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中英对照:中华人民共和国公司法(2018年修订)Company Law of the People’s Republic of China (Revised in 2018)

中英对照:中华人民共和国公司法(2018年修订)Company Law of the People’s Republic of China (Revised in 2018)

中华人民共和国公司法(2018年修订) Company Law of the People’s Republic of China (Revised in 2018)
English version 文版
发文日期:2018年10月26日
有效范围:全国
发文机关:全国人民代表大会常务委员会
文号:中华人民共和国主席令第15号
时效性:现行有效
生效日期:2018年10月26日
所属分类:综合 ( 公司法->综合 )
Promulgation date: 10-26-2018
Effective region: NATIONAL
Promulgator: Standing Committee of the National People’s Congress
Document no: Order of the President of the People’s Republic of China No.15
Effectiveness: Effective
Effective date: 10-26-2018
Category: General ( Company Law->General )
全文: Full text:
中华人民共和国公司法(2018年修订) Company Law of the People’s Republic of China (Revised in 2018)
中华人民共和国主席令第15号 Order of the President of the People’s Republic of China No.15
2018年10月26日 October 26, 2018
  (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》第一次修正 根据2004年8月28日第十届全国人民代表大会常务委员会第十一次会议《关于修改〈中华人民共和国公司法〉的决定》第二次修正 2005年10月27日第十届全国人民代表大会常务委员会第十八次会议修订 根据2013年12月28日第十二届全国人民代表大会常务委员会第六次会议《关于修改〈中华人民共和国海洋环境保护〉等七部律的决定》第三次修正 根据2018年10月26日第十三届全国人民代表大会常务委员会第六次会议《关于修改〈中华人民共和国公司法〉的决定》第四次修正) (Adopted at the Fifth Session of the Standing Committee of the Eighth National People’s Congress on December 29, 1993; amended for the first time in accordance with the Decision of the 13th Session of the Standing Committee of the Ninth People’s Congress on Revising the Company Law of the People’s Republic of China dated December 25, 1999; amended for the second time in accordance with the Decision of the 11th Session of the Standing Committee of the Tenth National People’s Congress of the People’s Republic of China on Revising the Company Law of the People’s Republic of China dated August 28, 2004; revised at the 18th Session of the Tenth National People’s Congress of the People’s Republic of China on October 27, 2005; and amended for the third time in accordance with the Decision on Revising Seven Laws Including the Law of the People’s Republic of China on the Protection of the Marine Environment at the Sixth Session of the Standing Committee of the 12th National People’s Congress of the People’s Republic of China dated December 28, 2013; and amended for the fourth time in accordance with the Decision on Revising the Company Law of the People’s Republic of China adopted at the Sixth Session of the Standing Committee of the 13th National People’s Congress on October 26, 2018)
  目录
第一章 总 则
第二章 有限责任公司的设立和组织机构
第一节 设 立
第二节 组织机构
第三节 一人有限责任公司的特别规定
第四节 国有独资公司的特别规定
第三章 有限责任公司的股权转让
第四章 股份有限公司的设立和组织机构
第一节 设 立
第二节 股东大会
第三节 董事会、经理
第四节 监事会
第五节 上市公司组织机构的特别规定
第五章 股份有限公司的股份发行和转让
第一节 股份发行
第二节 股份转让
第六章 公司董事、监事、高级管理人员的资格和义务
第七章 公司债券
第八章 公司财务、会计
第九章 公司合并、分立、增资、减资
第十章 公司解散和清算
第十一章 外国公司的分支机构
第十二章 律责任
第十三章 附 则
Contents
Chapter I General Provisions
Chapter II Establishment and Organizational Structure of a Limited Liability Company
Section 1 Establishment
Section 2 Organizational Structure
Section 3 Special Provisions on Single Shareholder Limited Liability Companies
Section 4 Special Provisions on Wholly State-owned Companies
Chapter III Transfer of Stock Rights in Limited Liability Companies
Chapter IV Establishment and Organizational Structure of a Joint Stock Limited Company
Section 1 Establishment
Section 2 General Meeting
Section 3 Board of Directors and Managers
Section 4 Board of Supervisors
Section 5 Special Provisions on the Organizational Structure of a Listed Company
Chapter V Issuance and Transfer of Shares in a Joint Stock Limited Company
Section 1 Issuance of Shares
Section 2 Transfer of Shares
Chapter VI Qualifications and Duties of Company Directors, Supervisors and Senior Officers
Chapter VII Corporate Bonds
Chapter VIII Financial Affairs and Accounting of Companies
Chapter IX Combination and Division of Companies; Increase and Reduction of Registered Capital
Chapter X Company Dissolutions and Liquidations
Chapter XI Branches of Foreign Companies
Chapter XII Legal Liability
Chapter XIII Supplementary Provisions
  第一章 总 则 Chapter I General Provisions
  第一条 为了规范公司的组织和行为,保护公司、股东和债权人的合权益,维护社会经济秩序,促进社会主义市场经济的发展,制定本
Article 1 The Company Law of the People’s Republic of China (hereinafter referred to as the “Law”) is enacted for the purposes of regulating the organization and activities of companies, protecting the legitimate rights and interests of companies, shareholders and creditors, maintaining the social economic order, and promoting the development of the socialist market economy.
  第二条 本所称公司是指依照本在中国境内设立的有限责任公司和股份有限公司 Article 2 For the purpose of the Law, the term “company” refers to a limited liability company or a joint stock limited company established within the territory of the People’s Republic of China in accordance with the Law.
  第三条 公司是企业人,有独立的人财产,享有人财产权。公司以其全部财产对公司的债务承担责任。
有限责任公司的股东以其认缴的出资额为限对公司承担责任;股份有限公司的股东以其认购的股份为限对公司承担责任。
Article 3 A company is an enterprise legal person which has independent legal person property and enjoys legal person property rights. A company shall be liable for its debts to the extent of all its assets.
A shareholder of a limited liability company is liable to the company to the extent of its/his respective capital contribution. A shareholder of a joint stock limited company is liable to the company to the extent of the shares it/he has subscribed for.
  第四条 公司股东依享有资产收益、参与重大决策和选择管理者等权利。
Article 4 Shareholders of a company are entitled to enjoy the return on equity, participate in important decision-making, select managers and enjoy other rights in accordance with the law.
  第五条 公司从事经营活动,必须遵守律、行政规,遵守社会公德、商业道德,诚实守信,接受政府和社会公众的监督,承担社会责任。
公司的合权益受律保护,不受侵犯。
Article 5 In conducting its business operations, a company shall abide by laws and administrative regulations, observe social ethics and business ethics, act in good faith, accept the supervision of the government and the general public, and bear social responsibility.
The legitimate rights and interests of a company shall be protected by law and shall not be violated.
  第六条 设立公司,应当依公司登记机关申请设立登记。符合本规定的设立条件的,由公司登记机关分别登记为有限责任公司或者股份有限公司;不符合本规定的设立条件的,不得登记为有限责任公司或者股份有限公司
律、行政规规定设立公司必须报经批准的,应当在公司登记前依办理批准手续。
公众可以向公司登记机关申请查询公司登记事项,公司登记机关应当提供查询服务。
Article 6 To establish a company, an application for registration shall be filed with the company registration authority in accordance with the law. Where the application meets the establishment requirements of the Law, the company registration authority shall register the company as a limited liability company or joint stock limited company. Where the application does not meet the establishment requirements of the Law, it shall not be registered as a limited liability company or joint stock limited company.
Where any law or administrative regulation provides that the establishment of a company is subject to the approval, the relevant approval formalities shall be gone through in accordance with the law prior to the registration of the company.
The public may apply to the company registration authority for inquiring about the registration details of any company, and the company registration authority shall provide the public with such inquiry services.
  第七条 依设立的公司,由公司登记机关发给公司营业执照。公司营业执照签发日期为公司成立日期。
公司营业执照应当载明公司的名称、住所、注册资本、经营范围、定代表人姓名等事项。
公司营业执照记载的事项发生变更的,公司应当依办理变更登记,由公司登记机关换发营业执照。
Article 7 A lawfully established company shall be issued with a company business license by the company registration authority. The date of issuance of the company business license shall be the date of establishment of the company.
The company business license shall state the company’s name, domicile, registered capital, business scope, name of the legal representative and other information.
In the event of any change in the details recorded in the company business license, the company shall go through the formalities for registration of changes in accordance with the law and the company registration authority shall reissue the company business license.
  第八条 依照本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或者有限公司字样。
依照本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或者股份公司字样。
Article 8 A limited liability company established in accordance with the Law shall include the words “limited liability company” or “limited company” in its name.
A joint stock limited company established in accordance with the Law shall include the words “joint stock limited company” or “joint stock company” in its name.
  第九条 有限责任公司变更为股份有限公司,应当符合本规定的股份有限公司的条件。股份有限公司变更为有限责任公司,应当符合本规定的有限责任公司的条件。
有限责任公司变更为股份有限公司的,或者股份有限公司变更为有限责任公司的,公司变更前的债权、债务由变更后的公司承继。
Article 9 A limited liability company that seeks to be converted into a joint stock limited company shall satisfy the conditions prescribed in the Law for joint stock limited companies. A joint stock limited company that seeks to be converted into a limited liability company shall satisfy the conditions prescribed in the Law for limited liability companies.
In either of the aforesaid cases, the claims and debts of the company prior to the conversion shall be succeeded by the company after the conversion.
  第十条 公司以其主要办事机构所在地为住所。
Article 10 A company shall regard its main office as its domicile.
  第十一条 设立公司必须依制定公司章程。公司章程对公司、股东、董事、监事、高级管理人员具有约束力。
Article 11 A company shall formulate its articles of association in accordance with the law. The articles of association shall be binding on the company and its shareholders, directors, supervisors and senior officers.
  第十二条 公司的经营范围由公司章程规定,并依登记。公司可以修改公司章程,改变经营范围,但是应当办理变更登记。
公司的经营范围中属于律、行政规规定须经批准的项目,应当依经过批准。
Article 12 A company’s business scope shall be defined in its articles of association and shall be registered in accordance with the law. A company may change its business scope by amending its articles of association, provided that it shall go through the formalities for registration of changes.
Where the business scope of a company includes any item subject to approval pursuant to any law or administrative regulation, the approval shall be obtained in accordance with the law.
  第十三条 公司法定代表人依照公司章程的规定,由董事长、执行董事或者经理担任,并依登记。公司法定代表人变更,应当办理变更登记。
Article 13 The legal representative of a company shall be the chairman of its board of directors, its executive director or its manager in accordance with the articles of association of the company, and shall be registered as such in accordance with the law. In the event of a change of the legal representative of the company, the company shall go through the formalities for registration of the change.
  第十四条 公司可以设立分公司。设立分公司,应当向公司登记机关申请登记,领取营业执照。分公司不具有人资格,其民事责任由公司承担。
公司可以设立子公司,子公司具有人资格,依独立承担民事责任。
Article 14 A company may set up branches. To set up a branch, the company shall file a registration application with the company registration authority to obtain a business license. A branch shall not enjoy the status of a legal person and its civil liabilities shall be borne by the company.
A company may establish subsidiaries which enjoy the status of legal persons and shall independently bear their own civil liabilities in accordance with the law.
  第十五条 公司可以向其他企业投资;但是,除律另有规定外,不得成为对所投资企业的债务承担连带责任的出资人。 Article 15 A company may invest in other enterprises. However, unless otherwise provided for in any law, a company shall not become a capital contributor that shall be jointly and severally liable for the debts of an enterprise so invested in.
  第十六条 公司向其他企业投资或者为他人提供担保,依照公司章程的规定,由董事会或者股东会、股东大会决议;公司章程对投资或者担保的总额及单项投资或者担保的数额有限额规定的,不得超过规定的限额。
公司公司股东或者实际控制人提供担保的,必须经股东会或者股东大会决议。
前款规定的股东或者受前款规定的实际控制人支配的股东,不得参加前款规定事项的表决。该项表决由出席会议的其他股东所持表决权的过半数通过。
Article 16 Where a company intends to invest in any other enterprise or provide a guaranty for any other person, a resolution shall be passed, pursuant to the company’s articles of association, by the company’s board of directors, board of shareholders or general meeting. Where the articles of association prescribe any limit on the total amount of investments or guaranties allowed, or on the amount of a single investment or guaranty allowed, the said total amount or amount shall not exceed the limits prescribed.
Where a company intends to provide a guaranty for any shareholder or actual controller of the company, a resolution shall be passed by the board of shareholders or general meeting.
No shareholder referred to in the preceding paragraph or under the control of the actual controller referred to in the preceding paragraph shall participate in voting on any matter described in the preceding paragraph. Any such resolution shall be passed by a majority vote from the other shareholders attending the meeting.
  第十七条 公司必须保护职工的合权益,依与职工签订劳动合同,参加社会保险,加强劳动保护,实现安全生产。
公司应当采用多种形式,加强公司职工的职业教育和岗位培训,提高职工素质。
Article 17 A company shall protect the legitimate rights and interests of its employees, enter into employment contracts with its employees in accordance with the law, purchase social insurance for employees, and strengthen labor protection so as to ensure work safety.
A company shall, through various means, enhance the professional education and in-service training of its employees so as to improve their quality as employees.
  第十八条 公司职工依照《中华人民共和国工会组织工会,开展工会活动,维护职工合权益。公司应当为本公司工会提供必要的活动条件。公司工会代表职工就职工的劳动报酬、工作时间、福利、保险和劳动安全卫生等事项依公司签订集体合同。
公司依照和有关律的规定,通过职工代表大会或者其他形式,实行民主管理。
公司研究决定改制以及经营方面的重大问题、制定重要的规章制度时,应当听取公司工会的意见,并通过职工代表大会或者其他形式听取职工的意见和建议。
Article 18 The employees of a company shall, in accordance with the Labor Union Law of the People’s Republic of China, organize a labor union, which shall carry out labor union activities and safeguard the legitimate rights and interests of the employees. The company shall provide the necessary conditions for its labor union to carry out its activities. The labor union shall, on behalf of the employees, enter into collective contracts with the company with respect to matters such as remuneration, working hours, welfare, insurance, and work safety and sanitation of the employees in accordance with the law.
In accordance with the Constitution and other relevant laws, a company shall practice democratic management through the employee representatives’ assembly or otherwise.
When making a decision on company restructuring or any important issue relating to its business operations, or formulating any important rule or regulation, a company shall take into account the opinions of its labor union, and the opinions and proposals of its employees through the employee representatives’ assembly or otherwise.
  第十九条 在公司中,根据中国共产党章程的规定,设立中国共产党的组织,开展党的活动。公司应当为党组织的活动提供必要条件。 Article 19 Organizations of the Communist Party of China shall, in accordance with the Constitution of the Communist Party of China, be set up in companies and shall carry out Party activities. Companies shall provide the necessary conditions to facilitate the Party activities.
  第二十条 公司股东应当遵守律、行政规和公司章程,依行使股东权利,不得滥用股东权利损害公司或者其他股东的利益;不得滥用公司法人独立地位和股东有限责任损害公司债权人的利益。
公司股东滥用股东权利给公司或者其他股东造成损失的,应当依承担赔偿责任。
公司股东滥用公司法人独立地位和股东有限责任,逃避债务,严重损害公司债权人利益的,应当对公司债务承担连带责任。
Article 20 The shareholders of a company shall abide by laws, administrative regulations and articles of association and exercise shareholders’ rights in accordance with the law. They shall neither damage the interests of the company or other shareholders by abusing shareholders’ rights nor damage the interests of any creditor of the company by abusing the company’s independent status as a legal person or the limited liability of shareholders.
Any shareholder of a company who causes any loss to the company or to other shareholders by abusing shareholders’ rights shall be liable for compensation in accordance with the law.
Where any of the shareholders of a company evades the payment of debts by abusing the company’s independent status as a legal person or the limited liability of shareholders, thereby seriously damaging the interests of any creditor of the company, it shall be jointly and severally liable for the debts of the company.
  第二十一条 公司的控股股东、实际控制人、董事、监事、高级管理人员不得利用其关联关系损害公司利益。
违反前款规定,给公司造成损失的,应当承担赔偿责任。
Article 21 No controlling shareholder, actual controller, director, supervisor or senior officer of a company may damage the interests of the company by taking advantage of his/its affiliated relation.
Any person who causes any loss to the company by violating the preceding paragraph shall be liable for compensation.
  第二十二条 公司股东会或者股东大会、董事会的决议内容违反律、行政规的无效。
股东会或者股东大会、董事会的会议召集程序、表决方式违反律、行政规或者公司章程,或者决议内容违反公司章程的,股东可以自决议作出之日起六十日内,请求人民院撤销。
股东依照前款规定提起诉讼的,人民院可以应公司的请求,要求股东提供相应担保。
公司根据股东会或者股东大会、董事会决议已办理变更登记的,人民院宣告该决议无效或者撤销该决议后,公司应当向公司登记机关申请撤销变更登记。
Article 22 Any resolution of the board of shareholders or general meeting, or board of directors of a company that violates any law or administrative regulation shall be null and void.
Where the procedures for calling a meeting of the board of shareholders or general meeting, or a meeting of the board of directors, or the voting method used therein violates any law, administrative regulation or the company’s articles of association, or where any resolution violates the company’s articles of association, the shareholders may, within 60 days as of the date on which the resolution is passed, petition a people’s court to nullify it.
Where the shareholders initiate a lawsuit under the preceding paragraph, the people’s court may, at the request of the company, require the shareholders to provide a corresponding guaranty.
Where a company has, according to a resolution of the board of shareholders or general meeting, or board of directors, gone through the formalities for registration of changes, and a people’s court declares the resolution null and void or strikes out the resolution, the company shall file an application with the company registration authority for cancellation of the change registration.
  第二章 有限责任公司的设立和组织机构 Chapter II Establishment and Organizational Structure of a Limited Liability Company
  第一节 设 立 Section 1 Establishment
  第二十三条 设立有限责任公司,应当具备下列条件:
(一)股东符合定人数;
(二)有符合公司章程规定的全体股东认缴的出资额;
(三)股东共同制定公司章程;
(四)有公司名称,建立符合有限责任公司要求的组织机构;
(五)有公司住所。
Article 23 To establish a limited liability company, the following conditions shall be met:
1. the number of shareholders constitutes a quorum;
2. the company has capital contributions in compliance with the articles of association of the related company which are subscribed for by all shareholders;
3. the articles of association are formulated collectively by shareholders;
4. the company has a name and an organizational structure that complies with the requirements for limited liability companies; and
5. the company has a domicile.
  第二十四条 有限责任公司由五十个以下股东出资设立。 Article 24 A limited liability company shall be funded and established by no more than 50 shareholders.
  第二十五条 有限责任公司章程应当载明下列事项:
(一)公司名称和住所;
(二)公司经营范围;
(三)公司注册资本;
(四)股东的姓名或者名称;
(五)股东的出资方式、出资额和出资时间;
(六)公司的机构及其产生办、职权、议事规则;
(七)公司法定代表人;
(八)股东会会议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 25 The articles of association of a limited liability company shall include the following items:
1. the name and domicile of the company;
2. the business scope of the company;
3. the registered capital of the company;
4. the names of the shareholders;
5. the forms, amounts and dates of capital contributions made by the shareholders;
6. the institutions of the company and their establishment, functions and powers and rules of procedure;
7. the legal representative of the company; and
8. any other matter deemed necessary by the board of shareholders of the company.
The shareholders shall affix their signatures or seals on the articles of association of the company.
  第二十六条 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认缴的出资额。
律、行政规以及国务院决定对有限责任公司注册资本实缴、注册资本最低限额另有规定的,从其规定。
Article 26 The registered capital of a limited liability company shall be the total capital contributions subscribed for by all the shareholders as registered with the company registration authority.
Where the paid-in registered capital and the minimum registered capital for limited liability companies are otherwise provided for in any other laws, administrative regulations and decisions of the State Council, the relevant provisions shall prevail.
  第二十七条 股东可以用货币出资,也可以用实物、知识产权、土地使用权等可以用货币估价并可以依转让的非货币财产作价出资;但是,律、行政规规定不得作为出资的财产除外。
对作为出资的非货币财产应当评估作价,核实财产,不得高估或者低估作价。律、行政规对评估作价有规定的,从其规定。
Article 27 A shareholder may contribute capital in cash, in kind or with intellectual property rights, land use rights or other non-monetary assets the value of which may be assessed in financial terms and the ownership of which may be transferred in accordance with the law, except for those assets that shall not be used as capital contributions under any other law or administrative regulation.
The value of any non-financial asset used as capital contribution shall be assessed and verified, and shall not be overestimated or underestimated. Any law or administrative regulation that provides for the assessment of values shall be followed.
  第二十八条 股东应当按期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有限责任公司在银行开设的账户;以非货币财产出资的,应当依办理其财产权的转移手续。
股东不按照前款规定缴纳出资的,除应当向公司足额缴纳外,还应当向已按期足额缴纳出资的股东承担违约责任。
Article 28 Each shareholder shall within the prescribed time limit fully pay in the capital contribution it subscribes for as stipulated in the articles of association. A shareholder making capital contribution in cash shall deposit the capital contribution in full in a bank account opened by the limited liability company. A shareholder making capital contribution with non-monetary assets shall complete the transfer procedures for the relevant property rights in accordance with the law.
Where any shareholder fails to make a capital contribution in the manner as specified in the preceding paragraph, the relevant shareholder shall not only make full payment to the company but shall also be liable for breach of contract to shareholders who have paid their capital contributions in full on time.
  第二十九条 股东认足公司章程规定的出资后,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报送公司登记申请书、公司章程等文件,申请设立登记。 Article 29 After shareholders subscribe for the full amount of capital contributions as provided for by the articles of association, the representative designated by the shareholders or the agent appointed by the shareholders shall submit such documents as a company registration application and articles of association to the company registration authority for registration of establishment.
  第三十条 有限责任公司成立后,发现作为设立公司出资的非货币财产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足其差额;公司设立时的其他股东承担连带责任。 Article 30 After the incorporation of a limited liability company, in the event that the actual value of non-monetary assets as capital contributions for its incorporation is found to be notably lower than the value specified in the articles of association of the company, the shortfall shall be made up for by the shareholder or shareholders who contributed that capital, and the other shareholders of the company at the time of incorporation shall be jointly and severally liable therefor.
  第三十一条 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:
(一)公司名称;
(二)公司成立日期;
(三)公司注册资本;
(四)股东的姓名或者名称、缴纳的出资额和出资日期;
(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 Following the incorporation of a limited liability company, each shareholder shall be issued with a capital contribution certificate, which shall specify the following items:
1. the name of the company;
2. the date of incorporation of the company;
3. the registered capital of the company;
4. the name of the shareholder, and the amount and date of its capital contribution; and
5. the serial number and date of issue of the capital contribution certificate.
The capital contribution certificate shall bear the seal of the company.
  第三十二条 有限责任公司应当置备股东名册,记载下列事项:
(一)股东的姓名或者名称及住所;
(二)股东的出资额;
(三)出资证明书编号。
记载于股东名册的股东,可以依股东名册主张行使股东权利。
公司应当将股东的姓名或者名称向公司登记机关登记;登记事项发生变更的,应当办理变更登记。未经登记或者变更登记的,不得对抗第三人。
Article 32 A limited liability company shall prepare a register of members, which shall record the following items:
1. the name and domicile of each shareholder;
2. the capital contribution made by each shareholder; and
3. the serial number of each capital contribution certificate.
The shareholders recorded in the register of members may, pursuant to the register of members, claim and exercise shareholders’ rights.
A company shall register the name of each shareholder with the company registration authority. The company shall handle the registration of change in the event of any change in the registered details. Any registration detail that fails to be registered or amended shall not be valid against any third party.
  第三十三条 股东有权查阅、复制公司章程、股东会会议记录、董事会会议决议、监事会会议决议和财务会计报告。
股东可以要求查阅公司会计账簿。股东要求查阅公司会计账簿的,应当向公司提出书面请求,说明目的。公司有合理根据认为股东查阅会计账簿有不正当目的,可能损害公司利益的,可以拒绝提供查阅,并应当自股东提出书面请求之日起十五日内书面答复股东并说明理由。公司拒绝提供查阅的,股东可以请求人民院要求公司提供查阅。
Article 33 Any shareholder is entitled to consult and copy the articles of association, minutes of meetings of the board of shareholders, resolutions of meetings of the board of directors, resolutions of meetings of the board of supervisors and financial reports.
Any shareholder may request to consult the accounting books of the company. Where a shareholder requests to consult the accounting books of the company, a written request shall be submitted to the company, stating the purpose thereof. Where the company, for any justifiable reason, considers that the shareholder’s request for consultation of the accounting books is made for any improper purpose and may impair the legitimate interests of the company, the company may decline the shareholder’s request and shall, within 15 days as of the date on which the shareholder submits the written request, issue the shareholder with a written reply, stating the reasons therefor. Where a company declines the request of any shareholder for consultation of the company’s accounting books, the shareholder may request a people’s court to require the company to allow the consultation sought.
  第三十四条 股东按照实缴的出资比例分取红利;公司新增资本时,股东有权优先按照实缴的出资比例认缴出资。但是,全体股东约定不按照出资比例分取红利或者不按照出资比例优先认缴出资的除外。
Article 34 Shareholders shall draw dividends in proportion to their actual capital contributions and when a company increases its capital, shall have a pre-emptive right to subscribe for the increased capital in proportion to their actual capital contributions, unless otherwise agreed by the shareholders.
  第三十五条 公司成立后,股东不得抽逃出资。
Article 35 No shareholder shall withdraw its capital contribution following the incorporation of the company.
  第二节 组 织 机 构 Section 2 Organizational Structure
  第三十六条 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,依照本行使职权。
Article 36 The board of shareholders of a limited liability company shall consist of all its shareholders. The board of shareholders is the highest authoritative body of the company and shall exercise its functions and powers in accordance with the Law.
  第三十七条 股东会行使下列职权:
(一)决定公司的经营方针和投资计划;
(二)选举和更换非由职工代表担任的董事、监事,决定有关董事、监事的报酬事项;
(三)审议批准董事会的报告;
(四)审议批准监事会或者监事的报告;
(五)审议批准公司的年度财务预算方案、决算方案;
(六)审议批准公司的利润分配方案和弥补亏损方案;
(七)对公司增加或者减少注册资本作出决议;
(八)对发行公司债券作出决议;
(九)对公司合并、分立、解散、清算或者变更公司形式作出决议;
(十)修改公司章程;
(十一)公司章程规定的其他职权。
对前款所列事项股东以书面形式一致表示同意的,可以不召开股东会会议,直接作出决定,并由全体股东在决定文件上签名、盖章。
Article 37 The board of shareholders shall exercise the following functions and powers:
1. determine the company’s operational guidelines and investment plans;
2. elect and replace non-employee representative directors and supervisors and determine matters relating to their remunerations;
3. deliberate on and approve reports of the board of directors;
4. deliberate on and approve reports of the board of supervisors or of the supervisor(s);
5. deliberate on and approve annual budgets and final accounts of the company;
6. deliberate on and approve the company’s profit distribution plans and loss recovery plans;
7. make resolutions on any increase or reduction of the company’s registered capital;
8. make resolutions on the issuance of corporate bonds;
9. make resolutions on any combination, division, dissolution, liquidation or transformation of the company;
10. revise the articles of association of the company; and
11. any other function or power specified in the articles of association.
In respect of any of the matters listed in the preceding paragraph, where the shareholders have unanimously agreed in writing, a decision may be made directly without convening a meeting of the board of shareholders and the decision document shall bear the signatures or seals of all the shareholders.
  第三十八条 首次股东会会议由出资最多的股东召集和主持,依照本规定行使职权。 Article 38 The first meeting of the board of shareholders shall be convened and presided over by the shareholder with the largest capital contribution, and shall exercise its functions and powers in accordance with the Law.
  第三十九条 股东会会议分为定期会议和临时会议。
定期会议应当依照公司章程的规定按时召开。代表十分之一以上表决权的股东,三分之一以上的董事,监事会或者不设监事会的公司的监事提议召开临时会议的,应当召开临时会议。
Article 39 Meetings of the board of shareholders shall be classified into regular meetings and interim meetings.
Regular meetings shall be held on time as prescribed in the company’s articles of association. An interim meeting shall be held where it is proposed by shareholders representing one tenth or more of the voting rights, by one third or more of the directors or by the board of supervisors or, where there is no board of supervisors, by a supervisor of the company.
  第四十条 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;董事长不能履行职务或者不履行职务的,由副董事长主持;副董事长不能履行职务或者不履行职务的,由半数以上董事共同推举一名董事主持。
有限责任公司不设董事会的,股东会会议由执行董事召集和主持。
董事会或者执行董事不能履行或者不履行召集股东会会议职责的,由监事会或者不设监事会的公司的监事召集和主持;监事会或者监事不召集和主持的,代表十分之一以上表决权的股东可以自行召集和主持。
Article 40 Where a limited liability company has established the board of directors, a meeting of the board of shareholders shall be convened by the board of directors and presided over by the chairman of the board of directors. Where the chairman is unable or fails to perform his duties, the deputy chairman of the board of directors shall preside over the meeting. Where the deputy chairman of the board of directors is unable or fails to perform his duties, a director shall be nominated by a majority of the directors to preside over the meeting.
Where a limited liability company has no board of directors, meetings of the board of shareholders shall be convened and presided over by the executive director.
Where the board of directors or the executive director is unable or fails to fulfill its or his duty to convene a meeting of the board of shareholders, the board of supervisors or, where there is no board of supervisors, a supervisor of the company shall convene and preside over the meeting. Where the board of supervisors or supervisor does not convene or preside over such a meeting, shareholders representing one tenth or more of the voting rights may convene and preside over the meeting on their own initiative.
  第四十一条 召开股东会会议,应当于会议召开十五日前通知全体股东;但是,公司章程另有规定或者全体股东另有约定的除外。
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 41 Unless otherwise specified in the articles of association or otherwise agreed by all shareholders, a notice of the meeting of the board of shareholders shall be given to shareholders 15 days in advance of the meeting.
Minutes shall be taken of decisions made on matters discussed at the meeting of the board of shareholders and shall be signed by shareholders who attend the meeting.
  第四十二条 股东会会议由股东按照出资比例行使表决权;但是,公司章程另有规定的除外。
Article 42 Unless otherwise specified in a company’s articles of association, shareholders shall exercise their voting rights at meetings of the board of shareholders in proportion to their respective capital contributions.
  第四十三条 股东会的议事方式和表决程序,除本有规定的外,由公司章程规定。
股东会会议作出修改公司章程、增加或者减少注册资本的决议,以及公司合并、分立、解散或者变更公司形式的决议,必须经代表三分之二以上表决权的股东通过。
Article 43 Unless otherwise provided in the Law, methods of deliberation and voting procedures of the board of shareholders shall be specified by a company’s articles of association.
Any resolution made at the meeting of the board of shareholders on any revision to the company’s articles of association, any increase or reduction of its registered capital, or any combination, division, dissolution or transformation of the company must be passed by shareholders representing two thirds or more of the voting rights.
  第四十四条 有限责任公司设董事会,其成员为三人至十三人;但是,本第五十条另有规定的除外。
两个以上的国有企业或者两个以上的其他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;其他有限责任公司董事会成员中可以有公司职工代表。董事会中的职工代表由公司职工通过职工代表大会、职工大会或者其他形式民主选举产生。
董事会设董事长一人,可以设副董事长。董事长、副董事长的产生办公司章程规定。
Article 44 Except otherwise provided in Article 50 of the Law, the board of directors of a limited liability company shall comprise three to 13 members.
Where a limited liability company is established by two or more state-owned enterprises or two or more other state-owned investment entities, the board of directors shall include employee representatives of the company. The board of directors of any other limited liability company may include employee representatives of the company. Employee representatives to serve as members of the board of directors shall be democratically elected by the employees of the company through the employee representatives’ assembly, the employees’ assembly or otherwise.
The board of directors shall have a chairman and may have deputy chairmen. The method of appointment of the chairman and deputy chairmen shall be specified by the articles of association.
  第四十五条 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。
董事任期届满未及时改选,或者董事在任期内辞职导致董事会成员低于定人数的,在改选出的董事就任前,原董事仍应当依照律、行政规和公司章程的规定,履行董事职务。
Article 45 The term of office of directors shall be specified by the articles of association, but in any case shall not exceed three years. Any director may, upon the expiration of his term of office, hold the directorship in consecutive terms if re-elected.
Where the re-election of directors is not held in time after the term of office of the existing directors has expired, or where the number of members of the board of directors falls below the quorum due to the resignation of any director during his term of office, the original director shall, before the newly-elected director assumes his post, carry out duties as a director in accordance with the laws, administrative regulations and articles of association.
  第四十六条 董事会对股东会负责,行使下列职权:
(一)召集股东会会议,并向股东会报告工作;
(二)执行股东会的决议;
(三)决定公司的经营计划和投资方案;
(四)制订公司的年度财务预算方案、决算方案;
(五)制订公司的利润分配方案和弥补亏损方案;
(六)制订公司增加或者减少注册资本以及发行公司债券的方案;
(七)制订公司合并、分立、解散或者变更公司形式的方案;
(八)决定公司内部管理机构的设置;
(九)决定聘任或者解聘公司经理及其报酬事项,并根据经理的提名决定聘任或者解聘公司副经理、财务负责人及其报酬事项;
(十)制定公司的基本管理制度;
(十一)公司章程规定的其他职权。
Article 46 The board of directors shall be responsible to the board of shareholders and shall exercise the following functions and powers:
1. convene meetings of the board of shareholders and report to the board of shareholders on its work;
2. execute resolutions of the board of shareholders;
3. determine the company’s operational plans and investment plans;
4. formulate the company’s annual budgets and final accounts;
5. formulate the company’s profit distribution plans and loss recovery plans;
6. formulate the company’s plans on the increase or reduction of its registered capital and on the issuance of corporate bonds;
7. formulate the company’s plans on the combination, division, dissolution or transformation of the company;
8. make decisions on the establishment of the company’s internal management departments;
9. make decisions on the appointment or dismissal of the company’s manager and his remuneration, and, according to the nomination by the manager, make decisions on the appointment or dismissal of any deputy manager and financial principal and their remunerations;
10. develop the company’s basic management system; and
11. any other function or power specified in the articles of association.
  第四十七条 董事会会议由董事长召集和主持;董事长不能履行职务或者不履行职务的,由副董事长召集和主持;副董事长不能履行职务或者不履行职务的,由半数以上董事共同推举一名董事召集和主持。 Article 47 A meeting of the board of directors shall be convened and presided over by the chairman of the board of directors. Where the chairman of the board of directors is unable or fails to perform his duties, the meeting shall be convened and presided over by the deputy chairman of the board of directors. Where the deputy chairman of the board of directors is unable or fails to perform his duties, the meeting shall be convened and presided over by a director nominated by a majority of the directors.
  第四十八条 董事会的议事方式和表决程序,除本有规定的外,由公司章程规定。
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。
董事会决议的表决,实行一人一票。
Article 48 Unless otherwise provided in the Law, methods of deliberation and voting procedures of the board of directors shall be specified by the company’s articles of association.
The board of directors shall take minutes of decisions made on matters discussed at its meetings. Directors who attend the meeting shall sign on the minutes.
Each director shall have one vote for voting on resolutions of the board of directors.
  第四十九条 有限责任公司可以设经理,由董事会决定聘任或者解聘。经理对董事会负责,行使下列职权:
(一)主持公司的生产经营管理工作,组织实施董事会决议;
(二)组织实施公司年度经营计划和投资方案;
(三)拟订公司内部管理机构设置方案;
(四)拟订公司的基本管理制度;
(五)制定公司的具体规章;
(六)提请聘任或者解聘公司副经理、财务负责人;
(七)决定聘任或者解聘除应由董事会决定聘任或者解聘以外的负责管理人员;
(八)董事会授予的其他职权。
公司章程对经理职权另有规定的,从其规定。
经理列席董事会会议。
Article 49 A limited liability company may have a manager, who shall be appointed or dismissed by its board of directors. The manager shall be responsible to the board of directors and shall exercise the following functions and powers:
1. oversee the production and business operations of the company and organize the implementation of the resolutions of the board of directors;
2. organize the implementation of the company’s annual operational plans and investment plans;
3. draw up plans on the establishment of the company’s internal management departments;
4. draw up the company’s basic management system;
5. formulate the company’s specific rules and regulations;
6. propose the appointment or dismissal of the company’s any deputy manager and financial principal;
7. decide on the appointment or dismissal of executive personnel other than those whose appointment or dismissal is to be decided by the board of directors; and
8. any other function or power conferred on the manager by the board of directors.
Where the functions and powers of the manager are otherwise provided in the articles of association, the articles of association shall prevail.
The manager shall attend meetings of the board of directors as a non-voting attendee.
  第五十条 股东人数较少或者规模较小的有限责任公司,可以设一名执行董事,不设董事会。执行董事可以兼任公司经理。
执行董事的职权由公司章程规定。
Article 50 Limited liability companies with a smaller number of shareholders or those of a smaller scale may have an executive director without setting up the board of directors. The executive director may concurrently hold the post of a company manager.
The functions and powers of the executive director shall be specified by the articles of association.
  第五十一条 有限责任公司设监事会,其成员不得少于三人。股东人数较少或者规模较小的有限责任公司,可以设一至二名监事,不设监事会。
监事会应当包括股东代表和适当比例的公司职工代表,其中职工代表的比例不得低于三分之一,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通过职工代表大会、职工大会或者其他形式民主选举产生。
监事会设主席一人,由全体监事过半数选举产生。监事会主席召集和主持监事会会议;监事会主席不能履行职务或者不履行职务的,由半数以上监事共同推举一名监事召集和主持监事会会议。
董事、高级管理人员不得兼任监事。
Article 51 A limited liability company shall have the board of supervisors composed of no less than three members. Limited liability companies with a smaller number of shareholders or those of a smaller scale may have one to two supervisors without setting up the board of supervisors.
The board of supervisors shall include shareholders’ representatives and an appropriate proportion of employee representatives which shall not be less than one third of the members of the board of supervisors, the specific proportion of which shall be prescribed by the articles of association. Employee representatives to serve as members of the board of supervisors shall be democratically elected by the employees of the company through the employee representatives’ assembly, the employees’ assembly or otherwise.
The board of supervisors shall have a chairman, who shall be elected by a majority of the supervisors. The chairman of the board of supervisors shall convene and preside over meetings of the board of supervisors. Where the chairman of the board of supervisors is unable or fails to perform his duties, a supervisor nominated by a majority of the supervisors shall convene and preside over meetings of the board of supervisors.
No director or senior officer of the company may concurrently serve as a supervisor.
  第五十二条 监事的任期每届为三年。监事任期届满,连选可以连任。
监事任期届满未及时改选,或者监事在任期内辞职导致监事会成员低于定人数的,在改选出的监事就任前,原监事仍应当依照律、行政规和公司章程的规定,履行监事职务。
Article 52 The term of office of a supervisor shall be three years. Any supervisor may, upon the expiration of his term of office, hold the supervisor’s post in consecutive terms if re-elected.
Where the re-election of a supervisor is not held in time after the expiration of the term of office of the existing supervisor, or where the number of members of the board of supervisors falls below the quorum due to the resignation of any supervisor during his term of office, the original supervisor shall, before the newly-elected supervisor assumes his post, carry out duties as a supervisor in accordance with the relevant laws, administrative regulations and articles of association.
  第五十三条 监事会、不设监事会的公司的监事行使下列职权:
(一)检查公司财务;
(二)对董事、高级管理人员执行公司职务的行为进行监督,对违反律、行政规、公司章程或者股东会决议的董事、高级管理人员提出罢免的建议;
(三)当董事、高级管理人员的行为损害公司的利益时,要求董事、高级管理人员予以纠正;
(四)提议召开临时股东会会议,在董事会不履行本规定的召集和主持股东会会议职责时召集和主持股东会会议;
(五)向股东会会议提出提案;
(六)依照本第一百五十一条的规定,对董事、高级管理人员提起诉讼;
(七)公司章程规定的其他职权。
Article 53 The board of supervisors or, where there is no board of supervisors, the supervisor(s) of a company shall exercise the following functions and powers:
1. inspect the financial affairs of the company;
2. supervise performance of the directors and senior officers of their respective company duties and propose the removal of any director or senior officer who violates any law, administrative regulation, the articles of association or any resolution of the board of shareholders;
3. require any director or senior officer to take corrective action where his actions damage the interests of the company;
4. propose the holding of interim meetings of the board of shareholders and convene and preside over meetings of the board of shareholders where the board of directors does not exercise its duties in this regard as prescribed in the Law;
5. put forward proposals at meetings of the board of shareholders;
6. initiate lawsuits against a director or senior officer in accordance with Article 151 of the Law; and
7. any other function or power specified in the articles of association.
  第五十四条 监事可以列席董事会会议,并对董事会决议事项提出质询或者建议。
监事会、不设监事会的公司的监事发现公司经营情况异常,可以进行调查;必要时,可以聘请会计师事务所等协助其工作,费用由公司承担。
Article 54 Supervisors may attend meetings of the board of directors as non-voting attendees, and may raise questions or put forward suggestions about matters to be decided by the board of directors.
The board of supervisors or, where there is no board of supervisors, the supervisors of a company find that the company is running abnormally, they may commence an investigation. Where necessary, they may, at the company’s expense, hire an accounting firm to assist with the investigation.
  第五十五条 监事会每年度至少召开一次会议,监事可以提议召开临时监事会会议。
监事会的议事方式和表决程序,除本有规定的外,由公司章程规定。
监事会决议应当经半数以上监事通过。
监事会应当对所议事项的决定作成会议记录,出席会议的监事应当在会议记录上签名。
Article 55 The board of supervisors shall hold at least one meeting a year. Any supervisor may propose an interim meeting of the board of supervisors.
Unless otherwise specified in the Law, the methods of deliberation and voting procedures of the board of supervisors shall be specified by the articles of association.
A resolution of the board of supervisors shall be passed by a majority of supervisors.
The board of supervisors shall take minutes of decisions made on matters discussed at its meetings, and the minutes shall be signed by the supervisors attending the meetings.
  第五十六条 监事会、不设监事会的公司的监事行使职权所必需的费用,由公司承担。 Article 56 All expenses necessarily incurred by the board of supervisors or, where there is no board of supervisors, supervisor(s) of a company in the performance of their functions and powers shall be borne by the company.
  第三节 一人有限责任公司的特别规定 Section 3 Special Provisions on Single Shareholder Limited Liability Companies
  第五十七条 一人有限责任公司的设立和组织机构,适用本节规定;本节没有规定的,适用本章第一节、第二节的规定。
所称一人有限责任公司,是指只有一个自然人股东或者一个人股东的有限责任公司
Article 57 The provisions of this Section shall apply to the establishment and organizational structure of a single shareholder limited liability company. Any matter not covered by this Section shall be governed by the provisions of Sections 1 and 2 of this Chapter.
For the purpose of the Law, the term “single shareholder limited liability company” refers to a limited liability company with only one natural or legal person as a shareholder.
  第五十八条 一个自然人只能投资设立一个一人有限责任公司。该一人有限责任公司不能投资设立新的一人有限责任公司
Article 58 Any natural person may only establish one single shareholder limited liability company. Such single shareholder limited liability company shall not establish a new single shareholder limited liability company.
  第五十九条 一人有限责任公司应当在公司登记中注明自然人独资或者人独资,并在公司营业执照中载明。 Article 59 The company registration and business license of a single shareholder limited liability company shall both clearly indicate whether the company is funded by a natural or legal person.
  第六十条 一人有限责任公司章程由股东制定。 Article 60 The articles of association of a single shareholder limited liability company shall be formulated by the shareholder.
  第六十一条 一人有限责任公司不设股东会。股东作出本第三十七条第一款所列决定时,应当采用书面形式,并由股东签名后置备于公司
Article 61 A single shareholder limited liability company shall have no board of shareholders. Where the shareholder makes a decision on any of the matters listed in Paragraph 1 of Article 37 of the Law, it shall be recorded in writing, signed by the shareholder and kept in the company.
  第六十二条 一人有限责任公司应当在每一会计年度终了时编制财务会计报告,并经会计师事务所审计。
Article 62 The financial reports of a single shareholder limited liability company shall be prepared at the end of each financial year and shall be audited by an accounting firm.
  第六十三条 一人有限责任公司的股东不能证明公司财产独立于股东自己的财产的,应当对公司债务承担连带责任。
Article 63 Where the shareholder of a single shareholder limited liability company is unable to prove that the property of the company is independent of the shareholder’s own property, the shareholder shall be jointly and severally liable for the debts of the company.
  第四节 国有独资公司的特别规定 Section 4 Special Provisions on Wholly State-owned Companies
  第六十四条 国有独资公司的设立和组织机构,适用本节规定;本节没有规定的,适用本章第一节、第二节的规定。
所称国有独资公司,是指国家单独出资、由国务院或者地方人民政府授权本级人民政府国有资产监督管理机构履行出资人职责的有限责任公司
Article 64 The provisions of this Section shall apply to the establishment and organizational structure of wholly state-owned companies. Any matter not covered by this Section shall be governed by the provisions of Sections 1 and 2 of this Chapter.
For the purpose of the Law, the term “wholly state-owned company” refers to a limited liability company solely invested in by the State and for which the State Council or the local people’s government has authorized the state-owned assets supervision and administration institution of the people’s government at the same level to act as capital contributor.
  第六十五条 国有独资公司章程由国有资产监督管理机构制定,或者由董事会制订报国有资产监督管理机构批准。 Article 65 The articles of association of a wholly state-owned company shall be formulated by the state-owned assets supervision and administration institution, or shall be drafted by the board of directors and submitted to the state-owned assets supervision and administration institution for approval.
  第六十六条 国有独资公司不设股东会,由国有资产监督管理机构行使股东会职权。国有资产监督管理机构可以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、增加或者减少注册资本和发行公司债券,必须由国有资产监督管理机构决定;其中,重要的国有独资公司合并、分立、解散、申请破产的,应当由国有资产监督管理机构审核后,报本级人民政府批准。
前款所称重要的国有独资公司,按照国务院的规定确定。
Article 66 Wholly state-owned companies shall have no board of shareholders. The state-owned assets supervision and administration institution shall exercise the functions and powers of the board of shareholders. The state-owned assets supervision and administration institution may authorize the company’s board of directors to exercise some of the functions and powers of the board of shareholders and decide important matters of the company, other than those relating to the combination, division or dissolution of the company, the increase or reduction of its registered capital or the issuance of corporate bonds, which must be decided by the state-owned assets supervision and administration institution. Specifically, the combination, division, dissolution or petition for bankruptcy of an important wholly state-owned company shall be examined by the state-owned assets supervision and administration institution and shall then be submitted to the people’s government at the same level for approval.
For the purpose of the preceding paragraph, the term “important wholly state-owned company” shall be determined in accordance with the State Council’s provisions.
  第六十七条 国有独资公司设董事会,依照本第四十六条第六十六条的规定行使职权。董事每届任期不得超过三年。董事会成员中应当有公司职工代表。
董事会成员由国有资产监督管理机构委派;但是,董事会成员中的职工代表由公司职工代表大会选举产生。
董事会设董事长一人,可以设副董事长。董事长、副董事长由国有资产监督管理机构从董事会成员中指定。
Article 67 A wholly state-owned company shall have a board of directors, which shall exercise its functions and powers in accordance with Articles 46 and 66 of the Law. The term of office of its directors shall not exceed three years. The board of directors shall include employee representatives of the company.
The members of the board of directors shall be appointed by the state-owned assets supervision and administration institution, except for employee representatives, who shall be elected through the employee representatives’ assembly of the company.
The board of directors shall have a chairman and may have deputy chairmen. The chairman and deputy chairmen shall be designated by the state-owned assets supervision and administration institution from among the members of the board of directors.
  第六十八条 国有独资公司设经理,由董事会聘任或者解聘。经理依照本第四十九条规定行使职权。
经国有资产监督管理机构同意,董事会成员可以兼任经理。
Article 68 A wholly state-owned company shall have a manager, who shall be appointed or dismissed by the board of directors. The manager shall exercise his functions and powers in accordance with Article 49 of the Law.
Subject to the consent of the state-owned assets supervision and administration institution, a member of the board of directors may concurrently hold the post of a manager.
  第六十九条 国有独资公司的董事长、副董事长、董事、高级管理人员,未经国有资产监督管理机构同意,不得在其他有限责任公司、股份有限公司或者其他经济组织兼职。 Article 69 The chairman and deputy chairmen of the board of directors, directors and senior officers of a wholly state-owned company are prohibited from holding concurrent posts in other limited liability companies, joint stock limited companies or business entities unless with the consent of the state-owned assets supervision and administration institution.
  第七十条 国有独资公司监事会成员不得少于五人,其中职工代表的比例不得低于三分之一,具体比例由公司章程规定。
监事会成员由国有资产监督管理机构委派;但是,监事会成员中的职工代表由公司职工代表大会选举产生。监事会主席由国有资产监督管理机构从监事会成员中指定。
监事会行使本第五十三条第(一)项至第(三)项规定的职权和国务院规定的其他职权。
Article 70 The board of supervisors of a wholly state-owned company shall comprise at least five members. Specifically, employee representatives shall constitute no less than one third, the specific proportion of which shall be prescribed by the company’s articles of association.
Other than employee representatives who shall be elected through the employee representatives’ assembly of the company, the members of the board of supervisors shall be appointed by the state-owned assets supervision and administration institution. The chairman of the board of supervisors shall be designated by the state-owned assets supervision and administration institution from among the members of the board of supervisors.
The board of supervisors shall exercise the functions and powers set out in Items 1 to 3 of Article 53 of the Law and any other function or power prescribed by the State Council.
  第三章 有限责任公司的股权转让 Chapter III Transfer of Stock Rights in Limited Liability Companies
  第七十一条 有限责任公司的股东之间可以相互转让其全部或者部分股权。
股东向股东以外的人转让股权,应当经其他股东过半数同意。股东应就其股权转让事项书面通知其他股东征求同意,其他股东自接到书面通知之日起满三十日未答复的,视为同意转让。其他股东半数以上不同意转让的,不同意的股东应当购买该转让的股权;不购买的,视为同意转让。
经股东同意转让的股权,在同等条件下,其他股东有优先购买权。两个以上股东主张行使优先购买权的,协商确定各自的购买比例;协商不成的,按照转让时各自的出资比例行使优先购买权。
公司章程对股权转让另有规定的,从其规定。
Article 71 Stock rights of the shareholders in a limited liability company may be transferred among the shareholders in whole or in part.
Where any shareholder proposes transferring his/its stock rights to any person other than the shareholders, any such proposal shall be subject to the consent of a majority of the other shareholders. The relevant shareholder shall give the other shareholders a written notice of the details of the proposed transfer of stock rights and seek their consent. Any of the other shareholders who fails to respond within 30 days upon receipt of the written notice shall be deemed to have consented to the transfer. Where a majority of the other shareholders whose consent is sought disagree with the proposed transfer, the shareholders who disagree with the proposed transfer shall purchase the stock rights to be transferred. In the event that they refuse to purchase the stock rights in question, they shall be deemed to have consented to the transfer.
Under the same conditions, the other shareholders shall have the right of first refusal for the purchase of the stock rights to be transferred upon their consent. Where two or more shareholders exercise such a right of first refusal, they shall determine their respective purchase percentages by negotiation, failing which they shall exercise the right of first refusal in proportion to their respective capital contributions at the time of transfer.
Where there any provisions regarding the transfer of stock rights in the articles of association, such provisions shall prevail.
  第七十二条 人民院依照律规定的强制执行程序转让股东的股权时,应当通知公司及全体股东,其他股东在同等条件下有优先购买权。其他股东自人民院通知之日起满二十日不行使优先购买权的,视为放弃优先购买权。
Article 72 Where a people’s court transfers the stock rights of a shareholder pursuant to a mandatory enforcement procedure provided by law, it shall notify the company and all shareholders of the right of first refusal enjoyed by other shareholders under the same conditions. Any other shareholder’s failure to exercise such a right of first refusal within 20 days upon receipt of a notice from the court shall be deemed as a waiver of the right of first refusal.
  第七十三条 依照本第七十一条第七十二条转让股权后,公司应当注销原股东的出资证明书,向新股东签发出资证明书,并相应修改公司章程和股东名册中有关股东及其出资额的记载。对公司章程的该项修改不需再由股东会表决。 Article 73 Where any transfer of stock rights is made in accordance with Article 71 or 72 of the Law, the company shall cancel the capital contribution certificate of the original shareholder, issue a capital contribution certificate to the new shareholder and modify its records of shareholders and their capital contributions in the articles of association and register of members. No vote of the board of shareholders is required to modify the articles of association due to such a transfer of stock rights.
  第七十四条 有下列情形之一的,对股东会该项决议投反对票的股东可以请求公司按照合理的价格收购其股权:
(一)公司连续五年不向股东分配利润,而公司该五年连续盈利,并且符合本规定的分配利润条件的;
(二)公司合并、分立、转让主要财产的;
(三)公司章程规定的营业期限届满或者章程规定的其他解散事由出现,股东会会议通过决议修改章程使公司存续的。
自股东会会议决议通过之日起六十日内,股东与公司不能达成股权收购协议的,股东可以自股东会会议决议通过之日起九十日内向人民院提起诉讼。
Article 74 Under any of the following circumstances, any shareholder who votes against the relevant resolution of the board of shareholders may require the company to purchase his/its stock rights at a reasonable price:
1. where the company has not distributed any profits to the shareholders for five consecutive years but has made profits during such period and conforms to the profit distribution requirements of the Law;
2. in the event of any combination, division, or transfer of the principal assets of the company; or
3. where the business term specified in the articles of association expires or any of the other grounds for dissolution prescribed in the articles of association is satisfied, and the meeting of the board of shareholders makes the company continue exist by modifying the articles of association through adopting a resolution.
Where the relevant shareholder and the company fail, within 60 days of the date on which the relevant resolution is adopted at the meeting of the board of shareholders, to reach an agreement on the purchase of stock rights, the shareholder may initiate a legal action in the people’s court within 90 days of the date on which the resolution is adopted at the meeting of the board of shareholders.
  第七十五条 自然人股东死亡后,其合继承人可以继承股东资格;但是,公司章程另有规定的除外。
Article 75 Unless otherwise provided for in the articles of association, the lawful successor of a natural person may assume the qualifications of shareholders following that person’s death.
  第四章 股份有限公司的设立和组织机构 Chapter IV Establishment and Organizational Structure of a Joint Stock Limited Company
  第一节 设 立 Section 1 Establishment
  第七十六条 设立股份有限公司,应当具备下列条件:
(一)发起人符合定人数;
(二)有符合公司章程规定的全体发起人认购的股本总额或者募集的实收股本总额;
(三)股份发行、筹办事项符合律规定;
(四)发起人制订公司章程,采用募集方式设立的经创立大会通过;
(五)有公司名称,建立符合股份有限公司要求的组织机构;
(六)有公司住所。
Article 76 A joint stock limited company shall:
1. have the minimum number of promoters required by law;
2. have total share capital or total paid-in capital subscribed for and raised by all promoters in compliance with the articles of association;
3. issue its shares and make preparations according to the law;
4. have its articles of association formulated by its promoters and adopted at the establishment meeting of the company in case of a joint stock limited company founded by stock floatation;
5. have a name and organization structure that complies with that of a joint stock limited company; and
6. have a corporate domicile.
  第七十七条 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。
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
募集设立,是指由发起人认购公司应发行股份的一部分,其余股份向社会公开募集或者向特定对象募集而设立公司
Article 77 A joint stock limited company may be established either by way of promotion or by way of stock flotation.
Establishment of a company by way of promotion refers to that the promoters establish a company by subscribing for all the shares to be issued by the company.
Establishment of a company by way of stock flotation refers to that the promoters establish a company by subscribing for some of the shares to be issued by the company and offer the remaining shares to the general public or to particular classes of investor.
  第七十八条 设立股份有限公司,应当有二人以上二百人以下为发起人,其中须有半数以上的发起人在中国境内有住所。 Article 78 A joint stock limited company shall have no less than two and no more than 200 promoters, of whom a majority shall be domiciled within the territory of China.
  第七十九条 股份有限公司发起人承担公司筹办事务。
发起人应当签订发起人协议,明确各自在公司设立过程中的权利和义务。
Article 79 The promoters of a joint stock limited company shall carry out all necessary preliminary procedures relating to the establishment of the company.
The promoters shall conclude a promoters’ agreement clarifying their respective rights and obligations during the course of establishing the company.
  第八十条 股份有限公司采取发起设立方式设立的,注册资本为在公司登记机关登记的全体发起人认购的股本总额。在发起人认购的股份缴足前,不得向他人募集股份。
股份有限公司采取募集方式设立的,注册资本为在公司登记机关登记的实收股本总额。
律、行政规以及国务院决定对股份有限公司注册资本实缴、注册资本最低限额另有规定的,从其规定。
Article 80 Where a joint stock limited company is established by way of promotion, its registered capital shall be the total share capital subscribed for by all of its promoters as recorded in the company registration authority. No shares shall be offered to any other person before the shares subscribed for by the promoters are paid up.
Where a joint stock limited company is established by way of stock flotation, its registered capital shall be the total paid-in capital as recorded in the company registration authority.
Where otherwise provided for in any other laws, administrative regulations and decisions of the State Council in respect of the actual paid-in registered capital and the minimum registered capital for joint stock limited companies, the provisions thereof shall prevail.
  第八十一条 股份有限公司章程应当载明下列事项:
(一)公司名称和住所;
(二)公司经营范围;
(三)公司设立方式;
(四)公司股份总数、每股金额和注册资本;
(五)发起人的姓名或者名称、认购的股份数、出资方式和出资时间;
(六)董事会的组成、职权和议事规则;
(七)公司法定代表人;
(八)监事会的组成、职权和议事规则;
(九)公司利润分配办
(十)公司的解散事由与清算办
(十一)公司的通知和公告办
(十二)股东大会会议认为需要规定的其他事项。
Article 81 The articles of association of a joint stock limited company shall specify the following matters:
1. the name and address of the company;
2. the business scope of the company;
3. the form of company establishment;
4. the total number of shares, the par value per share, and the amount of registered capital of the company;
5. the name of each promoter, the number of shares each promoter has subscribed for, and the form and date of capital contributions made;
6. the rules relating to the composition, functions and powers and rules of procedure of the board of directors;
7. the legal representative of the company;
8. the composition, functions and powers and rules of procedure of the board of supervisors;
9. the procedures for the distribution of company profits;
10. the grounds for dissolution of the company and liquidation procedures;
11. the procedures for issuing company notices or public announcements; and
12. any other matter deemed necessary by the general meeting.
  第八十二条 发起人的出资方式,适用本第二十七条的规定。 Article 82 The form of capital contributions made by promoters shall be governed by the provisions of Article 27 of the Law.
  第八十三条 以发起设立方式设立股份有限公司的,发起人应当书面认足公司章程规定其认购的股份,并按照公司章程规定缴纳出资。以非货币财产出资的,应当依办理其财产权的转移手续。
发起人不依照前款规定缴纳出资的,应当按照发起人协议承担违约责任。
发起人认足公司章程规定的出资后,应当选举董事会和监事会,由董事会向公司登记机关报送公司章程以及律、行政规规定的其他文件,申请设立登记。
Article 83 Where a joint stock limited company is established by way of promotion, the promoters shall fully subscribe in writing for the shares and pay the corresponding capital provided for in its articles of association. In the case of capital contributions made with non-monetary assets, the promoters shall go through the relevant procedures for the transfer of property rights in accordance with the law.
Any promoter who fails to make capital contributions in accordance with the provisions of the preceding paragraph shall be liable for breach of contract in accordance with the promoters’ agreement.
After promoters subscribe for all the capital contributions as provided for by the articles of association of the company, they shall elect the board of directors and the board of supervisors. The board of directors shall submit such documents as the articles of association and any other documents provided for by laws and administrative regulations to the company registration authority for registration of establishment.
  第八十四条 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;但是,律、行政规另有规定的,从其规定。 Article 84 The promoters of a joint stock limited company established by way of stock flotation shall subscribe for no less than 35% of the total shares unless otherwise required by any law or administrative regulation.
  第八十五条 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。认股书应当载明本第八十六条所列事项,由认股人填写认购股数、金额、住所,并签名、盖章。认股人按照所认购股数缴纳股款。 Article 85 In any public offer of shares, the promoters shall issue a prospectus and prepare application for shares. The application for shares shall include the items listed in Article 86, and a subscriber shall indicate the number of and total consideration to be paid for the shares he subscribes for, and shall note his address and affix his signature or seal thereon. A subscriber shall pay for the number of shares he has subscribed for.
  第八十六条 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:
(一)发起人认购的股份数;
(二)每股的票面金额和发行价格;
(三)无记名股票的发行总数;
(四)募集资金的用途;
(五)认股人的权利、义务;
(六)本次募股的起止期限及逾期未募足时认股人可以撤回所认股份的说明。
Article 86 Any prospectus issued shall be accompanied by the articles of association as formulated by the promoters and shall include the following details:
1. the number of shares subscribed for by the promoters;
2. the par value and issue price per share;
3. the total number of bear shares issued;
4. the purposes of proceeds;
5. the rights and obligations of subscribers; and
6. the offer period and a statement that subscribers may withdraw their subscriptions in the event that the offer is under-subscribed at the close of the offer period.
  第八十七条 发起人向社会公开募集股份,应当由依设立的证券公司承销,签订承销协议。 Article 87 A public offer of shares shall be underwritten by a lawfully established securities company and an underwriting agreement shall be concluded thereon.
  第八十八条 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。
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 88 The promoters of any public offer of shares shall sign an agreement with a bank on the collection of payments for shares on behalf of the company.
The receiving bank appointed shall receive and hold as agent payments made for shares in accordance with the agreement, issue receipts to subscribers who make payments, and shall be obliged to produce evidence demonstrating the receipt of payments to the relevant departments.
  第八十九条 发行股份的股款缴足后,必须经依设立的验资机构验资并出具证明。发起人应当自股款缴足之日起三十日内主持召开公司创立大会。创立大会由发起人、认股人组成。
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 89 Where full payment has been made for any public offer of shares, the subscriptions shall be verified and certified by a lawfully established capital verification institution. The promoters shall hold a company establishment meeting composed of the promoters and subscribers within 30 days of receipt of all subscriptions.
In the event that shares offered to the public are not fully subscribed for within the offer period disclosed in the prospectus, or the promoters fail to hold an establishment meeting within 30 days of receipt of all subscriptions, the subscribers may require the promoters to refund their subscriptions and pay interest calculated at the bank deposit interest rate for the relevant period.
  第九十条 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过半数的发起人、认股人出席,方可举行。
创立大会行使下列职权:
(一)审议发起人关于公司筹办情况的报告;
(二)通过公司章程;
(三)选举董事会成员;
(四)选举监事会成员;
(五)对公司的设立费用进行审核;
(六)对发起人用于抵作股款的财产的作价进行审核;
(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。
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过半数通过。
Article 90 The promoters shall notify each subscriber of or publicly announce the date of the establishment meeting no less than 15 days in advance of the establishment meeting. The establishment meeting may not be held unless promoters and subscribers representing a majority of the total shares attend. The establishment meeting shall:
1. deliberate the report on pre-establishment activities prepared by the promoters;
2. adopt the Articles of association;
3. elect members of the board of directors;
4. elect members of the board of supervisors;
5. verify expenses incurred in establishing the company;
6. verify the value of any asset contributed by the promoters by way of capital contribution; and
7. in the event of any force majeure or material change in operating conditions that may affect the establishment of the company, consider adopting a resolution not to establish the company.
Any resolution made at the establishment meeting on any of the matters described in the previous paragraph requires an affirmative vote passed by subscribers representing a majority of the votes of those attending the meeting.
  第九十一条 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 91 Promoters and subscribers shall not withdraw any share capital after they paid the stock capital or made contributions for setting off the stock capital unless the offer is not fully subscribed for within the offer period; the promoters fail to convene the establishment meeting within the relevant time limit, or the establishment meeting has resolved not to establish the company.
  第九十二条 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:
(一)公司登记申请书;
(二)创立大会的会议记录;
(三)公司章程;
(四)验资证明;
(五)定代表人、董事、监事的任职文件及其身份证明;
(六)发起人的人资格证明或者自然人身份证明;
(七)公司住所证明。
以募集方式设立股份有限公司公开发行股票的,还应当向公司登记机关报送国务院证券监督管理机构的核准文件。
Article 92 The board of directors shall, within 30 days of the conclusion of the establishment meeting, submit the following documents to the company registration authority to apply for registration:
1. an application for company registration;
2. the minutes of the establishment meeting;
3. the articles of association;
4. a capital verification certificate;
5. the appointment documents and identification of the legal representative, directors and supervisors;
6. documents evidencing the legal person or natural person status of the promoters; and
7. proof of the corporate domicile.
A joint stock limited company established by way of stock flotation that makes a public offer of its stock shall, in addition to the documents referred to above, submit to the company registration authority the approval documents issued by the securities regulatory institution under the State Council.
  第九十三条 股份有限公司成立后,发起人未按照公司章程的规定缴足出资的,应当补缴;其他发起人承担连带责任。
股份有限公司成立后,发现作为设立公司出资的非货币财产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发起人补足其差额;其他发起人承担连带责任。
Article 93 Following the establishment of a joint stock limited company, any promoter who fails to make full payment for capital contributions as stipulated in the articles of association shall pay the outstanding amount, failing which, other promoters shall be jointly and severally liable for the shortfall.
Following the establishment of a joint stock limited company, where it is found that the actual value of any non-financial asset used as a capital contribution for the establishment of the company is clearly lower than its value as stipulated in the articles of association, the promoter who made the capital contribution shall make up the shortfall, failing which, other promoters shall be jointly and severally liable for the shortfall.
  第九十四条 股份有限公司的发起人应当承担下列责任:
(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;
(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;
(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 94 The promoters of a joint stock limited company shall be liable as follows:
1. in the event that the company is not established, the promoters shall be jointly and severally liable for the debts and expenses incurred in pre-establishment activities;
2. in the event that the company is not established, the promoters shall be jointly and severally liable for refunding the paid-in capital of the subscribers plus interest thereon calculated at the bank interest rate for the relevant period; and
3. where, in the course of establishing the company, its interests are damaged due to the negligence of the promoters, the promoters shall be liable to compensate the company.
  第九十五条 有限责任公司变更为股份有限公司时,折合的实收股本总额不得高于公司净资产额。有限责任公司变更为股份有限公司,为增加资本公开发行股份时,应当依办理。
Article 95 Where a limited liability company is changed into a joint stock limited company, the total amount of paid-in capital shall be no less than its net assets, and any offer of shares to the public for the purpose of increasing the capital of the company shall be made in accordance with the law.
  第九十六条 股份有限公司应当将公司章程、股东名册、公司债券存根、股东大会会议记录、董事会会议记录、监事会会议记录、财务会计报告置备于本公司 Article 96 A joint stock limited company shall prepare and maintain on company premises its articles of association, register of members, corporate bond receipts, minutes of general meetings, minutes of meetings of the board of directors, minutes of meetings of the board of supervisors, and financial reports.
  第九十七条 股东有权查阅公司章程、股东名册、公司债券存根、股东大会会议记录、董事会会议决议、监事会会议决议、财务会计报告,对公司的经营提出建议或者质询。
Article 97 Shareholders shall be entitled to inspect the articles of association, register of members, corporate bond receipts, minutes of general meetings, minutes of meetings of the board of directors, minutes of meetings of the board of supervisors, and financial reports, and may put forward proposals and raise questions about the business operations of the company.
  第二节 股 东 大 会 Section 2 General Meeting
  第九十八条 股份有限公司股东大会由全体股东组成。股东大会是公司的权力机构,依照本行使职权。
Article 98 The general meeting of a joint stock limited company shall be comprised of all the shareholders. The general meeting shall govern the company and shall exercise its functions and powers in accordance with the Law.
  第九十九条 本第三十七条第一款关于有限责任公司股东会职权的规定,适用于股份有限公司股东大会。
Article 99 The provisions of the Paragraph 1 of Article 37 of the Law prescribing the functions and powers of the board of shareholders of a limited liability company shall apply to the general meeting of a joint stock limited company.
  第一百条 股东大会应当每年召开一次年会。有下列情形之一的,应当在两个月内召开临时股东大会:
(一)董事人数不足本规定人数或者公司章程所定人数的三分之二时;
(二)公司未弥补的亏损达实收股本总额三分之一时;
(三)单独或者合计持有公司百分之十以上股份的股东请求时;
(四)董事会认为必要时;
(五)监事会提议召开时;
(六)公司章程规定的其他情形。
Article 100 A general meeting shall be held annually. Under any of the following circumstances, an interim general meeting shall be held within two months:
1. where the number of directors falls below two thirds of the minimum number of directors as required by the Law or as specified in the articles of association;
2. where the bad debts of the company reach one third of its total paid-in capital;
3. where it is requested by a shareholder who holds or by shareholders who together hold 10% or more of the company’s shares;
4. where the board of directors deems necessary;
5. on the request of the board of supervisors; or
6. any other circumstances specified in the articles of association.
  第一百零一条 股东大会会议由董事会召集,董事长主持;董事长不能履行职务或者不履行职务的,由副董事长主持;副董事长不能履行职务或者不履行职务的,由半数以上董事共同推举一名董事主持。
董事会不能履行或者不履行召集股东大会会议职责的,监事会应当及时召集和主持;监事会不召集和主持的,连续九十日以上单独或者合计持有公司百分之十以上股份的股东可以自行召集和主持。
Article 101 A general meeting shall be convened by the board of directors and shall be presided over by the chairman of the board of directors. Where the chairman is unable or fails to perform his duties, the meeting shall be presided over by the deputy chairman of the board of directors. Where the deputy chairman of the board of directors is unable or fails to perform his duties, the meeting shall be presided over by a director nominated by a majority of the directors.
Where the board of directors is unable or fails to fulfill its obligations to convene a general meeting, the board of supervisors shall convene and preside over the meeting. Where the board of supervisors does not convene or preside over the meeting, a shareholder who holds or shareholders who together hold 10% or more of the company’s shares for 90 consecutive days or more may convene and preside over the meeting on his or their own initiative.
  第一百零二条 召开股东大会会议,应当将会议召开的时间、地点和审议的事项于会议召开二十日前通知各股东;临时股东大会应当于会议召开十五日前通知各股东;发行无记名股票的,应当于会议召开三十日前公告会议召开的时间、地点和审议事项。
单独或者合计持有公司百分之三以上股份的股东,可以在股东大会召开十日前提出临时提案并书面提交董事会;董事会应当在收到提案后二日内通知其他股东,并将该临时提案提交股东大会审议。临时提案的内容应当属于股东大会职权范围,并有明确议题和具体决议事项。
股东大会不得对前两款通知中未列明的事项作出决议。
无记名股票持有人出席股东大会会议的,应当于会议召开五日前至股东大会闭会时将股票交存于公司
Article 102 Shareholders shall be notified no less than 20 days in advance of a general meeting of the time and place of the meeting and the matters to be considered at the meeting. Shareholders shall be notified no less than 15 days in advance of an interim general meeting. Holders of bearer shares shall be notified by way of public announcement no less than 30 days in advance of any general meeting of the time and place of the meeting and the matters to be considered at the meeting.
Any shareholder who holds or shareholders who together hold 3% or more of the shares of the company may put forward an interim proposal and submit to the board of directors for the proposal in writing ten days in advance of a general meeting. The board of directors shall notify other shareholders of the interim proposal within two days as of the receipt thereof and submit the proposal to the general meeting for consideration. Any interim proposal put forward shall fall within the purview of the general meeting and shall have clear discussion points and matters to be decided.
The general meeting shall not make any resolution on any matter not listed in a notice as stipulated in either of the preceding two paragraphs.
Shares of holders of bearer shares who attend the general meeting shall be kept in the company during the period from five days prior to the meeting until the meeting is closed.
  第一百零三条 股东出席股东大会会议,所持每一股份有一表决权。但是,公司持有的本公司股份没有表决权。
股东大会作出决议,必须经出席会议的股东所持表决权过半数通过。但是,股东大会作出修改公司章程、增加或者减少注册资本的决议,以及公司合并、分立、解散或者变更公司形式的决议,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 103 Other than shares registered in the name of the company, which shall have no voting rights attached, each share shall have one vote at a general meeting.
Any resolution proposed at a general meeting shall be adopted by an affirmative vote of shareholders representing a majority of the voting rights of shareholders present; however, provided that resolutions proposing any modification to the articles of association, or any increase or decrease of registered capital, or any resolution about any proposed combination, division, dissolution or transformation of the company shall be adopted by shareholders representing two thirds or more of the voting rights of shareholders present.
  第一百零四条 本公司章程规定公司转让、受让重大资产或者对外提供担保等事项必须经股东大会作出决议的,董事会应当及时召集股东大会会议,由股东大会就上述事项进行表决。 Article 104 The board of directors shall promptly call a general meeting to decide any important matter within the purview of the general meeting either in accordance with the Law or in accordance with the articles of association, such as any transfer of company assets, taking an assignment of any significant asset or acting as guarantor for any other person.
  第一百零五条 股东大会选举董事、监事,可以依照公司章程的规定或者股东大会的决议,实行累积投票制。
所称累积投票制,是指股东大会选举董事或者监事时,每一股份拥有与应选董事或者监事人数相同的表决权,股东拥有的表决权可以集中使用。
Article 105 The general meeting may adopt a cumulative voting system for the election of directors and supervisors pursuant to the articles of association or by way of a resolution made at its meeting.
For the purpose of the Law, the term “cumulative voting system” refers to a voting system whereby shareholders can multiply their voting rights by the number of candidates and cast their votes for one candidate for director or supervisor.
  第一百零六条 股东可以委托代理人出席股东大会会议,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 106 A shareholder may appoint a proxy to attend a general meeting. The proxy appointed shall present a proxy form issued by the shareholder to the company and shall exercise his voting rights within the scope of his authorization.
  第一百零七条 股东大会应当对所议事项的决定作成会议记录,主持人、出席会议的董事应当在会议记录上签名。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 107 The general meeting shall take minutes of decisions made on matters discussed at its meetings. The chair of the meeting and directors present shall sign the minutes, which shall be retained together with a list of signatures of shareholders present and any powers of attorney in case of proxy.
  第三节 董事会、经理 Section 3 Board of Directors and Managers
  第一百零八条 股份有限公司设董事会,其成员为五人至十九人。
董事会成员中可以有公司职工代表。董事会中的职工代表由公司职工通过职工代表大会、职工大会或者其他形式民主选举产生。
第四十五条关于有限责任公司董事任期的规定,适用于股份有限公司董事。
第四十六条关于有限责任公司董事会职权的规定,适用于股份有限公司董事会。
Article 108 A joint stock limited company shall establish the board of directors, members of which shall range from five to 19.
The board of directors may include employee representatives. Employee representatives who serve as board directors shall be democratically elected through the employee representatives’ assembly, the employees’ assembly or otherwise.
The provisions of Article 45 of the Law on the term of office of the directors of a limited liability company shall apply to the directors of a joint stock limited company.
The provisions of Article 46 of the Law on the functions and powers of the board of directors of a limited liability company shall apply to the board of directors of a joint stock limited company.
  第一百零九条 董事会设董事长一人,可以设副董事长。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。
董事长召集和主持董事会会议,检查董事会决议的实施情况。副董事长协助董事长工作,董事长不能履行职务或者不履行职务的,由副董事长履行职务;副董事长不能履行职务或者不履行职务的,由半数以上董事共同推举一名董事履行职务。
Article 109 The board of directors shall elect a chairman and may elect a deputy chairman. The chairman and deputy chairman shall be elected by a majority of directors.
The chairman of the board of directors shall call and preside over the meetings of the board of directors and monitor the implementation of resolutions of the board of directors. The deputy chairman shall assist the chairman in his responsibilities and shall perform the chairman’s duties in the event that the chairman is unable or fails to perform his duties. Where the deputy chairman of the board of directors is unable or fails to perform his duties as described in this paragraph, a director nominated by a majority of directors shall perform those duties.
  第一百一十条 董事会每年度至少召开两次会议,每次会议应当于会议召开十日前通知全体董事和监事。
代表十分之一以上表决权的股东、三分之一以上董事或者监事会,可以提议召开董事会临时会议。董事长应当自接到提议后十日内,召集和主持董事会会议。
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 110 The board of directors shall convene no less than two meetings per year and shall notify all directors and supervisors no less than ten days in advance of the meeting.
A proposal to hold an interim meeting of the board of directors may be put forward by shareholders representing one tenth or more of the voting rights, or by one third or more of the directors or supervisors. The chairman of the board of directors shall, within ten days of receiving such a proposal, call and preside over a meeting of the board of directors.
Where the board of directors holds an interim meeting, it may separately decide the method of and time limit applicable to notifications about meetings of the board of directors.
  第一百一十一条 董事会会议应有过半数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。
董事会决议的表决,实行一人一票。
Article 111 No meeting of the board of directors may be held unless a majority of directors are present. Any board resolution shall be adopted by a majority of directors.
Each director shall have one vote in any resolution put to a vote of the board of directors.
  第一百一十二条 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,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,出席会议的董事应当在会议记录上签名。
董事应当对董事会的决议承担责任。董事会的决议违反律、行政规或者公司章程、股东大会决议,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。
Article 112 Directors shall attend meetings of the board of directors in person. Where any director is unable to attend the meeting for any reason, he may issue a written proxy appointing another director to attend the meeting on his behalf and stating the scope of his authorization.
The board of directors shall take minutes of decisions made on matters discussed at its meetings, which shall be signed by directors present.
Directors shall be responsible for resolutions of the board of directors. Where a resolution of the board of directors violates any law, administrative regulation, articles of association, or any resolution of the general meeting and causes any serious loss to the company, the directors who participated in adopting the resolution shall compensate the company. Where a director is proven to have raised an objection to the relevant resolution and his objection is recorded in the minutes, the director may be exempted from liability.
  第一百一十三条 股份有限公司设经理,由董事会决定聘任或者解聘。
第四十九条关于有限责任公司经理职权的规定,适用于股份有限公司经理。
Article 113 A joint stock limited company shall have a manager, who shall be appointed or dismissed by the board of directors.
The provisions of Article 49 of the Law on the functions and powers of the manager of a limited liability company shall apply to the manager of a joint stock limited company.
  第一百一十四条 公司董事会可以决定由董事会成员兼任经理。 Article 114 The board of directors of a company may appoint one of its members to serve concurrently as the manager of the company.
  第一百一十五条 公司不得直接或者通过子公司向董事、监事、高级管理人员提供借款。
Article 115 No company may, either directly or via any of its subsidiaries, lend money to any of its directors, supervisors or senior officers.
  第一百一十六条 公司应当定期向股东披露董事、监事、高级管理人员从公司获得报酬的情况。 Article 116 A Company shall regularly disclose the information about the remuneration it pays to its directors, supervisors and senior officers to its shareholders.
  第四节 监 事 会 Section 4 Board of Supervisors
  第一百一十七条 股份有限公司设监事会,其成员不得少于三人。
监事会应当包括股东代表和适当比例的公司职工代表,其中职工代表的比例不得低于三分之一,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通过职工代表大会、职工大会或者其他形式民主选举产生。
监事会设主席一人,可以设副主席。监事会主席和副主席由全体监事过半数选举产生。监事会主席召集和主持监事会会议;监事会主席不能履行职务或者不履行职务的,由监事会副主席召集和主持监事会会议;监事会副主席不能履行职务或者不履行职务的,由半数以上监事共同推举一名监事召集和主持监事会会议。
董事、高级管理人员不得兼任监事。
第五十二条关于有限责任公司监事任期的规定,适用于股份有限公司监事。
Article 117 A joint stock limited company shall have the board of supervisors comprised of no less than three members.
The board of supervisors shall include shareholders’ representatives and an appropriate proportion of employee representatives. The proportion of employee representatives shall be specified in the articles of association but in any event shall account for no less than one third of the supervisors appointed. Employee representatives who serve as members of the board of supervisors shall be democratically elected through the employee representatives’ assembly, the employees’ assembly or otherwise.
The board of supervisors shall have one chairman and may have a deputy chairman. The chairman and deputy chairman shall elected by a majority of supervisors. The chairman of the board of supervisors shall call and preside over meetings of the board of supervisors. Where the chairman of the board of supervisors is unable or fails to perform his duties, the deputy chairman of the board of supervisors shall call and preside over meetings of the board of supervisors. Where the deputy chairman of the board of supervisors is unable or fails to perform his duties, a supervisor nominated by a majority of supervisors shall call and preside over meetings of the board of supervisors.
No director or senior officer of a company may concurrently act as one of its supervisors.
The provisions of Article 52 of the Law on the term of office of the supervisors of a limited liability company shall apply to the supervisors of a joint stock limited company.
  第一百一十八条 本第五十三条第五十四条关于有限责任公司监事会职权的规定,适用于股份有限公司监事会。
监事会行使职权所必需的费用,由公司承担。
Article 118 The provisions of Articles 53 and 54 of the Law on the functions and powers of the board of supervisors of a limited liability company shall apply to the board of supervisors of a joint stock limited company.
All necessary expenses incurred by the board of supervisors in exercising its functions and powers shall be borne by the company.
  第一百一十九条 监事会每六个月至少召开一次会议。监事可以提议召开临时监事会会议。
监事会的议事方式和表决程序,除本有规定的外,由公司章程规定。
监事会决议应当经半数以上监事通过。
监事会应当对所议事项的决定作成会议记录,出席会议的监事应当在会议记录上签名。
Article 119 The board of supervisors shall hold no less than one meeting every six months. The supervisors may propose an interim meeting of the board of supervisors.
Unless otherwise specified in the Law, the methods of deliberation and voting procedures of the board of supervisors shall be specified in the articles of association.
A resolution of the board of supervisors shall be passed by a majority of supervisors.
The board of supervisors shall take minutes of decisions made on matters discussed at its meetings, which shall be signed by all supervisors present.
  第五节 上市公司组织机构的特别规定 Section 5 Special Provisions on the Organizational Structure of a Listed Company
  第一百二十条 本所称上市公司,是指其股票在证券交易所上市交易的股份有限公司 Article 120 For the purpose of the Law, the term “listed company” refers to any joint stock limited company whose shares are listed and traded on a stock exchange.
  第一百二十一条 上市公司在一年内购买、出售重大资产或者担保金额超过公司资产总额百分之三十的,应当由股东大会作出决议,并经出席会议的股东所持表决权的三分之二以上通过。
Article 121 Where a listed company purchases or sells any important asset or provides a guaranty for any amount exceeding 30% of its total assets such a transaction shall be subject to a resolution of the general meeting passed by shareholders representing two thirds of the voting rights of shareholders present.
  第一百二十二条 上市公司设独立董事,具体办由国务院规定。 Article 122 A listed company shall have independent directors, who shall be subject to any specific measures of the State Council.
  第一百二十三条 上市公司设董事会秘书,负责公司股东大会和董事会会议的筹备、文件保管以及公司股东资料的管理,办理信息披露事务等事宜。 Article 123 A listed company may have a secretary to the board of directors, who shall be responsible for preparing for general meetings and meetings of the board of directors, the preservation of documents, the management of shareholders’ materials, information disclosure, and similar duties.
  第一百二十四条 上市公司董事与董事会会议决议事项所涉及的企业有关联关系的,不得对该项决议行使表决权,也不得代理其他董事行使表决权。该董事会会议由过半数的无关联关系董事出席即可举行,董事会会议所作决议须经无关联关系董事过半数通过。出席董事会的无关联关系董事人数不足三人的,应将该事项提交上市公司股东大会审议。 Article 124 Where any director of a listed company is affiliated with any enterprise involved in a matter on which a resolution is to be made at a meeting of the board of directors, he shall not exercise his voting right on the resolution either on his own behalf or on behalf of any other director. Such a meeting of the board of directors may be held with the attendance of a majority of unaffiliated directors, and any resolution made at the meeting of the board of directors shall be subject to adoption by a majority of unaffiliated directors. Where less than three unaffiliated directors are present at the meeting of the board of directors, the matter shall be submitted to the listed company’s general meeting for deliberation.
  第五章 股份有限公司的股份发行和转让 Chapter V Issuance and Transfer of Shares in a Joint Stock Limited Company
  第一节 股 份 发 行 Section 1 Issuance of Shares
  第一百二十五条 股份有限公司的资本划分为股份,每一股的金额相等。
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 125 The capital of a joint stock limited company shall be divided into shares of equal value.
The shares of a company shall be represented by share certificates. A share certificate issued by the company shall certify ownership of one or more shares by a shareholder.
  第一百二十六条 股份的发行,实行公平、公正的原则,同种类的每一股份应当具有同等权利。
同次发行的同种类股票,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。
Article 126 Any issuance of shares shall be conducted with fairness and impartiality.
Shares of the same class shall have the same rights and benefits. Shares of the same class issued at the same time shall be issued at the same price and shall be subject to the same conditions. The price of shares purchased by any organization or individual shall be the same.
  第一百二十七条 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。
Article 127 Shares may be issued at a price equal to or at a premium to their par value, but shall not be issued at a price below par value.
  第一百二十八条 股票采用纸面形式或者国务院证券监督管理机构规定的其他形式。
股票应当载明下列主要事项:
(一)公司名称;
(二)公司成立日期;
(三)股票种类、票面金额及代表的股份数;
(四)股票的编号。
股票由定代表人签名,公司盖章。
发起人的股票,应当标明发起人股票字样。
Article 128 Share certificates shall be issued in certificated form or any other form prescribed by the securities regulatory institution under the State Council.
Share certificates shall state the following principal details:
1. the company name;
2. the date of incorporation of the company;
3. the class and par value of the share certificate, and the number of shares it represents; and
4. the serial number of the share certificate.
Share certificates shall bear the signature of the legal representative and the seal of the company.
Share certificates held by promoters shall be inscribed with the words “promoters’ share certificate”.
  第一百二十九条 公司发行的股票,可以为记名股票,也可以为无记名股票。
公司向发起人、人发行的股票,应当为记名股票,并应当记载该发起人、人的名称或者姓名,不得另立户名或者以代表人姓名记名。
Article 129 Share certificates issued by a company may be in registered form or bearer form.
Share certificates issued by a company to promoters or legal persons shall be in registered form, shall state the relevant name of the promoter or legal person, and shall not be registered in the name of any other person or in the name of any representative thereof.
  第一百三十条 公司发行记名股票的,应当置备股东名册,记载下列事项:
(一)股东的姓名或者名称及住所;
(二)各股东所持股份数;
(三)各股东所持股票的编号;
(四)各股东取得股份的日期。
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 130 Any company that issues share certificates in registered form shall prepare a register of members, which shall record the following matters:
1. the name and address of each shareholder;
2. the number of shares held by each shareholder;
3. the serial numbers of share certificates held by each shareholder; and
4. the date on which each shareholder acquired his shares.
Any company that issues share certificates in bearer form shall record the amount, serial numbers and date of issuance of the share certificate.
  第一百三十一条 国务院可以对公司发行本规定以外的其他种类的股份,另行作出规定。
Article 131 The State Council may separately make provisions on enterprises’ offering of stocks other than those as stipulated by this Law.
  第一百三十二条 股份有限公司成立后,即向股东正式交付股票。公司成立前不得向股东交付股票。 Article 132 A joint stock limited company shall formally deliver share certificates to its shareholders following its establishment and no share certificate shall be delivered to its shareholders before such establishment.
  第一百三十三条 公司发行新股,股东大会应当对下列事项作出决议:
(一)新股种类及数额;
(二)新股发行价格;
(三)新股发行的起止日期;
(四)向原有股东发行新股的种类及数额。
Article 133 For any company that proposes to issue new shares, a resolution on the following matters shall be made by its general meeting:
1. the class and number of new shares to be issued;
2. the issue price of the new shares;
3. the offering period for the new shares; and
4. the class and amount of new shares to be issued to the existing shareholders.
  第一百三十四条 公司经国务院证券监督管理机构核准公开发行新股时,必须公告新股招股说明书和财务会计报告,并制作认股书。
第八十七条第八十八条的规定适用于公司公开发行新股。
Article 134 Where any company offers new shares to the public upon the approval of the securities regulatory institution under the State Council, it shall issue a new share prospectus and financial reports, and shall produce an application for shares.
The provisions of Articles 87 and 88 of the Law shall apply to any public offer of new company shares.
  第一百三十五条 公司发行新股,可以根据公司经营情况和财务状况,确定其作价方案。 Article 135 A company that issues new shares may set the offer price according to its business operations and financial status.
  第一百三十六条 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 136 Any company that successfully completes a new offer of shares shall amend its registered details maintained by the company registration authority and make a public announcement thereon.
  第二节 股 份 转 让 Section 2 Transfer of Shares
  第一百三十七条 股东持有的股份可以依转让。 Article 137 Shareholders may transfer their shares in accordance with the law.
  第一百三十八条 股东转让其股份,应当在依设立的证券交易场所进行或者按照国务院规定的其他方式进行。 Article 138 Any transfer of shares by a shareholder shall be carried out via a lawfully established stock exchange or by any other means prescribed by the State Council.
  第一百三十九条 记名股票,由股东以背书方式或者律、行政规规定的其他方式转让;转让后由公司将受让人的姓名或者名称及住所记载于股东名册。
股东大会召开前二十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。但是,律对上市公司股东名册变更登记另有规定的,从其规定。
Article 139 A transfer of registered stock shall be effected by way of a shareholder’s endorsement or by any other means prescribed by the relevant laws or administrative regulations. Following any transfer, the company shall record the name and address of the transferee in the register of members.
The register of members may not be modified within the 20 days preceding any general meeting or within five days preceding any ex-dividend date fixed by the company. Any law that provides otherwise in relation to the amendment of details recorded in the register of members of a listed company shall prevail over the provisions of this Article.
  第一百四十条 无记名股票的转让,由股东将该股票交付给受让人后即发生转让的效力。 Article 140 Any transfer of stock issued in bearer form shall take effect immediately on delivery of the share certificate to the transferee by the transferor.
  第一百四十一条 发起人持有的本公司股份,自公司成立之日起一年内不得转让。公司公开发行股份前已发行的股份,自公司股票在证券交易所上市交易之日起一年内不得转让。
公司董事、监事、高级管理人员应当向公司申报所持有的本公司的股份及其变动情况,在任职期间每年转让的股份不得超过其所持有本公司股份总数的百分之二十五;所持本公司股份自公司股票上市交易之日起一年内不得转让。上述人员离职后半年内,不得转让其所持有的本公司股份。公司章程可以对公司董事、监事、高级管理人员转让其所持有的本公司股份作出其他限制性规定。
Article 141 Company shares held by the promoters of the company shall not be transferred within one year of the date of incorporation of the company. Shares issued prior to any public offer of shares shall not be transferred within one year of the date on which the shares of the company are first listed and traded on a stock exchange.
Directors, supervisors and senior officers of a company shall notify the company of the shares they hold and any changes therein. During their respective terms of office, any shares transferred by any of the company’s directors, supervisors and senior officers in any year shall not exceed 25% of the relevant individual’s total stake in the company. Company shares held by any director, supervisor or senior officer shall not be transferred within one year of the date on which the shares are first listed and traded on a stock exchange. Any of the aforesaid persons who ceases to hold his post shall not transfer any of his shares within six months of the date on which he ceased to hold his post. Any other restrictions on transfers of shares held by directors, supervisors and senior officers may be specified in the articles of association.
  第一百四十二条 公司不得收购本公司股份。但是,有下列情形之一的除外:
(一)减少公司注册资本;
(二)与持有本公司股份的其他公司合并;
(三)将股份用于员工持股计划或者股权激励;
(四)股东因对股东大会作出的公司合并、分立决议持异议,要求公司收购其股份;
(五)将股份用于转换上市公司发行的可转换为股票的公司债券;
(六)上市公司为维护公司价值及股东权益所必需。
公司因前款第(一)项、第(二)项规定的情形收购本公司股份的,应当经股东大会决议;公司因前款第(三)项、第(五)项、第(六)项规定的情形收购本公司股份的,可以依照公司章程的规定或者股东大会的授权,经三分之二以上董事出席的董事会会议决议。
公司依照本条第一款规定收购本公司股份后,属于第(一)项情形的,应当自收购之日起十日内注销;属于第(二)项、第(四)项情形的,应当在六个月内转让或者注销;属于第(三)项、第(五)项、第(六)项情形的,公司合计持有的本公司股份数不得超过本公司已发行股份总额的百分之十,并应当在三年内转让或者注销。
上市公司收购本公司股份的,应当依照《中华人民共和国证券的规定履行信息披露义务。上市公司因本条第一款第(三)项、第(五)项、第(六)项规定的情形收购本公司股份的,应当通过公开的集中交易方式进行。
公司不得接受本公司的股票作为质押权的标的。
Article 142 No company shall purchase its own shares other than in any of the following circumstances:
1. where a company reduces its registered capital;
2. where the company plans to merge with a company which is one of its existing shareholders;
3. where its shares are used for employee stock ownership plan or stock ownership incentive scheme;
4. where any shareholder requests the company to purchase his/her shares because of his/her objection to any company resolution concerning a combination or division of the company made at any general meeting;
5. where its shares are used to convert corporate bonds issued by a listed company that can be converted into stocks; or
6. Where it is necessary for a listed company to maintain its corporate value and stockholders’ equity.
Any company’s purchase of its own shares for any reason specified in Items 1 and 2 of the preceding paragraph shall be subject to a resolution of the general meeting; any company’s purchase of its own shares for any reason specified in Items 3, 5 and 6 of the preceding paragraph may be subject to a resolution of the board meeting with more than two thirds of directors present, according to the provisions of the Articles of Associations or upon authorization by the general meeting.
Following any company’s purchase of its own shares pursuant to the first paragraph of this Article, the company shall, in the event of a purchase made pursuant to Item 1, cancel the relevant shares within ten days of the purchase, or in the event of a purchase made pursuant to Item 2 or 4, transfer or cancel the relevant shares within six months of the purchase, or in the event of a purchase made pursuant to Item 3, 5 or 6, hold a total number of its own shares not more than 10% of the total shares issued by the company and transfer or cancel the relevant shares within three years of the purchase.
Any company that purchases its own shares shall perform the information disclosures obligations specified in the Securities Law of the People’s Republic of China. Any purchase of its own shares by a listed company in the event of Item 3, 5, or 6 of the first paragraph of this Article shall be made by way of a public centralized trading.
No company may take a pledge of its own stock.
  第一百四十三条 记名股票被盗、遗失或者灭失,股东可以依照《中华人民共和国民事诉讼规定的公示催告程序,请求人民院宣告该股票失效。人民院宣告该股票失效后,股东可以向公司申请补发股票。 Article 143 Where any registered stock is stolen, lost or destroyed, the relevant shareholder may request the people’s court to declare the stock invalid in accordance with the public notification procedure prescribed in the Civil Procedure Law of the People’s Republic of China. Where the people’s court invalidates stock pursuant to this procedure, the relevant shareholder may file an application with the company for the issuance of new stock.
  第一百四十四条 上市公司的股票,依照有关律、行政规及证券交易所交易规则上市交易。 Article 144 The shares of a listed company shall be listed and traded in accordance with relevant laws, administrative regulations, and with the dealing rules of the stock exchange on which they are listed and traded.
  第一百四十五条 上市公司必须依照律、行政规的规定,公开其财务状况、经营情况及重大诉讼,在每会计年度内半年公布一次财务会计报告。 Article 145 A listed company shall, in accordance with laws and administrative regulations, publicly announce matters relating to its financial status, business operations and any significant litigation to which it is a party, and shall publish its financial reports once in every six month period in each financial year.
  第六章 公司董事、监事、高级管理人员的资格和义务 Chapter VI Qualifications and Duties of Company Directors, Supervisors and Senior Officers
  第一百四十六条 有下列情形之一的,不得担任公司的董事、监事、高级管理人员:
(一)无民事行为能力或者限制民事行为能力;
(二)因贪污、贿赂、侵占财产、挪用财产或者破坏社会主义市场经济秩序,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;
(三)担任破产清算的公司、企业的董事或者厂长、经理,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;
(四)担任因违被吊销营业执照、责令关闭的公司、企业的定代表人,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;
(五)个人所负数额较大的债务到期未清偿。
公司违反前款规定选举、委派董事、监事或者聘任高级管理人员的,该选举、委派或者聘任无效。
董事、监事、高级管理人员在任职期间出现本条第一款所列情形的,公司应当解除其职务。
Article 146 None of the following people shall be eligible for appointment as a director, supervisor or senior officer of a company:
1. any person who does not have civil capacity or who has limited civil capacity;
2. any person who has been convicted of any criminal offence in the nature of corruption, bribery, disseizing, misappropriation or disrupting the economic order of the socialist market and five years have not elapsed since any penalty imposed has been completed, or any person who has ever been deprived of his political rights due to any crime and five years have not elapsed since the penalty imposed was completed;
3. any former director, factory director or manager of a company or enterprise which has been declared bankrupt and liquidated in circumstances where he was personally responsible for the bankruptcy of the company or enterprise, and three years have not elapsed since the bankruptcy and liquidation of the company or enterprise was completed;
4. any former legal representative of a company or enterprise which has had its business license revoked and has been ordered to close its business operations due to any violation of law in circumstances where the former legal representative was personally liable for the revocation of the business license and three years have not elapsed since the date of revocation; or
5. any person who has significant unpaid due debts.
Any election or appointment of any director, supervisor, or senior officer made in violation of the provisions of this Article shall be invalid.
Any existing director, supervisor or senior officer the appointment of whom would violate the provisions of this Article shall be removed from his post.
  第一百四十七条 董事、监事、高级管理人员应当遵守律、行政规和公司章程,对公司负有忠实义务和勤勉义务。
董事、监事、高级管理人员不得利用职权收受贿赂或者其他非收入,不得侵占公司的财产。
Article 147 The directors, supervisors and senior officers of a company shall comply with laws, administrative regulations, and the articles of association and shall owe duties of fidelity and due diligence to the company.
No director, supervisor or senior officer may take any bribe or other illegal gain by taking advantage of his position or misappropriate company assets for personal use.
  第一百四十八条 董事、高级管理人员不得有下列行为:
(一)挪用公司资金;
(二)将公司资金以其个人名义或者以其他个人名义开立账户存储;
(三)违反公司章程的规定,未经股东会、股东大会或者董事会同意,将公司资金借贷给他人或者以公司财产为他人提供担保;
(四)违反公司章程的规定或者未经股东会、股东大会同意,与本公司订立合同或者进行交易;
(五)未经股东会或者股东大会同意,利用职务便利为自己或者他人谋取属于公司的商业机会,自营或者为他人经营与所任职公司同类的业务;
(六)接受他人与公司交易的佣金归为己有;
(七)擅自披露公司秘密;
(八)违反对公司忠实义务的其他行为。
董事、高级管理人员违反前款规定所得的收入应当归公司所有。
Article 148 No director or senior officer may:
1. misappropriate company funds;
2. divert company funds into an account held in his own name or in the name of any other individual;
3. loan company funds or provide any guaranty to any other person by using company property in violation of the articles of association without first obtaining the consent of the board of shareholders, the general meeting or the board of directors;
4. become a party to any contract or business dealings with the company in violation of the articles of association without first obtaining the consent of the board of shareholders or the general meeting;
5. seek business opportunities for himself or for any other person by taking advantage of his position, or operate on his own behalf or on behalf of any other person any business similar in nature to that of the company, without first obtaining the consent of the board of shareholders or the general meeting;
6. personally accept any commission on any transaction to which the company is a party;
7. unlawfully disclose confidential company information; or
8. act in any way that is inconsistent with his duty of fidelity to the company.
Any income received by any director or senior officer in violation of this Article shall be treated as the property of the company.
  第一百四十九条 董事、监事、高级管理人员执行公司职务时违反律、行政规或者公司章程的规定,给公司造成损失的,应当承担赔偿责任。
Article 149 Where any director, supervisor or senior officer violates any law, administrative regulation, or the articles of association in the course of performing his duties, he shall be liable to compensate the company for any loss thereby caused to the company.
  第一百五十条 股东会或者股东大会要求董事、监事、高级管理人员列席会议的,董事、监事、高级管理人员应当列席并接受股东的质询。
董事、高级管理人员应当如实向监事会或者不设监事会的有限责任公司的监事提供有关情况和资料,不得妨碍监事会或者监事行使职权。
Article 150 Where the board of shareholders or the general meeting requires any director, supervisor or senior officer to attend the meeting as a non-voting attendee, he shall do so and shall answer the shareholders’ inquiries.
Directors and senior officers shall faithfully provide relevant information and materials to the board of supervisors or to the supervisor(s) of a limited liability company with no board of supervisors, and may not obstruct the board of supervisors or any supervisor in the exercise of its or his functions and powers.
  第一百五十一条 董事、高级管理人员有本第一百四十九条规定的情形的,有限责任公司的股东、股份有限公司连续一百八十日以上单独或者合计持有公司百分之一以上股份的股东,可以书面请求监事会或者不设监事会的有限责任公司的监事向人民院提起诉讼;监事有本第一百四十九条规定的情形的,前述股东可以书面请求董事会或者不设董事会的有限责任公司的执行董事向人民院提起诉讼。
监事会、不设监事会的有限责任公司的监事,或者董事会、执行董事收到前款规定的股东书面请求后拒绝提起诉讼,或者自收到请求之日起三十日内未提起诉讼,或者情况紧急、不立即提起诉讼将会使公司利益受到难以弥补的损害的,前款规定的股东有权为了公司的利益以自己的名义直接向人民院提起诉讼。
他人侵犯公司权益,给公司造成损失的,本条第一款规定的股东可以依照前两款的规定向人民院提起诉讼。
Article 151 Where a director or senior officer falls into the circumstance as specified in Article 149 of the Law, any shareholder or group of shareholders of the limited liability company or joint stock limited company concerned who has or have held 1% or more of the shares in the company for 180 consecutive days or more may make a written request to the board of supervisors or to the supervisor(s) of a limited liability company with no board of supervisors to initiate a legal action in the people’s court against the relevant director or senior officer. Where any supervisor falls into the circumstance as specified in Article 149 of the Law, the aforesaid shareholder(s) may make a written request to the board of directors or to the acting director of a limited liability company with no board of directors to initiate a legal action in the people’s court.
Where any board of supervisors, any supervisor of a limited liability company with no board of supervisors, or any board of directors or acting director refuses to initiate a legal action after receiving a written request described in the preceding paragraph, or fails to initiate a legal action within 30 days of receiving the request, or if, in the event of any urgent situation in which failing to initiate a legal action forthwith will cause irreparable damage to the interests of the company, the shareholder(s) described in the preceding paragraph may initiate a legal action in the people’s court in his or their own name(s).
Where the legitimate rights and interests of a company are damaged and the company thereby suffers any loss, the shareholder(s) described in Paragraph 1 of this Article may initiate a legal action in the people’s court in accordance with the provisions of the preceding two paragraphs.
  第一百五十二条 董事、高级管理人员违反律、行政规或者公司章程的规定,损害股东利益的,股东可以向人民院提起诉讼。 Article 152 Where any director or senior officer damages the shareholders’ interests by violating any law, administrative regulation, or the articles of association, the shareholders may initiate a legal action in the people’s court.
  第七章 公 司 债 券 Chapter VII Corporate Bonds
  第一百五十三条 本所称公司债券,是指公司依照定程序发行、约定在一定期限还本付息的有价证券。
公司发行公司债券应当符合《中华人民共和国证券规定的发行条件。
Article 153 For the purpose of the Law, the term “corporate bonds” refers to negotiable securities issued by a company under the relevant statutory procedures with guaranteed payment of principal and interest by a specified future date or dates.
Any company that issues corporate bonds shall satisfy the issuance requirements specified in the Securities Law of the People’s Republic of China.
  第一百五十四条 发行公司债券的申请经国务院授权的部门核准后,应当公告公司债券募集办
公司债券募集办中应当载明下列主要事项:
(一)公司名称;
(二)债券募集资金的用途;
(三)债券总额和债券的票面金额;
(四)债券利率的确定方式;
(五)还本付息的期限和方式;
(六)债券担保情况;
(七)债券的发行价格、发行的起止日期;
(八)公司净资产额;
(九)已发行的尚未到期的公司债券总额;
(十)公司债券的承销机构。
Article 154 Following the approval of any application to issue corporate bonds by the department authorized by the State Council, the issuing company shall publish an offering circular which shall include the following key information:
1. the company name;
2. the purpose(s) for which the proceeds of the corporate bond issue will be used;
3. the total amount of corporate bonds to be issued and the par value thereof;
4. the method for determining the coupon rate of the bonds;
5. the maturity date and the method for principal and coupon payments;
6. the terms of any bond guaranty;
7. the issue price of the bonds and the offer period;
8. the net assets of the company;
9. the total amount of the company’s corporate bonds outstanding; and
10. the underwriters of the corporate bonds.
  第一百五十五条 公司以实物券方式发行公司债券的,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,并由定代表人签名,公司盖章。 Article 155 Any bonds issued by a company in certificated form shall state the company’s name, the par value, the coupon rate, the maturity date and similar details, and shall bear the signature of the legal representative of the company and the company seal.
  第一百五十六条 公司债券,可以为记名债券,也可以为无记名债券。 Article 156 Corporate bonds may be issued in registered or bearer form.
  第一百五十七条 公司发行公司债券应当置备公司债券存根簿。
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:
(一)债券持有人的姓名或者名称及住所;
(二)债券持有人取得债券的日期及债券的编号;
(三)债券总额,债券的票面金额、利率、还本付息的期限和方式;
(四)债券的发行日期。
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 157 Any company that issues corporate bonds shall maintain a corporate bond stub.
The stub for any registered corporate bond shall state:
1. the name and address of the bondholder;
2. the date on which the bondholder acquired the bond and the serial number of the bond;
3. the total face value of the bond, par value, coupon rate, maturity date and method for payments of principal and coupon; and
4. the date on which the bond was issued.
The stub for any corporate bond issued in bearer form shall state the total face value of the bond, the coupon rate, the maturity date and payment method, the issue date and the serial number of the bond.
  第一百五十八条 记名公司债券的登记结算机构应当建立债券登记、存管、付息、兑付等相关制度。 Article 158 The registration and settlement institution for registered corporate bonds shall establish rules on the registration, custody, and acceptance of bonds, and on the payment of coupons.
  第一百五十九条 公司债券可以转让,转让价格由转让人与受让人约定。
公司债券在证券交易所上市交易的,按照证券交易所的交易规则转让。
Article 159 Corporate bonds may be transferred. The transfer price shall be negotiated by the transferor and the transferee.
Any transfer of corporate bonds which are listed and traded on a stock exchange shall be carried out in accordance with the dealing rules of the stock exchange.
  第一百六十条 记名公司债券,由债券持有人以背书方式或者律、行政规规定的其他方式转让;转让后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。
无记名公司债券的转让,由债券持有人将该债券交付给受让人后即发生转让的效力。
Article 160 Any transfer of registered corporate bonds shall be effected by the bondholder’s endorsement or by any other method prescribed in the relevant laws and administrative regulations, and after such transfer, the company shall record the transferee’s name and address on the corporate bond stub.
Any transfer of unregistered corporate bonds shall take effect when the bondholder delivers the bonds to the transferee.
  第一百六十一条 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中规定具体的转换办。上市公司发行可转换为股票的公司债券,应当报国务院证券监督管理机构核准。
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 161 A listed company may, pursuant to a resolution of the general meeting, issue convertible bonds on terms specified in the corporate bond offering circular. To issue convertible bonds, a listed company shall file an application with the securities regulatory institution under the State Council for examination and approval.
Convertible bonds shall be inscribed with the words “convertible bonds” and the number of convertible bonds issued shall be specified in the corporate bond stub.
  第一百六十二条 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。 Article 162 Any company that issues convertible bonds shall exchange its shares for convertible bonds held by bondholders in accordance with the conversion formula prescribed, provided that bondholders shall in any event retain an option to convert their bonds.
  第八章 公司财务、会计 Chapter VIII Financial Affairs and Accounting of Companies
  第一百六十三条 公司应当依照律、行政规和国务院财政部门的规定建立本公司的财务、会计制度。 Article 163 A company shall establish its financial and accounting policies in accordance with laws, administrative regulations, and the provisions of the finance department under the State Council.
  第一百六十四条 公司应当在每一会计年度终了时编制财务会计报告,并依经会计师事务所审计。
财务会计报告应当依照律、行政规和国务院财政部门的规定制作。
Article 164 A company shall, at the end of each financial year, prepare a financial report and have it audited by an accounting firm.
The financial report shall be prepared in accordance with laws, administrative regulations, and the provisions of the finance department under the State Council.
  第一百六十五条 有限责任公司应当依照公司章程规定的期限将财务会计报告送交各股东。
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前置备于本公司,供股东查阅;公开发行股票的股份有限公司必须公告其财务会计报告。
Article 165 A limited liability company shall submit its financial report to each shareholder within the time limit prescribed in the articles of association.
The financial report of a joint stock limited company shall be prepared for inspection by shareholders at the offices of the company 20 days in advance of the date on which the annual general meeting is held. A joint stock limited company that has offered its shares to the public shall publicize its financial report.
  第一百六十六条 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。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,可以不再提取。
公司定公积金不足以弥补以前年度亏损的,在依照前款规定提取定公积金之前,应当先用当年利润弥补亏损。
公司从税后利润中提取定公积金后,经股东会或者股东大会决议,还可以从税后利润中提取任意公积金。
公司弥补亏损和提取公积金后所余税后利润,有限责任公司依照本第三十四条的规定分配;股份有限公司按照股东持有的股份比例分配,但股份有限公司章程规定不按持股比例分配的除外。
股东会、股东大会或者董事会违反前款规定,在公司弥补亏损和提取定公积金之前向股东分配利润的,股东必须将违反规定分配的利润退还公司
公司持有的本公司股份不得分配利润。
Article 166 Where a company distributes its after-tax profits for the current financial year, it shall draw 10% of its profits as the company’s statutory common reserve, provided that a company with an aggregate common reserve of more than 50% of the company’s registered capital may elect not to draw any statutory common reserve any more.
Where the aggregate balance of the company’s statutory common reserve is insufficient to cover any loss the company made in the previous financial year, the current financial year’s profits shall first be used to cover the loss before any statutory common reserve is drawn therefrom in accordance with the provisions of the preceding paragraph.
Where any company has drawn a statutory common reserve from its after-tax profits, it may, subject to a resolution of the board of shareholders or the general meeting, draw a discretionary common reserve from its after-tax profits.
Where losses have been covered and the statutory and discretionary common reserves have been drawn, any remaining after-tax profits shall be distributed to shareholders in accordance with Article 34 of the Law in case of a limited liability company or on a pro rata basis in case of a joint stock limited company, unless its articles of association provides distribution shall not be made on a pro rata basis.
Where the board of shareholders, general meeting or board of directors distributes profits in violation of the provisions of the preceding paragraph before losses are covered and the statutory common reserve is drawn, the profits distributed must be returned to the company.
No profit may be distributed for shares held by the company itself.
  第一百六十七条 股份有限公司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 167 Any stock premium received by a joint stock limited company from the issuance of stock at a premium to par and any other income to be included in the capital reserve account under any relevant provisions of the finance department under the State Council shall be recorded as the company’s capital reserve.
  第一百六十八条 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。但是,资本公积金不得用于弥补公司的亏损。
定公积金转为资本时,所留存的该项公积金不得少于转增前公司注册资本的百分之二十五。
Article 168 A company’s common reserves shall be used to cover losses made in past years, to enhance the company’s productivity and expand its business or to increase its registered capital; however a company’s capital reserve shall not be used to cover the company’s losses.
Where the statutory common reserve is converted into capital, the value of the remaining common reserve shall be no less than 25% of the company’s registered capital prior to the conversion.
  第一百六十九条 公司聘用、解聘承办公司审计业务的会计师事务所,依照公司章程的规定,由股东会、股东大会或者董事会决定。
公司股东会、股东大会或者董事会就解聘会计师事务所进行表决时,应当允许会计师事务所陈述意见。
Article 169 Any proposed appointment or dismissal of an accounting firm as the company’s auditor shall be subject to a resolution of the board of shareholders, the general meeting or of the board of directors in accordance with the provisions of the articles of association.
Any meeting of the board of shareholders, general meeting or meeting of the board of directors that votes to dismiss any accounting firm as its auditor shall allow the accounting firm to express its own opinions.
  第一百七十条 公司应当向聘用的会计师事务所提供真实、完整的会计凭证、会计账簿、财务会计报告及其他会计资料,不得拒绝、隐匿、谎报。
Article 170 A company shall provide the accounting firm appointed as its auditor with accurate and complete accounting documents and books, financial reports, and other accounting information, and may not refuse to do so or conceal any such accounting records or make any false statement to its auditor.
  第一百七十一条 公司定的会计账簿外,不得另立会计账簿。
公司资产,不得以任何个人名义开立账户存储。
Article 171 A company shall not maintain any set of accounts that differs from its statutory accounting books.
No company assets may be held in any account opened in the name of any individual.
  第九章 公司合并、分立、增资、减资 Chapter IX Corporate Combination and Division; Increase and Reduction of Registered Capital
  第一百七十二条 公司合并可以采取吸收合并或者新设合并。
一个公司吸收其他公司为吸收合并,被吸收的公司解散。两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。
Article 172 A corporate combination may be effected by merger or consolidation.
In the case of a merger, one company absorbs another company and the company that has been absorbed is dissolved; in case of a consolidation, two or more companies combine to establish a new company, and the existing companies are dissolved.
  第一百七十三条 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公告。债权人自接到通知书之日起三十日内,未接到通知书的自公告之日起四十五日内,可以要求公司清偿债务或者提供相应的担保。
Article 173 To carry out a corporate combination, parties to the combination shall conclude an agreement with each other and formulate balance sheets and schedules of assets. The parties to a combination shall, within ten days of making the resolution on combination, notify their respective creditors and, within 30 days, make a public announcement in a newspaper. Any creditor may, within 30 days of receiving the said notice or, in the event that the creditor does not receive such a notice, within 45 days as of the issuance of the said public announcement, require the company to repay its debts in full or to provide a corresponding guaranty.
  第一百七十四条 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 174 In any corporate combination, the claims and debts of the parties to the combination shall be succeeded by the company that survives the combination, or by the newly-established company in case of a consolidation.
  第一百七十五条 公司分立,其财产作相应的分割。
公司分立,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公告。
Article 175 In a corporate division, the assets of any company shall be divided accordingly.
To enable a division to proceed, balance sheets and schedules of assets shall be formulated. The company shall inform its creditors within ten days of the date on which the decision to proceed with the division is made, and shall make a public announcement about the division proposal in a newspaper within 30 days of the date on which the decision to proceed with the division is made.
  第一百七十六条 公司分立前的债务由分立后的公司承担连带责任。但是,公司在分立前与债权人就债务清偿达成的书面协议另有约定的除外。
Article 176 Unless otherwise agreed by the company and its creditors in any written agreement regarding the repayment of company debts concluded prior to any division, the companies that result from the division shall be jointly and severally liable for the existing debts of the company.
  第一百七十七条 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。
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公告。债权人自接到通知书之日起三十日内,未接到通知书的自公告之日起四十五日内,有权要求公司清偿债务或者提供相应的担保。
Article 177 Where a company finds it necessary to reduce its registered capital, it must prepare its balance sheet and schedule of assets.
The company shall, within ten days of the date on which it decides to reduce its registered capital, notify its creditors and make a public announcement about the proposed reduction in capital in a newspaper within 30 days of the date on which it decides to reduce its registered capital. Any creditor shall, within 30 days of receipt of such a notice or, where it does not receive a notice, within 45 days of the date of the public announcement, be entitled to require the company to repay its debt in full or to provide a corresponding guaranty.
  第一百七十八条 有限责任公司增加注册资本时,股东认缴新增资本的出资,依照本设立有限责任公司缴纳出资的有关规定执行。
股份有限公司为增加注册资本发行新股时,股东认购新股,依照本设立股份有限公司缴纳股款的有关规定执行。
Article 178 Where a limited liability company increases its registered capital, the subscription by shareholders for the amount of the increase shall be governed by the relevant provisions of the Law regarding capital contributions in the establishment of a limited liability company.
Where a joint stock limited company issues new stock to increase its registered capital, shareholder subscriptions for new stock shall be governed by the relevant provisions of the Law regarding stock purchases in the establishment of a joint stock limited company.
  第一百七十九条 公司合并或者分立,登记事项发生变更的,应当依公司登记机关办理变更登记;公司解散的,应当依办理公司注销登记;设立新公司的,应当依办理公司设立登记。
公司增加或者减少注册资本,应当依公司登记机关办理变更登记。
Article 179 Where, as a result of any corporate combination or division to which a company is a party, any of the company’s registered details change, the company shall amend its registered details with the company registration authority. In the event that any company that is a party to a combination or division is dissolved, it shall be deregistered in accordance with the law. In the event that any new company results from any combination or division, it shall comply with the procedures for establishment of a company as provided by law.
Where a company increases or reduces its registered capital, the company shall handle relevant procedures for change with the company’s registration authority in accordance with the law.
  第十章 公司解散和清算 Chapter X Company Dissolutions and Liquidations
  第一百八十条 公司因下列原因解散:
(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;
(二)股东会或者股东大会决议解散;
(三)因公司合并或者分立需要解散;
(四)依被吊销营业执照、责令关闭或者被撤销;
(五)人民院依照本第一百八十二条的规定予以解散。
Article 180 A company may be dissolved where:
1. its term of business operation as prescribed in the articles of association expires or any dissolution event as prescribed in the articles of association of the company occurs;
2. the board of shareholders or the general meeting resolves to dissolve the company;
3. dissolution of the company is necessary due to any combination or division to which the company is a party;
4. its business license is revoked or it is ordered to close down or be dissolved in accordance with the law; or
5. the people’s court makes an order for dissolution of the company in accordance with Article 183 of the Law.
  第一百八十一条 公司有本第一百八十条第(一)项情形的,可以通过修改公司章程而存续。
依照前款规定修改公司章程,有限责任公司须经持有三分之二以上表决权的股东通过,股份有限公司须经出席股东大会会议的股东所持表决权的三分之二以上通过。
Article 181 Where any of the circumstances prescribed in Item 1 of Article 180 of the Law occurs, a company may nevertheless continue in existence by amending its articles of association.
Any amendment to the articles of association in accordance with the provisions of the preceding paragraph shall be subject to the consent of shareholders representing two thirds or more of the voting rights in case of a limited liability company, or to the consent of two thirds or more of the voting rights of shareholders who attend the relevant general meeting in case of a joint stock limited company.
  第一百八十二条 公司经营管理发生严重困难,继续存续会使股东利益受到重大损失,通过其他途径不能解决的,持有公司全部股东表决权百分之十以上的股东,可以请求人民院解散公司
Article 182 Where any company encounters serious difficulties in its operations or management that will lead to significant shareholder losses if they persist and the situation cannot be resolved by any other means, shareholders representing 10% or more of the voting rights of all shareholders may petition the people’s court to dissolve the company.
  第一百八十三条 公司因本第一百八十条第(一)项、第(二)项、第(四)项、第(五)项规定而解散的,应当在解散事由出现之日起十五日内成立清算组,开始清算。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董事或者股东大会确定的人员组成。逾期不成立清算组进行清算的,债权人可以申请人民院指定有关人员组成清算组进行清算。人民院应当受理该申请,并及时组织清算组进行清算。
Article 183 Where any company is dissolved in accordance with the provisions of Item 1, 2, 4, or 5 of Article 180 of the Law, a liquidation group shall be formed within fifteen days of the date on which the circumstances leading to the dissolution of the company occurred in order to effect the liquidation. The liquidation group of a limited liability company shall be comprised of its shareholders, while that of a joint stock limited company shall be comprised of its directors or any other individuals appointed by the general meeting. Where a liquidation group is not formed within the time limit specified, the company’s creditors may petition the people’s court to appoint appropriate individuals to form a liquidation group. The people’s court shall approve such a petition and form a liquidation group in order to liquidate the company in a timely manner.
  第一百八十四条 清算组在清算期间行使下列职权:
(一)清理公司财产,分别编制资产负债表和财产清单;
(二)通知、公告债权人;
(三)处理与清算有关的公司未了结的业务;
(四)清缴所欠税款以及清算过程中产生的税款;
(五)清理债权、债务;
(六)处理公司清偿债务后的剩余财产;
(七)代表公司参与民事诉讼活动。
Article 184 A liquidation group shall exercise the following functions and powers during the course of the liquidation:
1. liquidate the company’s assets and produce a balance sheet and schedule of assets;
2. notify the company’s creditors by way of notice or public announcement;
3. manage and clear the remaining business of the company;
4. pay outstanding taxes and any tax liability incurred in the course of the liquidation;
5. pay the company’s accounts payable and recover its accounts receivable;
6. dispose of the company’s residual assets; and
7. represent the company in any civil litigation to which it is a party.
  第一百八十五条 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公告。债权人应当自接到通知书之日起三十日内,未接到通知书的自公告之日起四十五日内,向清算组申报其债权。
债权人申报债权,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。
在申报债权期间,清算组不得对债权人进行清偿。
Article 185 A liquidation group shall, within ten days of its formation, notify the company’s creditors of its formation, and shall make a public announcement in a newspaper on the formation of a liquidation group within 60 days of its formation. Any creditor shall, within 30 days of receipt of a notice or within 45 days of the public announcement in the event that the relevant creditor does not receive a notice, make a claim to the liquidation group on the debt owed to it/him.
In making a claim for any debt outstanding, a creditor shall describe the relevant details and provide supporting evidence. The liquidation group shall record all debts claimed.
The liquidation group may not repay any creditor during the debt claim period.
  第一百八十六条 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、股东大会或者人民院确认。
公司财产在分别支付清算费用、职工的工资、社会保险费用和定补偿金,缴纳所欠税款,清偿公司债务后的剩余财产,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。
清算期间,公司存续,但不得开展与清算无关的经营活动。公司财产在未依照前款规定清偿前,不得分配给股东。
Article 186 A liquidation group shall, after liquidating the assets of the company and producing a balance sheet and schedule of assets, draft a liquidation plan and present it to the board of shareholders or the general meeting or to the people’s court for confirmation.
Any remaining assets after payment of liquidation expenses, employee wages, social insurance premiums and statutory indemnity premiums, outstanding taxes and outstanding debts may, in case of a limited liability company, be distributed to shareholders on a pro rata basis in accordance with the respective proportion of capital contributed by each shareholder or, in case of a joint stock limited company, distributed on a pro rata basis in accordance with the respective proportion of stock held by each shareholder.
A company in liquidation shall continue in existence during the course of the liquidation but may not conduct any new business unconnected with the liquidation. No company assets may be distributed to any shareholder before being applied as described in the previous paragraph.
  第一百八十七条 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,应当依向人民院申请宣告破产。
公司经人民院裁定宣告破产后,清算组应当将清算事务移交给人民院。
Article 187 Where, after liquidating the assets of a company and formulating a balance sheet and schedule of assets, a liquidation group finds that the company’s assets are insufficient to meet its obligations in full, it shall file a bankruptcy petition with the people’s court.
Where the people’s court declares the company bankrupt, the liquidation group shall hand over administration of the liquidation to the people’s court.
  第一百八十八条 公司清算结束后,清算组应当制作清算报告,报股东会、股东大会或者人民院确认,并报送公司登记机关,申请注销公司登记,公告公司终止。 Article 188 On completion of any company liquidation, the liquidation group shall draft a liquidation report and submit it to the board of shareholders or the general meeting or to the people’s court for confirmation, and shall submit it to the company registration authority to apply for the cancellation of the registration of the company. The liquidation group shall also make a public announcement about the fact that the company has been terminated.
  第一百八十九条 清算组成员应当忠于职守,依履行清算义务。
清算组成员不得利用职权收受贿赂或者其他非收入,不得侵占公司财产。
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。
Article 189 The members of a liquidation group shall, during the course of liquidation, carry out their duties and perform their obligations in accordance with the law.
No member of a liquidation group may take advantage of his position to take any bribe or any other unlawful payment, nor may he misappropriate any company asset.
Any member of a liquidation group who causes any loss to the company or to any of its creditors either intentionally or due to his gross negligence shall be liable to compensate the affected party.
  第一百九十条 公司被依宣告破产的,依照有关企业破产的律实施破产清算。 Article 190 Any company adjudicated bankrupt in accordance with the law shall be liquidated in bankruptcy in accordance with the relevant laws on bankruptcy.
  第十一章 外国公司的分支机构 Chapter XI Branches of Foreign Companies
  第一百九十一条 本所称外国公司是指依照外国律在中国境外设立的公司 Article 191 For the purpose of the Law, the term “foreign company” refers to a company established outside the territory of China under any foreign law.
  第一百九十二条 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,向公司登记机关依办理登记,领取营业执照。
外国公司分支机构的审批办由国务院另行规定。
Article 192 Any foreign company that plans to establish a branch within the territory of China shall submit an application with the competent authority in China and shall submit supporting documents such as its articles of incorporation, its certificate of incorporation as issued in its country of domicile, and similar documents, and after the approval, shall handle relevant registration procedures with the company registration authority in accordance with the law, and obtain a business license.
The measures for the examination and approval of branches of foreign companies shall be separately formulated by the State Council.
  第一百九十三条 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。
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 193 Where a foreign company establishes any branch within the territory of China, it must designate a representative or agent within the territory of China to take charge of the branch, and shall allocate to the branch funds commensurate with the business activities it engages in.
Where a minimum operating funds is required for any branch of a foreign company, it shall be otherwise provided by the State Council.
  第一百九十四条 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。
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 194 The name of any branch of a foreign company shall indicate its country of domicile and its form of legal liability.
Any branch of a foreign company shall make its articles of incorporation available at its place of business.
  第一百九十五条 外国公司在中国境内设立的分支机构不具有中国人资格。
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 195 No branch of a foreign company established within the territory of China shall have the status of a legal person.
A foreign company shall bear civil liability for business operations of its branches carried on within the territory of China.
  第一百九十六条 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,必须遵守中国的律,不得损害中国的社会公共利益,其合权益受中国律保护。 Article 196 Branches of foreign companies which are approved to be established shall abide by the laws of China in pursuing business activities carried on within the territory of China and may not injure the social or public interests of China. The legitimate rights and interests of branches of foreign companies shall be protected by Chinese law.
  第一百九十七条 外国公司撤销其在中国境内的分支机构时,必须依清偿债务,依照本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。 Article 197 Any foreign company that closes down any of its branches within the territory of China must pay the branch’s debts in full in accordance with the law and shall liquidate the branch in accordance with the provisions of the Law on the procedures for the liquidation of a company. No branch of a foreign company established in China may transfer any of its assets out of China before first paying its outstanding debts in full.
  第十二章  律 责 任 Chapter XII Legal Liability
  第一百九十八条 违反本规定,虚报注册资本、提交虚假材料或者采取其他欺诈手段隐瞒重要事实取得公司登记的,由公司登记机关责令改正,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十五以下的罚款;对提交虚假材料或者采取其他欺诈手段隐瞒重要事实的公司,处以五万元以上五十万元以下的罚款;情节严重的,撤销公司登记或者吊销营业执照。
Article 198 Any person who, in the course of registering a company, misstates its registered capital, submits false documentation or uses any other fraudulent means in order to conceal any important fact shall be ordered by the company registration authority to remedy the defect. Where the registered capital of a company is misstated, the person responsible shall be fined between 5% and 15% of the amount by which the registered capital was misstated; where false documentation is submitted or where any other fraudulent means is used in order to conceal any important fact, the person responsible shall be fined between CNY50,000 and CNY500,000; where the circumstances are serious, the company’s registration certificate or business license shall be revoked.
  第一百九十九条 公司的发起人、股东虚假出资,未交付或者未按期交付作为出资的货币或者非货币财产的,由公司登记机关责令改正,处以虚假出资金额百分之五以上百分之十五以下的罚款。 Article 199 Any promoter or shareholder of a company who makes any fraudulent capital contribution or fails to deliver or fails to promptly deliver the money or non-monetary assets to be used as a capital contribution shall be ordered by the company registration authority to remedy the defect and shall be fined between 5% and 15% of the purported value of the fraudulent capital contribution.
  第二百条 公司的发起人、股东在公司成立后,抽逃其出资的,由公司登记机关责令改正,处以所抽逃出资金额百分之五以上百分之十五以下的罚款。
Article 200 Any promoter or shareholder who unlawfully withdraws his capital contribution after the company is incorporated shall be ordered by the company registration authority to remedy the defect and shall be fined between 5% and 15% of the capital contribution unlawfully withdrawn.
  第二百零一条 公司违反本规定,在定的会计账簿以外另立会计账簿的,由县级以上人民政府财政部门责令改正,处以五万元以上五十万元以下的罚款。 Article 201 Any company that maintains any set of accounts that differs from its statutory accounting books in violation of the Law shall be ordered by the finance department of the people’s government at the county level or above to remedy the defect and shall be fined between CNY50,000 and CNY500,000.
  第二百零二条 公司在依向有关主管部门提供的财务会计报告等材料上作虚假记载或者隐瞒重要事实的,由有关主管部门对直接负责的主管人员和其他直接责任人员处以三万元以上三十万元以下的罚款。 Article 202 Where a company falsifies records or conceals any important matter in materials such as financial reports submitted to relevant government departments, the relevant government department shall impose a fine of between CNY30,000 and CNY300,000 on the directly responsible person or other persons directly liable.
  第二百零三条 公司不依照本规定提取定公积金的,由县级以上人民政府财政部门责令如数补足应当提取的金额,可以对公司处以二十万元以下的罚款。 Article 203 Any company that fails to draw a statutory common reserve in accordance with the Law shall be ordered by the finance department of the people’s government at the county level or above to draw the required amount and may be fined up to CNY200,000.
  第二百零四条 公司在合并、分立、减少注册资本或者进行清算时,不依照本规定通知或者公告债权人的,由公司登记机关责令改正,对公司处以一万元以上十万元以下的罚款。
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假记载或者在未清偿债务前分配公司财产的,由公司登记机关责令改正,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五以上百分之十以下的罚款;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。
Article 204 Any company that fails to make any notification to its creditors by way of notice or by way of public announcement of any combination, division, reduction of its registered capital or liquidation shall be ordered by the company registration authority to remedy the defect and may be fined between CNY10,000 and CNY100,000.
Where, in the course of any liquidation, any company conceals any of its assets or makes any false entry in its balance sheet or schedule of assets or distributes any of the company’s assets before repaying its outstanding debts in full, it shall be ordered by the company registration authority to remedy the defect and may be fined between 5% and 10% of the value of company assets it has concealed or distributed prior to paying the company’s outstanding debts in full, and the directly responsible person or other persons directly liable may be fined between CNY10,000 and CNY100,000.
  第二百零五条 公司在清算期间开展与清算无关的经营活动的,由公司登记机关予以警告,没收违所得。 Article 205 Any company that, in the course of any liquidation, carries on any business activity unconnected with the liquidation shall be reprimanded by the company registration authority and any unlawful proceeds shall be confiscated.
  第二百零六条 清算组不依照本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,由公司登记机关责令改正。
清算组成员利用职权徇私舞弊、谋取非收入或者侵占公司财产的,由公司登记机关责令退还公司财产,没收违所得,并可以处以违所得一倍以上五倍以下的罚款。
Article 206 Any liquidation group that fails to submit a liquidation report to the company registration authority in accordance with the provisions of the Law or conceals or omits any important fact in or from the liquidation report submitted shall be ordered by the company registration authority to remedy the defect.
Any member of a liquidation group who takes advantage of his position to seek any unlawful personal benefit either for himself or on behalf of any of his relatives or who procures any unlawful gain or who misappropriates any of the company’s assets shall be ordered by the company registration authority to return any company assets and confiscate any unlawful benefits or gains as appropriate, and shall be fined between one and five times the value of the assets, benefits or gains unlawfully derived.
  第二百零七条 承担资产评估、验资或者验证的机构提供虚假材料的,由公司登记机关没收违所得,处以违所得一倍以上五倍以下的罚款,并可以由有关主管部门依责令该机构停业、吊销直接责任人员的资格证书,吊销营业执照。
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,由公司登记机关责令改正,情节较重的,处以所得收入一倍以上五倍以下的罚款,并可以由有关主管部门依责令该机构停业、吊销直接责任人员的资格证书,吊销营业执照。
承担资产评估、验资或者验证的机构因其出具的评估结果、验资或者验证证明不实,给公司债权人造成损失的,除能够证明自己没有过错的外,在其评估或者证明不实的金额范围内承担赔偿责任。
Article 207 Where any institution that undertakes an appraisal or verification of assets or a verification of certificates provides any false materials, it shall have its unlawful proceeds confiscated by the company registration authority, shall be fined between one and five times the value of any proceeds unlawfully gained, may be ordered by the competent administrative department to suspend its business operations or to cancel the qualification certificate(s) of the person or persons directly liable, and shall have its business license revoked.
Where any institution that undertakes the appraisal or verification of assets or a verification of certificates omits any important matter from the report it submits, it shall be ordered by the company registration authority to remedy the defect; where the circumstances are serious, it shall be fined between one and five times the value of any proceeds unlawfully obtained thereby, and may be ordered by the competent administrative department to suspend its business operations, to cancel the qualification certificate(s) of the person or persons directly liable, and may have its business license revoked.
Where any institution that undertakes an appraisal or verification of assets or a verification of certificates provides an appraisal result or proof of asset verification or certificate verification that is subsequently proven to be inaccurate, causing any loss to the creditors of the company, it shall be liable to compensate the creditors for the difference between the appraised or verified amount and the value at which the assets etc. should have been accurately appraised or verified, unless it is able to demonstrate that the inaccurate appraisal or verification did not contribute to any loss suffered.
  第二百零八条 公司登记机关对不符合本规定条件的登记申请予以登记,或者对符合本规定条件的登记申请不予登记的,对直接负责的主管人员和其他直接责任人员,依给予行政处分。 Article 208 Where any company registration authority registers any application that does not meet the conditions prescribed in the Law or refuse any application which meets the conditions prescribed in the Law, the directly responsible person or other persons directly liable shall be subject to an administrative sanction.
  第二百零九条 公司登记机关的上级部门强令公司登记机关对不符合本规定条件的登记申请予以登记,或者对符合本规定条件的登记申请不予登记的,或者对违登记进行包庇的,对直接负责的主管人员和其他直接责任人员依给予行政处分。 Article 209 Where any company registration authority is required by its superior government department to register any application that does not meet the conditions prescribed in the Law or to refuse any application that meets the conditions prescribed in the Law or to suppress information relating to any unlawful registration, the directly responsible person or other persons directly liable shall be subject to an administrative sanction in accordance with the law.
  第二百一十条 未依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,或者未依登记为有限责任公司或者股份有限公司的分公司,而冒用有限责任公司或者股份有限公司的分公司名义的,由公司登记机关责令改正或者予以取缔,可以并处十万元以下的罚款。
Article 210 Any person who carries on business operations in the name of a limited liability company or joint stock limited company without registering as a limited liability company or joint stock limited company in accordance with the law or who carries on business operations in the name of a subsidiary of any limited liability company or joint stock limited company without registering as a subsidiary of any limited liability company or joint stock limited company in accordance with the law shall be ordered by the company registration authority to remedy the defect or be subject to its enforcement procedures, and may be fined up to CNY100,000.
  第二百一十一条 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,可以由公司登记机关吊销营业执照。
公司登记事项发生变更时,未依照本规定办理有关变更登记的,由公司登记机关责令限期登记;逾期不登记的,处以一万元以上十万元以下的罚款。
Article 211 Any company that fails to commence business operations within six months of incorporation without reasonable justification or that suspends its business operations of its own volition for a period of six months or more after it has commenced business operations shall be liable to have its business license revoked by the company registration authority.
Any company that fails to handle relevant procedures for registration of change in accordance with the Law following any change in the company’s registered details shall be ordered by the company registration authority to amend its registration within a specific period of time; if it still fails to make the required amendment, it shall be fined between CNY10,000 and CNY100,000.
  第二百一十二条 外国公司违反本规定,擅自在中国境内设立分支机构的,由公司登记机关责令改正或者关闭,可以并处五万元以上二十万元以下的罚款。
Article 212 Any foreign company that unlawfully establishing any branch within China in violation of the Law shall be ordered by the company registration authority to remedy the defect or to close down the branch, and may be fined between CNY50,000 and CNY200,000.
  第二百一十三条 利用公司名义从事危害国家安全、社会公共利益的严重违行为的,吊销营业执照。 Article 213 Where any person commits, in the name of a company, any serious violation of law that threatens the security of the state or injures the public interest or the interests of society, the business license of the company shall be revoked.
  第二百一十四条 公司违反本规定,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。 Article 214 Any company that violates any provision of the Law shall be liable in civil law to pay compensation and shall also pay the corresponding fines and other financial penalties. Where the company’s assets are insufficient to pay any corresponding fines and other financial penalties, the company shall first meet any valid claim for compensation in civil law.
  第二百一十五条 违反本规定,构成犯罪的,依追究刑事责任。 Article 215 Any company that commits any crime in violation of the Law shall be subject to criminal liability therefore.
  第十三章 附 则 Chapter XIII Supplementary Provisions
  第二百一十六条 本下列用语的含义:
(一)高级管理人员,是指公司的经理、副经理、财务负责人,上市公司董事会秘书和公司章程规定的其他人员。
(二)控股股东,是指其出资额占有限责任公司资本总额百分之五十以上或者其持有的股份占股份有限公司股本总额百分之五十以上的股东;出资额或者持有股份的比例虽然不足百分之五十,但依其出资额或者持有的股份所享有的表决权已足以对股东会、股东大会的决议产生重大影响的股东。
(三)实际控制人,是指虽不是公司的股东,但通过投资关系、协议或者其他安排,能够实际支配公司行为的人。
(四)关联关系,是指公司控股股东、实际控制人、董事、监事、高级管理人员与其直接或者间接控制的企业之间的关系,以及可能导致公司利益转移的其他关系。但是,国家控股的企业之间不仅因为同受国家控股而具有关联关系。
Article 216 For the purpose of the Law, the terms listed below are defined as follows:
1. A “senior officer” refers to any manager, deputy manager, financial principal, secretary to the board of directors of a listed company, or any other person specified in the articles of association.
2. A “controlling shareholder” refers to a shareholder whose capital contribution accounts for 50% or more of the total capital of a limited liability company or any shareholder whose stock accounts for more than 50% of the total share capital of a joint stock limited company or a shareholder whose capital contribution or proportion of stock is less than 50% of the total capital or share capital but whose voting rights are sufficient to have a significant influence on resolutions of the board of shareholders or the general meeting.
3. An “actual controller” refers to any person who is not a shareholder but is in a position to exercise actual control over the acts of the company by means of investment relationships, agreements or any other arrangements.
4. “affiliated relation” refers to any relation between the controlling shareholder, actual controller, director, supervisor, or senior officer of a company and the enterprise directly or indirectly controlled thereby and any other relation that may enable the transfer of any interest in the company. Enterprises controlled by the state do not have an affiliated relation as between themselves simply because their shares are controlled by the state.
  第二百一十七条 外商投资的有限责任公司和股份有限公司适用本;有关外商投资的律另有规定的,适用其规定。
Article 217 Limited liability companies and joint stock limited companies that have foreign investors shall be governed by the Law. Where provisions of any other law regarding foreign investment conflict with the Law, the former shall prevail.
  第二百一十八条 本自2006年1月1日起施行。 Article 218 The Law shall take effect as of January 1, 2006.
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Harvey Yan

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