall be determined by the State Council. In granting an approval by the securities administration department of the State Council to issue corporate bonds, it must ensure that scale of issue is not exceed that set by the State Council.   第一百六十四条 公司债券的发行规模由国务院确定。国务院证券管理部门审批公司债券的发行,不得超过国务院确定的规模。
The securities administration department of the State Council shall grant approval if an application for issuing bonds conforms to provisions of this law and deny the approval if the provisions are not met. 国务院证券管理部门对符合本法规定的发行公司债券的申请,予以批准;对不符合本法规定的申请,不予批准。
If an approval previously been granted for an application has been found not to conform to the requirements of this law, the approval shall be revoked. If the corporate bonds have not been issued, the issuing shall not be carried out. If the corporate bonds have been in the process of issuing, the company in question shall return the payment to subscribers plus the interests calculated on bank deposits rates for the same term. 对已作出的批准如发现不符合本法规定的,应予撤销。尚未发行公司债券的,停止发行;已经发行公司债券的,发行的公司应当向认购人退还所缴款项并加算银行同期存款利息。
Article 165 In applying for issuing bonds with the securities administration department of the State Council, a company shall submit the following documents:   第一百六十五条 公司向国务院证券管理部门申请批准发行公司债券,应当提交下列文件:
1. Certificate of registration of the company; (一)公司登记证明;
2. Articles of association of the company; (二)公司章程;
3. Corporate bonds offer procedures; (三)公司债券募集办法;
4. Asset appraisal report and capital verification report. (四)资产评估报告和验资报告。
Article 166 After the bond issue application has been approved, a company shall make public the procedures for bond offer.   第一百六十六条 发行公司债券的申请经批准后,应当公告公司债券募集办法。
The procedures shall have the following matters set out: 公司债券募集办法中应当载明下列主要事项:
1. Name of the company; (一)公司名称;
2. Total amount of bonds and face value of the bonds; (二)债券总额和债券的票面金额;
3. Bond's interest rate; (三)债券的利率;
4. Period and method for payment of principal and interests; (四)还本付息的期限和方式;
5. Starting and closing date of the issue; (五)债券发行的起止日期;
6. Net assets of the company; (六)公司净资产额;
7. Total amount of corporate bonds having been issued but not yet due; and (七)已发行的尚未到期的公司债券总额;
8. Underwriters of the bonds. (八)公司债券的承销机构。
Article 167 In issuing bonds, the bond shall bear the name, face value, interest rate, and time of repayment, the signature of the chairman of the board of directors and seal of the company.   第一百六十七条 公司发行公司债券,必须在债券上载明公司名称、债券票面金额、利率、偿还期限等事项,并由董事长签名,公司盖章。
Article 168 Corporate bonds may be divided into registered bonds and bearer bonds.   第一百六十八条 公司债券可分为记名债券和无记名债券。
Article 169 The issuing company shall keep a corporate bonds registered.   第一百六十九条 公司发行公司债券应当置备公司债券存根簿。
For issuing registered bonds, the bond register shall have the following items set out: 发行记名公司债券的,应当在公司债券存根簿上载明下列事项:
1. Names or both names and addresses of the bondholders; (一)债券持有人的姓名或者名称及住所;
2. Date of issue and serial numbers of bonds acquired by bondholders; (二)债券持有人取得债券的日期及债券的编号;
3. Total amount of bonds issued, the face value of the bonds, interest rate of the bonds, payment dates of principal and interests, and method of payment; and (三)债券总额,债券的票面金额,债券的利率,债券的还本付息的期限和方式;
4. Date of issue of the bonds. (四)债券的发行日期。
In issuing bearer bonds, the bond register shall set out the total amount of bonds, interest rate, payment time and method, date of issue and serial numbers. 发行无记名公司债券的,应当在公司债券存根簿上载明债券总额、利率、偿还期限和方式、发行日期及债券的编号。
Article 170 Corporate bonds can be transferred. Transfer of corporate bonds shall be made at legally established securities exchanges.   第一百七十条 公司债券可以转让。转让公司债券应当在依法设立的证券交易场所进行。
When transfer, prices of corporate bonds shall be agreed upon between transferers and transferees. 公司债券的转让价格由转让人与受让人约定。
Article 171 Registered bonds shall be transferred by the bondholders through endorsement or other ways provided for by law and administrative decrees.   第一百七十一条 记名债券,由债券持有人以背书方式或者法律、行政法规规定的其他方式转让。
After registered bonds are transferred, the company shall register the names or both the names and addresses of the transferes in the bond register. 记名债券的转让,由公司将受让人的姓名或者名称及住所记载于公司债券存根簿。
The transfer of bearer bonds shall become effective after delivery of the bonds to the transferees by the bondholders at the legally establishment securities exchanges. 无记名债券,由债券持有人在依法设立的证券交易场所将该债券交付给受让人后即发生转让的效力。
Article 172 Subject to resolutions a meeting of shareholders, of a listed company may issue corporate bonds convertible into shares and specify the conversion procedures in the corporate bond offer procedures.   第一百七十二条 上市公司经股东大会决议可以发行可转换为股票的公司债券,并在公司债券募集办法中规定具体的转换办法。
The issuing of convertible bonds is subject to the approval of the securities administration department of the State Council. For issuing convertible corporate bonds, a listed company shall meet the requirements for issuing stocks apart from the conditions for issuing common corporate bonds. 发行可转换为股票的公司债券,应当报请国务院证券管理部门批准。公司债券可转换为股票的,除具备发行公司债券的条件外,还应当符合股票发行的条件。
Corporate bonds convertible into shares shall be marked "convertible bonds" and the amount of such bonds issued shall be recorded in the bond register. 发行可转换为股票的公司债券,应当在债券上标明可转换公司债券字样,并在公司债券存根簿上载明可转换公司债券的数额。
Article 173 In issuing convertible bonds, a listed company shall issue share certificates to bondholders in accordance with its conversion procedures, but the bondholders have the option whether or not to convert.   第一百七十三条 发行可转换为股票的公司债券的,公司应当按照其转换办法向债券持有人换发股票,但债券持有人对转换股票或者不转换股票有选择权。
CHAPTER SIX FINANCIAL AFFAIRS AND ACCORDING OF A COMPANY 

第六章 公司财务、会计

 
Article 174 A company shall establish its financial and accounting system according to law and administrative decrees and provisions of the financial department in charge under the State Council.   第一百七十四条 公司应当依照法律、行政法规和国务院财政主管部门的规定建立本公司的财务、会计制度。
Article 175 A company shall produce a financial and accounting report at the end of each fiscal year, which is subject to examination and verification according to law.   第一百七十五条 公司应当在每一会计年度终了时制作财务会计报告,并依法经审查验证。
A financial and accounting statement shall include the following accounting statements and schedules: 财务会计报告应当包括下列财务会计报表及附属明细表:
1. Balance sheets; (一)资产负债表;
2. Profit and loss statement; (二)损益表;
3 .Statement of financial changes; (三)财务状况变动表;
4. Statement of financial situation;and (四)财务情况说明书;
5. Statement of profit distribution. (五)利润分配表。
Article 176 A limited liability company shall, according to the provisions of the articles of association, submit the financial and accounting statements to shareholders within the prescribed time limit.   第一百七十六条 有限责任公司应当按照公司章程规定的期限将财务会计报告送交各股东。
A joint stock company limited shall deposit its financial and accounting statements at the company for inspection by shareholders at least 20 days prior to the general meeting of shareholders. 股份有限公司的财务会计报告应当在召开股东大会年会的二十日以前置备于本公司,供股东查阅。
A joint stock company limited established by public offers must make public its financial and accounting statements. 以募集设立方式成立的股份有限公司必须公告其财务会计报告。
Article 177 When distributing each year's after-tax profits, a company shall set aside 10 percent of the profits for the company's statutory reserve funds and 5 to 10 percent as the company's statutory public welfare funds. It may not set aside common reserve funds if the aggregate balance of the funds has already accounted for over 50 percent of the company's registered capital.   第一百七十七条 公司分配当年税后利润时,应当提取利润的百分之十列入公司法定公积金,并提取利润的百分之五至百分之十列入公司法定公益金。公司法定公积金累计额为公司注册资本的百分之五十以上的,可不再提取。
If the aggregate balance of the company's common reserve funds are not enough to make up for the losses sustained by the company of the previous year, current year profits shall be used to make up for the losses before allocations are set aside for the statutory common reserve funds and public welfare funds according to the provisions of the preceding paragraph. 公司的法定公积金不足以弥补上一年度公司亏损的,在依照前款规定提取法定公积金和法定公益金之前,应当先用当年利润弥补亏损。
Subject to a resolution of meeting of shareholders, after the company has set aside funds from after-tax profits for the statutory common reserve funds, the company may set aside funds for a discretionary common reserve funds. 公司在从税后利润中提取法定公积金后,经股东会决议,可以提取任意公积金。
The remaining profits after the losses have been made up for and statutory common reserve funds and public welfare funds have been drawn shall be distributed to shareholders according to the proportion of their capital contribution as in the case of a limited liability company and according to the number of shares held by shareholders as in the case of a joint stock company limited. 公司弥补亏损和提取公积金、法定公益金后所余利润,有限责任公司按照股东的出资比例分配,股份有限公司按照股东持有的股份比例分配。
If the meeting of shareholders or board of directors has distributed the profits before the losses are made up for and the statutory common reserve funds and public welfare funds are drawn in violation of the provisions of the preceding paragraph, the profits distributed must be returned to the company. 股东会或者董事会违反前款规定,在公司弥补亏损和提取法定公积金、法定公益金之前向股东分配利润的,必须将违反规定分配的利润退还公司。
Article 178 In accordance with this law, the premium obtained by a joint stock company limited by issuing shares at a price exceeding par value, and any other income designated for the capital deserve funds by the regulations of the responsible financial department of the State Council shall be allocated to the company's capital common reverse fund.   第一百七十八条 股份有限公司依照本法规定,以超过股票票面金额的发行价格发行股份所得的溢价款以及国务院财政主管部门规定列入资本公积金的其他收入,应当列为公司资本公积金。
Article 179 The company's common reserve funds shall be used to make up for the losses of the company, expand its production and operations or as additional capital of the company.   第一百七十九条 公司的公积金用于弥补公司的亏损,扩大公司生产经营或者转为增加公司资本。
When a joint stock company limited converts its common reserve funds into capital upon the resolution of shareholder's meeting, it shall either distribute new shares in proportion to the number of shares held by shareholders or increase the par value of the shares, provided, however, that when the statutory common reserve funds are converted to capital, the balance of the common reserve fund may not fall below 25 percent of the registered capital. 股份有限公司经股东大会决议将公积金转为资本时,按股东原有股份比例派送新股或者增加每股面值。但法定公积金转为资本时,所留存的该项公积金不得少于注册资本的百分之二十五。
Article 180 The statutory common welfare fund of a company is used for the collective welfare of the company's staff and workers.   第一百八十条 公司提取的法定公益金用于本公司职工的集体福利。
Article 181 A company may not keep accounting books and records other than those provided for by law.   第一百八十一条 公司除法定的会计帐册外,不得另立会计帐册。
The assets of a company shall not be deposited in accounts opened in the name of any individual person. 对公司资产,不得以任何个人名义开立帐户存储。
CHAPTER SEVEN MERGE AND DIVISION OF A COMPANY 

第七章 公司合并、分立

 
Article 182 The merger or division of a company is subject to a resolution passed by the meeting of shareholders of the company.   第一百八十二条 公司合并或者分立,应当由公司的股东会作出决议。
Article 183 The merger or division of a joint stock company limited must have the approval of the department authorized by the State Council or by the people's government at the provincial level.   第一百八十三条 股份有限公司合并或者分立,必须经国务院授权的部门或者省级人民政府批准。
Article 184 Merger of a company may be made by means of absorption or creation.   第一百八十四条 公司合并可以采取吸收合并和新设合并两种形式。
Merger by absorption is a company absorbs one or more other companies with the companies being absorbed dissolved. Merger by creation is the unification of two or more companies by dissolution of existing ones and creation of a single new company. 一个公司吸收其他公司为吸收合并,被吸收的公司解散。二个以上公司合并设立一个新的公司为新设合并,合并各方解散。
When merger, a merger agreement shall be signed among the parties concerned and the balance sheets and list of assets of the companies concerned shall be compiled. The companies concerned shall notify their creditors within ten days starting from the date when the merger resolutions of the companies are taken and announce in the newspapers at least three times within 30 days. Creditors have the right to demand the companies to clear their debts or provide corresponding guarantees within 30 days after the notifications received or within 90 days starting from the date of the first announcement in cases in which notifications have not been received. Without clearing debts or providing guarantee, merger may not be carried out. 公司合并,应当由合并各方签订合并协议,并编制资产负债表及财产清单。公司应当自作出合并决议之日起十日内通知债权人,并于三十日内在报纸上至少公告三次。债权人自接到通知书之日起三十日内,未接到通知书的自第一次公告之日起九十日内,有权要求公司清偿债务或者提供相应的担保。不清偿债务或者不提供相应的担保的,公司不得合并。
The company after merged or the newly created company shall be responsible for the credits and debts of the companies involved in merger. 公司合并时,合并各方的债权、债务,应当由合并后存续的公司或者新设的公司承继。
Article 185 If a company is to divided into one or more companies, its assets shall be divided accordingly.   第一百八十五条 公司分立,其财产作相应的分割。
When a company divided, it shall compile balance sheet and list of assets and notify its creditors of the division within 10 days starting from the date when the division resolution is taken and announce in newspapers at least three times within 30 days. Creditors have the right to demand the companies to clear their debts or provide corresponding guarantees within 30 days after the notifications received or within 90 days starting from the date of the first announcement in cases in which notifications have not been received. Without clearing debts or providing guarantee, division may not be carried out. 公司分立时,应当编制资产负债表及财产清单。公司应当自作出分立决议之日起十日内通知债权人,并于三十日内在报纸上至少公告三次。债权人自接到通知书之日起三十日内,未接到通知书的自第一次公告之日起九十日内,有权要求公司清偿债务或者提供相应的担保。不清偿债务或者不提供相应的担保的,公司不得分立。
The debts of a company before division shall be borne by the companies separated according to the agreement reached. 公司分立前的债务按所达成的协议由分立后的公司承担。
Article 186 When reduce its registered capital, a company shall compile its balance sheet and list of assets.   第一百八十六条 公司需要减少注册资本时,必须编制资产负债表及财产清单。
The company shall notify its creditors of the resolution for reducing registered capital within 10 days starting from the date when the resolution is taken and make an announce in newspapers at least three times within 30 days. Creditors have the right to demand the companies to clear their debts or provide corresponding guarantees within 30 days after the notifications received or within 90 days starting from the date of the first announcement in cases in which notifications have not been received. 公司应当自作出减少注册资本决议之日起十日内通知债权人,并于三十日内在报纸上至少公告三次。债权人自接到通知书之日起三十日内,未接到通知书的自第一次公告之日起九十日内,有权要求公司清偿债务或者提供相应的担保。
The remaining registered capital shall not be less than the minimum set by law. 公司减少资本后的注册资本不得低于法定的最低限额。
Article 187 When capital accretion by a limited liability company, the contribution of shareholders shall be made in accordance with relevant provisions on the payment of capital for a limited liability company as set by this law.   第一百八十七条 有限责任公司增加注册资本时,股东认缴新增资本的出资,按照本法设立有限责任公司缴纳出资的有关规定执行。
When capital accretion by a joint stock company limited by issuing new shares, the contribution of share capital by original shareholders shall be made in accordance with provisions on the payment of share capital for establishing joint stock company limited as set by this law. 股份有限公司为增加注册资本发行新股时,股东认购新股应当按照本法设立股份有限公司缴纳股款的有关规定执行。
Article 188 After merger or division, a company shall change its registration with the registration department in case of changes of registered items, and cancel the registration in case of dissolution, and register for a new company in case a new company is created.   第一百八十八条 公司合并或者分立,登记事项发生变更的,应当依法向公司登记机关办理变更登记;公司解散的,应当依法办理公司注销登记;设立新公司的,应当依法办理公司设立登记。
When a company increases or decreases its share capital, a change of registration shall be made with registration department of the company. 公司增加或者减少注册资本,应当依法向公司登记机关办理变更登记。
CHAPTER EIGHT BANKRUPTCY, DISSOLUTION AND LIQUIDATION 

第八章 公司破产、解散和清算

 
Article 189 When a company is declared bankruptcy according to law due to insolvent of debt payment, the people's court shall organize a liquidation group composed of shareholders, relevant departments and specialized personnel according to the provisions of relevant laws and conduct liquidation of the company.   第一百八十九条 公司因不能清偿到期债务,被依法宣告破产的,由人民法院依照有关法律的规定,组织股东、有关机关及有关专业人员成立清算组,对公司进行破产清算。
Article 190 A company may dissolve in one of the following cases:   第一百九十条 公司有下列情形之一的,可以解散:
1. The term of operation prescribed in the articles of association has expired or other conditions for dissolution as provided for in the articles of association have appeared; (一)公司章程规定的营业期限届满或者公司章程规定的其他解散事由出现时;
2. A resolution on dissolution has been adopted by meeting of shareholders; (二)股东会决议解散;
3. Dissolution is necessary for merger or division of the company. (三)因公司合并或者分立需要解散的。
Article 191 When a company is decided to be dissolved according to the items 1 and 2 of the preceding article, a liquidation group shall be formed within 15 days of the decision. The liquidation group for the liquidation of a limited liability company shall be formed by shareholders and the members of the liquidation group for the liquidation of a joint stock company limited shall be determined by the meeting of shareholder. If a liquidation group is not formed within the prescribed time limit, creditors may request the people's court to designate relevant personnel to form a liquidation group to carry out liquidation. The people's court shall accept such request and timely designated members of the liquidation group to conduct liquidation.   第一百九十一条 公司依照前条第(一)项、第(二)项规定解散的,应当在十五日内成立清算组,有限责任公司的清算组由股东组成,股份有限公司的清算组由股东大会确定其人选;逾期不成立清算组进行清算的,债权人可以申请人民法院指定有关人员组成清算组,进行清算。人民法院应当受理该申请,并及时指定清算组成员,进行清算。
Article 192 A company shall be dissolved if it has been ordered to close down for violating the law or administrative decrees and a liquidation group shall be formed by the department in charge.   第一百九十二条 公司违反法律、行政法规被依法责令关闭的,应当解散,由有关主管机关组织股东、有关机关及有关专业人员成立清算组,进行清算。
Article 193 The liquidation group shall exercise the following powers during the period of liquidation:   第一百九十三条 清算组在清算期间行使下列职权:
1. To carry out clearance of the assets of the company and compile the balance sheet and list of assets. (一)清理公司财产,分别编制资产负债表和财产清单;
2. To notify creditors or make a public announcement about liquidation; (二)通知或者公告债权人;
3. To handle the remaining businesses of the company; (三)处理与清算有关的公司未了结的业务;
4. To pay taxes overdue; (四)清缴所欠税款;
5. To clear credits and debts; (五)清理债权、债务;
6. To dispose the remaining assets after all the debts are paid off; (六)处理公司清偿债务后的剩余财产;
7. To participate in civil proceedings on behalf of the company. (七)代表公司参与民事诉讼活动。
Article 194 The liquidation group shall, within ten days after its establishment, notify the creditors and make a public announcement in newspapers at least three times within 60 days. Creditors shall declare their credits with the liquidation group within 30 days after the notifications received or within 90 days starting from the date of the first announcement in cases in which notifications have not been received.   第一百九十四条 清算组应当自成立之日起十日内通知债权人,并于六十日内在报纸上至少公告三次。债权人应当自接到通知书之日起三十日内,未接到通知书的自第一次公告之日起九十日内,向清算组申报其债权。
In declaring credits, creditors shall specify the relevant matters about the credits and provide verifications. The liquidation group shall registered the credits. 债权人申报其债权,应当说明债权的有关事项,并提供证明材料。清算组应当对债权进行登记。
Article 195 After clearing the assets and compiling the balance sheet and list of assets, the liquidation group shall formulate a liquidation plan and submit it to the meeting of shareholders or department in charge for confirmation.   第一百九十五条 清算组在清理公司财产、编制资产负债表和财产清单后,应当制定清算方案,并报股东会或者有关主管机关确认。
If the assets of the company are sufficient for payment of debts, the assets may be used to pay the liquidation fee, the wages and labor insurance fees of workers, taxes overdue and clear debts. 公司财产能够清偿公司债务的,分别支付清算费用、职工工资和劳动保险费用,缴纳所欠税款,清偿公司债务。
The remaining assets after liquidation according to the preceding paragraph can be distributed to shareholders according to their proportion of investment in the case of a limited liability company and according to the proportion of shares held by the shareholders in the case of a joint stock company limited. 公司财产按前款规定清偿后的剩余财产,有限责任公司按照股东的出资比例分配,股份有限公司按照股东持有的股份比例分配。
During the period of liquidation, the company shall not engage in new operating activities. The assets of the company may not be distributed to shareholders the assets before payments be made in accordance with provisions in second paragraph of this article. 清算期间,公司不得开展新的经营活动。公司财产在未按第二款的规定清偿前,不得分配给股东。
Article 196 If after clearance of the assets and compilation of the balance sheet and list of assets of a company to be liquidated due to dissolution or liquidation, the assets of the company are found to be insufficient for the debt payments, the liquidation group shall immediately apply for declaration of bankruptcy of the company with the people's court.   第一百九十六条 因公司解散而清算,清算组在清理公司财产、编制资产负债表和财产清单后,发现公司财产不足清偿债务的,应当立即向人民法院申请宣告破产。
If the company has been declared bankruptcy by the people's court, the liquidation group shall hand over the liquidation affairs to the people's court. 公司经人民法院裁定宣告破产后,清算组应当将清算事务移交给人民法院。
Article 197 After the liquidation, the liquidation group shall compile a liquidation report and submit it to the meeting of shareholders or department in charge for confirmation and to the registration department for canceling registration of the company and make a public announcement about the termination of operation of the company. If the cancellation of the business license of the company has not been applied, the company registration department shall revoke its business license and make a public announcement on the matter.   第一百九十七条 公司清算结束后,清算组应当制作清算报告,报股东会或者有关主管机关确认,并报送公司登记机关,申请注销公司登记,公告公司终止。不申请注销公司登记的,由公司登记机关吊销其公司营业执照,并予以公告。
Article 198 Members of a liquidation group shall be faithful to their office and perform their duties according to law.   第一百九十八条 清算组成员应当忠于职守,依法履行清算义务。
Members of a liquidation group may not abuse their powers to accept bribes or other illegal income or convert property of the company into their own. 清算组成员不得利用职权收受贿赂或者其他非法收入,不得侵占公司财产。
Members of a liquidation group shall be liable to compensation for the losses caused to the liquidated company or creditor due to their deliberate acts or serious faults. 清算组成员因故意或者重大过失给公司或者债权人造成损失的,应当承担赔偿责任。
CHAPTER NINE BRANCHES OF FOREIGN COMPANIES 

第九章 外国公司的分支机构

 
Article 199 Foreign companies may set up their branches to engage in production and business operations inside China according to provisions of this law.   第一百九十九条 外国公司依照本法规定可以在中国境内设立分支机构,从事生产经营活动。
The term "foreign companies" used by this law refers to companies incorporated outside the territory of China according to foreign laws. 本法所称外国公司是指依照外国法律在中国境外登记成立的公司。
Article 200 In establishing a branch, a foreign company shall file an application with the Chinese department in charge and submit its articles of association, registration certificate issued by the country of register and other related documents. After the approval is given, the branch of the company shall go through the registration procedures according to law and obtain business license.   第二百条 外国公司在中国境内设立分支机构,必须向中国主管机关提出申请,并提交其公司章程、所属国的公司登记证书等有关文件,经批准后,向公司登记机关依法办理登记,领取营业执照。
The procedures for the examination and approval of branches of foreign companies shall be formulated separately by the State Council. 外国公司分支机构的审批办法由国务院另行规定。
Article 201 In establishing a branch in China, a foreign company shall appoint a representative or agent in charge of the compatible with the operations of the branch.   第二百零一条 外国公司在中国境内设立分支机构,必须在中国境内指定负责该分支机构的代表人或者代理人,并向该分支机构拨付与其所从事的经营活动相适应的资金。
When it is necessary to set a minimum for the operation fund for a branch of a foreign company, it shall be provided for separately by the State Council. 对外国公司分支机构的经营资金需要规定最低限额的,由国务院另行规定。
Article 202 A branch of a foreign company shall mark in its name the original country and form of its liability.   第二百零二条 外国公司的分支机构应当在其名称中标明该外国公司的国籍及责任形式。
A branch of a foreign company shall deposit a copy of the articles of association of the parent company in the branch. 外国公司的分支机构应当在本机构中置备该外国公司章程。
Article 203 Though a foreign company is a legal person of the said foreign country, its branch in China shall not enjoy the status of a legal person in China.   第二百零三条 外国公司属于外国法人,其在中国境内设立的分支机构不具有中国法人资格。
A foreign company shall bear the civil responsibility for the operational activities of its branch in China. 外国公司对其分支机构在中国境内进行经营活动承担民事责任。
Article 204 In carrying out operational activities in China, a branch of a foreign company shall abide by the laws of China and shall not harm the public interests. The legitimate rights and interests of the branch shall be protected by law in China.   第二百零四条 经批准设立的外国公司分支机构,在中国境内从事业务活动,必须遵守中国的法律,不得损害中国的社会公共利益,其合法权益受中国法律保护。
Article 205 Before closing its branch in China, a foreign company shall clear the debts of the branch according to law and conduct liquidation according to the liquidation procedures provided for by this law. It is not allowed to more the assets of the branch out of China before the debts are fully paid.   第二百零五条 外国公司撤销其在中国境内的分支机构时,必须依法清偿债务,按照本法有关公司清算程序的规定进行清算。未清偿债务之前,不得将其分支机构的财产移至中国境外。
CHAPTER TEN LEGAL RESPONSIBILITIES 

第十章 法律责任

 
Article 206 If a company is found to have reported false capital amount, provided false certificates, or concealed important facts by means of deception during registration in violation of the provisions of this law, it shall be ordered to correct and imposed a fine 5 to 10 percent of the capital amount over-reported in case of a false report of registered capital amount and a fine of more than RMB10,000 and less than RMB100, 000 in case provision of false certificates or concealed important facts by means of deception. If a case is very serious, its registration shall be revoked. If a case is serious enough to constitute a crime, criminal responsibilities shall be affixed according to law.   第二百零六条 违反本法规定,办理公司登记时虚报注册资本、提交虚假证明文件或者采取其他欺诈手段隐瞒重要事实取得公司登记的,责令改正,对虚报注册资本的公司,处以虚报注册资本金额百分之五以上百分之十以下的罚款;对提交虚假证明文件或者采取其他欺诈手段隐瞒重要事实的公司,处以一万元以上十万元以下的罚款;情节严重的,撤销公司登记。构成犯罪的,依法追究刑事责任。
Article 207 If a company is found to have issued shares or corporate bonds by falsifying prospectus or application forms using improper procedures in issuing shares, it shall be ordered to stop the issue, return the payment of shares with interest, and imposed with a fine one to five percent of the amount of share capital raised illegally. If a case is serious enough to constitute a crime, criminal responsibilities shall be affixed according to law.   第二百零七条 制作虚假的招股说明书、认股书、公司债券募集办法发行股票或者公司债券的,责令停止发行,退还所募资金及其利息,处以非法募集资金金额百分之一以上百分之五以下的罚款。构成犯罪的,依法追究刑事责任。
Article 208 If a promoter or shareholder is found to have deceived creditors or the public by denying to pay in cash or kind or failing to transfer property rights or making false contribution for his (her) shares subscribed, he (she) shall be ordered to correct and imposed a fine 5 to 10 percent of the falsified amount of payment. If the case becomes so serious as constituting a crime, criminal responsibility shall be affixed according to law.   第二百零八条 公司的发起人、股东未交付货币、实物或者未转移财产权,虚假出资,欺骗债权人和社会公众的,责令改正,处以虚假出资金额百分之五以上百分之十以下的罚款。构成犯罪的,依法追究刑事责任。
Article 209 If a promoter or shareholder is found to have drawn his (her) share of capital away after the establishment of a company, he (she) shall be ordered to correct and imposed a fine 5 to 10 percent of the capital drawn away. If the case is serious enough to constitute a crime, criminal responsibility shall be affixed according to law.   第二百零九条 公司的发起人、股东在公司成立后,抽逃其出资的,责令改正,处以所抽逃出资金额百分之五以上百分之十以下的罚款。构成犯罪的,依法追究刑事责任。
Article 210 If a company is found to have issued stocks or bonds without the approval of the department in charge as provided for by this law, it shall be ordered to stop the issue and return the share capital raised together with interests and shall be imposed a fine one to five percent of the share capital raised. If the case is serious enough to constitute a crime, criminal responsibility shall be affixed according to law.   第二百一十条 未经本法规定的有关主管部门的批准,擅自发行股票或者公司债券的,责令停止发行,退还所募资金及其利息,处以非法所募资金金额百分之一以上百分之五以下的罚款。构成犯罪的,依法追究刑事责任。
Article 211 If a company is found to have set up separate accounting books apart from those set up according to law, it shall be ordered to correct and imposed a fine ranging from RMB10, 000 to RMB100,000. If the case is serious enough to constitute a crime, criminal responsibility shall be affixed according to law.   第二百一十一条 公司违反本法规定,在法定的会计帐册以外另立会计帐册的,责令改正,处以一万元以上十万元以下的罚款。构成犯罪的,依法追究刑事责任。
If a personal bank account is deposited with the assets of a company, the illegal proceeds shall be confiscated, together with a fine more than one time and less than five times the amount of the illegal proceeds. If the case is serious enough to constitute a crime, criminal responsibility shall be affixed according to law. 将公司资产以任何个人名义开立帐户存储的,没收违法所得,并处以违法所得一倍以上五倍以下的罚款。构成犯罪的,依法追究刑事责任。
Article 212 If a company is found to have provided false financial and accounting statements or concealed important facts in the reports to shareholders or the public, the responsible person(s) directly in charge and other persons directly responsible shall be imposed of a fine of RMB10,000 to RMB100,000. If the case is serious enough to constitute a crime, criminal responsibility shall be affixed according to law.   第二百一十二条 公司向股东和社会公众提供虚假的或者隐瞒重要事实的财务会计报告的,对直接负责的主管人员和其他直接责任人员处以一万元以上十万元以下的罚款。构成犯罪的,依法追究刑事责任。
Article 213 If a company is found to have converted State owned property into shares or sold the property at low prices or distributed the property to individuals in violation of this law, the responsible persons in charge and persons directly responsible shall be given administrative punishments. If the case is serious enough to constitute a crime, criminal responsibility shall be affixed according to law.   第二百一十三条 违反本法规定,将国有资产低价折股、低价出售或者无偿分给个人的,对直接负责的主管人员和其他直接责任人员依法给予行政处分。构成犯罪的,依法追究刑事责任。
Article 214 If a director, supervisor or manager is found to have abused he (her) powers to accept bribes or other illegal proceeds or peculate property of his(her) company, the illegal proceeds shall be confiscated and the property be ordered to return and the person in question shall be punished by the company concerned. If the case is serious enough to constitute a crime, criminal responsibility shall be affixed according to law.   第二百一十四条 董事、监事、经理利用职权收受贿赂、其他非法收入或者侵占公司财产的,没收违法所得,责令退还公司财产,由公司给予处分。构成犯罪的,依法追究刑事责任。
If a director or a manager of a company is found to have used the company's funds for personal purpose or as loan to others, he(she) shall be ordered to return the funds and punished by the company, with the illegal proceeds returning to the company. If the case is serious enough to constitute a crime, criminal responsibility shall be affixed according to law. 董事、经理挪用公司资金或者将公司资金借贷给他人的,责令退还公司的资金,由公司给予处分,将其所得收入归公司所有。构成犯罪的,依法追究刑事责任。
If a director or a manager is found to have violated this law by using the property of the company to provide collateral for the debts of shareholders or other individuals, he (she) shall be ordered to cancel the collateral and be liable to compensation and the proceeds arising from illegal provision of the collateral shall belong to the company. If the case is very serious, punishments shall be meted out by the company. 董事、经理违反本法规定,以公司资产为本公司的股东或者其他个人债务提供担保的,责令取消担保,并依法承担赔偿责任,将违法提供担保取得的收入归公司所有。情节严重的,由公司给予处分。
Article 215 If a director or a manager is found to have violated this law by conducting, in person or in cooperation with others, businesses similar to the company's, he (she) shall be punished by the company concerned and the proceeds arising from the businesses concerned shall belong to the company.   第二百一十五条 董事、经理违反本法规定自营或者为他人经营与其所任职公司同类的营业的,除将其所得收入归公司所有外,并可由公司给予处分。
Article 216 If a company is found to have failed to draw from its profits statutory common reserve or public welfare funds as provided for by this law, it shall be ordered to make good the due amount and imposed a fine ranging from RMB10,000 to RMB100,000.   第二百一十六条 公司不按照本法规定提取法定公积金、法定公益金的,责令如数补足应当提取的金额,并可对公司处以一万元以上十万元以下的罚款。
Article 217 If a company fails to notify creditors or make a public announcement about its merger or division or reduction of registered capital or liquidation as provided for by this law, it shall be ordered to correct and imposed a fine ranging from RMB10, 000 to RMB100,000.   第二百一十七条 公司在合并、分立、减少注册资本或者进行清算时,不按照本法规定通知或者公告债权人的,责令改正,对公司处以一万元以上十万元以下的罚款。
If a company is found in the process of liquidation to have concealed its property, made false reports about its balance sheet or list of assets or distributed its property before clearing debts, it shall be ordered to correct and imposed a fine from one to five percent of the amount of property concealed or distributed before clearing debts. The person(s) in charge and other people directly responsible shall be fined for a sum RMB10,000 to RMB100,000. If the case is serious enough to constitute a crime, criminal responsibility shall be affixed according to law. 公司在进行清算时,隐匿财产,对资产负债表或者财产清单作虚伪记载或者未清偿债务前分配公司财产的,责令改正,对公司处以隐匿财产或者未清偿债务前分配公司财产金额百分之一以上百分之五以下的罚款。对直接负责的主管人员和其他直接责任人员处以一万元以上十万元以下的罚款。构成犯罪的,依法追究刑事责任。
Article 218 If a liquidation group fails to submit its liquidation report to the company registration department as provided for by this law or concealed important facts or missed important items, it shall be ordered to correct.   第二百一十八条 清算组不按照本法规定向公司登记机关报送清算报告,或者报送清算报告隐瞒重要事实或者有重大遗漏的,责令改正。
If a member of a liquidation group is found to have abused his (her) power to seek personal gains by resorting to deception, or peculated the company's property, he (her) shall be ordered to return the property to the company, have the illegal proceeds confiscated and be imposed a fine one time to five times the amount of the illegal proceeds. If the case is serious enough to constitute a crime, criminal responsibility shall be affixed according to law. 清算组成员利用职权徇私舞弊、谋取非法收入或者侵占公司财产的,责令退还公司财产,没收违法所得,并可处以违法所得一倍以上五倍以下的罚款。构成犯罪的,依法追究刑事责任。
Article 219 If an organization undertaking assets or investment appraisal or inspection is found to have provided false certificates, the illegal proceeds shall be confiscated and a fine one time to five times the illegal proceeds shall be imposed and the organization shall be ordered by department in charge to stop operation. Qualification certificate(s) to the person(s) directly in charge shall be revoked. If the case is serious enough to constitute a crime, criminal responsibility shall be affixed according to law.   第二百一十九条 承担资产评估、验资或者验证的机构提供虚假证明文件的,没收违法所得,处以违法所得一倍以上五倍以下的罚款,并可由有关主管部门依法责令该机构停业,吊销直接责任人员的资格证书。构成犯罪的,依法追究刑事责任。
If an organization undertaking assets or investment appraisal or inspection is found to have provided reports with major omissions due to negligence, it shall be ordered to correct and if the case is fairly serious, a fine one time to three times the income shall be imposed and the organization shall be ordered to stop operation by department in charge according to law. The qualification certificate(s) of the person(s) directly in charge shall be revoked. 承担资产评估、验资或者验证的机构因过失提供有重大遗漏的报告的,责令改正,情节较重的,处以所得收入一倍以上三倍以下的罚款,并可由有关主管部门依法责令该机构停业,吊销直接责任人员的资格证书。
Article 220 If the department in charge authorized by the State Council is found to have granted the approval to applications for establishing a company which fails to meet the requirements as provided for by this law or granted approval to applications for issuing stocks falling short of the requirements, administrative punishments shall be meted out to people in charge and other persons directly responsible if the case is serious. If the case is serious enough to constitute a crime, criminal responsibility shall be affixed according to law.   第二百二十条 国务院授权的有关主管部门,对不符合本法规定条件的设立公司的申请予以批准,或者对不符合本法规定条件的股份发行的申请予以批准,情节严重的,对直接负责的主管人员和其他直接责任人员,依法给予行政处分。构成犯罪的,依法追究刑事责任。
Article 221 If the securities administration department of the State Council is found to have granted approval to application for public offers of shares, a stock listing or issue of bonds which does not conform to the prescribed conditions, people in charge and other persons directly responsible shall be subject to administrative punishments if the case is serious. If the case is serious enough to constitute a crime, criminal responsibility shall be affixed according to law.   第二百二十一条 国务院证券管理部门对不符合本法规定条件的募集股份、股票上市和债券发行的申请予以批准,情节严重的,对直接负责的主管人员和其他直接责任人员,依法给予行政处分。构成犯罪的,依法追究刑事责任。
Article 222 If a company registration department is found to approve registration that does not meet the prescribed requirements, people in charge and other persons directly responsible shall be subject to administrative punishments if the case is serious. If the case is serious enough to constitute a crime, criminal responsibility shall be affixed according to law.   第二百二十二条 公司登记机关对不符合本法规定条件的登记申请予以登记,情节严重的,对直接负责的主管人员和其他直接责任人员,依法给予行政处分。构成犯罪的,依法追究刑事责任。
Article 223 If a higher-level department is found to have forced the company registration department to approve a registration that does not conform to the requirements or cover up the illegal registration, people in charge and other persons directly responsible shall be subject to administrative punishments if the case is serious. If the case is serious enough to constitute a crime, criminal responsibility shall be affixed according to law.   第二百二十三条 公司登记机关的上级部门强令公司登记机关对不符合本法规定条件的登记申请予以登记的,或者对违法登记进行包庇的,对直接负责的主管人员和其他直接责任人员依法给予行政处分。构成犯罪的,依法追究刑事责任。
Article 224 If a company without a legal registration is found to have used the name of a limited liability company or a joint stock company limited, it shall be ordered to correct and may also be fined from RMB10,000 to RMB100,000. If the case is serious enough to constitute a crime, criminal responsibility shall be affixed according to law.   第二百二十四条 未依法登记为有限责任公司或者股份有限公司,而冒用有限责任公司或者股份有限公司名义的,责令改正或者予以取缔,并可处以一万元以上十万元以下的罚款。构成犯罪的,依法追究刑事责任。
Article 225 If a company fails to open business after six months or more of its establishment without justifiable reasons or has suspended its operations for more than six months in succession after starting operation, its business license shall be revoked.   第二百二十五条 公司成立后无正当理由超过六个月未开业的,或者开业后自行停业连续六个月以上的,由公司登记机关吊销其公司营业执照。
If a company fails to go through alteration registration procedures as provided for by this law when changes have taken place, it shall be ordered to register within a prescribed time limit. If it fails to register within the time limit, a fine ranging from RMB10,000 to RMB100,000 shall be imposed. 公司登记事项发生变更时,未按照本法规定办理有关变更登记的,责令限期登记,逾期不登记的,处以一万元以上十万元以下的罚款。
Article 226 If a foreign company has violated the provisions of this law and set up branches inside China without approval, it shall be ordered to correct or close down the branch and be imposed a fine ranging from RMB10,000 to RMB100,000.   第二百二十六条 外国公司违反本法规定,擅自在中国境内设立分支机构的,责令改正或者关闭,并可处以一万元以上十万元以下的罚款。
Article 227 If a department in charge for examination and approval according to this law refuses to grant an approval to the establishment or a company registration department refuses to grant the approval to the registration of a company which has meet prescribed requirement for establishment or registration, a review may be applied or an administration suit may be filed for the case.   第二百二十七条 依照本法履行审批职责的有关主管部门,对符合法定条件的申请,不予批准的,或者公司登记机关对符合法定条件的申请,不予登记的,当事人可以依法申请复议或者提起行政诉讼。
Article 228 If a company has violated the provisions of this law, it shall bear the civil responsibility of compensation and pay fines and pecuniary penalty and if the amount of property is not enough to pay for the three, it should firstly make compensation for civil responsibility.   第二百二十八条 公司违反本法规定,应当承担民事赔偿责任和缴纳罚款、罚金的,其财产不足以支付时,先承担民事赔偿责任。
CHAPTER ELEVEN SUPPLEMENT PROVISIONS 

第十一章 附则

Article 229 If a company is registered before the implementation of this law in accordance with a previous law, administrative decrees or local regulations and the provisions of "Convention on Limited Liability Company" and "Convention on Joint Stock Company" formulated by the department of the State Council in charge, it may continue its operation and those company which cannot meet the requirements as provided for by this law should create the conditions so as to meet the necessary requirements. Specific procedures for the implementation of this law shall be separated formulated by the State Council.   第二百二十九条 本法施行前依照法律、行政法规、地方性法规和国务院有关主管部门制定的《有限责任公司规范意见》、《股份有限公司规范意见》登记成立的公司,继续保留,其中不完全具备本法规定的条件的,应当在规定的限期内达到本法规定的条件。具体实施办法,由国务院另行规定。
"The proportion of industrial property and non-patented technology contributed by the promoters as investment in the registered capital of a joint stock limited company that belong to the high and new technology industry and the conditions for the issuance of new shares and the conditions for the application to become a listed company shall be separately prescribed by the State Council. 属于高新技术的股份有限公司,发起人以工业产权和非专利技术作价出资的金额占公司注册资本的比例,公司发行新股、申请股票上市的条件,由国务院另行规定。
Article 230 This law shall come into effect as of July 1, 1994.   第二百三十条 本法自1994年7月1日起施行。

 
     
     
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