中华人民共和国公司法
COMPANY LAW OF THE PEOPLE’S REPUBLIC OF CHINA
目录： TABLE OF CONTENTS
第一章：总则 Chapter One: General Provisions
第二章：有限责任公司的设立和组织机构 Chapter Two: Establishment and Organs of Limited Liability Company
第一节：设立 Section One Establishment
第二节：组织机构 Section Two Organs
第三节：国有独资公司 Section Three. Wholly State-owned Company
第三章：股份有限公司的设立和组织机构 Chapter Three: Establishment and Organs of Joint Stock Limited Company
第一节：设立 Section One. Establishment
第二节：股东大会 Section Two. Shareholders’ general committee
第三节：董事会、经理 Section Three. Board Of Directors And General Manager
第四节：监事会 Section Four. Board Of Supervisors
第四章：股份有限公司的股份发行和转让 Chapter Four: Issue and Transfer of Shares of Joint Stock Limited Company
第一节：股份发行 Section One. Issue Of Shares
第二节：股份转让 Section Two. Transfer Of Shares
第三节：上市公司 Section Three. Listed Company
第五章：公司债券 Chapter Five: Company Bonds
第六章：公司财务、会计 Chapter Six: Financial and Accounting Affairs of Company
第七章：公司合并、分立 Chapter Seven: Merger and Division of Company
第八章：公司破产、解散和清算 Chapter Eight: Bankruptcy, Dissolution and Liquidation of Company
第九章：外国公司的分支机构 Chapter Nine: Branch of Foreign Company
第十章：法律责任 Chapter Ten: Legal Liabilities
第十一章：附则 Chapter Eleven: Supplementary Provisions
第一章：总则 Chapter One: General Provisions
第一条：为了适应建立现代企业制度的需要，规范公司的组织和行为，保护公司、股东和债权人的合法权益，维护社会经济秩序，促进社会主义市场经济的发展，根据宪法，制定本法。
Article 1 This Law is enacted in accordance with the Constitution, in order to meet the needs of establishing a modern enterprise system, to regulate the organization and conduct of companies, to protect the lawful rights and interests of companies as well as the shareholders and creditors thereof, to maintain social and economic order, and to promote the development of the socialist market economy.
第二条：本法所称公司是指依照本法在中国境内设立的有限责任公司和股份有限公司。
Article 2 A company referred to herein means a limited liability company or a joint stock limited company established within China in accordance herewith.
第三条：有限责任公司和股份有限公司是企业法人。
Article 3 Limited liability companies and joint stock limited companies are enterprise legal persons.
有限责任公司，股东以其出资额为限对公司承担责任，公司以其全部资产对公司的债务承担责任。
In the case of a limited liability company, the shareholders are liable thereto to the extent of their capital contribution, and the company is liable for its debts to the extent of all of its assets.
股份有限公司，其全部资本分为等额股份，股东以其所持股份为限对公司承担责任，公司以其全部资产对公司的债务承担责任。
In the case of a joint stock limited company, its total capital is divided into stocks of equal value, and the shareholders are liable thereto to the extent of their share holdings, and the Company is liable for its debts to the extent of all of its assets.
第四条：公司股东作为出资者按投入公司的资本额享有所有者的资产受益、重大决策和选择管理者等权利。
Article 4 As contributors of capital, the shareholders of a company enjoy the rights of proprietors in proportion to their respective share of capital contributions to the company, such as deriving benefits from its assets, making major decisions, and selecting its management.
公司享有由股东投资形成的全部法人财产权，依法享有民事权利，承担民事责任。
The company enjoys the full property rights of a legal person in respect of assets resulting from the investment by its shareholders, and enjoys civil rights and bears civil liabilities in accordance with the law.
公司中的国有资产所有权属于国家。
Title to the state-owned assets in the company shall vest in the State.
第五条：公司以其全部法人财产，依法自主经营，自负盈亏。
Article 5 A company, with all of its assets owned by it as a legal person, shall operate autonomously and be responsible for its own profit and loss in accordance with the law.
公司在国家宏观调控下，按照市场需求自主组织生产经营，以提高经济效益、劳动生产率和实现资产保值增值为目的。
The company shall, under the state’s macro-regulation, organize its production and operation autonomously in light of market demand, with a view to improving economic return and productivity, and accomplishing the preservation and increase of the value of its assets.
第六条：公司实行权责分明、管理科学、激励和约束相结合的内部管理体制。
Article 6 A company shall adopt an internal management system which clearly sets out the rights and responsibilities of the relevant parties, is conducive to scientific management, and combines incentive with check and balance.
第七条：国有企业改建为公司，必须依照法律、行政法规规定的条件和要求，转换经营机制，有步骤地清产核资，界定产权，清理债权债务，评估资产，建立规范的内部管理机构。
Article 7 If a state-owned enterprise is to be reorganized into a company, it must, in accordance with the conditions and requirements prescribed by national statutes and administrative regulations, change its operating mechanism, and orderly identify and verify its assets, determine the respective owners of the property rights therein, settle its creditor’s rights and liabilities, conduct assets appraisal, and set up standard internal management organs.
第八条：设立有限责任公司、股份有限公司，必须符合本法规定的条件。符合本法规定的条件的，登记为有限责任公司或者股份有限公司；不符合本法规定的条件的，不得登记为有限责任公司或者股份有限公司。
Article 8 The establishment of a limited liability company or a joint stock limited company is subject to the requirements prescribed herein. An entity meeting the requirements prescribed herein may be registered as a limited liability company, or a joint stock limited company, as the case may be; an entity failing to meet the requirements prescribed herein may not be registered as a limited liability company, or a joint stock limited company, as the case may be.
法律、行政法规对设立公司规定必须报经审批的，在公司登记前依法办理审批手续。
Where the establishment of a company is subject to examination and approval as required by the relevant national statutes or administrative regulations, examination and approval procedure must be carried out in accordance with the law prior to its registration.
第九条：依照本法设立的有限责任公司，必须在公司名称中标明有限责任公司字样。
Article 9 The name of a limited liability company established in accordance herewith must contain the words “limited liability company”.
依照本法设立的股份有限公司，必须在公司名称中标明股份有限公司字样。
The name of a joint stock limited company established in accordance herewith must contain the words “joint stock limited company”.
第十条：公司以其主要办事机构所在地为住所。
Article 10 The Company shall be domiciled at the place where its principal executive office is located.
第十一条：设立公司必须依照本法制定公司章程。公司章程对公司、股东、董事、监事、经理具有约束力。
Article 11 In order to establish a company, its articles of association must be prepared in accordance herewith. The articles of association of the company are binding upon the company and its shareholders, directors, supervisors and general manager.
公司的经营范围由公司章程规定，并依法登记。公司的经营范围中属于法律、行政法规限制的项目，应当依法经过批准。
The company’s business scope shall be prescribed by its articles of association and be registered in accordance with the law. If an item in the Company’s business scope is subject to any restriction prescribed by any national statute or administrative regulation, approval for such item shall be obtained in accordance with the law.
公司应当在登记的经营范围内从事经营活动。公司依照法定程序修改公司章程并经公司登记机关变更登记，可以变更其经营范围。
The company shall conduct its business within its registered business scope. The Company may change its business scope by amending its articles of association in accordance with legally prescribed procedure and registering such amendment with the company registration authority.
第十二条：公司可以向其他有限责任公司、股份有限公司投资，并以该出资额为限对所投资公司承担责任。
Article 12 A Company may invest in another limited liability company or joint stock limited company, and is liable to such company to the extent of its capital contribution.
公司向其他有限责任公司、股份有限公司投资的，除国务院规定的投资公司和控股公司外，所累计投资额不得超过本公司净资产的百分之五十，在投资后，接受被投资公司以利润转增的资本，其增加额不包括在内。
Except for an investment company or a holding company stipulated by the State Council, where a company is to invest in other limited liability companies or joint stock limited companies, its cumulative investment may not exceed 50 percent of its net assets, provided that if after the investment, the capital is increased using profit distribution received from the company in which it invested, the increased amount shall not be included.
第十三条：公司可以设立分公司，分公司不具有企业法人资格，其民事责任由公司承担。
Article 13 A company may establish branch companies, which do not have the status of enterprise legal persons, and the civil liabilities thereof shall be borne by the company.
公司可以设立子公司，子公司具有企业法人资格，依法独立承担民事责任。
The company may establish subsidiary companies, which have the status of enterprise legal persons and bear civil liabilities independently in accordance with the law.
第十四条：公司从事经营活动，必须遵守法律，遵守职业道德，加强社会主义精神文明建设，接受政府和社会公众的监督。
Article 14 In conducting its business, a company must abide by the law, observe industry ethics, strengthen the development of socialist spiritual civilization, and subject itself to supervision by the government and the public.
公司的合法权益受法律保护，不受侵犯。
The company’s lawful rights and interests are protected by law and shall not be infringed upon.
第十五条：公司必须保护职工的合法权益，加强劳动保护，实现安全生产。
Article 15 A company must protect the lawful rights and interests of its workers, strengthen labor protection, and achieve workplace safety.
公司采用多种形式，加强公司职工的职业教育和岗位培训，提高职工素质。
The company shall strengthen the professional education and on the job training of its workers in various forms, so as to improve their quality.
第十六条：公司职工依法组织工会，开展工会活动，维护职工的合法权益。公司应当为本公司工会提供必要的活动条件。
Article 16 The workers of a company shall organize a labor union, which shall conduct union activities and safeguard the lawful rights and interests of the workers in accordance with the law. The Company shall provide the necessary conditions for its labor union to conduct its activities.
国有独资公司和两个以上的国有企业或者其他两个以上的国有投资主体投资设立的有限责任公司，依照宪法和有关法律的规定，通过职工代表大会和其他形式，实行民主管理。
In accordance with the Constitution and other relevant national statutes, democratic management in the form of workers’ assembly and other forms shall be adopted in a wholly state-owned company or a limited liability company established through investment by two or more state-owned enterprises or by two or more state-owned investment entities of other kinds.
第十七条：公司中中国*基层组织的活动，依照中国*章程办理。
Article 17 Activities of the elementary-level cell of the Chinese Communist Party in a company shall be conducted in accordance with the Charter of the Chinese Communist Party.
第十八条：外商投资的有限责任公司适用本法，有关中外合资经营企业、中外合作经营企业、外资企业的法律另有规定的，适用其规定。
Article 18 Limited liability companies with foreign investment are subject to this Law, provided that where the provisions of national statutes governing Sino-foreign equity joint venture enterprises, Sino-foreign cooperative joint venture enterprises, and wholly foreign owned enterprises stipulate otherwise, the stipulations therein shall prevail.
第二章：有限责任公司的设立和组织机构
Chapter Two: Establishment And Organs Of A Limited Liability Company
第一节：设立
Section One Establishment
第十九条：设立有限责任公司，应当具备下列条件：
Article 19 The establishment of a limited liability company is subject to the following conditions:
（一）股东符合法定人数；
(i) The number of shareholders meets legal requirement;
（二）股东出资达到法定资本最低限额；
(ii) The amount of shareholders’ capital contribution reaches the minimum level prescribed by law;
（三）股东共同制定公司章程；
(iii) The shareholders jointly prepare the articles of association;
（四）有公司名称，建立符合有限责任公司要求的组织机构；
(iv) There is a company name, and the organs meeting the requirements for a limited liability company are established;
（五）有固定的生产经营场所和必要的生产经营条件。
(v) There is a permanent place of business and there are necessary conditions for production and operation.
第二十条：有限责任公司由二个以上五十个以下股东共同出资设立。
Article 20 A limited liability company shall be established through joint investment by not fewer than 2 but not more than 50 shareholders.
国家授权投资的机构或者国家授权的部门可以单独投资设立国有独资的有限责任公司。
A state authorized investment entity or state authorized department may establish wholly state-owned limited liability companies as the sole investor.
第二十一条：本法施行前已设立的国有企业，符合本法规定设立有限责任公司条件的，单一投资主体的，可以依照本法改建为国有独资的有限责任公司；多个投资主体的，可以改建为前条第一款规定的有限责任公司。
Article 21 In the case of a state-owned enterprise established before this Law becomes operative, if it meets the conditions prescribed herein for the establishment of a limited liability company, it may be reorganized into a wholly state-owned limited liability company in accordance herewith if it was established by a single investment entity, or it may be reorganized into a limited liability company pursuant to Paragraph 1 of the previous Article if it was established by more than one investment entities.
国有企业改建为公司的实施步骤和具体办法，由国务院另行规定。
The implementing procedures and detailed measures for reorganizing state-owned enterprises into companies shall be separately prescribed by the State Council.
第二十二条：有限责任公司章程应当载明下列事项：
Article 22 The articles of association of a limited liability company shall set forth the following:
（一）公司名称和住所；
(i) its name and domicile;
（二）公司经营范围；
(ii) its business scope;
（三）公司注册资本；
(iii) its registered capital;
（四）股东的姓名或者名称；
(iv) the names of its shareholders;
（五）股东的权利和义务；
(v) the rights and obligations of its shareholders;
（六）股东的出资方式和出资额；
(vi) the forms and amounts of capital contribution made by shareholders;
（七）股东转让出资的条件；
(vii) the conditions under which the shareholders’ shares of capital contribution may be assigned;
（八）公司的机构及其产生办法、职权、议事规则；
(viii) its organs, the manners in which they are established and their respective powers, and the rules governing their conduct of business;
（九）公司的法定代表人；
(ix) its legal representative;
（十）公司的解散事由与清算办法；
(x) the causes for its dissolution and the method for its liquidation;
（十一）股东认为需要规定的其他事项。
(xi) other matters which shareholders deem necessary to provide for.
股东应当在公司章程上签名、盖章。
Shareholders shall sign or impress their chops on the articles of association.
第二十三条：有限责任公司的注册资本为在公司登记机关登记的全体股东实缴的出资额。
Article 23 The registered capital of a limited liability company is the amount of capital contribution actually paid up by all shareholders and registered with the company registration authority.
有限责任公司的注册资本不得少于下列最低限额：
The registered capital of a limited liability company shall not be less than:
（一）以生产经营为主的公司人民币五十万元；
(i) Renminbi 500,000 Yuan if it primarily engages in production;
（二）以商品批发为主的公司人民币五十万元；
(ii) Renminbi 500,000 Yuan if it primarily engages in commodity wholesale;
（三）以商业零售为主的公司人民币三十万元；
(iii) Renminbi 300,000 Yuan if it primarily engages in commodity retail;
（四）科技开发、咨询、服务性公司人民币十万元。
(iv) Renminbi 100,000 Yuan if it engages in scientific and technical development, consulting or service.
特定行业的有限责任公司注册资本最低限额需高于前款所定限额的，由法律、行政法规另行规定。
If for a specific industry, the required minimum registered capital exceeds any of the minimum levels prescribed above, such minimum requirement shall be separately prescribed by the relevant national statute or administrative regulations.
第二十四条：股东可以用货币出资，也可以用实物、工业产权、非专利技术、土地使用权作价出资。对作为出资的实物、工业产权、非专利技术或者土地使用权，必须进行评估作价，核实财产，不得高估或者低估作价。土地使用权的评估作价，依照法律、行政法规的规定办理。
Article 24 Shareholders may contribute their capital in the form of cash, as well as in the forms of tangible goods, industrial property, non-patented technology and land use rights at certain value. If any tangible goods, industrial property, non-patented technology or land use rights are contributed as capital, they must be appraised and the property rights therein must be verified, and the contributed items may not be over-valued or under-valued. Appraisal on land use rights shall be carried out in accordance with the provisions of the relevant national statute and administrative regulations.
以工业产权、非专利技术作价出资的金额不得超过有限责任公司注册资本的百分之二十，国家对采用高新技术成果有特别规定的除外。
Where industrial property or non-patented technology is contributed as capital at certain value, its valuation shall not exceed 20 percent of the total registered capital, except where the state makes special provisions for companies utilizing high and new technologies.
第二十五条：股东应当足额缴纳公司章程中规定的各自所认缴的出资额。股东以货币出资的，应当将货币出资足额存入准备设立的有限责任公司在银行开设的临时帐户；以实物、工业产权、非专利技术或者土地使用权出资的，应当依法办理其财产权的转移手续。
Article 25 Each shareholder shall invest in full the capital contribution which he has subscribed for in accordance with the articles of association. If a shareholder makes his capital contribution in cash, he shall deposit in full the amount of such cash capital contribution into a temporary bank account opened for the contemplated limited liability company; If capital contribution is made in the form of tangible goods, industrial property, non-patented technology or land use rights, the appropriate transfer procedure for the property rights therein shall be carried out in accordance with the law.
股东不按照前款规定缴纳所认缴的出资，应当向已足额缴纳出资的股东承担违约责任。
A shareholder who fails to invest the capital contribution which he has subscribed for in accordance with the previous Paragraph is liable for breach of contract to those shareholders who have invested in full the capital contribution they have subscribed for.
第二十六条：股东全部缴纳出资后，必须经法定的验资机构验资并出具证明。
Article 26 Upon investment in full of their respective capital contribution by the shareholders, a legally-prescribed capital verification institution must carry out capital verification procedure and issue a certificate.
第二十七条：股东的全部出资经法定的验资机构验资后，由全体股东指定的代表或者共同委托的代理人向公司登记机关申请设立登记，提交公司登记申请书、公司章程、验资证明等文件。
Article 27 After a legally-prescribed capital verification institution has verified the shareholders’ full capital contribution, a representative designated by all shareholders or the agent appointed jointly thereby shall apply to the company registration authority for establishment registration and submit thereto documents such as the company registration application form, the articles of association, and the capital verification certificate, etc.
法律、行政法规规定需要经有关部门审批的，应当在申请设立登记时提交批准文件。
Where approval by the relevant authority is required by the relevant national statute or administrative regulations, the approval document shall be submitted at the time of applying for establishment registration.
公司登记机关对符合本法规定条件的，予以登记，发给公司营业执照；对不符合本法规定条件的，不予登记。
The company registration authority shall grant registration to an applicant who meets the requirements prescribed herein and shall issue a company business license, and shall not grant registration to an applicant who fails to meet the requirements prescribed herein.
公司营业执照签发日期，为有限责任公司成立日期。
The date of issuance of a company business license shall be the establishment date for a limited liability company.
第二十八条：有限责任公司成立后，发现作为出资的实物、工业产权、非专利技术、土地使用权的实际价额显著低于公司章程所定价额的，应当由交付该出资的股东补交其差额，公司设立时的其他股东对其承担连带责任。
Article 28 If after the establishment of a limited liability company, it is discovered that the actual value of the tangible goods, industrial property, non-patented technology, or land use rights contributed as capital is significantly below their value fixed in the articles of association, the shareholder who contributed such item as capital shall contribute the difference in value, and the other shareholders of the company at the time it was established shall be jointly and severally liable.
第二十九条：设立有限责任公司的同时设立分公司的，应当就所设分公司向公司登记机关申请登记，领取营业执照。
Article 29 Where a branch company is to be established contemporaneous with the establishment of a limited liability company, an application for registration of such branch company shall be submitted to the company registration authority, and it shall be issued a business license.
有限责任公司成立后设立分公司，应当由公司法定代表人向公司登记机关申请登记，领取营业执照。
Where a branch company is to be established after the establishment of the limited liability company, the company’s legal representative shall apply to the company registration authority for registration of such branch company, and it shall be issued a business license.
第三十条：有限责任公司成立后，应当向股东签发出资证明书。出资证明书应当载明下列事项：
Article 30 Upon the establishment of a limited liability company, each shareholder shall be issued a capital contribution certificate, which shall set forth the following:
（一）公司名称；
(i) the name of the company;
（二）公司登记日期；
(ii) the date of registration of the company;
（三）公司注册资本；
(iii) the company’s registered capital;
（四）股东的姓名或者名称、缴纳的出资额和出资日期；
(iv) the name of the shareholder, the amount of his capital contribution, and the date of capital contribution;
（五）出资证明书的编号和核发日期。
(v) the serial number and date of issuance of the capital contribution certificate.
出资证明书由公司盖章。
The company’s chop shall be impressed on each capital contribution certificate.
第三十一条：有限责任公司应当置备股东名册，记载下列事项：
Article 31 A limited liability company shall maintain a record of shareholders, which shall set forth the following:
1股东的姓名或者名称及住所；
(i) the name of each shareholder and the domicile thereof;
（二）股东的出资额；
(ii) the amount of capital contribution invested by each shareholder;
（三）出资证明书编号。
(iii) the serial number of each capital contribution certificate.
第三十二条：股东有权查阅股东会会议记录和公司财务会计报告。
Article 32 Shareholders are entitled to inspect the minutes of meetings of shareholder committee as well as the financial and accounting reports of the company.
第三十三条：股东按照出资比例分取红利。公司新增资本时，股东可以优先认缴出资。
Article 33 Shareholders shall share in the distribution of profits in proportion to their respective shares of capital contribution. Where the company is to increase its capital, its shareholders have the preemptive right to subscribe for the increased amount.
第三十四条：股东在公司登记后，不得抽回出资。
Article 34 A shareholder may not withdraw its capital contribution after registration of the company.
第三十五条：股东之间可以相互转让其全部出资或者部分出资。
Article 35 Shareholders may assign in whole or part their respective shares of capital contribution amongst themselves.
股东向股东以外的人转让其出资时，必须经全体股东过半数同意；不同意转让的股东应当购买该转让的出资，如果不购买该转让的出资，视为同意转让。
Transfer of his share of capital contribution by a shareholder to anyone other than another shareholder is subject to consent by a majority of all the shareholders; shareholders who do not consent to the transfer shall purchase the share of capital contribution to be assigned, and failure by those shareholders to make such purchase is deemed to be their consent to the assignment.
经股东同意转让的出资，在同等条件下，其他股东对该出资有优先购买权。
Where the shareholders consent to the assignment of share of capital contribution, other shareholders have the preemptive right of purchase under the same conditions.
第三十六条：股东依法转让其出资后，由公司将受让人的姓名或者名称、住所以及受让的出资额记载于股东名册。
Article 36 Upon a shareholder’s lawful assignment of his share of capital contribution, the company shall record on the record of shareholders the name of the assignee, the domicile thereof and the amount of capital assigned thereto.
第二节：组织机构
Section Two Organs
第三十七条：有限责任公司股东会由全体股东组成，股东会是公司的权力机构，依照本法行使职权。
Article 37 The shareholders’ committee of a limited liability company consists of all the shareholders, and the shareholders’ committee is the company’s organ of authority, and shall exercise its powers in accordance herewith.
第三十八条：股东会行使下列职权：
Article 38 The shareholders’ committee shall exercise the following powers:
（一）决定公司的经营方针和投资计划；
(i) determining the company’s operational guidelines and investment plans;
（2）选举和更换董事，决定有关董事的报酬事项；
(ii) electing and replacing directors, and deciding upon matters relating to their remuneration;
（三）选举和更换由股东代表出任的监事，决定有关监事的报酬事项；
(iii) electing and replacing supervisors who represent the shareholders, and deciding upon matters relating to the remuneration of supervisors;
（四）审议批准董事会的报告；
(iv) considering and approving reports by the board of directors;
（五）审议批准监事会或者监事的报告；
(v) considering and approving reports by the board of supervisors or the supervisor, as the case may be;
（六）审议批准公司的年度财务预算方案、决算方案；
(vi) considering and approving annual financial budget plans and final accounting plans of the company;
（7）审议批准公司的利润分配方案和弥补亏损方案；
(vii) considering and approving company profit distribution plans and plans to cover company losses;
（8）对公司增加或者减少注册资本作出决议；
(viii) adopting resolutions relating to increase or reduction of the company’s registered capital;
（9）对发行公司债券作出决议；
(ix) adopting resolutions relating to issuance of company bonds;
（十）对股东向股东以外的人转让出资作出决议；
(x) adopting resolutions relating to assignment of share of capital contribution by a shareholder to anyone other than a shareholder of the company;
（十一）对公司合并、分立、变更公司形式、解散和清算等事项作出决议；
(xi) adopting resolutions relating to merger, division, change of corporate form, dissolution and liquidation of the company;
（十二）修改公司章程。
(xii) amending the articles of association.
第三十九条：股东会的议事方式和表决程序，除本法有规定的以外，由公司章程规定。
Article 39 Unless otherwise provided herein, the method for conducting business and voting procedure at a meeting of shareholders’ committee shall be prescribed by the articles of association.
股东会对公司增加或者减少注册资本、分立、合并、解散或者变更公司形式作出决议，必须经代表三分之二以上表决权的股东通过。
Any resolution adopted by the shareholders’ committee relating to the company’s increase or reduction of registered capital, division, merger, dissolution or change of corporate form requires affirmative votes by shareholders representing two-thirds of the votes.
第四十条：公司可以修改章程。修改公司章程的决议，必须经代表三分之二以上表决权的股东通过。
Article 40 A company may amend its articles of association. Adoption of a resolution to amend the articles of association requires affirmative votes by shareholders representing two-thirds of the votes.
第四十一条：股东会会议由股东按照出资比例行使表决权。
Article 41 Shareholders shall exercise their voting rights at the meeting of shareholders’ committee in proportion to their respective shares of capital contribution.
第四十二条：股东会的首次会议由出资最多的股东召集和主持，依照本法规定行使职权。
Article 42 The first meeting of shareholders committee shall be called and presided over by the shareholder with the largest share of capital contribution, and shall exercise its powers in accordance herewith.
第四十三条：股东会会议分为定期会议和临时会议。
Article 43 Meetings of shareholders committee are classified as either regular meetings or interim meetings.
定期会议应当按照公司章程的规定按时召开。代表四分之一以上表决权的股东，三分之一以上董事，或者监事，可以提议召开临时会议。
Regular meetings shall be timely held as prescribed in the articles of association. Shareholders representing one-fourth or more of the votes, or one-third of the directors or supervisors, may propose for an interim meeting.
有限责任公司设立董事会的，股东会会议由董事会召集，董事长主持，董事长因特殊原因不能履行职务时，由董事长指定的副董事长或者其他董事主持。
Where a limited liability company has a board of directors, a meeting of shareholders committee shall be called by the board, and presided over by the chairman of the board; where the chairman is unable to perform his duties due to any special reason, the meeting shall be presided over by the vice-chairman or another director appointed by the chairman.
第四十四条：召开股东会会议，应当于会议召开十五日以前通知全体股东。
Article 44 In order to hold a meeting of shareholders committee, notice shall be given to all shareholders 15 days in advance.
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。
The shareholders’ committee shall prepare minutes regarding the decisions on matters considered at the meeting of shareholders committee, which shall be signed by the shareholders attending the meeting.
第四十五条：有限责任公司设董事会，其成员为三人至十三人。
Article 45 A limited liability company shall have a board of directors, which shall be composed of not fewer than 3 but not more than 13 directors.
两个以上的国有企业或者其他两个以上的国有投资主体投资设立的有限责任公司，其董事会成员中应当有公司职工代表。董事会中的职工代表由公司职工民主选举产生。
Where a limited liability company has been established through investment by two or more state-owned enterprises, or by two or more state-owned investment entities of other kinds, there shall be representative(s) of the workers of the company on the board of directors. The representative(s) of the workers on the board shall be democratically elected by the workers of the company.
董事会设董事长一人，可以设副董事长一至二人。董事长、副董事长的产生办法由公司章程规定。
The board shall have one chairman, and may have one to two vice-chairmen. The manner in which the chairman and vice-chairman are selected shall be prescribed by the articles of association.
董事长为公司的法定代表人。
The chairman is the legal representative of the company.
第四十六条：董事会对股东会负责，行使下列职权：
Article 46 The board of directors is accountable to the shareholders’ committee, and shall exercise the following powers:
（一）负责召集股东会，并向股东会报告工作；
(i) being responsible for calling meetings of shareholders committee and presenting reports thereto;
（二）执行股东会的决议；
(ii) implementing resolutions adopted by the shareholders’ committee;
（3）决定公司的经营计划和投资方案；
(iii) determining the company’s operational plans and investment programs;
（四）制订公司的年度财务预算方案、决算方案；
(iv) preparing annual financial budget plans and final accounting plans of the company;
（5）制订公司的利润分配方案和弥补亏损方案；
(v) preparing profit distribution plans and plans to cover company losses;
（六）制订公司增加或者减少注册资本的方案；
(vi) preparing plans for increasing or reducing registered capital of the company;
（七）拟订公司合并、分立、变更公司形式、解散的方案；
(vii) drafting plans for merger, division, change of corporate form or dissolution of the company;
（八）决定公司内部管理机构的设置；
(viii) determining the structure of the company’s internal management;
（九）聘任或者解聘公司经理（总经理）（以下简称经理），根据经理的提名，聘任或者解聘公司副经理、财务负责人，决定其报酬事项；
(ix) appointing or removing the manager (general manager) (Hereinafter referred to as the “general manager”) of the company, appointing or removing, upon the general manager’s recommendation, deputy managers of the company and the officer in charge of finance, and determining the remuneration for those officers;
（10）制定公司的基本管理制度。
(x) formulating the basic management scheme of the company.
第四十七条：董事任期由公司章程规定，但每届任期不得超过三年。董事任期届满，连选可以连任。
Article 47 The term of the directors shall be prescribed by the articles of association, provided that each term may not exceed 3 years. A director may continue to serve his post if he is re-elected upon the expiration of his term.
董事在任期届满前，股东会不得无故解除其职务。
Prior to expiration of a director’s term, the shareholders’ committee may not remove him without cause.
第四十八条：董事会会议由董事长召集和主持；董事长因特殊原因不能履行职务时，由董事长指定副董事长或者其他董事召集和主持。三分之一以上董事可以提议召开董事会会议。
Article 48 A meeting of the board of directors shall be called and presided over by the chairman; in the event that the chairman is unable to perform his duties due to any special reason, the chairman shall appoint the vice-chairman or another director to call and preside over the meeting. One-third or more of the directors may propose for a meeting of the board.
第四十九条：董事会的议事方式和表决程序，除本法有规定的以外，由公司章程规定。
Article 49 Unless otherwise provided herein, the method for conducting business and voting procedure at the meeting of board of directors shall be prescribed by the articles of association.
召开董事会会议，应当于会议召开十日以前通知全体董事。
In order to hold a board meeting, notice shall be given to all directors 10 days in advance.
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。
The board shall prepare minutes relating to the decisions on matters considered at the meeting, which shall be signed by the directors attending the meeting.
第五十条：有限责任公司设经理，由董事会聘任或者解聘。经理对董事会负责，行使下列职权：
Article 50 A limited liability company shall have a general manager, to be appointed or removed by the board of directors. The general manager is accountable to the board and shall exercise the following powers:
（1）主持公司的生产经营管理工作，组织实施董事会决议；
(i) being in charge of the management of the company’s production and operation, and organizing the implementation of board resolutions;
（二）组织实施公司年度经营计划和投资方案；
(ii) organizing the implementation of annual operating plans and investment programs of the company;
（三）拟订公司内部管理机构设置方案；
(3) preparing the plan for the structure of the company’s internal management;
（4）拟订公司的基本管理制度；
(iv) preparing the basic management scheme of the company;
（5）制定公司的具体规章；
(v) formulating detailed company rules;
（6）提请聘任或者解聘公司副经理、财务负责人；
(vi) recommending the appointment or removal of a deputy general manager and the officer in charge of finance;
（七）聘任或者解聘除应由董事会聘任或者解聘以外的负责管理人员；
(vii) appointing and removing officers of the company other than those to be appointed or removed by the board;
8 公司章程和董事会授予的其他职权。
(viii) other powers prescribed by the articles of association or delegated by the board.
经理列席董事会会议。
The general manager shall be present at board meetings.
第五十一条：有限责任公司，股东人数较少和规模较小的，可以设一名执行董事，不设立董事会。执行董事可以兼任公司经理。
Article 51 A small-scaled limited liability company with only a few shareholders may have an executive director without establishing a board of directors. The executive director may serve concurrently as the general manager of the company.
执行董事的职权，应当参照本法第四十六条规定，由公司章程规定。
The powers of the executive director shall be prescribed in the articles of association by reference to the provisions of Article 46 hereof.
有限责任公司不设董事会的，执行董事为公司的法定代表人。
Absent a board of directors, the executive director of a limited liability company shall be the legal representative thereof.
第五十二条：有限责任公司，经营规模较大的，设立监事会，其成员不得少于三人。监事会应在其组成人员中推选一名召集人。
Article 52 A large-scaled limited liability company shall have a board of supervisors, which shall be composed of not fewer than 3 members. The board of supervisors shall elect one of its members as the person responsible for calling meetings.
监事会由股东代表和适当比例的公司职工代表　组成，具体比例由公司章程规定，监事会中的职工代表由公司职工民主选举产生。
The board of supervisors shall be composed of shareholders’ representative(s) and representative(s) of the workers’ of the company at an appropriate ratio to be specifically prescribed in the articles of association. The workers’ representative(s) on the board of supervisors shall be democratically elected by the workers of the company.
有限责任公司，股东人数较少和规模较小的，可以设一至二名监事。
A small-scaled limited liability company with only a few shareholders may have one or two supervisors.
董事、经理及财务负责人不得兼任监事。
A director, the general manager and the officer in charge of finance may not serve concurrently as a supervisor.
第五十三条：监事的任期每届为三年。监事任期届满，连选可以连任。
Article 53 Each term of a supervisor shall be 3 years, and a supervisor may continue to serve his post upon expiration of his term if he is re-elected.
第五十四条：监事会或者监事行使下列职权：
Article 54 The board of supervisors or the supervisor, as the case may be, shall exercise the following authorities:
（一）检查公司财务；
(i) reviewing the financial affairs of the company;
（二）对董事、经理执行公司职务时违反法律、法规或者公司章程的行为进行监督；
(ii) monitoring the acts of the directors or the general manager to guard against violation of national statutes, administrative regulations or the articles of association in the course of performance of their duties;
（3）当董事和经理的行为损害公司的利益时，要求董事和经理予以纠正。
(iii) requiring the directors or the general manager to make rectification when any act thereof causes harm to company interests;
（四）提议召开临时股东会；
(iv) proposing for interim meetings of shareholders’ committee;
（五）公司章程规定的其他职权。
(v) other authorities prescribed by the articles of association.
监事列席董事会会议。
The supervisors shall be present at board meetings.
第五十五条：公司研究决定有关职工工资、福利、安全生产以及劳动保护、劳动保险等涉及职工切身利益的问题，应当事先听取公司工会和职工的意见，并邀请工会或者职工代表列席有关会议。
Article 55 When a company considers and decides upon matters which affect the personal interests of its workers, such as their wages, benefits, production safety and labor protection, or labor insurance, it shall first hear the opinions of the labor union and the workers of the company, and invite representatives of the labor union or the workers to be present at related meetings.
第五十六条：公司研究决定生产经营的重大问题、制定重要的规章制度时，应当听取公司工会和职工的意见和建议。
Article 56 When a company considers and decides upon major matters relating to its production and operation, or formulates important rules and standards, it shall hear the opinions and suggestions of the labor union and the workers.
第五十七条：有下列情形之一的，不得担任公司的董事、监事、经理：
Article 57 A person in any of the following categories may not serve as a director, supervisor, or the general manager of a company:
（一）无民事行为能力或者限制民事行为能力；
(i) without civil capacity or with limited civil capacity;
（二）因犯有贪污、贿赂、侵占财产、挪用财产罪或者破坏社会经济秩序罪，被判处刑罚，执行期满未逾五年，或者因犯罪被剥夺政治权利，执行期满未逾五年；
(ii) having been sentenced to prison for the following crimes, and completion of the sentence being less than 5 years ago: embezzlement, bribery, conversion of property, misappropriation of property, sabotage of social economic order; or having been deprived of political rights as a result of a criminal conviction, and completion of such sanction being less than 5 years ago;
（三）担任因经营不善破产清算的公司、企业的董事或者厂长、经理，并对该公司、企业的破产负有个人责任的，自该公司、企业破产清算完结之日起未逾三年；
(3) having served as a director, the factory chief, or the general manager of a company or enterprise which underwent bankruptcy liquidation as a result of mismanagement, and being personally responsible for such bankruptcy, and completion of the bankruptcy liquidation being less than 3 years ago;
（四）担任因违法被吊销营业执照的公司、企业的法定代表人，并负有个人责任的，自该公司、企业被吊销营业执照之日起未逾三年；
(4) having served as the legal representative of a company or enterprise whose business license was revoked due to its violation of law, and being personally responsible for such revocation, and such revocation occurring less than 3 years ago;
（五）个人所负数额较大的债务到期未清偿。
(5) in default of personal debt of a significant amount.
公司违反前款规定选举、委派董事、监事或者聘任经理的，该选举、委派或者聘任无效。
If the company elects or appoints a director or supervisor or employs the general manager in violation of the above Paragraph, such election, appointment or employment is invalid.
第五十八条：国家公务员不得兼任公司的董事、监事、经理。
Article 58 No public servant may concurrently serve as a director, supervisor or the general manager of a company.
第五十九条：董事、监事、经理应当遵守公司章程，忠实履行职务，维护公司利益，不得利用在公司的地位和职权为自己谋取私利。
Article 59 A directors, supervisor, or the general manager shall abide by the articles of association, faithfully perform their duties, and safeguard the interests of the company, and may not abuse their positions and authorities at the company for private gain.
董事、监事、经理不得利用职权收受贿赂或者其他非法收入，不得侵占公司的财产。
A directors, supervisor, or the general manager may not abuse their authorities by accepting bribes or generating other illegal income, and may not convert company property.
第六十条：董事、经理不得挪用公司资金或者将公司资金借贷给他人。
Article 60 A director or the general manager may not misappropriate company funds or loan company funds to other people.
董事、经理不得将公司资产以其个人名义或者以其他个人名义开立帐户存储。
A director or the general manager may not deposit company assets into an account in his own name or in any other individual’s name.
董事、经理不得以公司资产为本公司的股东或者其他个人债务提供担保。
A director or the general manager may not give company assets as security for the debt of a shareholder or any other individual.
第六十一条：董事、经理不得自营或者为他人经营与其所任职公司同类的营业或者从事损害本公司利益的活动。从事上述营业或者活动的，所得收入应当归公司所有。
Article 61 A director or the general manager may not engage in the same business as the company in which he serves as a director or the general manager either for his own account or for any other person’s account, or engage in any activity detrimental to company interests. If a director or the general manager engages in any of the above mentioned business or activity, any income so derived shall be turned over to the company.
董事、经理除公司章程规定或者股东会同意外，不得同本公司订立合同或者进行交易。
Unless otherwise provided in the articles of association or otherwise agreed by the shareholders’ committee, a director or the general manager may not execute any contract or engage in any transaction with the company.
第六十二条：董事、监事、经理除依照法律规定或者经股东会同意外，不得泄露公司秘密。
Article 62 Unless required by law or consented to by the shareholders’ committee, a director, supervisor, or the general manager may not disclose the company’s confidential information.
第六十三条：董事、监事、经理执行公司职务时违反法律、行政法规或者公司章程的规定，给公司造成损害的，应当承担赔偿责任。
Article 63 If a director, supervisor or the general manager causes detriment to the company while performing his duties in violation of any national statute, administrative regulation or the articles of association, he shall be liable for the loss so caused.
第三节：国有独资公司
Section Three 　　Wholly State-owned Companies
第六十四条：本法所称国有独资公司是指国家授权投资的机构或者国家授权的部门单独投资设立的有限责任公司。
Article 64 A wholly state-owned company referred to herein means a limited liability company established through sole investment by a state authorized investment entity or state authorized department.
国务院确定的生产特殊产品的公司或者属于特定行业的公司，应当采取国有独资公司形式。
Companies designated by the State Council to produce special products or in special industries shall adopt the form of a wholly state-owned company.
第六十五条：国有独资公司的公司章程由国家授权投资的机构或者国家授权的部门依照本法制定，或者由董事会制订，报国家授权投资的机构或者国家授权的部门批准。
Article 65 The articles of association of a wholly state-owned company may be formulated by the state authorized investment entity or state authorized department in accordance with the provisions hereof, or may be prepared by its board of directors and submitted to the state authorized investment entity or state authorized department for approval.
第六十六条：国有独资公司不设股东会，由国家授权投资的机构或者国家授权的部门，授权公司董事会行使股东会的部分职权，决定公司的重大事项，但公司的合并、分立、解散、增减资本和发行公司债券，必须由国家授权投资的机构或者国家授权的部门决定。
Article 66 A wholly state-owned company shall not have a shareholders’ committee, and the state authorized investment entity or state authorized department shall authorize the board of directors to exercise part of the authorities of the shareholders’ committee, and to decide on major matters of the company, provided that matters such as merger, division or dissolution of the company, capital increase or reduction by the company, and issue of company bonds must be decided by the state authorized investment entity or state authorized department.
第六十七条：国有独资公司监事会主要由国务院或者国务院授权的机构、部门委派的人员组成，并有公司职工代表参加。监事会的成员不得少于三人。监事会行使本法第五十四条第一款第（一）、（二）项规定的职权和国务院规定的其他职权。
Article 67 (Amended) The Supervisory Committee of a wholly State-owed Company shall comprise personnel appointed by the State Council or agencies or departments, and staff representative(s). There shall be no fewer than three supervisors. The Supervisory Committee shall exercise the authorities enumerated in Items (i) and (ii) of Paragraph 1 of Article 54 hereof, as well as other authorities granted by the State Council.
监事列席董事会会议。
The supervisors shall be present at the meetings of board of directors.
董事、经理　及　财务负责人不得兼任监事。
A director, the manager and the person in charge of finance shall not serve as a supervisor concurrently.
第六十八条：国有独资公司设立董事会，依照本法第四十六条、第六十六条规定行使职权。董事会每届任期为三年。
Article 68 A wholly state-owned company shall have a board of directors, which shall perform its duties in accordance with the provisions of Article 46 and Article 66 hereof. Each term of the board of directors shall be 3 years.
公司董事会成员为三人至九人，由国家授权投资的机构或者国家授权的部门按照董事会的任期委派或者更换。董事会成员中应当有公司职工代表。董事会中的职工代表由公司职工民主选举产生。
There shall be not fewer than 3 but not more than 9 members on the board, to be appointed or replaced by the state authorized investment entity or state authorized department according to the terms of the board. There shall be representative(s) of the workers on the board. The workers’ representative(s) on the board shall be democratically elected by the workers.
董事会设董事长一人，可以视需要设副董事长。董事长、副董事长，由国家授权投资的机构或者国家授权的部门从董事会成员中指定。
The board of directors shall have a chairman, and if needed, a vice-chairman. The chairman and vice-chairman shall be appointed by the state authorized investment entity or state authorized department from the board members.
董事长为公司的法定代表人。
The chairman of the board is the legal representative of the company.
第六十九条：国有独资公司设经理，由董事会聘任或者解聘。经理依照本法第五十条规定行使职权。
Article 69 A wholly state-owned company shall have a general manager, to be appointed or removed by the board of directors. The general manager shall perform his duties in accordance with the provisions of Article 50 hereof.
经国家授权投资的机构或者国家授权的部门同意，董事会成员可以兼任经理。
If approved by the state authorized investment entity or state authorized department, a board member may serve concurrently as the general manager.
第七十条：国有独资公司的董事长、副董事长、董事、经理，未经国家授权投资的机构或者国家授权的部门同意，不得兼任其他有限责任公司、股份有限公司或者其他经营组织的负责人。
Article 70 Absent approval by the state authorized investment entity or state authorized department, the chairman, vice-chairman, a director, or the general manager may not serve concurrently as the person in charge of any other limited liability company, joint stock limited company or any other business organization.
第七十一条：国有独资公司的资产转让，依照法律、行政法规的规定，由国家授权投资的机构或者国家授权的部门办理审批和财产权转移手续。
Article 71 In the case of assignment of the assets of a wholly state-owned company, the state authorized investment entity or state authorized department shall carry out examination and approval, and the formalities for transfer of property rights shall be carried out in accordance with the relevant national statutes and administrative regulations.
第七十二条：经营管理制度健全、经营状况较好的大型的国有独资公司，可以由国务院授权行使资产所有者的权利。
Article 72 A large-scaled wholly state-owned company with sound operating and management system and good operating condition may be authorized by the State Council to exercise the proprietor’s rights in respect of its assets.
第三章：股份有限公司的设立和组织机构
Chapter Three: Establishment And Organs Of A Joint Stock Limited Company
第一节：设立
Section One Establishment
第七十三条：设立股份有限公司，应当具备下列条件：
Article 73 The establishment of a joint stock limited company is subject to the following conditions:
（一）发起人符合法定人数；
(i) The number of sponsors meets legal requirement;
（二）发起人认缴和社会公开募集的股本达到法定资本最低限额；
(ii) The amount of capital stocks subscribed for by the sponsors and publicly placed reaches the legally-prescribed minimum capital level;
（三）股份发行、筹办事项符合法律规定；
(iii) The issue of its shares and the preparation for its establishment comply with the law;
（四）发起人制订公司章程，并经创立大会通过；
(iv) The sponsors prepare the articles of association, and such articles of association are adopted by the establishment meeting;
（五）有公司名称，建立符合股份有限公司要求的组织机构；
(v) There is a company name, and the organs complying with the requirements for a joint stock limited company are established;
（六）有固定的生产经营场所和必要的生产经营条件。
(vi) There is a permanent place of business and there are necessary conditions for production and operation.
第七十四条：股份有限公司的设立，可以采取发起设立或者募集设立的方式。
Article 74 A joint stock limited company may be established either by sponsorship or public share offer.
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。
Establishment by sponsorship means establishment of the company through subscription by the sponsors for all the shares to be issued by the company.
募集设立，是指由发起人认购公司应发行股份的一部分，其余部分向社会公开募集而设立公司。
Establishment by public share offer means establishment of the company through subscription by sponsors for part of the shares to be issued by the company, and public placement of the remaining shares.
第七十五条：设立股份有限公司，应当有五人以上为发起人，其中须有过半数的发起人在中国境内有住所。
Article 75 In order to establish a joint stock limited company, there shall be not fewer than 5 sponsors, half of whom shall be domiciled in China.
国有企业改建为股份有限公司的，发起人可以少于五人，但应当采取募集设立方式。
In the case of reorganization of a state-owned enterprise into a joint stock limited company, there may be fewer than 5 sponsors, provided that such joint stock limited company shall be established by public share offer.
第七十六条：股份有限公司发起人，必须按照本法规定认购其应认购的股份，并承担公司筹办事务。
Article 76 Sponsors of a joint stock limited company must subscribe for the shares as required and conduct preparations for the establishment of the company in accordance herewith.
第七十七条：股份有限公司的设立，必须经过国务院授权的部门或者省级人民政府批准。
Article 77 Establishment of a joint stock limited company is subject to approval by the department authorized by the State Council, or the People’s Government at the provincial level.
第七十八条：股份有限公司的注册资本为在公司登记机关登记的实收股本总额。
Article 78 The registered capital of a joint stock limited company shall be the total amount of share capital which is paid in and registered with the company registration authority.
股份有限公司注册资本的最低限额为人民币一千万元。股份有限公司注册资本最低限额需高于上述所定限额的，由法律、行政法规另行规定。
The minimum registered capital of a joint stock limited company may not be less than Renminbi 10,000,000 Yuan. Where the minimum level of registered capital required for a joint stock limited company exceeds the minimum level prescribed above, such minimum level shall be separately prescribed by the relevant national statutes and administrati, ve regulations.
第七十九条：股份有限公司章程应当载明下列事项：
Article 79 The articles of association of a joint stock limited company shall set forth the following:
（一）公司名称和住所；
(i) its name and domicile;
（二）公司经营范围；
(ii) its business scope;
（三）公司设立方式；
(iii) the method for its establishment;
（四）公司股份总数、每股金额和注册资本；
(iv) the total number of shares of the company, the value of each share, and the registered capital of the company;
（五）发起人的姓名或者名称、认购的股份数；
(v) the names of the sponsors and the number of shares they have subscribed for;
（六）股东的权利和义务；
(vi) the rights and obligations of shareholders;
（七）董事会的组成、职权、任期和议事规则；
(vii) the composition of the board of directors, its authorities, term, and rules of conducting business;
（八）公司法定代表人；
(viii) its legal representative;
（九）监事会的组成、职权、任期和议事规则；
(ix) the composition of the board of supervisors, its authorities, term, and rules of conducting business;
（十）公司利润分配办法；
(x) the method for company profit distribution;
（十一）公司的解散事由与清算办法；
(xi) the causes for its dissolution and the method for its liquidation;
（十二）公司的通知和公告办法；
(xii) the method for giving notice and making public announcement;
（十三）股东大会认为需要规定的其他事项。
(xiii) other matters which the shareholders’ general committee deems necessary to provide for.
第八十条：发起人可以用货币出资，也可以用实物、工业产权、非专利技术、土地使用权作价出资。对作为出资的实物、工业产权、非专利技术或者土地使用权，必须进行评估作价，核实财产，并折合为股份。不得高估或者低估作价。土地使用权的评估作价，依照法律、行政法规的规定办理。
Article 80 A sponsor may contribute his share capital in the form of cash, or in the form of tangible goods, industrial property, non-patented technology or land use rights at certain value. If share capital is contributed in the form of tangible goods, industrial property, non-patented technology or land use rights, they must be appraised and the property rights therein must be verified, whereupon the value thereof shall be converted into shares. The contributed items may not be overvalued or undervalued. The appraisal of land use rights shall be carried out in accordance with the provisions of the relevant national statutes and administrative regulations.
发起人以工业产权、非专利技术作价出资的金额不得超过股份有限公司注册资本的百分之二十。
The value of the industrial property and non-patented technology contributed as share capital by the sponsors shall not exceed 20 percent of the total registered capital.
第八十一条：国有企业改建为股份有限公司时，严禁将国有资产低价折股、低价出售或者无偿分给个人。
Article 81 In the case of reorganizing a state-owned enterprise into a joint stock limited company, conversion of state assets into shares through under-valuation, sale of state assets at low price, or distribution of state assets to individuals without compensation are strictly prohibited.
第八十二条：以发起设立方式设立股份有限公司的，发起人以书面认足公司章程规定发行的股份后，应即缴纳全部股款；以实物、工业产权、非专利技术或者土地使用权抵作股款的，应当依法办理其财产权的转移手续。
Article 82 In the case of establishing a joint stock limited company by sponsorship, upon the sponsors’ full subscription in writing for the shares to be issued as prescribed in the articles of association, the sponsors shall promptly pay the share proceeds in full; where tangible goods, industrial property, non-patented technology or land use rights are contributed in lieu of money, the property rights therein shall be transferred in accordance with legally prescribed procedures.
发起人交付全部出资后，应当选举董事会和监事会，由董事会向公司登记机关报送设立公司的批准文件、公司章程、验资证明等文件，申请设立登记。
Upon full contribution of the share capital which the sponsors have subscribed for, they shall elect members to the board of directors and the board of supervisors, and the board of directors shall apply for establishment registration by submitting the document approving the establishment of the company, the articles of association, and the capital verification certificate, etc. to the company registration authority.
第八十三条：以募集设立方式设立股份有限公司的，发起人认购的股份不得少于公司股份总数的百分之三十五，其余股份应当向社会公开募集。
Article 83 In the case of establishing a joint stock limited company by public share offer, the shares subscribed for by the sponsors shall be not less than 35 percent of the total number of shares of the company, and the remaining shares shall be openly offered to the public.
第八十四条：发起人向社会公开募集股份时，必须向国务院证券管理部门递交募股申请，并报送下列主要文件：
Article 84 In offering shares to the public, the sponsors shall deliver an application for public share offer to the securities regulatory authority under the State Council, and submit thereto the following main documents:
（一）批准设立公司的文件；
(i) the document approving the establishment of the company;
（二）公司章程；
(ii) the articles of association;
（三）经营估算书；
(iii) the operating forecast report;
（四）发起人姓名或者名称，发起人认购的股份数、出资种类及验资证明；
(iv) the names of the sponsors, the number of shares they have subscribed for, the nature of their share capital contribution, and the capital verification certificate;
（五）招股说明书；
(v) the prospectus;
（六）代收股款银行的名称及地址；
(vi) the name and address of the depository bank for the share proceeds;
（七）承销机构名称及有关的协议。
(vii) the name of the underwriter and related agreements.
未经国务院证券管理部门批准，发起人不得向社会公开募集股份。
Without approval by the securities regulatory authority under the State Council, the sponsors my not offer shares to the public.
第八十五条：经国务院证券管理部门批准，股份有限公司可以向境外公开募集股份，具体办法由国务院作出特别规定。
Article 85 Upon approval by the securities regulatory authority under the State Council, a joint stock limited company may offer shares to the public overseas, and the detailed procedure shall be specially prescribed by the State Council.
第八十六条：国务院证券管理部门对符合本法规定条件的募股申请，予以批准；对不符合本法规定的募股申请，不予批准。
Article 86 The securities regulatory authority under the State Council shall approve an application for public share offer which meets the requirements prescribed herein; and shall not approve any application for public share offer which fails to meet the requirements prescribed herein.
对已作出的批准如发现不符合本法规定的，应予撤销。尚未募集股份的，停止募集；已经募集的，认股人可以按照所缴股款并加算银行同期存款利息，要求发起人返还。
If it is discovered that an approval given is not in compliance with the requirements prescribed herein, it shall be revoked. Where no share has been placed, such share offer shall be terminated; where shares have been placed, the subscribers may demand that the sponsors return the share proceeds paid, together with the interest thereon as if they have been deposited in a bank for a like period.
第八十七条：招股说明书应当附有发起人制订的公司章程，并载明下列事项：
Article 87 The prospectus shall be accompanied with the articles of association prepared by the sponsors, and shall set forth the following:
（一）发起人认购的股份数；
(i) the number of shares subscribed for by the sponsors;
（二）每股的票面金额和发行价格；
(ii) the par value and issuing price of each share;
（三）无记名股票的发行总数；
(iii) the total number of bearer share certificates issued;
（四）认股人的权利、义务；
(iv) the rights and obligations of the subscribers;
（五）本次募股的起止期限及逾期未募足时认股人可撤回所认股份的说明。
(v) the commencing time and expiration time of the share offer, and a statement that in the event the shares have not be placed in full upon the expiration time, the subscribers may revoke their share subscriptions.
第八十八条：发起人向社会公开募集股份，必须公告招股说明书，并制作认股书。认股书应当载明前条所列事项，由认股人填写所认股数、金额、住所，并签名、盖章。认股人按照所认股数缴纳股款。
Article 88 In a public share offer, the sponsors shall make the prospectus available to the public and prepare the share subscription form. The share subscription form shall contain the items listed in the previous Article, and a subscriber shall fill in the following: the number of shares subscribed for, the amount of share proceeds, and his or her domicile, and shall sign or impress his chop on the form. A subscriber shall pay the share proceeds according to the number of shares he has subscribed for.
第八十九条：发起人向社会公开募集股份，应当由依法设立的证券经营机构承销，签订承销协议。
Article 89 The sponsors’ share offer to the public shall be underwritten by a securities underwriter established in accordance with the law, and an underwriting agreement shall be executed.
第九十条：发起人向社会公开募集股份，应当同银行签订代收股款协议。
Article 90 When conducting public share offer, the sponsors shall execute an agreement with a bank for deposit of share proceeds.
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。
The depository bank shall collect and hold the share proceeds in accordance with the agreement, and issue receipts to subscribers who have paid their share proceeds, and is obligated to provide to the relevant authority a certificate for receipt of share proceeds.
第九十一条：发行股份的股款缴足后，必须经法定的验资机构验资并出具证明。发起人应当在三十日内主持召开公司创立大会。创立大会由认股人组成。
Article 91 After the proceeds from issue of the shares are paid in full, the share capital must be verified by a legally-prescribed capital verification institution and a certificate shall be issued thereby. Within 30 days, the sponsors shall hold and preside over the establishment meeting, which is composed of the subscribers.
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。
If the issued shares are not fully placed upon expiration of the time limit prescribed in the prospectus, or the sponsors fail to hold the establishment meeting within 30 days of full payment of the proceeds from issue of the shares, the subscribers may demand that the sponsors return the share proceeds paid, together with the interest thereon as if they have been deposited in a bank for a like period.
第九十二条：发起人应当在创立大会召开十五日前将会议日期通知各认股人或者予以公告。创立大会应有代表股份总数二分之一以上的认股人出席，方可举行。
Article 92 The sponsors shall notify each subscriber of the date of the establishment meeting or make a public announcement for such meeting 15 days in advance. The establishment meeting may not be held unless attended by subscribers representing at least half of the shares.
创立大会行使下列职权：
The establishment meeting shall exercise the following authorities:
（一）审议发起人关于公司筹办情况的报告；
(1) considering the report on pre-establishment activities prepared by the sponsors;
（二）通过公司章程；
(2) adopting the articles of association;
（三）选举董事会成员；
(3) electing members of the board of directors;
（四）选举监事会成员；
(4) electing members of the board of supervisors;
（五）对公司的设立费用进行审核；
(5) verifying expenses incurred for the establishment of the company;
（六）对发起人用于抵作股款的财产的作价进行审核；
(6) verifying the value of the assets contributed by the sponsors in lieu of share proceeds;
（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。
(7) where an event of force majeure or any material change in operating condition affecting the company’s establishment has occurred, a resolution not to establish the company may be adopted.
创立大会对前款所列事项作出决议，必须经出席会议的认股人所持表决权的半数以上通过。
A resolution adopted at the establishment meeting on any of the matters mentioned in the previous Paragraph requires affirmative votes by subscribers representing at least half of the votes attending the meeting.
第九十三条：发起人、认股人缴纳股款或者交付抵作股款的出资后，除未按期募足股份、发起人未按期召开创立大会或者创立大会决议不设立公司的情形外，不得抽回其股本。
Article 93 Upon payment of the share proceeds or delivery of the items as contribution of share capital in lieu of share proceeds, the sponsors and subscribers may not withdraw their share capital, except where the shares issued are not fully placed in time, the sponsors fail to hold the establishment meeting in time, or the establishment meeting adopts a resolution not to establish the company.
第九十四条：董事会应于创立大会结束后三十日内，向公司登记机关报送下列文件，申请设立登记：
Article 94 Within 30 days of the completion of the establishment meeting, the board of directors shall apply for establishment registration by submitting to the company registration authority the following:
（一）有关主管部门的批准文件；
(i) the approval document issued by the relevant authority;
（二）创立大会的会议记录；
(ii) the minutes of the establishment meeting;
（三）公司章程；
(iii) the articles of association;
（四）筹办公司的财务审计报告；
(iv) the financial auditing report on pre-establishment activities;
（五）验资证明；
(v) the capital verification certificate;
（六）董事会、监事会成员姓名及住所；
(vi) the names and domiciles of members of the board of directors and the board of supervisors;
（七）法定代表人的姓名、住所。
(vii) the name and domicile of the legal representative.
第九十五条：公司登记机关自接到股份有限公司设立登记申请之日起三十日内作出是否予以登记的决定。对符合本法规定条件的，予以登记，发给公司营业执照；对不符合本法规定条件的，不予登记。
Article 95 The company registration authority shall decide whether to grant registration to the joint stock limited company within 30 days of receipt of the application for establishment registration. Where the application meets the requirements prescribed herein, registration shall be granted and the company shall be issued a business license; where the application fails to meet the requirements prescribed herein, registration shall not be granted.
公司营业执照签发日期，为公司成立日期。公司成立后，应当进行公告。
The date on which the business license is issued shall be the date of the company’s establishment. Upon establishment, the company shall make a public announcement.
股份有限公司经登记成立后，采取募集设立方式的，应当将募集股份情况报国务院证券管理部门备案。
If established through public share offer, upon establishment and registration, the joint stock limited company shall submit to the securities regulatory authority under the State Council a report on the share offer activities for filing.
第九十六条：设立股份有限公司的同时设立分公司的，应当就所设分公司向公司登记机关申请登记，领取营业执照。
Article 96 Where a branch company is to be established contemporaneous with the establishment of a joint stock limited company, an application for registration of such branch company shall be submitted to the company registration authority, and it shall be issued a business license.
股份有限公司成立后设立分公司，应当由公司法定代表人向公司登记机关申请登记，领取营业执照。
Where a branch company is to be established after the joint stock limited company’s establishment, the company’s legal representative shall apply to the company registration authority for registration of such branch company, and it shall be issued a business license.
第九十七条：股份有限公司的发起人应当承担下列责任：
Article 97 The sponsors of a joint stock limited company shall bear liabilities as follows:
（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；
(i) in the event of failure to establish the company, being jointly and severally liable for the debts and expenses incurred as a result of the pre-establishment activities;
（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；
(ii)in the event of failure to establish the company, being jointly and severally liable for the return of share proceeds paid by the subscribers, together with the interest thereon as if they have been deposited in a bank for a like period.
（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。
(iii) if the company’s interest is harmed in the course of its establishment due to the negligence of the sponsors, being liable to the company for damages.
第九十八条：有限责任公司变更为股份有限公司，应当符合本法规定的股份有限公司的条件，并依照本法有关设立股份有限公司的程序办理。
Article 98 Where a limited liability company is to be converted into a joint stock limited company, the requirements for establishing a joint stock limited company prescribed herein shall be met, and the conversion shall be carried out in accordance with the procedure for the establishment of a joint stock limited company prescribed herein.
第九十九条：有限责任公司依法经批准变更为股份有限公司时，折合的股份总额应当相等于公司净资产额。有限责任公司依法经批准变更为股份有限公司，为增加资本向社会公开募集股份时，应当依照本法有关向社会公开募集股份的规定办理。
Article 99 Where conversion of a limited liability company to a joint stock limited company is approved in accordance with the law, the total value of the converted shares shall be equivalent to the company’s net assets value. Where conversion of a limited liability company to a joint stock limited company is approved in accordance with the law, and its shares are offered to the public for the purpose of increasing capital, such share offer shall be carried out in accordance with the provisions herein governing public share offer.
第一百条：有限责任公司依法变更为股份有限公司的，原有限责任公司的债权、债务由变更后的股份有限公司承继。
Article 100 Where conversion of a limited liability company to a joint stock limited company is approved in accordance with the law, the creditor’s rights and liabilities of the original company shall be assumed by the joint stock limited company resulting from the conversion. www.legaltranz.com
第一百零一条：股份有限公司应当将公司章程、股东名册、股东大会会议记录、财务会计报告置备于本公司。
Article 101 A joint stock limited company shall maintain its articles of association, the record of shareholders, the minutes of meetings of shareholders’ general committee, and its financial and accounting reports on the company’s premises.
第二节：股东大会
Section Two： Shareholders’ General Committee
第一百零二条：股份有限公司由股东组成股东大会。股东大会是公司的权力机构，依照本法行使职权。
Article 102 The shareholders’ General Committee of a joint stock limited company is composed of all shareholders. The shareholders’ general committee is the company’s organ of authority, and shall exercise its authorities in accordance herewith.
第一百零三条：股东大会行使下列职权：
Article 103 The shareholder’s general committee shall exercise the following authorities:
（一）决定公司的经营方针和投资计划；
(i) determining the company’s operational guidelines and investment plans;
（2）选举和更换董事，决定有关董事的报酬事项；
(ii) electing and replacing members of the board of directors, and deciding upon matters relating to their remuneration;
（三）选举和更换由股东代表出任的监事，决定有关监事的报酬事项；
(3) electing and replacing members of the board of supervisors who are the shareholders’ representatives, and deciding upon matters relating to the remuneration of the supervisors;
（四）审议批准董事会的报告；
(iv) considering and approving reports by the board of directors;
（五）审议批准监事会的报告；
(v) considering and approving reports by the board of supervisors;
（六）审议批准公司的年度财务预算方案、决算方案；
(vi) considering and approving annual financial budget plans and final accounting plans of the company;
（7）审议批准公司的利润分配方案和弥补亏损方案；
(vii) considering and approving profit distribution plans and plans to cover company losses;
（八）对公司增加或者减少注册资本作出决议；
(viii) adopting resolutions regarding increase or reduction of registered capital by the company;
（9）对发行公司债券作出决议；
(ix) adopting resolutions on the issue of bonds by the company;
（十）对公司合并、分立、解散和清算等事项作出决议；
(x) adopting resolutions on merger, division, change of corporate form, dissolution and liquidation of the company;
（十一）修改公司章程。
(xi) amending the articles of association.
第一百零四条：股东大会应当每年召开一次年会。有下列情形之一的，应当在二个月内召开临时股东大会：
Article 104 The shareholders’ general committee shall hold an annual meeting each year. An interim meeting of the shareholders’ general committee shall be held within 2 months upon the occurrence of any of the following circumstances:
（一）董事人数不足本法规定的人数或者公司章程所定人数的三分之二时；
(i) The number of directors falls below the number prescribed herein or below two-thirds of the number prescribed in the articles of association;
（二）公司未弥补的亏损达股本总额三分之一时；
(ii) The company’s losses which are not covered have reached one-third of the total amount of the share capital;
（三）持有公司股份百分之十以上的股东请求时；
(iii) Shareholders holding at least 10 percent of the company’s stocks make a request;
（四）董事会认为必要时；
(iv) The board of directors deems necessary;
（五）监事会提议召开时。
(v) The board of supervisors proposes for such a meeting.
第一百零五条：股东大会会议由董事会依照本法规定负责召集，由董事长主持。董事长因特殊原因不能履行职务时，由董事长指定的副董事长或者其他董事主持。召开股东大会，应当将会议审议的事项于会议召开三十日以前通知各股东。临时股东大会不得对通知中未列明的事项作出决议。
Article 105 A meeting of shareholders general committee shall be called by the board of directors in accordance with herewith, and shall be presided over by the chairman of the board. Where the chairman is unable to perform his duties due to any special reason, the meeting shall be presided over by the vice-chairman appointed by the chairman or another director appointed by the chairman. In order to hold a meeting of shareholders’ general committee, notice concerning the matters to be considered at the meeting shall be given to each shareholder 30 days in advance. An interim meeting of shareholders’ general committee may not adopt any resolution on matters not stated in the notice.
发行无记名股票的，应当于会议召开四十五日以前就前款事项作出公告。
Where the company has issued bearer share certificates, a public notice concerning matters set forth in the previous Paragraph shall be made 45 days prior to the meeting.
无记名股票持有人出席股东大会的，应当于会议召开五日以前至股东大会闭会时止将股票交存于公司。
When attending a meeting of shareholders’ general committee, holders of bearer share certificates shall deposit such certificates at the company from the 5th day prior to the meeting until the closing of the meeting.
第一百零六条：股东出席股东大会，所持每一股份有一表决权。
Article 106 When a shareholder attends the meeting of shareholders’ general committee, each share he holds is entitled to one vote.
股东大会作出决议，必须经出席会议的股东所持表决权的半数以上通过。股东大会对公司合并、分立或者解散公司作出决议，必须经出席会议的股东所持表决权的三分之二以上通过。
A resolution adopted by the shareholders’ general committee requires affirmative votes by a majority of the votes held by shareholders attending the meeting. The shareholders’ general committee’s adoption of a resolution for merger, division or dissolution of the company requires affirmative votes by at least two-thirds of the votes held by shareholders attending the meeting.
第一百零七条：修改公司章程必须经出席股东大会的股东所持表决权的三分之二以上通过。
Article 107 An amendment to the articles of association requires affirmative votes by at least two-thirds of the votes held by shareholders attending the meeting of shareholders’ general committee.
第一百零八条：股东可以委托代理人出席股东大会，代理人应当向公司提交股东授权委托书，并在授权范围内行使表决权。
Article 108 A shareholder may attend a meeting of shareholders’ general committee by proxy, the proxy holder shall present the proxy statement issued by the shareholder to the company, and shall exercise his voting rights to the extent authorized by the proxy.
第一百零九条：股东大会应当对所议事项的决定作成会议记录，由出席会议的董事签名。会议记录应当与出席股东的签名册及代理出席的委托书一并保存。
Article 109 The shareholders’ general committee shall prepare minutes regarding the decisions on matters considered at the meeting, which shall be signed by the directors attending the meeting. The minutes shall be maintained together with the record containing signatures of the shareholders attending the meeting and the proxy statements.
第一百一十条：股东有权查阅公司章程、股东大会会议记录和财务会计报告，对公司的经营提出建议或者质询。
Article 110 A shareholder is entitled to inspect the articles of association, the minutes of meetings of shareholders’ general committee and the financial and accounting reports of the company, and is entitled to make a proposal or inquiry concerning the company’s operation.
第一百一十一条：股东大会、董事会的决议违反法律、行政法规，侵犯股东合法权益的，股东有权向人民法院提起要求停止该违法行为和侵害行为的诉讼。
Article 111 Where a resolution adopted by the shareholders’ general committee or the board of directors violates the relevant national statutes or administrative regulations, or infringes on the rights and interests of the shareholders, a shareholder is entitled to bring a suit to the People’s Court to enjoin such illegal act or infringing act.
第三节：董事会、经理
Section Three： Board Of Directors And General Manager
第一百一十二条：股份有限公司设董事会，其成员为五人至十九人。
Article 112 A joint stock limited company shall have a board of directors, which shall be composed of not fewer than 5 but not more than 19 members.
董事会对股东大会负责，行使下列职权：
The board of directors is accountable to the shareholders’ general committee, and shall exercise the following authorities:
（一）负责召集股东大会，并向股东大会报告工作；
(i) being responsible for calling meetings of shareholders’ general committee, and presenting reports thereto;
（二）执行股东大会的决议；
(ii) implementing resolutions adopted by the shareholders’ general committee;
（3）决定公司的经营计划和投资方案；
(iii) determining the company’s operating plans and investment programs;
（四）制订公司的年度财务预算方案、决算方案；
(iv) preparing annual financial budget plans and final accounting plans of the company;
（5）制订公司的利润分配方案和弥补亏损方案；
(v) preparing the company’s profit distribution plans and plans to cover company losses;
（六）制订公司增加或者减少注册资本的方案以及发行公司债券的方案；
(vi) preparing plans for increasing or reducing registered capital by the company, and plans to issue company bonds;
（七）拟订公司合并、分立、解散的方案；
(vii) drafting plans for merger, division or dissolution of the company;
（八）决定公司内部管理机构的设置；
(viii) determining the structure of the company’s internal management;
（九）聘任或者解聘公司经理，根据经理的提名，聘任或者解聘公司副经理、财务负责人，决定其报酬事项；
(ix) appointing or removing the general manager of the company; appointing or removing, upon the general manager’s recommendation, deputy general managers of the company and the officer in charge of finance; and determining the remuneration for those officers;
（10）制定公司的基本管理制度。
(x) formulating the company’s basic management scheme.
第一百一十三条：董事会设董事长一人，可以设副董事长一至二人。董事长和副董事长由董事会以全体董事的过半数选举产生。
Article 113 The board of directors shall have a chairman, and may have one or two vice-chairmen. The chairman and vice-chairman shall be elected by the board of directors through affirmative votes by a majority of the directors.
董事长为公司的法定代表人。
The chairman is the legal representative of the company.
第一百一十四条：董事长行使下列职权：
Article 114 The chairman shall exercise the following authorities:
（一）主持股东大会和召集、主持董事会会议；
(i) presiding over meetings of shareholders’ general committee, and calling and presiding over meetings of the board of directors;
（二）检查董事会决议的实施情况；
(ii) supervising the implementation of resolutions adopted by the board of directors;
（三）签署公司股票、公司债券。
(iii) signing the share certificates and bond certificates of the company.
副董事长协助董事长工作，董事长不能履行职权时，由董事长指定的副董事长代行其职权。
The vice-chairman shall assist the chairman in his work. Where the chairman is unable to exercise his authorities, the vice-chairman appointed by the chairman shall exercise such authorities in his capacity.
第一百一十五条：董事任期由公司章程规定，但每届任期不得超过三年。董事任期届满，连选可以连任。
Article 115 The term of directors shall be prescribed by the articles of association, provided that each term shall not exceed 3 years. A director may continue to serve his post if he is re-elected upon the expiration of his term.
董事在任期届满前，股东大会不得无故解除其职务。
Prior to the expiration of a director’s term, the shareholders’ general committee may not remove him without cause.
第一百一十六条：董事会每年度至少召开二次会议，每次会议应当于会议召开十日以前通知全体董事。
Article 116 The board of directors shall hold meetings at least twice a year, and notice shall be given to all directors 10 days in advance.
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。
Where an interim meeting of the board of directors is to be held, the method and time limit for notification for calling the interim meeting may be prescribed separately.
第一百一十七条：董事会会议应由二分之一以上的董事出席方可举行。董事会作出决议，必须经全体董事的过半数通过。
Article 117 A meeting of the board of directors may not be held unless attended by at least half of the directors. A resolution adopted by the board of directors requires affirmative votes by a majority of all the directors.
第一百一十八条：董事会会议，应由董事本人出席。董事因故不能出席，可以书面委托其他董事代为出席董事会，委托书中应载明授权范围。
Article 118 A meeting of the board of directors shall be attended by each director in person. Where a director is unable to attend the meeting for cause, he may issue a written proxy entrusting another director to attend in his behalf, and the proxy shall set forth the scope of authorization.
董事会应当对会议所议事项的决定作成会议记录，出席会议的董事和记录员在会议记录上签名。
The board of directors shall prepare minutes regarding the decisions on matters considered at the meeting, which shall be signed by the directors attending the meeting and the person preparing the minutes.
董事应当对董事会的决议承担责任。董事会的决议违反法律、行政法规或者公司章程，致使公司遭受严重损失的，参与决议的董事对公司负赔偿责任。但经证明在表决时曾表明异议并记载于会议记录的，该董事可以免除责任。
The directors shall be responsible for resolutions adopted by the board of directors. Where a resolution of the board violates any national statutes, administrative regulations or the articles of association, and causes the company to incur serious loss, those directors participating in the adoption of the resolution are liable to the company for damages. Provided, however, if a director is proven to have dissented at the vote adopting such resolution and such dissension was noted in the minutes, then the director may be exempt from liability.
第一百一十九条：股份有限公司设经理，由董事会聘任或者解聘。经理对董事会负责，行使下列职权：
Article 119 A joint stock limited company shall have a general manager, to be appointed or removed by the board. The general manager is accountable to the board and shall exercise the following authorities:
（1）主持公司的生产经营管理工作，组织实施董事会决议；
(i) being in charge of managing the company’s production and operation, and organizing the implementation of resolutions adopted by the board;
（二）组织实施公司年度经营计划和投资方案；
(ii) organizing the implementation of annual operating plans and investment programs of the company;
拟订公司内部管理机构设置方案；
(iii) drafting the plan for the structure of the company’s internal management;
拟订公司的基本管理制度；
(iv) drafting the basic management scheme of the company;
制定公司的具体规章；
(v) formulating detailed rules of the company;
提请聘任或者解聘公司副经理、财务负责人；
(vi) recommending for appointment or removal of the deputy general managers and the officer in charge of finance;
（七）聘任或者解聘除应由董事会聘任或者解聘以外的负责管理人员；
(vii) appointing and removing officers of the company other than those to be appointed or removed by the board;
公司章程和董事会授予的其他职权。
(viii) other authorities prescribed by the articles of association and delegated by the board.
经理列席董事会会议。
The general manager shall be present at board meetings.
第一百二十条：公司根据需要，可以由董事会授权董事长在董事会闭会期间，行使董事会的部分职权。
Article 120 In light of the needs of the company, the board of directors may authorize the chairman to exercise part of the authorities of the board when it is not in session.
公司董事会可以决定，由董事会成员兼任经理。
The board of directors of the company may decide that a board member is to serve concurrently as the general manager.
第一百二十一条：公司研究决定有关职工工资、福利、安全生产以及劳动保护、劳动保险等涉及职工切身利益的问题，应当事先听取公司工会和职工的意见，并邀请工会或者职工代表列席有关会议。
Article 121 When a company considers and decides upon matters which affect the personal interests of its workers, such as workers’ wages, benefits, production safety and labor protection, or labor insurance, it shall first hear the opinions of the labor union and the workers of the company, and invite representatives of the labor union or the workers to be present at related meetings.
第一百二十二条：公司研究决定生产经营的重大问题、制定重要的规章制度时，应当听取公司工会和职工的意见和建议。
Article 122 When a company considers and decides upon major matters relating to its production and operation, or formulates important rules and standards, it shall hear the opinions and suggestions of the labor union and the workers.
第一百二十三条：董事、经理应当遵守公司章程，忠实履行职务，维护公司利益，不得利用在公司的地位和职权为自己谋取私利。
Article 123 The directors and the general manager shall abide by the articles of association, faithfully perform their duties, and safeguard the interests of the company, and may not abuse their positions and authorities at the company for private gain.
本法第五十七条至第六十三条有关不得担任董事、经理的规定以及董事、经理义务、责任的规定，适用于股份有限公司的董事、经理。
The provisions from Article 57 to Article 63 hereof setting forth the circumstances in which a person may not serve as a director or the general manager, and the obligations and responsibilities of the directors and the general manager shall apply to the directors and general manager of a joint stock limited company.
第四节：监事会
Section Four： Board Of Supervisors
第一百二十四条：股份有限公司设监事会，其成员不得少于三人。监事会应在其组成人员中推选一名召集人。
Article 124 A joint stock limited company shall have a board of supervisors, which shall be composed of not fewer than 3 members. The board of supervisors shall elect one member to serve as the person responsible for calling meetings.
监事会　由股东代表和适当比例的公司职工代表组成，具体比例由公司章程规定。监事会中的职工代表由公司职工民主选举产生。
The board of supervisors shall be composed of the shareholders’ representative(s) and representative(s) of the workers of the company in an appropriate ratio to be prescribed by the articles of association. The workers’ representative(s) on the board of supervisors shall be democratically elected by the workers of the company.
董事、经理　及财务负责人不得兼任监事。
A director, the general manager and the officer in charge of finance may not serve concurrently as a supervisor.
第一百二十五条：监事的任期每届为三年。监事任期届满，连选可以连任。
Article 125 Each term of a supervisor shall be three years, and a supervisor may continue to serve his post at the expiration of his term if he is re-elected.
第一百二十六条：监事会行使下列职权：
Article 126 The board of supervisors shall exercise the following authorities:
（一）检查公司的财务；
(i) reviewing the financial affairs of the company;
对董事、经理执行公司职务时违反法律、法规或者公司章程的行为进行监督；
(ii) monitoring the acts of the directors or the general manager to guard against violation of national statutes, administrative regulations or the articles of association in the course their performance of duties;
当董事和经理的行为损害公司的利益时，要求董事和经理予以纠正；
(iii) requiring the directors or the general manager to make rectification when any act thereof harms company interests;
（四）提议召开临时股东大会；
(iv) proposing for interim meetings of shareholders’ general committee.
（五）公司章程规定的其他职权。
(v) other authorities prescribed by the articles of association.
监事列席董事会会议。
The supervisors shall be present at board meetings.
第一百二十七条：监事会的议事方式和表决程序由公司章程规定。
Article 127 The method for conducting business and voting procedure for the board of supervisors shall be prescribed by the articles of association.
第一百二十八条：监事应当依照法律、行政法规、公司章程，忠实履行监督职责。
Article 128 A supervisor shall perform his supervisory duties faithfully in accordance with the provisions of national statutes, administrative regulations, and the articles of association.
本法第五十七条至第五十九条、第六十二条至第六十三条有关不得担任监事的规定以及监事义务、责任的规定，适用于股份有限公司的监事。
The provisions from Article 57 to Article 59 hereof and from Article 62 to Article 63 hereof setting forth the circumstances in which a person may not serve as a supervisor, and the obligations and responsibilities of supervisors shall apply to the supervisors of a joint stock limited company.
第四章：股份有限公司的股份发行和转让
Chapter Four: Issue And Transfer Of Shares Of A Joint Stock Limited Company
第一节：股份发行
Section One： Issue Of Shares
第一百二十九条：股份有限公司的资本划分为股份，每一股的金额相等。
Article 129 The capital of a joint stock limited company shall be divided into shares, and all the shares shall be of equal value.
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。
Shares of the company are represented by share certificates. A share certificate is a certificate issued by the company certifying the share held by a shareholder.
第一百三十条：股份的发行，实行公开、公平、公正的原则，必须同股同权，同股同利。
Article 130 When shares are issued, the principles of openness, fairness, and equity shall be followed, and each share in the same class must have the same rights and receive the same interests.
同次发行的股票，每股的发行条件和价格应当相同。任何单位或者个人所认购的股份，每股应当支付相同价额。
For shares issued at the same time, each share shall be issued on the same conditions and at the same price. All entities or individuals subscribing for shares shall pay the same price for each share.
第一百三十一条：股票发行价格可以按票面金额，也可以超过票面金额，但不得低于票面金额。
Article 131 The issuing price per share may be at par value, or above par value, but may not be below par value.
以超过票面金额为股票发行价格的，须经国务院证券管理部门批准。
The pricing of shares issued at above par value is subject to approval by the securities regulatory authority under the State Council.
以超过票面金额发行股票所得溢价款列入公司资本公积金。
The premium resulting from issuance of shares at a price above par value shall be allocated to the company’s capital reserve fund.
股票溢价发行的具体管理办法由国务院另行规定。
The detailed regulatory measures concerning issuance of shares at a premium shall be prescribed by the State Council separately.
第一百三十二条：股票采用纸面形式或者国务院证券管理部门规定的其他形式。
Article 132 A share certificate shall be in paper form or in other forms prescribed by the securities regulatory authority under the State Council.
股票应当载明下列主要事项：
A share certificate shall set forth the following major items:
（一）公司名称；
(i) the name of the company;
（二）公司登记成立的日期；
(ii) the company’s date of registration and establishment;
（三）股票种类、票面金额及代表的股份数；
(iii) the class and par value of the shares and the number of shares represented;
（四）股票的编号。
(iv) the serial number of the share certificate.
股票由董事长签名，公司盖章。
The share certificate shall be signed by the chairman of the board, and the company’s chop shall be impressed thereon.
发起人的股票，应当标明发起人股票字样。
Share certificates held by the sponsors shall be marked with the words Sponsors’ Share.
第一百三十三条：公司向发起人、国家授权投资的机构、法人发行的股票，应当为记名股票，并应当记载该发起人、机构或者法人的名称，不得另立户名或者以代表人姓名记名。
Article 133 Share certificates issued by the company to its sponsors, state authorized investment institutions, or legal persons shall be registered share certificates bearing the names of such sponsors, institutions, or legal persons, and may not be registered under any other names or in the names of their legal representatives.
对社会公众发行的股票，可以为记名股票，也可以为无记名股票。
Share certificates issued to the public may be in the form of either registered share certificates or bearer share certificates.
第一百三十四条：公司发行记名股票的，应当置备股东名册，记载下列事项：
Article 134 A company issuing registered share certificates shall maintain a record of shareholders, which shall set forth the following:
股东的姓名或者名称及住所；
(i) the name and domicile of each shareholder;
（二）各股东所持股份数；
(ii) the number of shares held by each shareholder;
（三）各股东所持股票的编号；
(iii) the serial numbers of share certificates held by each shareholder;
（四）各股东取得其股份的日期。
(iv) the date on which each shareholder acquired his shares.
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。
A company issuing bearer share certificates shall record the number of such share certificates, their serial numbers and their issuing dates.
第一百三十五条：国务院可以对公司发行本法规定的股票以外的其他种类的股票，另行作出规定。
Article 135 The State Council may make separate stipulations relating to a company’s issuance of shares of classes other than those prescribed herein.
第一百三十六条：股份有限公司登记成立后，即向股东正式交付股票。公司登记成立前不得向股东交付股票。
Article 136 Upon registration and establishment, a joint stock limited company shall promptly deliver the share certificates to its shareholders officially. Prior to registration and establishment, the company may not deliver any share certificate to its shareholders.
第一百三十七条：公司发行新股，必须具备下列条件：
Article 137 Issuance of new shares by a company is subject to the following conditions:
（一）前一次发行的股份已募足，并间隔一年以上；
(i) Previously issued shares have been fully subscribed for, and at least one year has passed since the previous share issue;
（二）公司在最近三年内连续盈利，并可向股东支付股利；
(ii) The company has been profitable consecutively for the most recent three years, and is able to pay dividends to its shareholders;
（三）公司在最近三年内财务会计文件无虚假记载；
(iii) The financial and accounting documents of the company contain no misrepresentation for the most recent three years;
（四）公司预期利润率可达同期银行存款利率。
(iv) the company’s projected profit rate reaches the interest rate of bank deposits for a like period.
公司以当年利润分派新股，不受前款第（二）项限制。
Where the company distributes its current year profit in the form of new shares, issuance of such shares are exempt from the restriction prescribed in Item (ii) of the previous Paragraph.
第一百三十八条：公司发行新股，股东大会应当对下列事项作出决议：
Article 138 Where a company is to issue new shares, the shareholder’s general committee shall adopt a resolution concerning the following:
（一）新股种类及数额；
(i) the classes and number of the new shares;
（二）新股发行价格；
(ii) the issuing price of the new shares;
（三）新股发行的起止日期；
(iii) the commencing and ending dates of issuance of the new shares;
（四）向原有股东发行新股的种类及数额。
(iv) the classes and number of new shares issued to the existing shareholders.
第一百三十九条：股东大会作出发行新股的决议后，董事会必须向国务院授权的部门或者省级人民政府申请批准。属于向社会公开募集的，须经国务院证券管理部门批准。
Article 139 Upon adoption of a resolution by the shareholders’ general committee to issue new shares, the board of directors shall apply to the department authorized by the State Council or the People’s Government at the provincial level for approval. Where the new shares are offered to the public, approval by the securities regulatory authority is required.
第一百四十条：公司经批准向社会公开发行新股时，必须公告新股招股说明书和财务会计报表及附属明细表，并制作认股书。
Article 140 When a company is approved to issue new shares to the public, it shall make public the prospectus for the issue of new shares, its financial and accounting statements and subsidiary statements, and shall prepare the subscription form.
公司向社会公开发行新股，应当由依法设立的证券经营机构承销，签订承销协议。
If the company offers new shares to the public, such share offer shall be underwritten by a lawfully established securities underwriter, and the company shall execute an underwriting agreement therewith.
第一百四十一条：公司发行新股，可根据公司连续盈利情况和财产增值情况，确定其作价方案。
Article 141 In issuing new shares, a company may determine the pricing scheme in light of the sustainable profitability of the company and the appreciation of the company’s assets.
第一百四十二条：公司发行新股募足股款后，必须向公司登记机关办理变更登记，并公告。
Article 142 Upon full receipt of the share proceeds from the company’s newly issued shares, the company shall carry out amendment registration with the company registration authority and shall make a public announcement.
第二节：股份转让
Section Two： Assignment Of Shares
第一百四十三条：股东持有的股份可以依法转让。
Article 143 Shares held by a shareholder may be assigned in accordance with the law.
第一百四十四条：股东转让其股份，必须在依法设立的证券交易场所进行。
Article 144 Assignment of shares by a shareholder must be carried out at a lawfully established securities exchange.
第一百四十五条：记名股票，由股东以背书方式或者法律、行政法规规定的其他方式转让。
Article 145 Assignment of registered share certificates is effected by the shareholder’s endorsement thereof or by other methods prescribed by the relevant national statutes or administrative regulations.
记名股票的转让，由公司将受让人的姓名或者名称及住所记载于股东名册。
In the case of assignment of registered share certificates, the company shall record the assignee’s name and domicile on the record of shareholders.
股东大会召开前三十日内或者公司决定分配股利的基准日前五日内，不得进行前款规定的股东名册的变更登记。
Recording change of shareholders on the record of shareholders referred to in the previous Paragraph may not be carried out for a period of 30 days prior to the holding of a meeting of shareholders’ general committee, or 5 days prior to the record date for the purpose of dividend distribution determined by the company.
第一百四十六条：无记名股票的转让，由股东在依法设立的证券交易场所将该股票交付给受让人后即发生转让的效力。
Article 146 Assignment of bearer share certificates takes effect upon delivery thereof by the shareholder to the assignee at a lawfully established securities exchange.
第一百四十七条：发起人持有的本公司股份，自公司成立之日起三年内不得转让。
Article 147 Shares of a company held by its sponsors may not be assigned for a period of 3 years commencing from the date of the company’s establishment.
公司董事、监事、经理应当向公司申报所持有的本公司的股份，并在任职期间内不得转让。
The directors, supervisors and general manager of the company shall report to the company the number of the company’s shares held thereby, and may not assign such shares while they are in office.
第一百四十八条：国家授权投资的机构可以依法转让其持有的股份，也可以购买其他股东持有的股份。转让或者购买股份的审批权限、管理办法，由法律、行政法规另行规定。
Article 148 A state authorized investment institution may assign shares held by it in accordance with the law, and may also purchase shares held by other shareholders. The authority of approval for, and regulatory measures concerning, such assignment or purchase of shares shall be separately prescribed by the relevant national statutes or administrative regulations.
第一百四十九条：公司不得收购本公司的股票，但为减少公司资本而注销股份或者与持有本公司股票的其他公司合并时除外。
Article 149 A company may not purchase its own shares, except in the case of share cancellation for the purpose of reducing the company’s capital, or in the case of merger with another company holding shares of the company.
公司依照前款规定收购本公司的股票后，必须在十日内注销该部分股份，依照法律、行政法规办理变更登记，并公告。
Upon repurchase of its shares pursuant to the previous Paragraph, the company shall cancel such shares within 10 days, and carry out amendment registration in accordance with the relevant national statutes or administrative regulations, and shall make a public announcement.
公司不得接受本公司的股票作为抵押权的标的。
The company may not accept its own shares as the collateral under a security arrangement.
第一百五十条：记名股票被盗、遗失或者灭失，股东可以依照民事诉讼法规定的公示催告程序，请求人民法院宣告该股票失效。
Article 150 If a registered share certificate is stolen, lost or destroyed, the shareholder may petition a People’s Court for the invalidation thereof through the public notice procedure prescribed in the Civil Procedural Law of the People’s Republic of China.
依照公示催告程序，人民法院宣告该股票失效后，股东可以向公司申请补发股票。
After the People’s Court has invalidated such share certificate through the public notice procedure, the shareholder may apply to the company for re-issuance of a certificate for the share.
第三节：上市公司
Section Three： Listed Companies
第一百五十一条：本法所称上市公司是指所发行的股票经国务院或者国务院授权证券管理部门批准在证券交易所上市交易的股份有限公司。
Article 151 A Listed company referred to herein means a joint stock limited company whose issued shares have been approved by the State Council or the securities regulatory authority authorized by the State Council to be listed and traded on a securities exchange.
第一百五十二条：股份有限公司申请其股票上市必须符合下列条件：
Article 152 A joint stock limited company applying for listing of its shares shall meet the following requirements:
（一）股票经国务院证券管理部门批准已向社会公开发行；
(i) The company’s shares have been issued to the public with approval by the securities regulatory authority under the State Council;
（二）公司股本总额不少于人民币五千万元；
(ii) The amount of total share capital of the company is at least Renminbi 50,000,000 Yuan;
（三）开业时间在三年以上，最近三年连续盈利；原国有企业依法改建而设立的，或者本法实施后新组建成立，其主要发起人为国有大中型企业的，可连续计算；
(iii) The company has been in operation for at least three years, and has been profitable consecutively for the most recent three years; where the company is reorganized from a former state-owned enterprise in accordance with the law, or newly established after the implementation hereof, with its principal sponsor being a large-scaled or medium-scaled state-owned enterprise, the required period may be counted continuously;
（四）持有股票面值达人民币一千元以上的股东人数不少于一千人，向社会公开发行的股份达公司股份总数的百分之二十五以上；公司股本总额超过人民币四亿元的，其向社会公开发行股份的比例为百分之十五以上；
(iv) There are at least 1,000 shareholders each of whom holds shares with face value of not less than Renminbi 1,000 Yuan, and the shares issued to the public amount to at least 25 percent of the total number of shares of the company; and where the amount of total share capital of the company exceeds Renminbi 400,000,000 Yuan, the shares issued to the public amount to at least 15 percent of the total number of shares of the company;
（五）公司在最近三年内无重大违法行为，财务会计报告无虚假记载；
(v) The company has not engaged in any material illegal act for the most recent three consecutive years, and the financial and accounting reports thereof contain no misrepresentation;
国务院规定的其他条件。
(vi) Other requirements prescribed by the State Council.
第一百五十三条：股份有限公司申请其股票上市交易，应当报经国务院或者国务院授权证券管理部门批准，依照有关法律、行政法规的规定报送有关文件。
Article 153 The application by a joint stock limited company for listing of its shares shall be submitted to the State Council or the securities regulatory authority authorized thereby for approval, and the relevant documents shall be submitted in accordance with the applicable national statutes and administrations regulations.
国务院或者国务院授权证券管理部门对符合本法规定条件的股票上市交易申请，予以批准；对不符合本法规定条件的，不予批准。
The State Council or the securities regulatory authority authorized thereby shall approve an application for listing of shares which meets the requirements prescribed herein; and shall not approve any application which fails to meet the requirements prescribed herein.
股票上市交易申请经批准后，被批准的上市公司必须公告其股票上市报告，并将其申请文件存放在指定的地点供公众查阅。
Upon approval of its application for listing of shares, the company approved for listing shall make public its share listing report, and shall maintain its application documents at a designated place for inspection by the public.
第一百五十四条：经批准的上市公司的股份，依照有关法律、行政法规上市交易。
Article 154 The shares of a company approved for listing shall be listed in accordance with the provisions of applicable national statutes and administrative regulations.
第一百五十五条：经国务院证券管理部门批准，公司股票可以到境外上市，具体办法由国务院作出特别规定。
Article 155 Upon approval by the securities regulatory authority under the State Council, the shares of a company may be listed abroad, and the detailed measures shall be specially prescribed by the State Council.
第一百五十六条：上市公司必须按照法律、行政法规的规定，定期公开其财务状况和经营情况，在每会计年度内半年公布一次财务会计报告。
Article 156 A listed company shall make public its financial conditions and operating conditions at regular intervals in accordance with the relevant national statutes and administrative regulations, and shall make public its financial and accounting reports semiannually in each fiscal year.
第一百五十七条：上市公司有下列情形之一的，由国务院证券管理部门决定暂停其股票上市：
Article 157 The securities regulatory authority under the State Council shall suspend the trading of a listed company in any of the following circumstances:
（一）公司股本总额、股权分布等发生变化不再具备上市条件；
(i) Matters such as the total share capital or the composition of equity ownership of the company have changed so that the company no longer meets the requirements for listing;
（二）公司不按规定公开其财务状况，或者对财务会计报告作虚假记载；
(ii) The company fails to make public its financial condition as required, or has made misrepresentations in its financial and accounting reports;
（三）公司有重大违法行为；
(iii) The company has engaged in material illegal act;
（四）公司最近三年连续亏损。
(iv) The company has been suffering losses for the most recent three consecutive years.
第一百五十八条：上市公司有前条第（二）项、第（三）项所列情形之一经查实后果严重的，或者有前条第（一）项、第（四）项所列情形之一，在限期内未能消除，不具备上市条件的，由国务院证券管理部门决定终止其股票上市。
Article 158 Where a listed company is in a circumstance set forth in either Item (ii) or (iii) of the previous Article, and after investigation, it is confirmed that the circumstance is serious, or the listed company is in a circumstance set forth in either Item (i) or (iv) and has not been able to eliminate such circumstance within a prescribed time limit, and hence no longer meets the requirements for listing, the securities regulatory authority under the State Council shall issue a decision to de-list its shares.
公司决议解散、被行政主管部门依法责令关闭或者被宣告破产的，由国务院证券管理部门决定终止其股票上市。
Where the company is to be dissolved pursuant to a resolution, is ordered to cease its operation by the relevant authority in charge in accordance with the law, or is declared bankrupt, the securities regulatory authority under the State Council shall issue a decision to de-list its shares.
第五章：公司债券
Chapter Five: Company Bonds
第一百五十九条：股份有限公司、国有独资公司和两个以上的国有企业或者其他两个以上的国有投资主体投资设立的有限责任公司，为筹集生产经营资金，可以依照本法发行公司债券。
Article 159 For the purpose of financing production and operation, a joint stock limited company, a wholly state-owned company or a limited liability company established through investment by two or more state-owned enterprises or two or more state authorized investment entities may issue company bonds in accordance herewith.
第一百六十条：本法所称公司债券是指公司依照法定程序发行的、约定在一定期限还本付息的有价证券。
Article 160 Company bonds referred to herein means a form of security which is issued by a company in accordance with legally prescribed procedure, and which provides that the principal thereof and interest thereon shall be paid at specified times.
第一百六十一条：发行公司债券，必须符合下列条件：
Article 161 In order to issue company bonds, the following requirements must be met:
（一）股份有限公司的净资产额不低于人民币三千万元，有限责任公司的净资产额不低于人民币六千万元；
(i) The net assets of the company shall be not less than Renminbi 30,000,000 Yuan in the case of a joint stock limited company, and not less than Renminbi 60,000,000 Yuan in the case of a limited liability company;
（二）累计债券总额不超过公司净资产额的百分之四十；
(ii) The cumulative value of company bonds shall not exceed 40 percent of the company’s net assets;
（三）最近三年平均可分配利润足以支付公司债券一年的利息；
(iii) The average distributable profit for the most recent three years is sufficient to pay one year’s interest on the company bonds;
（四）筹集的资金投向符合国家产业政策；
(iv) The proceeds received shall be invested in a manner consistent with state industrial policy;
（五）债券的利率不得超过国务院限定的利率水平；
(v) The interest rate on the bonds shall not exceed the level of interest rate set by the State Council;
（六）国务院规定的其他条件。
(vi) Other requirements prescribed by the State Council.
发行公司债券筹集的资金，必须用于审批机关批准的用途，不得用于弥补亏损和非生产性支出。
The proceeds from issuance of company bonds shall be used for the purpose approved by the approval authority, and may not be used to cover losses and non-operating expenditures.
第一百六十二条：凡有下列情形之一的，不得再次发行公司债券：
Article 162 No additional company bonds may be issued in any of the following circumstances:
（一）前一次发行的公司债券尚未募足的；
(i) Company bonds previously issued have not been fully subscribed for;
（二）对已发行的公司债券或者其债务有违约或者延迟支付本息的事实，且仍处于继续状态的。
(ii) The fact that the company is in default of any of the previously issued company bonds or company debt or is late in payment of principal and interest has occurred, and is currently existing.
第一百六十三条：股份有限公司、有限责任公司发行公司债券，由董事会制订方案，股东会作出决议。
Article 163 Where a joint stock limited company or limited liability company is to issue company bonds, its board of directors shall prepare a plan and the shareholders’ committee shall adopt a resolution on such matter.
国有独资公司发行公司债券，应由国家授权投资的机构或者国家授权的部门作出决定。
Where a wholly state-owned company is to issue company bonds, the decision shall be made by the state authorized investment entity or state authorized department.
依照前二款规定作出决议或者决定后，公司应当向国务院证券管理部门报请批准。
After a resolution has been adopted or a decision has been made pursuant to the previous two Paragraphs, the company shall apply to the securities regulatory authority under the State Council for approval.
第一百六十四条：公司债券的发行规模由国务院确定。国务院证券管理部门审批公司债券的发行，不得超过国务院确定的规模。
Article 164 The overall volume of company bonds issue shall be determined by the State Council. In examining and approving application for company bonds issue, the securities regulatory authority under the State Council may not extend its approval beyond the volume set by the State Council.
国务院证券管理部门对符合本法规定的发行公司债券的申请，予以批准；对不符合本法规定的申请，不予批准。
The securities regulatory authority under the State Council shall approve an application for company bonds issue which complies with the provisions hereof, and shall not approve an application which fails to comply with the provisions hereof.
对已作出的批准如发现不符合本法规定的，应予撤销。尚未发行公司债券的，停止发行；已经发行公司债券的，发行的公司应当向认购人退还所缴款项并加算银行同期存款利息。
Where it has been discovered that an approval given for company bonds issue is not in compliance with the provisions hereof, such approval shall be revoked. If the company bonds have not been issued, the issue shall be terminated; if the company bonds have been issued, the issuing company shall return the proceeds paid by the subscribers together with the interest thereon as if they have been deposited in a bank for a like period.
第一百六十五条：：公司向国务院证券管理部门申请批准发行公司债券，应当提交下列文件：
Article 165 For an application to the securities regulatory authority under the State Council for company bonds issue, the following documents shall be submitted:
（一）公司登记证明；
(i) the company’s registration certificate;
（二）公司章程；
(ii) the articles of association of the company;
（三）公司债券募集办法；
(iii) the plan for company bonds offer;
（四）资产评估报告和验资报告。
(iv) the assets appraisal report and capital verification report.
第一百六十六条：发行公司债券的申请经批准后，应当公告公司债券募集办法。
Article 166 Upon approval of an application for company bonds issue, the plan for company bonds offer shall be made public.
公司债券募集办法中应当载明下列主要事项：
The plan for company bonds offer shall set forth the following major items:
（一）公司名称；
(i) the name of the company;
（二）债券总额和债券的票面金额；
(ii) the total value of the bonds and the par value of each bond;
（三）债券的利率；
(iii) the rate of interest on the bonds;
（四）还本付息的期限和方式；
(iv) the time limit and method for payment of the principal of and interest on the bonds;
（五）债券发行的起止日期；
(v) the commencing and ending date of the bonds issue;
（六）公司净资产额；
(vi) the net assets value of the company;
（七）已发行的尚未到期的公司债券总额；
(vii) the total value of issued and outstanding company bonds;
（八）公司债券的承销机构。
(viii) the underwriter of the company bonds.
第一百六十七条：公司发行公司债券，必须在债券上载明公司名称、债券票面金额、利率、偿还期限等事项，并由董事长签名，公司盖章。
Article 167 In the case of company bonds issue, a company must state on each bond certificate the name of the company, the par value of the bond, interest rate, and repayment period, and the bond certificate shall be signed by the chairman of the board, and the company’s chop shall be impressed thereon.
第一百六十八条：公司债券可分为记名债券和无记名债券。
Article 168 company bonds may be classified as either registered bonds or bearer bonds.
第一百六十九条：公司发行公司债券应当置备公司债券存根簿。
Article 169 If a company has issued bonds, it shall maintain a record of bondholders.
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：
If registered bonds are issued, the following shall be recorded on the company’s record of bondholders:
（一）债券持有人的姓名或者名称及住所；
(i) the name and domicile of each bondholder;
（二）债券持有人取得债券的日期及债券的编号；
(ii) the dates on which the bondholders acquired the bonds and the serial numbers of the bond certificates;
（三）债券总额，债券的票面金额，债券的利率，债券的还本付息的期限和方式；
(iii) the total value of the bonds, the par value of each bond, the interest thereon, the term thereof and method for payment of principal and interest;
（四）债券的发行日期。
(iv) the date of issue of the bonds.
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。
If bearer company bonds are issued, the company’s record of bondholders shall record the total value of such bonds, the interest rate thereon, the term thereof and the method for repayment, and the date of issue and the serial numbers of the bond certificates.
第一百七十条：公司债券可以转让。转让公司债券应当在依法设立的证券交易场所进行。
Article 170 Company bonds may be assigned. Assignment of company bonds shall be carried out at a lawfully established securities exchange.
公司债券的转让价格由转让人与受让人约定。
The assignment price of company bonds shall be agreed upon between the assignor and the assignee.
第一百七十一条：记名债券，由债券持有人以背书方式或者法律、行政法规规定的其他方式转让。
Article 171 Assignment of registered bonds is effected by the bondholder’s endorsement of the bonds or by other methods prescribed by the relevant national statutes or administrative regulations.
记名债券的转让，由公司将受让人的姓名或者名称及住所记载于公司债券存根簿。
In the case of assignment of registered bonds, the company shall record the assignee’s name and domicile on the record of bondholders.
无记名债券，由债券持有人在依法设立的证券交易场所将该债券交付给受让人后即发生转让的效力。
Assignment of bearer bonds takes effect upon delivery thereof by the bondholder to the assignee at a lawfully established securities exchange.
第一百七十二条：上市公司经股东大会决议可以发行可转换为股票的公司债券，并在公司债券募集办法中规定具体的转换办法。
Article 172 Upon adoption of a resolution by the shareholders’ general committee, a listed company may issue bonds which are convertible to its shares, and it shall prescribe the specific method for such conversion in the plan for company bonds offer.
发行可转换为股票的公司债券，应当报请国务院证券管理部门批准。公司债券可转换为股票的，除具备发行公司债券的条件外，还应当符合股票发行的条件。
In order to issue convertible company bonds, an application shall be submitted to the securities regulatory authority under the State Council for approval. In order to issue convertible company bonds, in addition to meeting the requirements for issue of bonds, the company shall also meet the requirements for issue of shares.
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。
In the case of issue of convertible company bonds, the face of the bond certificate shall be marked with the word “Convertible,” and the number of convertible company bonds shall be specified in the company’s record of bondholders.
第一百七十三条：发行可转换为股票的公司债券的，公司应当按照其转换办法向债券持有人换发股票，但债券持有人对转换股票或者不转换股票有选择权。
Article 173 Where convertible company bonds are issued, the company shall exchange its shares for the bonds held by the bondholders using the prescribed method of conversion, provided that the bondholders have the option on whether or not to convert their bonds.
第六章：公司财务、会计
Chapter Six: Financial And Accounting Affairs Of Company
第一百七十四条：公司应当依照法律、行政法规和国务院财政主管部门的规定建立本公司的财务、会计制度。
Article 174 A company shall establish its financial and accounting system in accordance with the relevant national statutes, administrative regulations and the stipulations of the finance authority under the State Council.
第一百七十五条：公司应当在每一会计年度终了时制作财务会计报告，并依法经审查验证。
Article 175 A company shall prepare its financial and accounting reports at the end of each fiscal year, which shall be reviewed and verified in accordance with the law.
财务会计报告应当包括下列财务会计报表及附属明细表：
The financial and accounting reports shall include the following financial and accounting statements and subsidiary statements:
（一）资产负债表；
(i) balance sheet;
（二）损益表；
(ii) income statement;
（三）财务状况变动表；
(iii) statement of cash flow;
（四）财务情况说明书；
(iv) explanation of financial conditions;
（五）利润分配表。
(v) statement of profit distribution;
第一百七十六条：有限责任公司应当按照公司章程规定的期限将财务会计报告送交各股东。
Article 176 A limited liability company shall deliver its financial and accounting reports to each shareholder within the time limit prescribed by the articles of association.
股份有限公司的财务会计报告应当在召开股东大会年会的二十日以前置备于本公司，供股东查阅。
The financial and accounting reports of a joint stock limited company shall be available at the company’s premises for shareholders’ inspection as from the 20th day prior to the annual meeting of shareholders’ general committee.
以募集设立方式成立的股份有限公司必须公告其财务会计报告。
A joint stock limited company established through public share offer shall make public its financial and accounting reports.
第一百七十七条：公司分配当年税后利润时，应当提取利润的百分之十列入公司法定公积金，并提取利润的百分之五至百分之十列入公司法定公益金。公司法定公积金累计额为公司注册资本的百分之五十以上的，可不再提取。
Article 177 In distribution of its current year after-tax profit, a company shall allocate 10 percent to its statutory reserve fund, 5 to 10 percent to its statutory welfare fund. Allocation to the company’s statutory reserve fund may be waived once the cumulative amount of funds therein exceeds 50 percent of the company’s registered capital.
公司的法定公积金不足以弥补上一年度公司亏损的，在依照前款规定提取法定公积金和法定公益金之前，应当先用当年利润弥补亏损。
Where the statutory reserve fund is not sufficient to cover the company’s loss from the previous year, the current year profit shall be used to cover such loss before allocation is made to the statutory reserve fund and the statutory welfare fund pursuant to the previous Paragraph.
公司在从税后利润中提取法定公积金后，经股东会决议，可以提取任意公积金。
After allocation to the statutory reserve fund has been made from the after-tax profit of the company, and upon adoption of a resolution by the shareholders’ committee, allocation may be made to the discretionary reserve fund.
公司弥补亏损和提取公积金、法定公益金后所余利润，有限责任公司按照股东的出资比例分配，股份有限公司按照股东持有的股份比例分配。
After the company has covered its losses, and made allocation to the reserve funds and statutory welfare fund, the remainder of the profit shall be distributed to the shareholders in proportion to their capital contribution in the case of a limited liability company, and in proportion to their share holdings in the case of a joint stock limited company.
股东会或者董事会违反前款规定，在公司弥补亏损和提取法定公积金、法定公益金之前向股东分配利润的，必须将违反规定分配的利润退还公司。
If the shareholders’ committee or the board of directors, in violation of the previous Paragraph, distributes profit to the shareholders before covering company losses and making allocation to company statutory reserve fund and statutory welfare fund, the profit so distributed must be returned to the company.
第一百七十八条：股份有限公司依照本法规定，以超过股票票面金额的发行价格发行股份所得的溢价款以及国务院财政主管部门规定列入资本公积金的其他收入，应当列为公司资本公积金。
Article 178 The premium received by a joint stock limited company through issuance of shares at prices above par value in accordance herewith, as well as other incomes to be allocated to the capital reserve fund as stipulated by the finance authority under the State Council, shall be allocated to the capital reserve fund.
第一百七十九条：公司的公积金用于弥补公司的亏损，扩大公司生产经营或者转为增加公司资本。
Article 179 The reserve funds of the company shall be used to cover company losses, expand its production and operation, or be converted to the company’s increased capital.
股份有限公司经股东大会决议将公积金转为资本时，按股东原有股份比例派送新股或者增加每股面值。但法定公积金转为资本时，所留存的该项公积金不得少于注册资本的百分之二十五。
Where a joint stock limited company, upon adoption of a resolution by the shareholders’ general committee, is to convert the reserve funds into company capital, new shares shall be distributed to the shareholders in proportion to their original share holdings, or the par value of each share shall be increased. Provided, however, upon conversion of statutory reserve fund into capital, the amount remaining in the statutory reserve fund may not fall below 25 percent of the registered capital.
第一百八十条：公司提取的法定公益金用于本公司职工的集体福利。
Article 180 The statutory welfare fund allocated by the company shall be used for the collective welfare of the workers thereof.
第一百八十一条：公司除法定的会计帐册外，不得另立会计帐册。对公司资产，不得以任何个人名义开立帐户存储。
Article 181 The company may not establish any separate accounting book besides the accounting books prescribed by law. The company’s assets may not be deposited into any account established under an individual’s name.
第七章：公司合并、分立
Chapter Seven: Merger And Division Of Company
第一百八十二条：公司合并或者分立，应当由公司的股东会作出决议。
Article 182 If a company is to undergo merger or division, its shareholders’ committee shall adopt a resolution.
第一百八十三条：股份有限公司合并或者分立，必须经国务院授权的部门或者省级人民政府批准。
Article 183 The merger or division of a joint stock limited company is subject to approval by the department authorized by the State Council or the People’s Government at the provincial level.
第一百八十四条：公司合并可以采取吸收合并和新设合并两种形式。
Article 184 Companies may be merged in two forms, i.e. merger by absorption and merger by consolidation.
一个公司吸收其他公司为吸收合并，被吸收的公司解散。二个以上公司合并设立一个新的公司为新设合并，合并各方解散。
One company absorbing another company is merger by absorption, and the company being absorbed shall be dissolved. Merger of two or more Companies through establishment of a new company is a consolidation, and the companies being consolidated shall be dissolved.
公司合并，应当由合并各方签订合并协议，并编制资产负债表及财产清单。公司应当自作出合并决议之日起十日内通知债权人，并于三十日内在报纸上至少公告三次。债权人自接到通知书之日起三十日内，未接到通知书的自第一次公告之日起九十日内，有权要求公司清偿债务或者提供相应的担保。不清偿债务或者不提供相应的担保的，公司不得合并。
In a merger of companies, the companies shall execute a merger agreement, and prepare their respective balance sheets and schedules of assets. The companies shall notify their creditors within 10 days of adoption of merger resolutions, and shall publish a notice at least 3 times in a newspaper within 30 days. Creditors are entitled to claim full payment of the debts of the companies or require the provision of appropriate assurances within 30 days of receipt of the notice, or within 90 days of publication of the first notice if such creditors did not receive the notice. The companies may not be merged unless debts are fully paid or appropriate assurances are provided.
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。
Once the companies are merged, the creditor’s rights and debtor’s liabilities of the merged companies shall be assumed by the surviving company or the newly formed company after merger.
第一百八十五条：公司分立，其财产作相应的分割。
Article 185 Where a company is to undergo division, its assets shall be divided accordingly.
公司分立时，应当编制资产负债表及财产清单。公司应当自作出分立决议之日起十日内通知债权人，并于三十日内在报纸上至少公告三次。债权人自接到通知书之日起三十日内，未接到通知书的自第一次公告之日起九十日内，有权要求公司清偿债务或者提供相应的担保。不清偿债务或者不提供相应的担保的，公司不得分立。
In dividing the company, a balance sheet and a schedule of assets shall be prepared. The company shall notify its creditors within 10 days of adoption of a division resolution, and shall publish a notice at least 3 times in a newspaper within 30 days. Creditors are entitled to claim full payment of the company’s debts or require the provision of appropriate assurances within 30 days of receipt of the notice, or within 90 days of publication of the first notice if such creditors did not receive the notice. The company may not be divided unless debts are fully paid or appropriate assurances are provided.
公司分立前的债务按所达成的协议由分立后的公司承担。
The liabilities of the company prior to its division shall be assumed by the companies resulting from the division according to the agreement reached among them.
第一百八十六条：公司需要减少注册资本时，必须编制资产负债表及财产清单。
Article 186 Where a company needs to reduce its registered capital, a balance sheet and a schedule of assets must be prepared.
公司应当自作出减少注册资本决议之日起十日内通知债权人，并于三十日内在报纸上至少公告三次。债权人自接到通知书之日起三十日内，未接到通知书的自第一次公告之日起九十日内，有权要求公司清偿债务或者提供相应的担保。
The company shall notify its creditors within 10 days of adoption of a resolution to reduce its registered capital, and shall publish a notice at least 3 times in a newspaper within 30 days. Creditors are entitled to claim full payment of the company’s debts or require the provision of appropriate assurances within 30 days of receipt of the notice, or within 90 days of publication of the first notice if such creditors did not receive the notice.
公司减少资本后的注册资本不得低于法定的最低限额。
After capital reduction, the company’s registered capital may not fall below the statutory minimum capital level.
第一百八十七条：有限责任公司增加注册资本时，股东认缴新增资本的出资，按照本法设立有限责任公司缴纳出资的有关规定执行。
Article 187 When a limited liability company is to increase its registered capital, after subscription for the newly increased capital, the shareholders shall make capital contribution in accordance with the provisions hereof concerning capital contribution for the establishment of a limited liability company.
股份有限公司为增加注册资本发行新股时，股东认购新股应当按照本法设立股份有限公司缴纳股款的有关规定执行。
When a joint stock limited company is to issue new shares for the purpose of increasing its registered capital, the shareholders’ subscription for the new shares shall be carried out in accordance with the provisions hereof concerning payment of share proceeds for the establishment of a joint stock limited company.
第一百八十八条：公司合并或者分立，登记事项发生变更的，应当依法向公司登记机关办理变更登记；公司解散的，应当依法办理公司注销登记；设立新公司的，应当依法办理公司设立登记。
Article 188 In the case of merger or division of a company, where any registered item requires change, amendment registration shall be carried out with the company registration authority in accordance with the law; where the company is dissolved, company de-registration shall be carried out in accordance with the law; where a new company is established, establishment registration shall be carried out in accordance with the law.
公司增加或者减少注册资本，应当依法向公司登记机关办理变更登记。
Where a company is to increase or reduce its registered capital, a amendment registration shall be carried out with the company registration authority in accordance with the law.
第八章：公司破产、解散和清算
Chapter Eight: Bankruptcy, Dissolution And Liquidation Of Company
第一百八十九条：公司因不能清偿到期债务，被依法宣告破产的，由人民法院依照有关法律的规定，组织股东、有关机关及有关专业人员成立清算组，对公司进行破产清算。
Article 189 Where a company is adjudged bankrupt in accordance with the law due to its failure to repay debts when due, the People’s Court shall organize the shareholders, the relevant authorities and professionals to establish a liquidating committee to carry out the company’s bankruptcy liquidation in accordance with the provisions of the applicable laws.
第一百九十条：公司有下列情形之一的，可以解散：
Article 190 A company may be dissolved in any of the following circumstances:
（一）公司章程规定的营业期限届满或者公司章程规定的其他解散事由出现时；
(i) the term of operation prescribed by the company’s articles of association has expired, or any other cause for dissolution prescribed by the company’s articles of association has occurred;
（二）股东会决议解散；
(ii) the shareholders’ committee has adopted a resolution for dissolution;
（三）因公司合并或者分立需要解散的。
(iii) dissolution is required due to merger or division of the company.
第一百九十一条：公司依照前条第（一）项、第（二）项规定解散的，应当在十五日内成立清算组，有限责任公司的清算组由股东组成，股份有限公司的清算组由股东大会确定其人选；逾期不成立清算组进行清算的，债权人可以申请人民法院指定有关人员组成清算组，进行清算。人民法院应当受理该申请，并及时指定清算组成员，进行清算。
Article 191 Where a company is to be dissolved pursuant to Item (i) or (ii) of the previous Article, a liquidating committee shall be formed within 15 days; the liquidating committee of a limited liability company shall be composed of its shareholders, and members of the liquidating committee of a joint stock limited company shall be determined by the shareholders’ general committee; where the company fails to form a liquidating committee to carry out liquidation within the prescribed time limit, its creditors may petition the People’s Court to appoint the relevant persons to form a liquidating committee to carry out liquidation. The People’s Court shall accept such petition, and promptly appoint members of the liquidating committee to carry out liquidation.
第一百九十二条：公司违反法律、行政法规被依法责令关闭的，应当解散，由有关主管机关组织股东、有关机关及有关专业人员成立清算组，进行清算。
Article 192 Where the company is ordered to terminate due to its violation of law or administrative regulations, the company shall be dissolved, and the relevant department in charge shall organize the shareholders, the relevant authority and related professionals to form a liquidating committee to carry out liquidation.
第一百九十三条：清算组在清算期间行使下列职权：
Article 193 The liquidating committee shall exercise the following authorities in the course of liquidation:
（一）清理公司财产，分别编制资产负债表和财产清单；
(i) identifying the company’s assets, and preparing a balance sheet and a schedule of assets respectively;
（二）通知或者公告债权人；
(ii) notifying creditors through notice or public announcement;
（三）处理与清算有关的公司未了结的业务；
(iii) handling the company’s ongoing businesses which are related to liquidation;
（四）清缴所欠税款；
(iv) making full payment of taxes owed;
（五）清理债权、债务；
(v) identifying the company’s creditor’s rights and debtor’s liabilities;
（六）处理公司清偿债务后的剩余财产；
(vi) disposing of the remaining assets after full payment of company debts;
（七）代表公司参与民事诉讼活动。
(vii) participating in civil actions on behalf of the company.
第一百九十四条：清算组应当自成立之日起十日内通知债权人，并于六十日内在报纸上至少公告三次。债权人应当自接到通知书之日起三十日内，未接到通知书的自第一次公告之日起九十日内，向清算组申报其债权。
Article 194 The liquidating committee shall notify creditors within 10 days of its establishment, and shall make a public announcement in a newspaper at least 3 times within 60 days. Creditors shall file their creditor’s rights with the liquidating committee within 30 days of receipt of the notice, and within 90 days of publication of the first notice if such creditors did not receive the notice.
债权人申报其债权，应当说明债权的有关事项，并提供证明材料。清算组应当对债权进行登记。
In filing for creditor’s rights, the creditors shall state the relevant matters relating to the creditor’s rights, and provide supporting materials. The liquidating committee shall record such creditor’s rights.
第一百九十五条：清算组在清理公司财产、编制资产负债表和财产清单后，应当制定清算方案，并报股东会或者有关主管机关确认。
Article 195 After identifying the company’s assets and preparing the balance sheet and schedule of assets, the liquidating committee shall prepare a liquidating plan, which shall be submitted to the shareholders’ committee or the relevant authority for ratification.
公司财产能够清偿公司债务的，分别支付清算费用、职工工资和劳动保险费用，缴纳所欠税款，清偿公司债务。
Where the company’s assets are sufficient for payment of company debts, such assets shall be paid out in the following order: payment of liquidating expenses, payment of wages and expenses for labor insurance of the workers, payment of taxes owed, and payment of company debts.
公司财产按前款规定清偿后的剩余财产，有限责任公司按照股东的出资比例分配，股份有限公司按照股东持有的股份比例分配。
After payments have been made in accordance with the previous Paragraph, the remaining assets shall be distributed to the shareholders in proportion to their shares of capital contribution in the case of a limited liability company, and in proportion to their share holdings in the case of a joint stock limited company.
清算期间，公司不得开展新的经营活动。公司财产在未按第二款的规定清偿前，不得分配给股东。
In the course of liquidation, the company may not conduct new business. Before payments have been made in accordance with Paragraph 2 above, the assets of the company may not be distributed to the shareholders.
第一百九十六条：因公司解散而清算，清算组在清理公司财产、编制资产负债表和财产清单后，发现公司财产不足清偿债务的，应当立即向人民法院申请宣告破产。
Article 196 Where a company commences liquidation due to its dissolution, and after identification of company assets and preparation of the balance sheet and schedule of assets, the liquidating committee discovers that the company does not have sufficient assets to fully repay company debts, the liquidating committee shall immediately file a bankruptcy application with the People’s Court.
公司经人民法院裁定宣告破产后，清算组应当将清算事务移交给人民法院。
Once the company is adjudged bankrupt by a ruling of the People’s Court, the liquidating committee shall transfer the liquidating affairs to the People’s Court.
第一百九十七条：公司清算结束后，清算组应当制作清算报告，报股东会或者有关主管机关确认，并报送公司登记机关，申请注销公司登记，公告公司终止。不申请注销公司登记的，由公司登记机关吊销其公司营业执照，并予以公告。
Article 197 Upon completion of a company’s liquidation, the liquidating committee shall prepare a liquidating report, which shall be submitted to the shareholders’ committee or the relevant authority for ratification, and upon ratification, the liquidating committee shall submit such report to the company registration authority to apply for company de-registration, and make a public announcement of the company’s termination. Where the company fails to apply for company de-registration, the company registration authority shall revoke its business license and make a public announcement.
第一百九十八条：清算组成员应当忠于职守，依法履行清算义务。
Article 198 Members of the liquidating committee shall faithfully perform their duties and carry out their liquidating obligations in accordance with the law.
清算组成员不得利用职权收受贿赂或者其他非法收入，不得侵占公司财产。
Members of the liquidating committee may not abuse their authorities by accepting bribes or receiving other illegal income, and may not misappropriate company assets.
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。
A committee member who causes loss to the company or its creditors due to his intentional misconduct or gross negligence shall be liable for damages.
第九章：外国公司的分支机构
Chapter Nine: Branch Of Foreign Company
第一百九十九条：外国公司依照本法规定可以在中国境内设立分支机构，从事生产经营活动。
Article 199 Foreign companies may establish branches within China to conduct business in accordance herewith.
本法所称外国公司是指依照外国法律在中国境外登记成立的公司。
A foreign company referred to herein means a company registered and established outside China under foreign laws.
第二百条：外国公司在中国境内设立分支机构，必须向中国主管机关提出申请，并提交其公司章程、所属国的公司登记证书等有关文件，经批准后，向公司登记机关依法办理登记，领取营业执照。
Article 200 In order to establish a branch within China, a foreign company must submit an application to the Chinese authority in charge, together with the relevant documents such as its articles of association, the company registration certificate issued in its home country, etc. Upon approval, it shall carry out registration with the company registration authority and be issued a business license. www.legaltranz.com
外国公司分支机构的审批办法由国务院另行规定。
The examination and approval procedure for branches of foreign companies shall be separately prescribed by the State Council.
第二百零一条：外国公司在中国境内设立分支机构，必须在中国境内指定负责该分支机构的代表人或者代理人，并向该分支机构拨付与其所从事的经营活动相适应的资金。
Article 201 In order to establish a branch within China, a foreign company must appoint a representative or agent in charge of such branch within China, and fund its branch as appropriate in light of the nature of its intended business.
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。
Where operation of certain branches of foreign companies is subject to a minimum level of funding, such level shall be prescribed by the State Council separately.
第二百零二条：外国公司的分支机构应当在其名称中标明该外国公司的国籍及责任形式。
Article 202 The branch of a foreign company shall identify the nationality and form of liability in its name.
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。
The branch of a foreign company shall maintain the articles of association of such foreign company on its premises.
第二百零三条：外国公司属于外国法人，其在中国境内设立的分支机构不具有中国法人资格。
Article 203 A foreign company is a foreign legal person, and its branch established within China does not have the status of a Chinese legal person.
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。
A foreign company shall bear civil liabilities in respect of the business conducted by its branch within China.
第二百零四条：经批准设立的外国公司分支机构，在中国境内从事业务活动，必须遵守中国的法律，不得损害中国的社会公共利益，其合法权益受中国法律保护。
Article 204 While conducting business within China, the branch of a foreign company established after approval must abide by Chines law, and may not harm the public interest of China, and its lawful rights and interests are protected by Chinese law.
第二百零五条：外国公司撤销其在中国境内的分支机构时，必须依法清偿债务，按照本法有关公司清算程序的规定进行清算。未清偿债务之前，不得将其分支机构的财产移至中国境外。
Article 205 When a foreign company cancels its branch within China, such company must fully repay the debts thereof in accordance with the law and carry out liquidation in accordance with the provisions hereof concerning company liquidation procedure. The company may not transfer the assets of such branch abroad prior to full repayment of its debts.
第十章：法律责任
Chapter Ten: Legal Liabilities
第二百零六条：违反本法规定，办理公司登记时虚报注册资本、提交虚假证明文件或者采取其他欺诈手段隐瞒重要事实取得公司登记的，责令改正，对虚报注册资本的公司，处以虚报注册资本金额百分之五以上百分之十以下的罚款；对提交虚假证明文件或者采取其他欺诈手段隐瞒重要事实的公司，处以一万元以上十万元以下的罚款；情节严重的，撤销公司登记。构成犯罪的，依法追究刑事责任。
Article 206 In the case of company registration, where an applicant obtains company registration in violation hereof by making false statement of registered capital, submitting false certificates or by concealing material facts through other fraudulent means, the company shall be ordered to make rectification, and in case false statement of registered capital was made, the company shall be fined not less than 5 percent but not more than 10 percent of the amount of registered capital falsely stated; the company submitting false certificates or concealing material facts shall be fined not less than 10,000 Yuan but not more than 100,000 Yuan; where the circumstances are serious, the company registration shall be revoked. Where such action constitutes a crime, criminal liability shall be imposed in accordance with the law.
第二百零七条：制作虚假的招股说明书、认股书、公司债券募集办法发行股票或者公司债券的，责令停止发行，退还所募资金及其利息，处以非法募集资金金额百分之一以上百分之五以下的罚款。构成犯罪的，依法追究刑事责任。
Article 207 In the case of issue of company shares or bonds, where the prospectus, subscription form, or plan for company bonds offer is falsely prepared, the issuing activities shall be ordered to cease, and an order shall be issued for the return of the proceeds received together with interest thereon, and a fine of not less than 1 percent but not more than 5 percent of the proceeds illegally received shall be imposed. Where such action constitutes a crime, criminal liability shall be imposed in accordance with the law.
第二百零八条：公司的发起人、股东未交付货币、实物或者未转移财产权，虚假出资，欺骗债权人和社会公众的，责令改正，处以虚假出资金额百分之五以上百分之十以下的罚款。构成犯罪的，依法追究刑事责任。
Article 208 In the case of capital contribution, where the sponsors or shareholders falsify capital contribution by failing to pay money, to deliver tangible goods or to transfer property rights, thus defrauding the creditors or the public, rectification shall be ordered, and such persons shall be fined not less than 5 percent but not more than 10 percent of the amount of capital contribution falsified. Where such action constitutes a crime, criminal liability shall be imposed in accordance with the law.
第二百零九条：公司的发起人、股东在公司成立后，抽逃其出资的，责令改正，处以所抽逃出资金额百分之五以上百分之十以下的罚款。构成犯罪的，依法追究刑事责任。
Article 209 Where the sponsors or shareholders of a company withdraw their capital contribution after the establishment of the company, they shall be ordered to make rectification, and such persons shall be fined not less than 5 percent but not more than 10 percent of the amount of capital contribution withdrawn. Where such action constitutes a crime, criminal liability shall be imposed in accordance with the law.
第二百一十条：未经本法规定的有关主管部门的批准，擅自发行股票或者公司债券的，责令停止发行，退还所募资金及其利息，处以非法所募资金金额百分之一以上百分之五以下的罚款。构成犯罪的，依法追究刑事责任。
Article 210 Where a company issues company shares or bonds on its own without approval by the appropriate authorities provided for herein, the issuing activities shall be ordered to cease, and the proceeds received, together with interest thereon, shall be returned, and a fine of not less than 1 percent but not more than 5 percent of the proceeds illegally received shall be imposed. Where such action constitutes a crime, criminal liability shall be imposed in accordance with the law.
第二百一十一条：公司违反本法规定，在法定的会计帐册以外另立会计帐册的，责令改正，处以一万元以上十万元以下的罚款。构成犯罪的，依法追究刑事责任。
Article 211 Where a company, in violation hereof, establishes another set of accounting books besides those prescribed by law, it shall be ordered to make rectification, and the company shall be fined not less than 10,000 Yuan but not more than 100,000 Yuan. Where such action constitutes a crime, criminal liability shall be imposed in accordance with the law.
将公司资产以任何个人名义开立帐户存储的，没收违法所得，并处以违法所得一倍以上五倍以下的罚款。构成犯罪的，依法追究刑事责任。
Where company assets are deposited into an account established under an individual’s name, the illegal gain shall be confiscated, and a fine of not less than 2 times but not more than 5 times of the illegal gain shall be imposed. Where such action constitutes a crime, criminal liability shall be imposed in accordance with the law.
第二百一十二条：公司向股东和社会公众提供虚假的或者隐瞒重要事实的财务会计报告的，对直接负责的主管人员和其他直接责任人员处以一万元以上十万元以下的罚款。构成犯罪的，依法追究刑事责任。
Article 212 Where a company provides to its shareholders and the public financial and accounting reports which are false or which conceal material facts, a fine of not less than 10,000 Yuan but not more than 100,000 Yuan shall be imposed on the supervisor directly in charge and the other person(s) directly responsible. Where such action constitutes a crime, criminal liability shall be imposed in accordance with the law.
第二百一十三条：违反本法规定，将国有资产低价折股、低价出售或者无偿分给个人的，对直接负责的主管人员和其他直接责任人员依法给予行政处分。构成犯罪的，依法追究刑事责任。
Article 213 Where, in violation hereof, state-owned assets are converted into shares at low prices or sold to individuals at low prices, or distributed to individuals without compensation, administrative penalty shall be imposed on the supervisor directly in charge and the other person(s) directly responsible. Where such action constitutes a crime, criminal liability shall be imposed in accordance with the law.
第二百一十四条：董事、监事、经理利用职权收受贿赂、其他非法收入或者侵占公司财产的，没收违法所得，责令退还公司财产，由公司给予处分。构成犯罪的，依法追究刑事责任。
Article 214 Where the directors, supervisors, or the general manager abuse their authorities by accepting bribes or receiving other illegal income, or convert company assets, any such illegal gain shall be confiscated, and they shall be ordered to return the company assets and shall be disciplined by the company. Where such action constitutes a crime, criminal liability shall be imposed in accordance with the law.
董事、经理挪用公司资金或者将公司资金借贷给他人的，责令退还公司的资金，由公司给予处分，将其所得收入归公司所有。构成犯罪的，依法追究刑事责任。
Where a director or the general manager misappropriates company funds or loan company funds to third parties, he shall be ordered to return the company funds and shall be disciplined by the company, and the income derived from such transaction shall be turned over to the company. Where such action constitutes a crime, criminal liability shall be imposed in accordance with the law.
董事、经理违反本法规定，以公司资产为本公司的股东或者其他个人债务提供担保的，责令取消担保，并依法承担赔偿责任，将违法提供担保取得的收入归公司所有。情节严重的，由公司给予处分。
Where, in violation hereof, the directors or the general manager gives company assets as security for the personal debts of any director of the company or any other person, the security arrangement shall be ordered to be canceled, and such persons shall be held liable for damages in accordance with the law, and the income derived from the illegal provision of security shall be turned over to the company. Where the circumstance is serious, such persons shall be disciplined by the company.
第二百一十五条：董事、经理违反本法规定自营或者为他人经营与其所任职公司同类的营业的，除将其所得收入归公司所有外，并可由公司给予处分。
Article 215 Where, in violation hereof, a director or the general manager engages in the same business as the company either for his own account or for another person’s account, in addition to turning over any income so derived to the company, such person may also be disciplined by the company.
第二百一十六条：公司不按照本法规定提取法定公积金、法定公益金的，责令如数补足应当提取的金额，并可对公司处以一万元以上十万元以下的罚款。
Article 216 Where a company fails to make allocation to the statutory reserve fund and statutory welfare fund in accordance herewith, such company shall be ordered to make full allocation to the required funds, and a fine of not less than 10,000 Yuan but not more than 100,000 Yuan may be levied on the company.
第二百一十七条：公司在合并、分立、减少注册资本或者进行清算时，不按照本法规定通知或者公告债权人的，责令改正，对公司处以一万元以上十万元以下的罚款。
Article 217 Where a company fails to notify creditors through notice or public announcement in accordance herewith while carrying out merger, division, reduction of registered capital, or liquidation, it shall be ordered to make rectification, and the company shall be fined not less than 10,000 Yuan but not more than 100,000 Yuan.
公司在进行清算时，隐匿财产，对资产负债表或者财产清单作虚伪记载或者未清偿债务前分配公司财产的，责令改正，对公司处以隐匿财产或者未清偿债务前分配公司财产金额百分之一以上百分之五以下的罚款。对直接负责的主管人员和其他直接责任人员处以一万元以上十万元以下的罚款。构成犯罪的，依法追究刑事责任。
Where in the course of liquidation, the company conceals its assets, makes false statements in its balance sheet or schedule of assets, or distributes company assets prior to full repayment of company debts, it shall be ordered to make rectification, and the company shall be fined not less than 1 percent but not more than 5 percent of the value of the concealed assets, or the value of the assets distributed prior to full repayment of company debts. A fine of not less than 10,000 Yuan but not more than 100,000 Yuan shall be imposed on the supervisor directly in charge and the other person(s) directly responsible. Where such action constitutes a crime, criminal liability shall be imposed in accordance with the law.
第二百一十八条：清算组不按照本法规定向公司登记机关报送清算报告，或者报送清算报告隐瞒重要事实或者有重大遗漏的，责令改正。
Article 218 Where the liquidating committee fails to submit the liquidating report to the company registration authority in accordance herewith, or conceals any material fact or makes any material omission in the liquidating report submitted, it shall be ordered to make rectification.
清算组成员利用职权徇私舞弊、谋取非法收入或者侵占公司财产的，责令退还公司财产，没收违法所得，并可处以违法所得一倍以上五倍以下的罚款。构成犯罪的，依法追究刑事责任。
Where a member of the liquidating committee abuses his authority to engage in fraudulent activity for private gain, to obtain illegal income or convert company assets, such member shall be ordered to return the company assets, and the illegal income shall be confiscated, and such member may be fined not less than 2 times but not more than 5 times the illegal income. Where such action constitutes a crime, criminal liability shall be imposed in accordance with the law.
第二百一十九条：承担资产评估、验资或者验证的机构提供虚假证明文件的，没收违法所得，处以违法所得一倍以上五倍以下的罚款，并可由有关主管部门依法责令该机构停业，吊销直接责任人员的资格证书。构成犯罪的，依法追究刑事责任。
Article 219 Where an institution conducting assets appraisal, capital verification, or testing and verification provides a false certificate, the illegal income so derived shall be confiscated, and a fine of not less than 2 times but not more than 5 times the illegal income shall be imposed, and the relevant authority in charge may order such institution to cease operation, and revoke the qualification certificates of the persons directly responsible. Where such action constitutes a crime, criminal liability shall be imposed in accordance with the law.
承担资产评估、验资或者验证的机构因过失提供有重大遗漏的报告的，责令改正，情节较重的，处以所得收入一倍以上三倍以下的罚款，并可由有关主管部门依法责令该机构停业，吊销直接责任人员的资格证书。
Where an institution conducting assets appraisal, capital verification or testing and verification provides a report with material omission due to its negligence, it shall be ordered to make rectification, and where the circumstance is relatively serious, a fine of not less than 2 times but not more than 3 times the income so derived shall be imposed, and the relevant authority in charge may order such institution to cease operation, and revoke the qualification certificates of the persons directly responsible.
第二百二十条：国务院授权的有关主管部门，对不符合本法规定条件的设立公司的申请予以批准，或者对不符合本法规定条件的股份发行的申请予以批准，情节严重的，对直接负责的主管人员和其他直接责任人员，依法给予行政处分。构成犯罪的，依法追究刑事责任。
Article 220 Where the relevant authority in charge authorized by the State Council approves an application for the establishment of a company which fails to meet the requirements prescribed herein, or approves an application for issue of shares which fails to meet the requirements prescribed herein, and the circumstance is serious, administrative penalty shall be imposed on the supervisor directly in charge and the other person(s) directly responsible in accordance with the law. Where such action constitutes a crime, criminal liability shall be imposed in accordance with the law.
第二百二十一条：国务院证券管理部门对不符合本法规定条件的募集股份、股票上市和债券发行的申请予以批准，情节严重的，对直接负责的主管人员和其他直接责任人员，依法给予行政处分。构成犯罪的，依法追究刑事责任。
Article 221 Where the securities regulatory authority under the State Council approves an application for share offer, share listing, or bonds issue which fails to meet the requirements prescribed herein, and the circumstance is serious, administrative penalty shall be imposed on the supervisor directly in charge and the other person(s) directly responsible in accordance with the law. Where such action constitutes a crime, criminal liability shall be imposed in accordance with the law.
第二百二十二条：公司登记机关对不符合本法规定条件的登记申请予以登记，情节严重的，对直接负责的主管人员和其他直接责任人员，依法给予行政处分。构成犯罪的，依法追究刑事责任。
Article 222 Where the company registration authority grants registration to an application which fails to meet the requirements prescribed herein, and the circumstance is serious, administrative penalty shall be imposed on the supervisor directly in charge and the other person(s) directly responsible in accordance with the law. Where such action constitutes a crime, criminal liability shall be imposed in accordance with the law.
第二百二十三条：公司登记机关的上级部门强令公司登记机关对不符合本法规定条件的登记申请予以登记的，或者对违法登记进行包庇的，对直接负责的主管人员和其他直接责任人员依法给予行政处分。构成犯罪的，依法追究刑事责任。
Article 223 Where the department in charge of the company registration authority compels it to grant registration to an application which fails to meet the requirements prescribed herein, or engages in cover up for an illegal registration, administrative penalty shall be imposed on the supervisor directly in charge and the other person(s) directly responsible in accordance with the law. Where such action constitutes a crime, criminal liability shall be imposed in accordance with the law.
第二百二十四条：未依法登记为有限责任公司或者股份有限公司，而冒用有限责任公司或者股份有限公司名义的，责令改正或者予以取缔，并可处以一万元以上十万元以下的罚款。构成犯罪的，依法追究刑事责任。
Article 224 Where an entity passes itself off as a limited liability company or joint stock limited company while not registered as such in accordance with the law, it shall be ordered to make rectification or such entity shall be closed down, and a fine of not less than 10,000 Yuan but not more than 100,000 Yuan may be imposed. Where such action constitutes a crime, criminal liability shall be imposed in accordance with the law.
第二百二十五条：公司成立后无正当理由超过六个月未开业的，或者开业后自行停业连续六个月以上的，由公司登记机关吊销其公司营业执照。
Article 225 Where a company fails to commence operation for more than 6 months without proper cause, or suspends operation on its own without proper cause for more than 6 consecutive months after commencement of operation, the company registration authority shall revoke its company business license.
公司登记事项发生变更时，未按照本法规定办理有关变更登记的，责令限期登记，逾期不登记的，处以一万元以上十万元以下的罚款。
Where the company fails to carry out amendment registration in accordance herewith when a registered item of the company has changed, it shall be ordered to register within a prescribed time limit, and where the company has not carried out registration after expiration of the time limit, a fine of not less than 10,000 Yuan but not more than 100,000 Yuan shall be imposed.
第二百二十六条：外国公司违反本法规定，擅自在中国境内设立分支机构的，责令改正或者关闭，并可处以一万元以上十万元以下的罚款。
Article 226 Where, in violation hereof, a foreign company establishes a branch within China without approval, it shall be ordered to make rectification, or such branch shall be ordered to terminate, and a fine of not less than 10,000 Yuan but not more than 100,000 Yuan may be imposed.
第二百二十七条：依照本法履行审批职责的有关主管部门，对符合法定条件的申请，不予批准的，或者公司登记机关对符合法定条件的申请，不予登记的，当事人可以依法申请复议或者提起行政诉讼。
Article 227 Where a relevant authority performing approval function hereunder fails to approve an application which meets conditions prescribed by law, or the company registration authority fails to grant registration to an application which meets conditions prescribed by law, the affected party may apply for administrative review or institute an administrative action in accordance with the law.
第二百二十八条：公司违反本法规定，应当承担民事赔偿责任和缴纳罚款、罚金的，其财产不足以支付时，先承担民事赔偿责任。
Article 228 Where a company violates of this Law, and is therefore liable for civil damages as well as for an administrative fine or criminal fine, and its assets are not sufficient to cover both, its assets shall first be used to cover the civil liability for damages.
第十一章：附则
Chapter Eleven: Supplementary Provisions
第二百二十九条：本法施行前依照法律、行政法规、地方性法规和国务院有关主管部门制定的《有限责任公司规范意见》、《股份有限公司规范意见》登记成立的公司，继续保留，其中不完全具备本法规定的条件的，应当在规定的限期内达到本法规定的条件。具体实施办法，由国务院另行规定。
Article 229 (Amended) Companies registered and established prior to the implementation of this Law, in accordance with law, administrative regulations, local regulations, and the Standard Opinions Concerning Limited Liability Companies and the Standard Opinions Concerning Joint Stock Limited Companies formulated by the relevant authority in charge under the State Council, shall remain in existence, provided that those companies which do not meet all the conditions prescribed herein shall meet such conditions within the time limit prescribed. Detailed implementing measures shall be formulated by the State Council separately.
属于高新技术的股份有限公司，发起人以工业产权和非专利技术作价出资的金额占公司注册资本的比例，公司发行新股、申请股票上市的条件，由国务院另行规定。
In the case of a Joint Stock Limited Liability Company in the high and new technology category, the ratio of capital contribution in the form of industrial technology and non-patented proprietary technology by sponsors as a percentage of registered capital, the conditions for issuance of new shares or initial public offering shall be separately stipulated by the State Council.
第二百三十条：本法自1994年7月1日起施行。
Article 230 This Law shall become operative as of July 1, 1999