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| Opinions on Standards for the Companies Limited by Shares | | 股份有限公司规范意见 |
(Promulgated by No. 31 [1992] Order of the State Commission for Restructuring the Economic Systems (SCRES) on May 15, 1992) | |
（１９９２年５月１５日国家体改委等， |
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| Chapter I General Provisions | | 第一章 总则 |
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| Article 1 The “company limited by shares” (hereinafter referred to as the “company”) refers to such an enterprise legal person in which the registered capital is divided into shares in the equal amount, the capital is raised through issuance of stocks (or equity warrants), the shareholders bear responsibilities to the company by the shares they have subscribed, and the company bears responsibilities for its debts by all of its assets. | | 第一条 股份有限公司（以下简称公司）是指注册资本由等额股份构成并通过发行股票（或股权证）筹集资本，股东以其所认购股份对公司承担有限责任，公司以其全部资产对公司债务承担责任的企业法人。 |
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| Article 2 A company shall abide by state laws, regulations and these Opinions on Standards (hereinafter referred to as these Standards), maintain national interests and public interests, and be subject to the supervision of competent government departments. | | 第二条 公司必须遵守国家法律、法规及本规范意见（以下简称本规范），维护国家利益和社会公共利益，接受政府有关部门的依法监督。 |
A company shall abide by the Pilot Measures for Joint-stock Enterprises (No.30 [1992] Order of the SCRES) and relevant supporting policies. | |
公司应遵守《股份制企业试点办法》（体改生〔１９９２〕３０号）及其配套政策。 |
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| Article 3 The legitimate rights and interests as well as justifiable business activities of a company shall be protected by law, and shall not be infringed upon or illegally intervened in by any organ, social organization or individual. | | 第三条 公司的合法权益和经营活动依法受到保护，任何机关、团体和个人不得侵犯或者非法干涉。 |
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| Article 4 A company shall not become an unlimited liability shareholder of any other economic organization. | | 第四条 公司不得成为其他营利性组织的无限责任股东。 |
When a company becomes a limited liability shareholder of other economic organizations, its total investment amount into other economic organizations shall not exceed 50% of its net assets, unless it is an investment company or a holding company as approved by the government authorization department. | |
公司作为其他营利组织的有限责任股东时，对其他组织的投资总额，不得超过本公司净资产的百分之五十。但投资公司和政府授权部门批准的控股公司可不受此限。 |
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| Article 5 The name of a company shall contain the words of “company limited by shares”, and comply with the provisions on the name registration administration of enterprise legal persons. | | 第五条 公司名称中应标明“股份有限公司”字样，并应符合企业法人名称登记管理的规定。 |
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| Article 6 A company shall take its main office as its domicile. | | 第六条 公司以其主要办事机构所在地为住所。 |
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| Chapter II Formation | | 第二章 设立 |
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| Article 7 A company may be formed by way of promotion or stock flotation. | | 第七条 公司可以采取发起方式或募集方式设立。 |
For the formation by way of promotion, the shares of a company shall be subscribed by promoters, and no shares may be offered to others. Only the companies for national large-scale construction projects may be formed by means of promotion. | |
采取发起方式设立，公司股份由发起人认购，不向发起人之外的任何人募集股份。国家大型建设项目方可采用发起方式设立公司。 |
The way of stock flotation includes directional stock flotation and public stock flotation. For the formation by way of directional stock flotation, the shares issued by a company will be subscribed by promoters and will not be issued to the general public, whereas part of shares may be issued to other legal persons or may be issued to the company's employees upon approval. For the formation by way of public stock flotation, except that promoters can subscribe part of the shares as issued, the remaining shares of the company shall be issued to the general public. | |
募集方式包括定向募集和社会募集两种。采取定向募集方式设立，公司发行的股份除由发起人认购外，其余股份不向社会公众公开发行，但可以向其他法人发行部分股份，经批准也可以向本公司内部职工发行部分股份。采取社会募集方式设立，公司发行的股份除由发起人认购外，其余股份应向社会公众公开发行。 |
A company formed by way of promotion or directional stock flotation shall be a company of directional stock flotation (hereinafter referred to as a “directional stock flotation company”); and a company formed by way of public stock flotation shall be a company of public stock flotation (hereinafter referred to as a “public stock flotation company”). When a directional stock flotation company increases its capital stock one year after its formation, it can be turned into a public stock flotation company upon approval. | |
采取发起方式设立和定向募集方式设立的公司，称为定向募集公司；采取社会募集方式设立的公司，称为社会募集公司。定向募集公司在公司成立一年以后增资扩股时，经批准可转为社会募集公司。 |
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| Article 8 For a company formed by way of stock flotation, the shares subscribed by its promoters shall not be less than 35% of the total shares that shall be issued by the company. | | 第八条 以募集方式设立公司的发起人认购的股份，不得少于公司应发行的股份总数的百分之三十五。 |
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| Article 9 To form a company, there shall be three or more promoters. | | 第九条 设立公司应有三个以上（含三个）发起人。 |
Where a state-run large-scale enterprise is restructured into a company, upon special approval, the said large-scale enterprise may be the sole promoter, whereas the company shall be formed by way of stock flotation. | |
国营大型企业改组成为公司的，经特别批准，发起人可为该大型企业一人，但应采用募集方式设立公司。 |
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| Article 10 The “promoters of a company” refers to the parties that conclude a promoters' agreement according to these Standards, file an application for formation of the company, subscribe the shares of the company, and bear responsibility for the company. | | 第十条 公司发起人，是指按照本规范订立发起人协议，提出设立公司申请，认购公司股份，并对公司设立承担责任者。 |
The “promoters of a company” shall be legal persons (excluding private enterprises and exclusively foreign-invested enterprises) established within the territory of the People's Republic of China. However, when Chinese-foreign equity joint ventures serve as promoters, the number of them shall not exceed 1/3 of the total number of promoters. No natural person may serve as a promoter. | |
公司发起人应是在中华人民共和国境内设立的法人（不含私营企业、外商独资企业）。但中外合资经营企业作发起人时不能超过发起人数的三分之一。自然人不得充当发起人。 |
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| Article 11 Where an existing enterprise is restructured into a company, all the assets of the original enterprise shall be incorporated into the company. The original enterprise may serve as the promoter of the company. When the original enterprise does not serve as the promoter, the asset owner of the original enterprise shall be the promoter of the company. | | 第十一条 原有企业改组公司，须将原有企业全部资产投入公司。原有企业可作为设立公司的发起人。不以原有企业作发起人时，原有企业的资产所有者应作为设立公司的发起人。 |
When an existing enterprise is restructured into a company, it shall liquidate its creditor's rights and debts, entrust a qualified asset evaluation institution for asset evaluation, entrust certified public accountants for capital assessment, and define the titles of the original enterprise's net assets. The creditor's rights and debts of the original enterprise shall be assumed by the restructured company. The original enterprise shall be automatically terminated after the company is formed. | |
原有企业改组为公司时，应对原有企业的债权、债务进行清理，委托具有资格的资产评估机构进行资产评估和注册会计师进行验资，界定原有企业净资产产权。原有企业的债权、债务由改组后的公司承担。原有企业在公司设立后即自行终止。 |
Where an existing enterprise is restructured into a company, and the original enterprise plans to serve as the promoter, it shall be approved by the asset owner of the original enterprise, which shall assign a shareholder representative to the company. | |
原有企业改组为公司，如以原有企业为发起人，应经原有企业资产所有者批准并委派股东代表。 |
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| Article 12 The registered capital of a company shall be the total paid-in capital stock as registered at the industrial and commercial registration department. | | 第十二条 公司注册资本应为在工商行政管理机关登记的实收股本总额。 |
The total amount of capital stock of a company shall be the par value of its stocks multiplied by the total quantity of its stocks. | |
股本总额为公司股票面值与股份总数的乘积。 |
The minimum amount of registered capital shall be ten million yuan. The registered capital of a company with foreign investment shall be no less than 30 million yuan. | |
公司注册资本的最低限额为人民币一千万元。有外商投资的公司的注册资本不应少于人民币三千万元。 |
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| Article 13 After promoters have reached an agreement on formation of a company, they may jointly entrust one promoter for going through application formalities for the form of the company: | | 第十三条 发起人达成设立公司协议后，可共同委托一个发起人办理设立公司的申请手续。 |
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| 1. The competent department shall be determined in light of the company's main business scope, and it shall be responsible for examining and approving the company's formation; | | （一）以公司主营范围确定其行业主管部门，由行业主管部门负责审核公司设立的意见； |
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| 2. Corresponding approval formalities shall be handled in the case of an infrastructure project, technical transformation project or a project with foreign investment or any matter that shall be reported to the competent government department for approval according to state provisions; | | （二）国家规定需要报批的基本建设项目、技术改造项目、涉及外商投资项目和其他需要经政府有关部门批准的事项，应办理相应的批准手续； |
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| 3. Where a company is restructured from a former foreign-invested enterprise, the alteration to the original contract or articles of association shall, after having been reported to the original examination and approval department for examination and approval again, be examined and approved by the Ministry of Foreign Trade and Economic Cooperation of the People's Republic of China (hereinafter referred to as the MOFTEC); | | （三）由原外商投资企业改组为公司的，对原合同、章程的修改应报原审批机关审查同意后，报中华人民共和国对外经济贸易部审查同意； |
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| 4. The agreement, application letter, feasibility research report, articles of association, asset evaluation report, capital assessment report, prospectus, written examination opinions issued by the industrial administrative department and other documents on the company's formation as submitted by the promoter to the department established upon authorization of the government for examining and approving the formation of companies (which shall be led by the commissions for restructuring the economic systems of the state and the province, autonomous region or municipality directly under the Central Government, hereinafter referred to as the “government authorization department”) shall be examined and approved by the said government authorization department; | | （四）发起人向政府授权审批公司设立的部门（由国家或省、自治区、直辖市的体改委牵头，以下简称政府授权部门）提交设立公司的协议书、申请书、可行性研究报告、公司章程、资产评估报告、验资报告、招股说明书和行业主管部门审查意见等文件，由政府授权部门审查、批准； |
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| 5. For a company in which the shares of foreign investment reach 25% or more of the whole shares, upon approval, the MOFTEC shall issue an approval certificate to it; and | | （五）外商投资股份达百分之二十五以上的公司，批准后由中华人民共和国对外经济贸易部核发批准证书； |
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| 6. After a company has been approved by the government authorization department, the promoter shall, within 30 days upon approval, go through the registration formality for preparatory establishment at the industrial and commercial administrative department at the same level. | | （六）经政府授权部门批准后，发起人应自批准之日起三十日内到同级工商行政管理机关办理筹建登记手续。 |
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| Article 14 All the documents submitted by the promoter shall be written in Chinese. Where all the promoters consider it necessary, they may use another language upon negotiations, but the Chinese version of documents that have been approved and taken effect shall prevail. | | 第十四条 发起人提交的各项文件必须用中文书写。在发起人各方认为需要时，可商定再用一种外文书写，但以审批生效的中文文本为准。 |
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| Article 15 An application letter for formation of a company shall briefly state the following items: | | 第十五条 设立公司的申请书，应概要说明： |
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| 1. The promoters' names and domiciles, and legal representative; | | （一）发起人的名称、住所、法定代表人； |
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| 2. The company's name, purposes and tenets; | | （二）公司的名称、目的及宗旨； |
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| 3. The company's investment orientation and business scope; | | （三）公司的资金投向、经营范围； |
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| 4. The company's formation method, total investment, total amount of capital stock, proportion of shares subscribed by promoters, stock floatation scope of shares, and means of stock floatation; | | （四）公司设立方式，总投资、股本总额、发起人认购比例、股份募集范围及募集途径； |
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| 5. The company's total number of shares, total number of each type of shares, par value of each share, and equity structure; | | （五）公司的股份总数、各类别股份总数、每股面值及股权结构； |
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| 6. The promoters' basic information and creditability certificates (if a company is restructured from a former enterprise, the reasons for restructuring shall be explained); | | （六）发起人基本情况、资信证明（原有企业改组为公司的，应说明改组理由）； |
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| 7. Other matters that shall be explained; and | | （七）其他需要说明的事项； |
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| 8. Time for filing of the application, signature of the promoters' legal representative, as well as seals of the promoter entities. | | （八）提出申请的时间，发起人的法定代表人签名并加盖发起人单位公章。 |
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| Article 16 The feasibility study report on formation of a company shall include: | | 第十六条 设立公司可行性研究报告应包括下列内容： |
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| 1. The company's name and domicile; | | （一）公司的名称、住所； |
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| 2. The promoters' production and business situations, credit standings and investment capabilities (if the company is restructured from a former enterprise, its production and business situations, assets and debts and profits for the latest three years, etc. shall also be stated); | | （二）发起人的生产经营情况、资信状况和投资能力（原有企业改组为公司的，还应包括近三年生产经营、资产与负债、利润等情况）； |
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| 3. The company's total investment amount, total capital stock, anticipation of the issuance of shares at a premium, required loans, and proportion of net assets to total assets; | | （三）公司总投资、股本总额、股份溢价发行测算、所需借贷资金、净资产占总资产比例； |
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| 4. Capital orientation, scale, construction circle, and estimated expenses; | | （四）资金投向、规模、建设周期与费用估算； |
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| 5. The company's products or business scope, development direction and market needs; | | （五）公司产品或经营范围、发展方向及市场需求状况； |
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| 6. Forecast of economic benefits; and | | （六）经济效益预测； |
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| 7. Other matters that need to be explained. | | （七）其他需要说明的事项。 |
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| Article 17 The articles of association of a company shall contain: | | 第十七条 公司章程必须载明： |
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| 1. The company's name and domicile; | | （一）公司名称、住所； |
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| 2. The company's tenets and business scope; | | （二）公司的宗旨、经营范围； |
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| 3. The company's formation method and share issuance scope; | | （三）公司的设立方式及其股份发行范围； |
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| 4. The company's registered capital, total number of shares, total number of each type of shares, and par value of each share; | | （四）公司注册资本、股份总数、各类别股份总数及其权益、每股金额； |
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| 5. Methods for transfer of shares; | | （五）股份转让办法； |
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| 6. Rights and obligations of shareholders; | | （六）股东的权利、义务； |
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| 7. Powers and rules of procedure of the board of directors; | | （七）股东会的职权和议事规则； |
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| 8. The company's legal representative (board chairman or general manager) and his powers; | | （八）公司法定代表人（董事长或经理）及其职权； |
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| 9. Composition, powers and rules of procedure of the board of directors; | | （九）董事会的组成、职权和议事规则； |
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| 10. Composition, powers and rules of procedure of the business management body; | | （十）经营管理机构的组成、职权和议事规则； |
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| 11. Composition, powers and rules of procedure of the board of supervisors; | | （十一）监事会的组成、职权和议事规则； |
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| 12. The company's profit distribution measures; | | （十二）公司利润分配办法； |
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| 13. Principles of the finance, accounting and audit rules of the company; | | （十三）公司财务、会计、审计制度的原则； |
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| 14. Rules for labor management, wages and benefits, and social insurance, etc.; | | （十四）劳动管理、工资福利、社会保险等规定； |
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| 15. Procedures for revision of the articles of association; | | （十五）章程修改的程序； |
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| 16. Measures and procedures for termination and settlement of the company; and | | （十六）公司的终止与清算办法及程序； |
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| 17. Methods for notification and announcement. | | （十七）通知和公告办法。 |
If it does not violate these Standards, the articles of association may include any matter other than those mentioned in the preceding paragraph. | |
在不违反本规范的规定下，公司章程可对上款以外的其他事项作出规定。 |
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| Article 18 If a company issues stocks to the general public, it shall, according to the relevant provisions of the People's Bank of China, file an application with the People's Bank of China or its empowered branch (hereinafter referred to as the people's bank), and issue stocks upon approval. | | 第十八条 公司向社会公众公开发行股票，应按中国人民银行的有关规定，向中国人民银行或其授权的分行（以下简称人民银行）提出申请，经批准后方可发行。 |
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| Article 19 After the shares of a company are sufficiently subscribed, promoters shall hold the founding assembly within 40 days. All the subscribers shall be notified to attend the assembly, and the assembly shall not be held until there are subscribers (or their agents) holding 2/3 or more of shares appearing in the assembly. When the founding assembly can not be held because the shares held by the subscribers (or their agents) appearing in the assembly are less than 2/3 of all the shares, it shall be dealt with according to Article 48. | | 第十九条 公司股份缴足后，发起人须于四十日内召集创立会议。会议应通知全体认股人参加，并在代表三分之二以上股份的认股人（或其委托的代理人）参加时会议即可召开。创立会议达不到代表三分之二以上的股份的认股人（或其委托的代理人）出席时，应按第四十八条的规定办理。 |
The founding assembly shall bear the following responsibilities: | |
创立会议的职责是： |
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| 1. Heeding and examining the report on formation of the company; | | （一）听取、审查发起人关于设立公司的报告； |
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| 2. Adopting the articles of association as drafted by promoters; | | （二）通过发起人拟定的公司章程； |
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| 3. Electing the directors of the company; and | | （三）选举公司的董事； |
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| 4. Electing the supervisors of the company. | | （四）选举公司的监事。 |
All the aforesaid matters shall be decided and adopted at the founding assembly, of which, Items (1), (3) and (4) shall comply with Item (1) of Article 46, and Item (2) shall comply with Item (2) of Article 46. | |
以上各项，须由创立会议决议通过，其中（一）、（三）、（四）项须符合第四十六条第（一）项的规定，第（二）项须符合第四十六条第（二）项的规定。 |
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| Article 20 The board of directors shall, within 30 days after the founding assembly, apply to the industrial and commercial administrative department for making the enterprise legal person registration, and submit the following documents: | | 第二十条 创立会议后三十日内，董事会应向工商行政管理机关申请办理企业法人登记，并报送下列文件： |
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| 1. The application letter for registration; | | （一）登记申请书； |
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| 2. The document on approval of the formation as issued by the government authorization department; | | （二）政府授权部门批准设立文件； |
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| 3. The documents submitted by a public stock floatation company to the people's bank for approval of the stock floatation; | | （三）社会募集公司应提交人民银行批准募股的文件； |
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| 4. The articles of association; | | （四）公司章程； |
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| 5. The name list of directors and the legal representative (their resumes shall be appended in the case of a pubic stock floatation company); | | （五）董事会成员及法定代表人名单（社会募集公司应附有简历）； |
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| 6. Minutes of the founding assembly; | | （六）创立会议记录； |
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| 7. The capital assessment certificate issued by certified public accountants; and | | （七）注册会计师出具的验资证明； |
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| 8. Other documents as required. | | （八）其他要求的文件。 |
Immediately after approval and registration by the industrial and commercial administrative department, a company shall be regarded as having been established and having obtained its legal person qualification. | |
经工商行政管理机关核准登记注册后，公司即告成立，取得法人资格。 |
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| Article 21 Promoters of a company shall bear the following responsibilities: | | 第二十一条 公司发起人应承担下列责任： |
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| 1. They shall assume joint liability for subscribing the shares that are issued by the company but have not been actually subscribed; | | （一）公司发行的股份未能缴足时，应负连带认缴责任； |
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| 2. They shall bear joint liability for the debts and expenses arising out of formation of the company when the company can not be established; | | （二）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； |
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| 3. They shall bear joint liability for returning funds paid by subscribers for subscribing shares as well as the stipulated interests if a public stock floatation company can not be established; and | | （三）社会募集公司不能成立时，对认股人已缴纳的股款，负返还股款及约定利息的连带责任； |
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| 4. They shall bear joint liability for the damage to the company resulted from their negligence during the process of formation of the company. | | （四）在设立过程中，由于发起人的过失致使公司受到损害时，负连带赔偿责任。 |
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| Chapter III Shares | | 第三章 股份 |
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| Article 22 Shareholders may subscribe shares by cash, tangible assets such as buildings, factories, machines and equipment, or intangible assets such as industrial property rights, non-patent technology or land use right, etc. | | 第二十二条 股东可以用货币投资，也可以用建筑物、厂房、机器设备等有形资产，或工业产权、非专利技术、土地使用权等无形资产折价入股。 |
The amount of shares subscribed by intangible assets (excluding the land use right) shall generally not exceed 20% of the registered capital of a company. | |
以无形资产（不含土地使用权）作价所折股份，其金额一般不得超过公司注册资本的百分之二十。 |
If assets other than currency are converted into the money for subscribing shares, such assets shall be evaluated and affirmed according to relevant state provisions. | |
用货币以外的其他资产折价入股的，须按国家有关规定对该资产进行评估和确认。 |
If state-owned assets are converted into the money for subscribing shares, the asset evaluation, confirmation and verification formalities shall be handled according to the relevant provisions as set down by the State Council and the State Asset Supervision and Administration Commission. The shares subscribed through the conversion of state-owned assets shall be state shares if they comply with Item (1) of Article 24, or be legal person shares if they comply with Item (2) of Article 24. | |
以国有资产折价入股的，须按国务院及国家国有资产管理局的有关规定办理资产评估、确认、验证手续。国有资产折价入股后形成的股份，符合第二十四条第（一）项的，构成国家股；符合第（二）项的，构成法人股。 |
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| Article 23 A company may issue ordinary shares and preference shares. | | 第二十三条 公司设置普通股，并可设置优先股。 |
Dividends for ordinary shares shall be distributed behind the dividends for preference shares. Dividends for ordinary shares shall be varied, and determined by the company according to the procedures as set down in these Standards. | |
普通股的股利在支付优先股股利之后分配。普通股的股利不固定，由公司按照本规范确定的程序决定。 |
A company shall pay the dividends for preference shares at the stipulated dividend yield. The preference shares can not enjoy the equities for common accumulation reserve. If the profits available for distribution in the current year are insufficient to pay the dividends for preference shares at the stipulated dividend yield, the balance shall be made up by the profits available for distribution in the following years. The articles of association may give specific prescriptions about other equities for preference shares. | |
公司对优先股的股利须按约定的股利率支付。优先股不享有公司公积金权益。当年可供分配股利的利润不足以按约定的股利率支付优行股股利的，由以后年度的可供分配股利的利润补足。公司章程中可对优先股的其他权益作出具体规定。 |
When a company is terminated and liquidated, the shareholders of preference shares may obtain the company's remaining properties before the shareholders of ordinary shares. | |
公司终止清算时，优先股股东先于普通股股东取得公司剩余财产。 |
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| Article 24 In term of subjects, the shares of a company shall be divided into state shares, legal person shares, individual shares and foreign capital shares. | | 第二十四条 公司的股份按投资主体分为国家股、法人股、个人股和外资股。 |
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| 1. “State shares” refers to the shares created through investment of state-owned assets into a company by the government department or institution that has the power to make investment on behalf of the state. | | （一）国家股为有权代表国家投资的政府部门或机构以国有资产投入公司形成的股份。 |
State shares shall generally be ordinary shares. | |
国家股一般应为普通股。 |
State shares shall be held by the department or institution authorized by the State Council, or held by the department or institution authorized by the local people's government (hereinafter referred to as the department or institution holding state shares) according to the decision of the State Council, and relevant stock right representatives shall be assigned therefor. | |
国家股由国务院授权的部门或机构，或根据国务院决定，由地方人民政府授权的部门或机构持有（以下简称持有国家股的部门、机构），并委派股权代表。 |
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| 2. “Legal person shares” refers to the shares created through the investment of assets into a company by the enterprise legal person, or through the investment of assets that are allowed for business operation by the state into a company by the public institution or social group having the legal person qualification. | | （二）法人股为企业法人以其依法可支配的资产投入公司形成的股份，或具有法人资格的事业单位和社会团体以国家允许用于经营的资产向公司投资形成的股份。 |
If a company holds 10% or more of the shares of another enterprise, the latter shall not purchase the shares of the former any more. | |
一个公司拥有另一个企业百分之十以上的股份，则后者不能购买前者的股份。 |
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| 3. “Individual shares” refers to the shares held by social persons and employees of a company through investing their personal legal properties into the company. | | （三）个人股为社会个人或本公司内部职工以个人合法财产投入公司形成的股份。 |
The shares held by one natural person (excluding the foreign capital shares held by the investors from abroad, Hong Kong, Macao and Taiwan) shall not exceed 0.5% of the total shares of a company. | |
一个自然人所持股份（不含外国和我国香港、澳门、台湾地区投资者所持外资股）不得超过公司股份总额的千分之五。 |
The shares subscribed by the employees of a directional stock floatation company shall not exceed 20% of the total shares of the company. | |
定向募集公司内部职工认购的股份，不得超过公司股份总额的百分之二十。 |
The shares subscribed by the employees of a public stock floatation company shall not exceed 10% of the shares that are issued by the company to the general public. Where a public stock floatation company is turned into a directional stock floatation company, no shares may be sold to its employees again if the said 10% has been exceeded. | |
社会募集公司的本公司内部职工认购的股份，不得超过公司向社会公众发行部分的百分之十。由定向募集公司转为社会募集公司者，超过此限时不得再向内部职工配售股份。 |
The shares issued by a public stock floatation company to the general public shall be no less than 25% of the total number of the company's shares, unless it is otherwise prescribed by the State. | |
社会募集公司向社会公众发行的股份，不少于公司股份总数的百分之二十五。国家另有规定的除外。 |
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| 4. “Foreign capital shares” refers to the shares owned by the investors from abroad, Hong Kong, Macao and Taiwan through their investment into a company by purchasing RMB special stocks. | | （四）外资股为外国和我国香港、澳门、台湾地区投资者以购买人民币特种股票形式向公司投资形成的股份。 |
In term of the nature of assets, the shares created through investment of state-owned assets and those created through investment of collectively-owned assets are called by a joint name of public shares. | |
根据资产的性质，国有资产投资形成的股份和集体所有资产投资形成的股份统称为公有股份。 |
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| Article 25 The shares of a company shall be in the form of stocks. But the stocks of a directional stock floatation company shall be substituted by equity warrants (similarly hereinafter). | | 第二十五条 公司的股份采取股票形式。但定向募集公司应以股权证替代股票（下同）。 |
No directional stock floatation company may issue stocks, and no public stock floatation company may issue equity warrants. | |
定向募集公司不得发行股票，社会募集公司不得发行股权证。 |
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| Article 26 The stocks of a company shall be registered stocks. | | 第二十六条 公司股票应为记名股票。 |
All the stocks shall be registered under the names of shareholders or entities. | |
股票一律用股东姓名或单位名称记名。 |
The stocks owned by a department, institution or legal person shall be registered under the name of that department, institution or legal person respectively, and no separate name or representative's name needs to be established. | |
部门、机构持有的股票和法人持有的股票，应记载部门、机构或法人名称，不得另立户名或以代表人姓名记名。 |
The name of a natural person registered on stocks shall be identical with that on the identity card or passport of that natural person. | |
自然人在股票上记载的姓名应与居民身份证或护照相一致。 |
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| Article 27 No company may issue stocks without par value. | | 第二十七条 公司不得发行无面值股票。 |
The issuing price of stocks shall not be lower than their par value. | |
股票的发行价格不得低于股票的面值。 |
A same type of stocks issued by a company at the same time shall have a same issuing price. | |
公司同次发行的同种类别股票，发行价格须一致。 |
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| Article 28 Stocks are written vouchers issued by a company to prove that the shareholders may enjoy rights and bear liabilities in light of their respective shares. | | 第二十八条 股票是公司签发的证明股东按其所持股份享有权利和承担义务的书面凭证。 |
Stocks shall contain: | |
股票应载明下列事项： |
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| 1. The name and domicile of the company that issues the stocks; | | （一）发行股票的公司的名称、住所； |
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| 2. The document number and the date for the company's formation registration, or for the alteration registration in the case of issuance of new shares; | | （二）公司设立登记或新股发行之变更登记的文号及日期； |
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| 3. The company's registered capital, types of shares, amount of each share, and par value of stocks; | | （三）公司注册资本、股份类别、每股金额、股票面值； |
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| 4. The quantity of shares issued in the current time; | | （四）本次发行的股份数； |
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| 5. Names of shareholders; | | （五）股东姓名或名称； |
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| 6. Stock numbers; | | （六）股票号码； |
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| 7. The date of issuance; and | | （七）发行日期； |
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| 8. Other matters that need to be contained. | | （八）其他需要载明的事项。 |
In addition to the aforesaid items, an equity warrant shall also contain the scope of subscription and transfer. | |
股权证除载明上款事项外，还应载明认购与转让范围。 |
Stocks shall become effective upon bearing the signature of the board chairman and the seal of the company. | |
股票由董事长签名，公司盖章后生效。 |
Stocks shall bear the document number and the date for the people's bank to approve the stock floatation; and equity warrants shall bear the document number and the date for the government authorization department to approve the stock floatation. | |
股票应加具人民银行批准募股的文号及日期；股权证应加具政府授权部门批准募股的文号及日期。 |
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| Article 29 Upon approval of the PBC, a company in which the foreign investment is allowed may issue RMB special stocks (hereinafter referred to as B shares). | | 第二十九条 准许有外商投资的公司，经中国人民银行批准后可发行人民币特种股票（简称Ｂ种股票）。 |
The “B shares” refers to the shares whose par value is indicated in RMB, which are subscribed and traded in foreign currency, and are to be purchased and sold by the investors from abroad, Hong Kong, Macao and Taiwan. | |
Ｂ种股票是指以人民币标明股票面值，以外币认购和进行交易，专供外国和我国香港、澳门、台湾地区的投资者买卖的股票。 |
No investor from abroad, Hong Kong, Macao or Taiwan may purchase or sell RMB shares (hereinafter referred to as A shares), and investors other than those from abroad, Hong Kong, Macao and Taiwan shall not purchase or sell B shares. | |
外国和我国香港、澳门、台湾地区的投资者不得买卖人民币股票（简称Ａ种股票），非外国和我国香港、澳门、台湾地区的投资者不得买卖Ｂ种股票。 |
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| Article 30 A shareholder may transfer shares according to relevant state provisions and the articles of association, and may donate (public shares shall not be donated), inherit or mortgage shares, but shall not violate the following provisions: | | 第三十条 股东可以按照国家有关规定和公司章程的规定转让股份，并可以赠与（公有股份不可赠与）、继承和抵押，但不得违反以下规定： |
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| 1. For a company formed by way of promotion, equity warrants shall be transferred between legal persons; for a company formed by way of directional stock floatation, equity warrants may be transferred between legal persons or between the company's employees based on the identities of original holders, and the equity warrants owned by the company's employees shall be transferred only inside the company, and shall not be issued or transferred to anyone other than the company's employees. If a directional stock floatation company formed by either of the aforesaid two methods needs to be changed into a public stock floatation company when it increases its capital stock one year after its formation, the subscription and transfer of shares shall be conducted upon approval according to the examination and approval power prescribed by the state and Article 34, and stocks shall be reissued at the same time; and | | （一）采取发起方式设立的公司，公司股权证的转让须在法人之间进行；定向募集方式设立的公司，其股权证按其原持有人身份，可在法人之间以及公司内部职工之间转让，本公司内部职工持有的股权证要严格限定在本公司内部，不得向公司以外的任何人发行和转让。以上两种方式设立的定向募集公司在公司成立一年以后，增资扩股时如需转为社会募集公司，扩大股份的认购和转让范围，应按照国家规定的审批权限并按第三十四条的规定，经批准后方可进行，同时应换发股票； |
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| 2. No legal person may transfer its public shares, equity warrants or preference shares to its employees, nor may it distribute the shares purchased by collective welfare fund, incentive fund or public welfare reserve to its employees; | | （二）各种法人均不得将持有的公有股份、认股权证和优先认股权转让给本法人单位的职工，不得将以集体福利基金、奖励基金、公益金购买的股份派送给职工； |
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| 3. State shares and foreign capital shares shall be transferred according to relevant state provisions; | | （三）国家股、外资股的转让需按国家有关规定进行； |
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| 4. The shares subscribed by promoters shall not be transferred within one year after the company is formed; | | （四）发起人认购的股份自公司成立之日起一年内不得转让； |
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| 5. Shares owned by the employees of a company (except for those employees that have resigned or have been deceased) shall not be transferred within three years after the company has rationed the shares; | | （五）公司内部职工的股份（除去职和死亡者的股份外），在公司配售后三年内不得转让； |
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| 6. Directors and managers of a company shall not transfer their own company shares within three years after they have taken their posts. And while they are still holding posts, they may only transfer less than 50% of their own company shares after the said three years, and shall simultaneously be subject to the consent of the board of directors. The transfer of shares by directors or managers of a public stock floatation company shall still be reported to the commission for restructuring the economic systems of the state or the province, autonomous region or municipality directly under the Central Government and the people's bank for archival filing; and | | （六）公司董事和经理在任职的三年内不得转让本人所持有的公司股份。三年后在任职内转让的股份不得超过其持有公司股份额的百分之五十，并须经董事会同意。社会募集公司的董事或经理转让股份还应报国家或省、自治区、直辖市的体改委（以下简称体改部门）和人民银行备案； |
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| 7. The shares of a company shall not be transferred as of the date of liquidation of the company. | | （七）公司股份自公司清算之日起不得转让。 |
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| Article 31 When a single shareholder other than promoters plans to obtain 10% or more of the total shares of a public stock floatation company, it shall notify the company, and be subject to approval of the people's bank and the commission for restructuring the economic systems. | | 第三十一条 发起人以外的单个股东，欲获得社会募集公司股份总额的百分之十以上的股份时，必须通知公司，并经人民银行和体改部门批准。 |
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| Article 32 Except for capital reduction, a company shall not purchase its own stocks, nor may it reserve the stocks it has issued. If a company needs to purchase or reserve the stocks it has issued due to a special circumstance, it shall first give a report to the people's bank and the commission for restructuring the economic systems for approval. | | 第三十二条 公司非因减少资本等特殊情况，不得收购本公司股票，亦不得库存本公司已发行股票。特殊情况需收购、库存本公司已发行股票，须报请体改部门、人民银行专门批准后方可进行。 |
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| Article 33 If a shareholder losses its or his stock certificate, it or he shall declare the invalidity of the lost stock certificate. If the company has not received any objection within 90 days upon loss declaration, the shareholder who has lost the stock certificate may apply to the company for issuing a stock certificate again. | | 第三十三条 股东遗失股票应公告声明所失股票失效，如九十日内公司未收到任何异议，遗失股票股东可以向公司申请补发股票。 |
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| Article 34 If a company increases its capital stock and issues shares, the board of directors shall formulate a scheme, the shareholders' meeting shall adopt a resolution on capital increase and alteration of the articles of association, and relevant formalities shall be handled according to relevant provisions. A company with foreign investment shall give a report to the MOFTEC, and a public stock floatation company shall also apply to the people's bank for the issuance of stocks, and issue stocks upon approval. | | 第三十四条 公司增加资本发行股份，应由董事会制订方案，经股东大会通过增加资本和修改章程决议，并按规定办理相应手续。有外商投资的公司应报中华人民共和国对外经济贸易部，社会募集公司还应向人民银行申请发行股票，经批准后方可进行。 |
After a company has raised enough shares, it shall apply for alteration registration due to capital increase with the original industrial and commercial administrative department. | |
股份募足后，向原登记的工商行政管理机关申请增资变更登记。 |
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| Article 35 If a company increases its shares for an investment project, it shall comply with national industrial policies, industrial and regional development plans. | | 第三十五条 公司增加股份，如用于投资项目，应符合国家产业政策和行业、地区发展规划。 |
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| Article 36 The interval for a company to increase shares shall be no less than 12 months. | | 第三十六条 公司增加股份的间隔时间不得少于十二个月。 |
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Article 37 The new shares increased by a company at the issuing price shall not exceed the company's original net assets, unless it is otherwise prescribed by the state.
．．．．．． | | 第三十七条 公司增加股份时按发行价格计算的新股不得超过原有公司净资产。国家另有规定的除外。
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