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Order of the President of the People's Republic of China
(No. 42 [2005])
The Company Law of the People's Republic of China was amended and adopted at the 18th session of the Standing Committee of the Tenth National People's Congress of the People's Republic of China on October 27, 2005. The amended Company Law of the People's Republic of China is hereby promulgated and shall come into force on January 1, 2006.
President of the People's Republic of China Hu Jintao
October 27, 2005
Company Law of the People's Republic of China
(Adopted at the Fifth Session of the Standing Committee of the Eighth National People's Congress on December 29, 1993. Revised for the first time on December 25, 1999 according to the Decision of the Thirteenth Session of the Standing Committee of the Ninth People's Congress on Amending the Company Law of the People's Republic of China. Revised for the second time on August 28, 2004 according to the Decision of the 11th Session of the Standing Committee of the 10th National People's Congress of the People's Republic of China on Amending the Company Law of the People's Republic of China. Revised for the third time at the 18th Session of the 10th National People's Congress of the People's Republic of China on October 27, 2005)
| | 中華人民共和國主席令
（第42號）
《中華人民共和國公司法》已由中華人民共和國第十屆全國人民代表大會常務委員會第十八次會議于2005年10月27日修訂通過，現將修訂後的《中華人民共和國公司法》公布，自2006年1月1日起施行。
中華人民共和國主席 胡錦濤
2005年10月27日
中華人民共和國公司法
（1993年12月29日第八屆全國人民代表大會常務委員會第五次會議通過 根據1999年12月25日第九屆全國人民代表大會常務委員會第十三次會議《關于修改〈中華人民共和國公司法〉的決定》第一次修正 根據2004年8月28日第十屆全國人民代表大會常務委員會第十一次會議《關于修改〈中華人民共和國公司法〉的決定》第二次修正 2005年10月27日第十屆全國人民代表大會常務委員會第十八次會議修訂）
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Contents
| | 目錄
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Chapter I General Provisions
| | 第一章 總則
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Chapter II Establishment and Organizational Structure of A Limited Liability Company
| | 第二章 有限責任公司的設立和組織機構
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Section 1 Establishment
| | 第一節 設立
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Section 2 Organizational Structure
| | 第二節 組織機構
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Section 3 Special Provisions on One-person Limited Liability Companies
| | 第三節 一人有限責任公司的特別規定
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Section 4 Special Provisions on Wholly State-owned Companies
| | 第四節 國有獨資公司的特別規定
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Chapter III Equity Transfer of A Limited Liability Company
| | 第三章 有限責任公司的股權轉讓
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Chapter IV Establishment and Organizational Structure of A Joint Stock Limited Company
| | 第四章 股份有限公司的設立和組織機構
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Section 1 Establishment
| | 第一節 設立
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Section 2 Shareholders' Assembly
| | 第二節 股東大會
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Section 3 Board of Directors, Managers
| | 第三節 董事會、經理
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Section 4 Board of Supervisors
| | 第四節 監事會
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Section 5 Special Provisions on the Organizational Structure of A Listed Company
| | 第五節 上市公司組織機構的特別規定
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Chapter V Issuance and Transfer of Shares of A Joint Stock Limited Company
| | 第五章 股份有限公司的股份發行和轉讓
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Section 1 Issuance of Shares
| | 第一節 股份發行
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Section 2 Transfer of Shares
| | 第二節 股份轉讓
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Chapter VI Qualifications and Obligations of the Directors, Supervisors and Senior Managers of A Company
| | 第六章 公司董事、監事、高級管理人員的資格和義務
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Chapter VII Corporate Bonds
| | 第七章 公司債券
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Chapter VIII Financial Affairs and Accounting of A Company
| | 第八章 公司財務、會計
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Chapter IX Merger and Split-up of Company; Increase and Deduction of Registered Capital
| | 第九章 公司合並、分立、增資、減資
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Chapter X Dissolution and Liquidation of A Company
| | 第十章 公司解散和清算
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Chapter XI Branches of Foreign Companies
| | 第十一章 外國公司的分支機構
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Chapter XII Legal Liabilities
| | 第十二章 法律責任
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Chapter XIII Supplementary Provisions
| | 第十三章 附則
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Chapter I General Provisions
| | 第一章 總則
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Article 1 This Law is enacted for the purposes of regulating the organization and operation of companies, protecting the legitimate rights and interests of companies, shareholders and creditors, maintaining the socialist economic order, and promoting the development of the socialist market economy.
| | 第一條 【立法目的】為了規範公司的組織和行為，保護公司、股東和債權人的合法權益，維護社會經濟秩序，促進社會主義市場經濟的發展，制定本法。
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Article 2 The term "company" as mentioned in this Law refers to a limited liability company or a joint stock limited company set up within the territory of the People's Republic of China according to the provisions of this Law.
| | 第二條 【調整對象】本法所稱公司是指依照本法在中國境內設立的有限責任公司和股份有限公司。
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Article 3 A company is an enterprise legal person which has independent legal person property and enjoys the right to its legal person property. The company shall bear the liabilities for its debts with all its property.
For a limited liability company, a shareholder shall be liable for the company to the extent of the capital contributions it or he has paid. For a joint stock limited company, a shareholder shall be liable for the company to the extent of the shares it or he has subscribed to.
| | 第三條 【公司的界定】公司是企業法人，有獨立的法人財產，享有法人財產權。公司以其全部財產對公司的債務承擔責任。
有限責任公司的股東以其認繳的出資額為限對公司承擔責任；股份有限公司的股東以其認購的股份為限對公司承擔責任。
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Article 4 The shareholders of a company shall be entitled to receive capital proceeds, participate in making important decisions, choose managers and enjoy other rights.
| | 第四條 【股東權利】公司股東依法享有資產收益、參與重大決策和選擇管理者等權利。
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Article 5 In its business operations, a company shall comply with laws and administrative regulations, social morality, and business morality, act in good faith, accept the supervision of the government and general public, and bear its social responsibilities.
The legitimate rights and interests of a company shall be protected by laws and is inviolable.
| | 第五條 【合法經營和合法權益受保護】公司從事經營活動，必須遵守法律、行政法規，遵守社會公德、商業道德，誠實守信，接受政府和社會公眾的監督，承擔社會責任。
公司的合法權益受法律保護，不受侵犯。
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Article 6 For the establishment of a company, an application for establishment registration shall be filed with the company registration authority in accordance with law. If the conditions for establishment prescribed by this Law are met, the company registration authority shall register the company as a limited liability company or a joint stock limited company, or shall not have it registered as a limited liability company or a joint stock limited company if the said conditions are not met.
If any law or administrative regulation provides that the establishment of a company shall be subject to approval, the relevant approval formalities shall be completed in accordance with law prior to the registration of the company.
The general public may apply to the company registration authority for inquiry about the registration information filed by a company, and the authority shall provide such inquiry services.
| | 第六條 【公司設立的准則主義】設立公司，應當依法向公司登記機關申請設立登記。符合本法規定的設立條件的，由公司登記機關分別登記為有限責任公司或者股份有限公司；不符合本法規定的設立條件的，不得登記為有限責任公司或者股份有限公司。
法律、行政法規規定設立公司必須報經批准的，應當在公司登記前依法辦理批准手續。
公眾可以向公司登記機關申請查詢公司登記事項，公司登記機關應當提供查詢服務。
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Article 7 The company registration authority shall issue a business license to a company established according to law. The issue date of the business license shall be the date on which the company is established.
The business license of a company shall state items such as the name, domicile, registered capital, paid-in capital, business scope, and name of the company's legal representative.
If any of the items as stated in the business license is changed, the company shall have the alterations registered, and the company registration authority shall renew its business license.
| | 第七條 【公司營業執照】依法設立的公司，由公司登記機關發給公司營業執照。公司營業執照簽發日期為公司成立日期。
公司營業執照應當載明公司的名稱、住所、注冊資本、實收資本、經營範圍、法定代表人姓名等事項。
公司營業執照記載的事項發生變更的，公司應當依法辦理變更登記，由公司登記機關換發營業執照。
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Article 8 A limited liability company established according to this Law shall include the words of “limited liability company” or “limited company” in its name.
A joint stock limited company established according to this Law shall include the words of “joint stock limited company” or “joint stock company” in its name.
| | 第八條 【公司的名稱】依照本法設立的有限責任公司，必須在公司名稱中標明有限責任公司或者有限公司字樣。
依照本法設立的股份有限公司，必須在公司名稱中標明股份有限公司或者股份公司字樣。
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Article 9 A limited liability company to be changed into a joint stock limited company shall satisfy the requirements for a joint stock limited company as prescribed in this Law. A joint stock limited company to be changed into a limited liability company shall meet the requirements for a limited liability company as prescribed in this Law.
If a limited liability company is to be changed into a joint stock limited company, or if a joint stock limited company is to be changed into a limited liability company, the creditor's rights and the debts of the company prior to the change shall be succeeded by the company after the change.
| | 第九條 【公司形式變更的准則主義與債權債務承繼】有限責任公司變更為股份有限公司，應當符合本法規定的股份有限公司的條件。股份有限公司變更為有限責任公司，應當符合本法規定的有限責任公司的條件。
有限責任公司變更為股份有限公司的，或者股份有限公司變更為有限責任公司的，公司變更前的債權、債務由變更後的公司承繼。
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Article 10 The domicile of a company shall be the place where its main office is located.
| | 第十條 【公司的住所】公司以其主要辦事機構所在地為住所。
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Article 11 A company established according to this Law shall formulate its articles of association that are binding on the company and its shareholders, directors, supervisors and senior managers.
| | 第十一條 【公司的章程】設立公司必須依法制定公司章程。公司章程對公司、股東、董事、監事、高級管理人員具有約束力。
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Article 12 The business scope of a company shall be defined in its articles of association, and shall be registered according to law. The company may amend its articles of association and change its business scope on the premise of having the modifications registered.
The items within the business scope of a company subject to approval as prescribed by any law or administrative regulation shall go through approval procedures according to law.
| | 第十二條 【公司的經營範圍】公司的經營範圍由公司章程規定，並依法登記。公司可以修改公司章程，改變經營範圍，但是應當辦理變更登記。
公司的經營範圍中屬于法律、行政法規規定須經批准的項目，應當依法經過批准。
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Article 13 The legal representative of a company shall be assumed by the chairman of the board of directors, executive director or manager according to the company's articles of association, and shall be registered according to law. If the legal representative of the company is changed, the change shall be registered.
| | 第十三條 【公司法定代表人】公司法定代表人依照公司章程的規定，由董事長、執行董事或者經理擔任，並依法登記。公司法定代表人變更，應當辦理變更登記。
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Article 14 A company may set up branches. To set up a branch, a company shall file a registration application with the company registration authority to obtain a business license. Such a branch shall not have the status of a legal person and its civil liabilities shall be borne by its parent company.
A company may set up subsidiaries which shall have the status of a legal person and shall bear independently their civil liabilities according to law.
| | 第十四條 【分公司與子公司】公司可以設立分公司。設立分公司，應當向公司登記機關申請登記，領取營業執照。分公司不具有法人資格，其民事責任由公司承擔。
公司可以設立子公司，子公司具有法人資格，依法獨立承擔民事責任。
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Article 15 A company may invest in other enterprises. However, it shall not become a capital contributor that shall bear several and joint liabilities for the debts of the enterprises in which it invests, unless otherwise provided for by any law.
| | 第十五條 【公司的轉投資及其限制】公司可以向其他企業投資；但是，除法律另有規定外，不得成為對所投資企業的債務承擔連帶責任的出資人。
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Article 16 Where a company intends to invest in any other enterprise or provide guarantee for others, the matter shall, in accordance with the articles of association of the company, subject to a resolution adopted by the board of directors, shareholders' meeting or shareholders' assembly. If the company's articles of association set any limit on the total amount of investments or guarantees, or on the amount of a single investment or guarantee, such limit shall not be exceeded.
If a company intends to provide guarantee to a shareholder or actual controller of the company, the matter shall be subject to a resolution adopted by the shareholder's meeting or shareholders' assembly.
The shareholder as mentioned in the preceding paragraph or the shareholder dominated by the actual controller as mentioned in the preceding paragraph shall not participate in voting on the matter as mentioned in the preceding paragraph. Such matter requires the affirmative votes of more than half of the other shareholders attending the meeting.
| | 第十六條 【公司轉投資及提供擔保的程序規定】公司向其他企業投資或者為他人提供擔保，依照公司章程的規定，由董事會或者股東會、股東大會決議；公司章程對投資或者擔保的總額及單項投資或者擔保的數額有限額規定的，不得超過規定的限額。
公司為公司股東或者實際控制人提供擔保的，必須經股東會或者股東大會決議。
前款規定的股東或者受前款規定的實際控制人支配的股東，不得參加前款規定事項的表決。該項表決由出席會議的其他股東所持表決權的過半數通過。
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Article 17 Every company shall protect the lawful rights and interests of its employees, sign employment contracts with them according to law, take out social insurance for them, and strengthen labor protection so as to ensure work safety.
Every company shall, in various forms, intensify the vocational education and in-service training of its employees so as to improve their personal quality.
| | 第十七條 【公司的勞動保護等義務】公司必須保護職工的合法權益，依法與職工簽訂勞動合同，參加社會保險，加強勞動保護，實現安全生產。
公司應當采用多種形式，加強公司職工的職業教育和崗位培訓，提高職工素質。
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Article 18 The employees of a company shall, according to the Labor Union Law of the People's Republic of China, organize a labor union to carry out union activities and safeguard the lawful rights and interests of the employees. The company shall provide necessary conditions for its labor union to carry out its activities. The labor union shall, on behalf of the employees, sign collective contracts with the company with respect to matters such as remunerations, working hours, welfare, insurance benefits, work safety and health.
In accordance with the Constitution and other relevant laws, a company shall carry out democratic management through the assembly of employee' representatives or in whatsoever forms.
To make a decision on restructuring or any important issue relating to business operations, or to formulate any important bylaws, a company shall solicit the opinions of its labor union, and seek the opinions and proposals of the employees through the assembly of employees' representatives or in whatsoever forms.
| | 第十八條 【公司的工會及民主管理】公司職工依照《中華人民共和國工會法》組織工會，開展工會活動，維護職工合法權益。公司應當為本公司工會提供必要的活動條件。公司工會代表職工就職工的勞動報酬、工作時間、福利、保險和勞動安全衛生等事項依法與公司簽訂集體合同。
公司依照憲法和有關法律的規定，通過職工代表大會或者其他形式，實行民主管理。
公司研究決定改制以及經營方面的重大問題、制定重要的規章制度時，應當聽取公司工會的意見，並通過職工代表大會或者其他形式聽取職工的意見和建議。
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Article 19 The Chinese Communist Party organizations shall, according to the Constitution of the Chinese Communist Party, be established in companies to carry out activities of the Party. Companies shall provide necessary conditions for the Party organizations to carry out their activities.
| | 第十九條 【公司中的中國共產黨組織】在公司中，根據中國共產黨章程的規定，設立中國共產黨的組織，開展黨的活動。公司應當為黨組織的活動提供必要條件。
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Article 20 The shareholders of a company shall abide by laws, administrative regulations and the company's articles of association, and exercise the shareholder's rights under the law. The shareholders shall not injure the interests of the company or of other shareholders by abusing the shareholders' rights, nor shall they injure the interests of any creditor of the company by abusing the independent status of legal person or the limited liabilities of shareholders.
Where any shareholder of a company causes any loss to the company or to other shareholders by abusing its or his shareholder's rights, it or he shall be liable for compensation.
Where any shareholder of a company evades debts by abusing the independent status of legal person or the shareholder's limited liabilities, seriously injuring the interests of the company's creditors, it or he shall bear several and joint liabilities for the debts of the company.
| | 第二十條 【股東濫用權利的責任】公司股東應當遵守法律、行政法規和公司章程，依法行使股東權利，不得濫用股東權利損害公司或者其他股東的利益；不得濫用公司法人獨立地位和股東有限責任損害公司債權人的利益。
公司股東濫用股東權利給公司或者其他股東造成損失的，應當依法承擔賠償責任。
公司股東濫用公司法人獨立地位和股東有限責任，逃避債務，嚴重損害公司債權人利益的，應當對公司債務承擔連帶責任。
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Article 21 The controlling shareholders, actual controllers, directors, supervisors or senior managers of a company shall not take advantage of their affiliation relationship to injure the interests of the company.
Anyone who causes any loss to a company due to a violation of the preceding paragraph shall be liable for compensation.
| | 第二十一條 【禁止關聯行為】公司的控股股東、實際控制人、董事、監事、高級管理人員不得利用其關聯關系損害公司利益。
違反前款規定，給公司造成損失的，應當承擔賠償責任。
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Article 22 A resolution of the shareholders' meeting or shareholders' assembly, or the board of directors of a company that is in violation of any law or administrative regulation shall be null and void.
If the procedures for convening a shareholders' meeting or shareholders' assembly, or a meeting of the board of directors, or the voting form, is in violation of any law, administrative regulation or the company's articles of association, or if a resolution is in violation of the company's articles of association, the shareholders may, within 60 days from the date when the resolution is made, request a people's court to revoke it.
If the shareholders initiate a lawsuit under the preceding paragraph, the people's court may, at the request of the company, demand the shareholders provide corresponding guarantee.
Where a company has completed the registration of modifications according to a resolution of the shareholders' meeting or shareholders' assembly, or the board of directors, if the people's court declares the resolution null and void or revokes it, the company shall file an application with the company registration authority for revoking the registration of such modifications.
| | 第二十二條 【無效決議及其法律後果】公司股東會或者股東大會、董事會的決議內容違反法律、行政法規的無效。
股東會或者股東大會、董事會的會議召集程序、表決方式違反法律、行政法規或者公司章程，或者決議內容違反公司章程的，股東可以自決議作出之日起六十日內，請求人民法院撤銷。
股東依照前款規定提起訴訟的，人民法院可以應公司的請求，要求股東提供相應擔保。
公司根據股東會或者股東大會、董事會決議已辦理變更登記的，人民法院宣告該決議無效或者撤銷該決議後，公司應當向公司登記機關申請撤銷變更登記。
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Chapter II Establishment and Organizational Structure of A Limited Liability Company
| | 第二章 有限責任公司的設立和組織機構 |
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Section 1 Establishment
| | 第一節 設立
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Article 23 A limited liability company can be established when the following conditions are met:
| | 第二十三條 【有限責任公司的設立條件】設立有限責任公司，應當具備下列條件：
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(1)The number of shareholders constitutes the quorum;
| | （一）股東符合法定人數；
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(2)The capital contributions made by the shareholders reach the statutory minimum amount of the registered capital;
| | （二）股東出資達到法定資本最低限額；
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(3)The shareholders jointly formulated the articles of association;
| | （三）股東共同制定公司章程；
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(4)The company has a name and its organizational structure complies with the requirements for a limited liability company; and
| | （四）有公司名稱，建立符合有限責任公司要求的組織機構；
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(5)The company has its own domicile.
| | （五）有公司住所。
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Article 24 A limited liability company shall be established with the capital contributions of not more than 50 shareholders.
| | 第二十四條 【有限責任公司的股東人數限制】有限責任公司由五十個以下股東出資設立。
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Article 25 The articles of association of a limited liability company shall state the following items:
| | 第二十五條 【有限責任公司章程的法定事項】有限責任公司章程應當載明下列事項：
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(1)The name and domicile of the company;
| | （一）公司名稱和住所；
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(2) Business scope of the company;
| | （二）公司經營範圍；
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(3)The registered capital of the company;
| | （三）公司注冊資本；
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(4)The names or titles of shareholders;
| | （四）股東的姓名或者名稱；
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(5) The forms, amounts and dates of capital contributions made by shareholders;
| | （五）股東的出資方式、出資額和出資時間；
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(6)The organizations of the company and the measures for their formation, their functions and powers, as well as the rules of procedure;
| | （六）公司的機構及其產生辦法、職權、議事規則；
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(7)The legal representative of the company; and
| | （七）公司法定代表人；
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(8) Other matters deemed necessary to be specified by shareholders.
The shareholders should affix their signatures or seals to the company's articles of association.
| | （八）股東會會議認為需要規定的其他事項。
股東應當在公司章程上簽名、蓋章。
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Article 26 The registered capital of a limited liability company shall be the total amount of capital contributions subscribed for by all the shareholders registered with the company registration authority. The amount of the initial capital contributions made by all shareholders of the company shall not be less than 20% of the company's registered capital, or not less than the statutory minimum amount of the registered capital, and the remainder shall be paid off in full amount by the shareholders within two years from the date when the company is established; for an investment company, the remainder may be paid off in full amount within five years.
The minimum amount of the registered capital of a limited liability company shall be 30, 000 yuan. If a relatively higher amount is specified in laws or administrative regulations, such provisions shall prevail.
| | 第二十六條 【有限責任公司的注冊資本及其最低限額】有限責任公司的注冊資本為在公司登記機關登記的全體股東認繳的出資額。公司全體股東的首次出資額不得低于注冊資本的百分之二十，也不得低于法定的注冊資本最低限額，其余部分由股東自公司成立之日起兩年內繳足；其中，投資公司可以在五年內繳足。
有限責任公司注冊資本的最低限額為人民幣三萬元。法律、行政法規對有限責任公司注冊資本的最低限額有較高規定的，從其規定。
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Article 27 A shareholder may make capital contributions in cash or by non-monetary properties that can be assessed in currency and transferred according to law, such as material objects, intellectual property rights, and land use rights, excluding the properties that shall not be treated as capital contributions under any law or administrative regulation.
Non-monetary properties used for capital contributions shall be assessed and verified, which shall not be over-valued or under-valued. If the value assessment is otherwise provided for in laws or administrative regulations, such provisions shall take the precedence.
The amount of the capital contributions made by all the shareholders in currency shall be no less than 30% of the registered capital of the limited liability company.
| | 第二十七條 【股東出資方式、出資評估及其限制】股東可以用貨幣出資，也可以用實物、知識產權、土地使用權等可以用貨幣估價並可以依法轉讓的非貨幣財產作價出資；但是，法律、行政法規規定不得作為出資的財產除外。
對作為出資的非貨幣財產應當評估作價，核實財產，不得高估或者低估作價。法律、行政法規對評估作價有規定的，從其規定。
全體股東的貨幣出資金額不得低于有限責任公司注冊資本的百分之三十。
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Article 28 Each shareholder shall make full payment for the capital contributions it or he subscribed for according to the company's articles of association. If a shareholder makes capital contribution in currency, it or he shall deposit the full amount of such cash capital contributions into a temporary bank account opened by the limited liability company. If any capital contributions are made in non-monetary properties, the shareholder shall undergo the appropriate procedures for the transfer of the property rights therein according to law.
Where a shareholder fails to make capital contributions as specified in the preceding paragraph, it or he shall bear the liabilities for breach of contract to the shareholders who have make full payment of capital contributions on schedule, in addition to paying its or his portion of capital contributions to the company.
| | 第二十八條 【股東出資義務的履行和出資違約】股東應當按期足額繳納公司章程中規定的各自所認繳的出資額。股東以貨幣出資的，應當將貨幣出資足額存入有限責任公司在銀行開設的賬戶；以非貨幣財產出資的，應當依法辦理其財產權的轉移手續。
股東不按照前款規定繳納出資的，除應當向公司足額繳納外，還應當向已按期足額繳納出資的股東承擔違約責任。
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Article 29 The capital contributions made by shareholders shall be verified by a lawfully established capital verification institution which shall issue a capital verification certificate.
| | 第二十九條 【股東出資的驗資證明】股東繳納出資後，必須經依法設立的驗資機構驗資並出具證明。
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Article 30 After the initial capital contributions made by shareholders have been verified by a lawfully established capital verification institution, the representative designated by all the shareholders or the agent entrusted by all the shareholders shall apply for registration of the establishment of the company by submitting to the company registration authority such documents as a written application for registration, the company's articles of association, and the capital verification certificate.
| | 第三十條 【有限責任公司的設立登記】股東的首次出資經依法設立的驗資機構驗資後，由全體股東指定的代表或者共同委托的代理人向公司登記機關報送公司登記申請書、公司章程、驗資證明等文件，申請設立登記。
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Article 31 After the establishment of a limited liability company, if the actual amount of non-monetary properties used for capital contributions is found to be apparently lower than that set forth in the company's articles of association, the difference shall be made up by the shareholder who has made such capital contributions, and the others who are shareholders upon the establishment of the company shall bear several and joint liability incurred therefrom.
| | 第三十一條 【非貨幣財產出資違約責任】有限責任公司成立後，發現作為設立公司出資的非貨幣財產的實際價額顯著低于公司章程所定價額的，應當由交付該出資的股東補足其差額；公司設立時的其他股東承擔連帶責任。
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Article 32 After a limited liability company is established, it shall issue a capital contribution certificate to its shareholders. The capital contribution certificate shall specify the following:
| | 第三十二條 【股東出資證明書】有限責任公司成立後，應當向股東簽發出資證明書。出資證明書應當載明下列事項：
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(1) The name of the company;
| | （一）公司名稱；
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(2) The date of establishment of the company;
| | （二）公司成立日期；
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(3) The company's registered capital;
| | （三）公司注冊資本；
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(4) The name or title of each shareholder, the amount and date of capital contributions; and
| | （四）股東的姓名或者名稱、繳納的出資額和出資日期；
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(5) The serial number and issue date of the capital contribution certificate.
The capital contribution certificate shall bear the seal of the company.
| | （五）出資證明書的編號和核發日期。
出資證明書由公司蓋章。
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Article 33 A limited liability company shall prepare a register of shareholders in which the following information shall be recorded:
| | 第三十三條 【股東名冊】有限責任公司應當置備股東名冊，記載下列事項：
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(1)The names or titles of shareholders and their domiciles thereof;
| | （一）股東的姓名或者名稱及住所；
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(2)The amount of capital contributions made by each shareholder;
| | （二）股東的出資額；
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(3)The serial numbers for capital contribution certificates.
The shareholders recorded in the register of shareholders may, pursuant to the register of shareholders, claim to exercise their shareholders' rights.
A company shall register each shareholder's name and the amount of its or his capital contributions with the company registration authority. Where any of the registered items is changed, the company shall modify the registration. Without registration or without registration for modified items, the company shall not act against any third party.
| | （三）出資證明書編號。
記載于股東名冊的股東，可以依股東名冊主張行使股東權利。
公司應當將股東的姓名或者名稱及其出資額向公司登記機關登記；登記事項發生變更的，應當辦理變更登記。未經登記或者變更登記的，不得對抗第三人。
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Article 34 A shareholder shall be entitled to review and duplicate the company's articles of association, the minutes of the shareholders' meetings, the resolutions of the meetings of the board of directors, and the resolutions of the meetings of the board of supervisors, as well as the financial and accounting reports of the company.
A shareholder may request to review the accounting books of the company. Where a shareholder requests to review the accounting books of the company, it shall submit a written request to the company and state his motives. If the company has the legitimate reason to believe that the shareholder's requests to review the accounting books has an improper motive and may impair the legitimate interests of the company, it may reject the request and shall, within 15 days after the shareholder submits the written request, give the shareholder a written reply alongside an explanation. If the company rejects the request of any shareholder to review the accounting books, the shareholder may plead a people's court to demand the company open the accounting books for his review.
| | 第三十四條 【股東的查閱權】股東有權查閱、複制公司章程、股東會會議記錄、董事會會議決議、監事會會議決議和財務會計報告。
股東可以要求查閱公司會計賬簿。股東要求查閱公司會計賬簿的，應當向公司提出書面請求，說明目的。公司有合理根據認為股東查閱會計賬簿有不正當目的，可能損害公司合法利益的，可以拒絕提供查閱，並應當自股東提出書面請求之日起十五日內書面答複股東並說明理由。公司拒絕提供查閱的，股東可以請求人民法院要求公司提供查閱。
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Article 35 Shareholders shall draw dividends in proportion to the capital contributions that they made. When a company increases its registered capital, its shareholders have the preemptive right to subscribe for the new capital in proportion to the capital contributions they made, except where all shareholders agree to not draw dividends in proportion to the capital contributions or to subscribe for the new capital without exercising the preemptive right to subscribe for the new capitals in proportion to the capital contributions they made.
| | 第三十五條 【股東分紅權和優先認購權】股東按照實繳的出資比例分取紅利；公司新增資本時，股東有權優先按照實繳的出資比例認繳出資。但是，全體股東約定不按照出資比例分取紅利或者不按照出資比例優先認繳出資的除外。
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Article 36 After a company is established, its shareholders shall not withdraw their capital contributions.
| | 第三十六條 【股東不得抽回出資】公司成立後，股東不得抽逃出資。
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Section 2 Organizational Structure
| | 第二節 組織機構
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Article 37 The shareholders' meeting of a limited liability company shall be composed of all of its shareholders. As the organ of power of the company, the shareholders' meeting shall exercise its functions and powers according to this Law.
| | 第三十七條 【股東會】有限責任公司股東會由全體股東組成。股東會是公司的權力機構，依照本法行使職權。
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Article 38 The shareholders' meeting shall exercise the following functions and powers:
| | 第三十八條 【股東會的職權】股東會行使下列職權：
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(1) Determining the operational guidelines and investment plans of the company;
| | （一）決定公司的經營方針和投資計劃；
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(2) Electing and replacing directors and supervisors who are not employees' representatives, and deciding the matters relating to the remunerations of the directors and supervisors;
| | （二）選舉和更換非由職工代表擔任的董事、監事，決定有關董事、監事的報酬事項；
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(3) Deliberating and approving reports of the board of directors;
| | （三）審議批准董事會的報告；
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(4) Deliberating and approving reports of the board of supervisors or the supervisors;
| | （四）審議批准監事會或者監事的報告；
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(5) Deliberating and approving the annual financial budget plans and final account plans of the company;
| | （五）審議批准公司的年度財務預算方案、決算方案；
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(6) Deliberating and approving the profit distribution plans and loss recovery plans of the company;
| | （六）審議批准公司的利潤分配方案和彌補虧損方案；
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(7) Making resolutions on the increase or decrease of the company's registered capital;
| | （七）對公司增加或者減少注冊資本作出決議；
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(8) Making resolutions on the issuance of corporate bonds;
| | （八）對發行公司債券作出決議；
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(9) Adopting resolutions on the merger, split-up, dissolution, liquidation or change of organizational form of the company;
| | （九）對公司合並、分立、解散、清算或者變更公司形式作出決議；
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(10) Amending the articles of association of the company; and
| | （十）修改公司章程；
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(11) Other functions and powers as specified in the articles of association.
If all the shareholders consent, in writing, to any of the matters listed in the preceding paragraph, they may directly make decisions without convening a shareholders' meeting, and all the shareholders shall affix their signatures and seals to the documents of the decisions.
| | （十一）公司章程規定的其他職權。
對前款所列事項股東以書面形式一致表示同意的，可以不召開股東會會議，直接作出決定，並由全體股東在決定文件上簽名、蓋章。
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Article 39 The first shareholders' meeting shall be convened and presided over by the shareholder who made the largest capital contributions to the company, and it or he shall exercise its or his functions and powers according to this Law.
| | 第三十九條 【股東會的首次會議】首次股東會會議由出資最多的股東召集和主持，依照本法規定行使職權。
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Article 40 The shareholders' meetings shall be classified into regular meetings and interim meetings.
Regular meetings shall be timely held according to the company's articles of association. An interim meeting shall be convened when it is proposed by the shareholders representing one-tenth or more of the voting rights, or by one-third or more of the directors, or by the board of supervisors, or by the supervisors of a company without a board of supervisors.
| | 第四十條 【股東會的會議制度】股東會會議分為定期會議和臨時會議。
定期會議應當依照公司章程的規定按時召開。代表十分之一以上表決權的股東，三分之一以上的董事，監事會或者不設監事會的公司的監事提議召開臨時會議的，應當召開臨時會議。
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Article 41 Where a limited liability company has set up a board of directors, the shareholders' meetings shall be convened by the board of directors and presided over by the chairman of the board of directors. If the chairman is unable or fails to perform such duties, the meetings shall be presided over by the vice chairman of the board of directors. If the vice chairman of the board of directors is unable or fails to perform such duties, the meetings shall be presided over by a director jointly recommended by half or more of the directors.
For a limited liability company without a board of directors, the shareholders' meetings shall be convened and presided over by the executive director.
If the board of directors or the executive director is unable or fails to fulfill the duties of convening the shareholders' meetings, the board of supervisors or the supervisor of a company without a board of supervisors may convene and preside over such meetings. If the board of supervisors or the supervisor does not convene or preside over such meetings, the shareholders representing one-tenth or more of the voting rights may convene and preside over such meetings on their own initiatives.
| | 第四十一條 【股東會會議的召集與組織】有限責任公司設立董事會的，股東會會議由董事會召集，董事長主持；董事長不能履行職務或者不履行職務的，由副董事長主持；副董事長不能履行職務或者不履行職務的，由半數以上董事共同推舉一名董事主持。
有限責任公司不設董事會的，股東會會議由執行董事召集和主持。
董事會或者執行董事不能履行或者不履行召集股東會會議職責的，由監事會或者不設監事會的公司的監事召集和主持；監事會或者監事不召集和主持的，代表十分之一以上表決權的股東可以自行召集和主持。
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Article 42 Every shareholder shall be given a notice 15 days before a shareholders' meeting is held unless it is otherwise specified by the company's articles of association or agreed upon by all the shareholders.
A shareholders' meeting shall make the minutes of the decisions on the matters made at the meeting, and the shareholders attending the meeting shall affix their signatures to the minutes.
| | 第四十二條 【股東會會議的通知期限和會議記錄】召開股東會會議，應當于會議召開十五日前通知全體股東；但是，公司章程另有規定或者全體股東另有約定的除外。
股東會應當對所議事項的決定作成會議記錄，出席會議的股東應當在會議記錄上簽名。
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Article 43 Shareholders shall exercise their voting rights at the shareholders' meetings in proportion to their respective capital contributions, unless otherwise prescribed by the company's articles of association.
| | 第四十三條 【股東的表決權】股東會會議由股東按照出資比例行使表決權；但是，公司章程另有規定的除外。
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Article 44 Unless otherwise provided for by this Law, the discussion methods and voting procedures of the shareholders' meetings shall be provided for in the company's articles of association.
A resolution made at a shareholders' meeting on revising the company's articles of association, the increase or decrease of the registered capital, or on the merger, split-up, dissolution or change of the organizational form of the company shall be adopted by the shareholders representing 2/3 or more of the voting rights.
| | 第四十四條 【股東會的議事方式和表決程序】股東會的議事方式和表決程序，除本法有規定的外，由公司章程規定。
股東會會議作出修改公司章程、增加或者減少注冊資本的決議，以及公司合並、分立、解散或者變更公司形式的決議，必須經代表三分之二以上表決權的股東通過。
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Article 45 The board of directors established by a limited liability company shall be composed of 3 up to 13 members unless it is otherwise provided by Article 51 of this Law.
If a limited liability company established by two or more state-owned enterprises or other state-owned investors, the board of directors shall include the employees' representatives of the companies. The board of directors of any other limited liability company may also include the employees' representatives of the company concerned. The employees' representatives who are to serve as board directors shall be democratically elected by the employees of the company through the assembly of the employees' representatives, the employees' assembly of the company or by any other means.
A board of directors shall have a chairman and may have a vice chairman. The appointment of the chairman and the vice chairman shall be specified in the company's articles of association.
| | 第四十五條 【董事會及其成員構成及董事長法律地位】有限責任公司設董事會，其成員為三人至十三人；但是，本法第五十一條另有規定的除外。
兩個以上的國有企業或者兩個以上的其他國有投資主體投資設立的有限責任公司，其董事會成員中應當有公司職工代表；其他有限責任公司董事會成員中可以有公司職工代表。董事會中的職工代表由公司職工通過職工代表大會、職工大會或者其他形式民主選舉產生。
董事會設董事長一人，可以設副董事長。董事長、副董事長的產生辦法由公司章程規定。
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Article 46 The term of office of a director shall be provided for by the company's articles of association, but each term of office shall not exceed three years. A director may, after the expiry of his term of office, hold a consecutive term upon re-election.
If no re-election is timely conducted after the expiry of the term of office of a director, or if the number of the directors is less than the quorum due to the resignation of a director from the board of directors prior to the expiry of his term of office, the original director shall, before the newly elected director assumes his post, perform the powers of directors according to laws, administrative regulations, and the company's articles of association.
| | 第四十六條 【董事的任職期限】董事任期由公司章程規定，但每屆任期不得超過三年。董事任期屆滿，連選可以連任。
董事任期屆滿未及時改選，或者董事在任期內辭職導致董事會成員低于法定人數的，在改選出的董事就任前，原董事仍應當依照法律、行政法規和公司章程的規定，履行董事職務。
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Article 47 The board of directors shall be responsible to the shareholders' meeting and exercise the following functions and powers:
| | 第四十七條 【董事會的職權】董事會對股東會負責，行使下列職權：
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(1) Convening shareholders' meetings and presenting reports thereto;
| | （一）召集股東會會議，並向股東會報告工作；
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(2) Implementing the resolutions made at the shareholders' meetings;
| | （二）執行股東會的決議；
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(3) Determining the company's business plans and investment plans of the company;
| | （三）決定公司的經營計劃和投資方案；
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(4) Working out the annual financial budget plans and final account plans of the company;
| | （四）制訂公司的年度財務預算方案、決算方案；
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(5) Working out the profit distribution plans and loss recovery plans of the company;
| | （五）制訂公司的利潤分配方案和彌補虧損方案；
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(6) Working out the company's plans on the increase or decrease of the registered capital, and the issuance of corporate bonds;
| | （六）制訂公司增加或者減少注冊資本以及發行公司債券的方案；
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(7) Working out the company's plans on merger, split-up, dissolution, or change of the organizational form of the company;
| | （七）制訂公司合並、分立、解散或者變更公司形式的方案；
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(8) Making decisions on the establishment of the company's internal management departments;
| | （八）決定公司內部管理機構的設置；
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(9) Making decisions on the appointment or dismissal the company's manager and the matters concerning his remunerations, and deciding on the appointment or dismissal of deputy manager(s) and the persons in charge of finance and on the matters concerning their remunerations;
| | （九）決定聘任或者解聘公司經理及其報酬事項，並根據經理的提名決定聘任或者解聘公司副經理、財務負責人及其報酬事項；
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(10) Working out the company's basic management system; and
| | （十）制定公司的基本管理制度；
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(11) Other functions and powers as specified in the company's articles of association.
| | （十一）公司章程規定的其他職權。
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Article 48 A meeting of the board of directors shall be convened and presided over by the chairman of the board of directors. If the chairman of the board of directors is unable or fails to perform his duties, the meeting may be convened or presided over by the vice chairman of the board of directors. If the vice chairman of the board of directors is unable or fails to perform his duties, the meeting may be convened or presided over by a director jointly recommended by half or more of the directors.
| | 第四十八條 【董事會會議的召集和主持】董事會會議由董事長召集和主持；董事長不能履行職務或者不履行職務的，由副董事長召集和主持；副董事長不能履行職務或者不履行職務的，由半數以上董事共同推舉一名董事召集和主持。
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Article 49 Unless it is otherwise provided for by this Law, the discussion methods and voting procedures of the board of directors shall be specified by the company's articles of association.
The board of directors shall make minutes of the decisions on the matters discussed at the meetings, and the shareholders present at the meeting shall affix their signatures to the minutes.
In the voting on a resolution of the board of directors, every director shall have one vote.
| | 第四十九條 【董事會的議事方式和表決程序】董事會的議事方式和表決程序，除本法有規定的外，由公司章程規定。
董事會應當對所議事項的決定作成會議記錄，出席會議的董事應當在會議記錄上簽名。
董事會決議的表決，實行一人一票。
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Article 50 A limited liability company may have a manager, who shall be appointed or dismissed upon decision of the board of directors. The manager shall be responsible to the board of directors and shall exercise the following functions and powers:
| | 第五十條 【經理的職權】有限責任公司可以設經理，由董事會決定聘任或者解聘。經理對董事會負責，行使下列職權：
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(1)Taking charge of the production, business operation and management of the company, organizing the implementation of the resolutions of the board of directors;
| | （一）主持公司的生產經營管理工作，組織實施董事會決議；
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(2)Organizing the implementation of the annual business plans and investment plans of the company;
| | （二）組織實施公司年度經營計劃和投資方案；
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(3)Drafting plans on the establishment of the company's internal management departments;
| | （三）擬訂公司內部管理機構設置方案；
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(4)Drafting the company's basic management system;
| | （四）擬訂公司的基本管理制度；
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(5)Formulating the company's specific rules and policies;
| | （五）制定公司的具體規章；
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(6)Proposing to engage or dismiss the vice manager(s) and the persons in charge of finance of the company;
| | （六）提請聘任或者解聘公司副經理、財務負責人；
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(7)Deciding on the appointment or dismissal of the persons in charge of management other than those the appointment or dismissal of whom shall be decided by the board of directors; and
| | （七）決定聘任或者解聘除應由董事會決定聘任或者解聘以外的負責管理人員；
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(8)Other functions and powers conferred by the board of directors.
If the articles of association of a company provides otherwise for the functions and powers of managers, such provisions shall apply.
The manager shall attend meetings of the board of directors as a non-voting delegate.
| | （八）董事會授予的其他職權。
公司章程對經理職權另有規定的，從其規定。
經理列席董事會會議。
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Article 51 For a limited liability company with a relatively small number of shareholders or for a relatively small limited liability company, it may have an executive director instead of a board of directors. The executive director may concurrently hold the post of the company's manager.
The functions and powers of the executive director shall be specified in the company's articles of association.
| | 第五十一條 【執行董事】股東人數較少或者規模較小的有限責任公司，可以設一名執行董事，不設董事會。執行董事可以兼任公司經理。
執行董事的職權由公司章程規定。
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Article 52 A limited liability company may set up a board of supervisors, which shall be composed of at least three persons. Where a limited liability company has a relatively small number of shareholders or is relatively small in scale, it may have one or two supervisors instead of a board of supervisors.
The board of supervisors shall consist of shareholders' representatives and employees' representatives of the company at an appropriate ratio to be specifically prescribed in the company's articles of association. The employees' representatives who are to serve as supervisors shall be democratically elected by the employees of the company through the assembly of the employees' representatives, or employees' assembly or by any other means.
The board of supervisors shall have one chairman, who shall be elected by half or more of all the supervisors. The chairman of the board of supervisors shall convene and preside over the meetings of the board of supervisors. If the chairman of supervisors is unable or fails to perform his duties, the supervisor recommended by half or more of the supervisors shall convene and preside over the meetings of the board of supervisors.
Directors or senior managers should not concurrently serve as supervisors.
| | 第五十二條 【監事會和監事】有限責任公司設監事會，其成員不得少于三人。股東人數較少或者規模較小的有限責任公司，可以設一至二名監事，不設監事會。
監事會應當包括股東代表和適當比例的公司職工代表，其中職工代表的比例不得低于三分之一，具體比例由公司章程規定。監事會中的職工代表由公司職工通過職工代表大會、職工大會或者其他形式民主選舉產生。
監事會設主席一人，由全體監事過半數選舉產生。監事會主席召集和主持監事會會議；監事會主席不能履行職務或者不履行職務的，由半數以上監事共同推舉一名監事召集和主持監事會會議。
董事、高級管理人員不得兼任監事。
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Article 53 Each term of office of a supervisor shall be three years. A supervisor may, after the expiry of his term of office, hold a consecutive term upon re-election.
If no re-election is timely conducted after the expiry of the term of office of a supervisor, or if the number of directors is less than the quorum due to the resignation of a supervisor from the board of supervisors prior to the expiry of his term of office, the original supervisor shall, before the newly elected supervisor assume his post, exercise the functions and powers of the supervisor according to laws, administrative regulations, and the company's articles of association.
| | 第五十三條 【監事的任職期限】監事的任期每屆為三年。監事任期屆滿，連選可以連任。
監事任期屆滿未及時改選，或者監事在任期內辭職導致監事會成員低于法定人數的，在改選出的監事就任前，原監事仍應當依照法律、行政法規和公司章程的規定，履行監事職務。
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Article 54 The board of supervisors or the supervisor of a company without a board of supervisors may exercise the following functions and powers:
| | 第五十四條 【監事會或監事的一般職權】監事會、不設監事會的公司的監事行使下列職權：
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(1) Examining the financial affairs of the company;
| | （一）檢查公司財務；
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(2) Supervising the duty-related acts of the directors and senior managers, and putting forward proposals on the removal of any director or senior manager who violates laws, administrative regulations, the company's articles of association or any resolution of the shareholders' meeting;
| | （二）對董事、高級管理人員執行公司職務的行為進行監督，對違反法律、行政法規、公司章程或者股東會決議的董事、高級管理人員提出罷免的建議；
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(3) Demanding any director or senior manager make corrections if his act has injured the interests of the company;
| | （三）當董事、高級管理人員的行為損害公司的利益時，要求董事、高級管理人員予以糾正；
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(4) Proposing to convene interim shareholders' meetings, and convening and presiding over shareholders' meetings when the board of directors fails to exercise the function of convening and presiding over shareholders' meetings as prescribed in this Law;
| | （四）提議召開臨時股東會會議，在董事會不履行本法規定的召集和主持股東會會議職責時召集和主持股東會會議；
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(5) Putting forward proposals at shareholders' meetings;
| | （五）向股東會會議提出提案；
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(6) Initiating actions against directors or senior managers according to Article 152 of this Law; and
| | （六）依照本法第一百五十二條的規定，對董事、高級管理人員提起訴訟；
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(7) Exercising other functions and powered as provided for by the company's articles of association.
| | （七）公司章程規定的其他職權。
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Article 55 Supervisors may attend the meetings of the board of directors as non-voting attendees, and may raise questions or suggestions on matters discussed or to be discussed by the board of directors.
If the board of supervisors or the supervisor of a company without a board of supervisors finds that the company is running abnormally, it or he may conduct investigation. Where necessary, it or he may, at the expense of the company, engage an accounting firm or other organizations to help them with the investigation.
| | 第五十五條 【監事的質詢建議權與調查權】監事可以列席董事會會議，並對董事會決議事項提出質詢或者建議。
監事會、不設監事會的公司的監事發現公司經營情況異常，可以進行調查；必要時，可以聘請會計師事務所等協助其工作，費用由公司承擔。
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Article 56 The board of supervisors shall hold at least one meeting once a year. Supervisors may propose to hold an interim meeting of the board of supervisors.
The discussion methods and voting procedures of the board of supervisors shall be specified in the company's articles of association unless it is otherwise provided by this Law.
A resolution of the board of supervisors shall be adopted by more than half of the supervisors.
The board of supervisors shall keep minutes of the resolutions on matters to be discussed at the meeting and the supervisors attending the meeting shall affix their signatures to the minutes.
| | 第五十六條 【監事會會議】監事會每年度至少召開一次會議，監事可以提議召開臨時監事會會議。
監事會的議事方式和表決程序，除本法有規定的外，由公司章程規定。
監事會決議應當經半數以上監事通過。
監事會應當對所議事項的決定作成會議記錄，出席會議的監事應當在會議記錄上簽名。
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Article 57 The expenses necessary for the board of supervisors or the supervisor of a company without a board of supervisors to perform their duties shall be borne by the company.
| | 第五十七條 【監事行使職權的費用承擔】監事會、不設監事會的公司的監事行使職權所必需的費用，由公司承擔。
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Section 3 Special Provisions on One-person Limited Liability Companies
| | 第三節 一人有限責任公司的特別規定
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Article 58 The provisions of this Section shall apply to the establishment and the organizational structure of a one-person limited liability. Any matter not covered by this Section shall be governed by Sections 1 and 2 of this Chapter.
The term "one-person limited liability company" as mentioned in this Law refers to a limited liability company which has only one natural person shareholder or legal person shareholder.
| | 第五十八條 【一人有限責任公司的定義、設立、組織機構】一人有限責任公司的設立和組織機構，適用本節規定；本節沒有規定的，適用本章第一節、第二節的規定。
本法所稱一人有限責任公司，是指只有一個自然人股東或者一個法人股東的有限責任公司。
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Article 59 The minimum amount of the registered capital of a one-person limited liability company shall be 100, 000 yuan. The shareholder shall, in a lump sum, make the capital contributions as specified in the company's articles of association.
A natural person is allowed to establish merely an one-person limited liability company, which shall not make investment to establish a new one-person limited liability company.
| | 第五十九條 【一人有限責任公司的投資限制與注冊資本最低限額】一人有限責任公司的注冊資本最低限額為人民幣十萬元。股東應當一次足額繳納公司章程規定的出資額。
一個自然人只能投資設立一個一人有限責任公司。該一人有限責任公司不能投資設立新的一人有限責任公司。
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Article 60 A one-person limited liability company shall, in its company registration, give a clear indication that it is solely-funded by a natural person or legal person and the same shall be specified in its business license.
| | 第六十條 【公司登記與營業執照中的投資者身份注明】一人有限責任公司應當在公司登記中注明自然人獨資或者法人獨資，並在公司營業執照中載明。
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Article 61 The articles of association of a one-person limited liability company shall be formulated by the shareholder.
| | 第六十一條 【一人有限責任公司的章程】一人有限責任公司章程由股東制定。
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Article 62 A one-person limited liability company has no board of directors. When the shareholder makes a decision on any of the matters as listed in Article 38 of this Law, the decision shall be made in writing and kept in the company after being signed by the shareholder.
| | 第六十二條 【股東決定重大事項的書面形式要求】一人有限責任公司不設股東會。股東作出本法第三十八條第一款所列決定時，應當采用書面形式，並由股東簽名後置備于公司。
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Article 63 A one-person limited liability company shall make a financial and accounting report by the end of every fiscal year and have the report audited by an accounting firm.
| | 第六十三條 【年度審計】一人有限責任公司應當在每一會計年度終了時編制財務會計報告，並經會計師事務所審計。
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Article 64 If the shareholder of a one-person limited liability company is unable to prove that his own property is independent of the property of the one-person limited liability company, he shall bear the joint and several liability for the debts of the company.
| | 第六十四條 【股東對公司債務的連帶責任】一人有限責任公司的股東不能證明公司財產獨立于股東自己的財產的，應當對公司債務承擔連帶責任。
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Section 4 Special Provisions on Wholly State-owned Companies
| | 第四節 國有獨資公司的特別規定
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Article 65 The provisions of this Section shall apply to the establishment and the organizational structure of wholly state-owned companies. Any matter not covered by this Section shall be governed by the provisions of Sections 1 and 2 of this Chapter.
A "wholly state-owned company" as mentioned in this Law refers to a limited liability company wholly invested by the State, for which the State Council or the local people's government authorizes the state-owned assets supervision and administration institution of the people's government at the corresponding level to perform the duties of a capital contributor.
| | 第六十五條 【國有獨資公司的定義】國有獨資公司的設立和組織機構，適用本節規定；本節沒有規定的，適用本章第一節、第二節的規定。
本法所稱國有獨資公司，是指國家單獨出資、由國務院或者地方人民政府授權本級人民政府國有資產監督管理機構履行出資人職責的有限責任公司。
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Article 66 The articles of association of a wholly state-owned company shall be formulated by the state-owned assets supervision and administration institution, or shall be drafted by the board of directors and then submitted to the state-owned assets supervision and administration institution for approval.
| | 第六十六條 【國有獨資公司章程的制定或批准】國有獨資公司章程由國有資產監督管理機構制定，或者由董事會制訂報國有資產監督管理機構批准。
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Article 67 Wholly state-owned companies do not have shareholders' meetings. The state-owned assets supervision and administration institution shall exercise the functions and powers of the shareholders' meeting. The state-owned assets supervision and administration institution may authorize the company's board of directors to exercise some of the functions and powers of the shareholders' meeting and decide on the important matters of the company, excluding those that must be decided by the state-owned assets supervision and administration institution, such as merger, split-up, dissolution of the company, increase or decrease of the registered capital, and the issuance of corporate bonds. For the merger, split-up, dissolution or application for bankruptcy of an important wholly state-owned company, the matter shall be examined by the state-owned assets supervision and administration institution, and then be submitted to the people's government at the corresponding level for approval.
The term "important wholly state-owned company" as mentioned in the preceding paragraph shall be determined according to the provisions of the State Council.
| | 第六十七條 【國有獨資公司重大事項的決定】國有獨資公司不設股東會，由國有資產監督管理機構行使股東會職權。國有資產監督管理機構可以授權公司董事會行使股東會的部分職權，決定公司的重大事項，但公司的合並、分立、解散、增加或者減少注冊資本和發行公司債券，必須由國有資產監督管理機構決定；其中，重要的國有獨資公司合並、分立、解散、申請破產的，應當由國有資產監督管理機構審核後，報本級人民政府批准。
前款所稱重要的國有獨資公司，按照國務院的規定確定。
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Article 68 A wholly state-owned company shall establish a board of directors, which shall exercise its functions and powers according to Articles 47 and 67 of this Law. The term of office of a director shall not exceed three years. The board of directors shall include representatives of the employees.
The members of the board of directors shall be appointed by the state-owned assets supervision and administration institution, but of whom employees' representatives shall be elected through the assembly of the employees' representatives of the company.
The board of directors shall have a chairman and may have a vice chairman. The chairman and vice chairman shall be designated by the state-owned assets supervision and administration institution from among the members of the board of directors.
| | 第六十八條 【國有獨資公司的董事會】國有獨資公司設董事會，依照本法第四十七條、第六十七條的規定行使職權。董事每屆任期不得超過三年。董事會成員中應當有公司職工代表。
董事會成員由國有資產監督管理機構委派；但是，董事會成員中的職工代表由公司職工代表大會選舉產生。
董事會設董事長一人，可以設副董事長。董事長、副董事長由國有資產監督管理機構從董事會成員中指定。
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Article 69 A wholly state-owned company shall have a manager, who shall be appointed or dismissed by the board of directors. The manager shall exercise his functions and powers according to Article 50 of this Law.
Upon consent of the state-owned assets supervision and administration institution, the members of the board of directors may concurrently hold the post of manager.
| | 第六十九條 【國有獨資公司經理】國有獨資公司設經理，由董事會聘任或者解聘。經理依照本法第五十條規定行使職權。
經國有資產監督管理機構同意，董事會成員可以兼任經理。
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Article 70 The chairman or vice chairman of the board of directors, or the directors and senior managers of a wholly state-owned company shall not concurrently take up a post in any other limited liability company, joint stock limited company or any other economic organization unless it is so consented by the state-owned assets supervision and administration institution.
| | 第七十條 【高級職員的兼職禁止】國有獨資公司的董事長、副董事長、董事、高級管理人員，未經國有資產監督管理機構同意，不得在其他有限責任公司、股份有限公司或者其他經濟組織兼職。
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Article 71 The board supervisors of a wholly state-owned company shall be composed of at least five members, of whom the employees' representatives shall account for no less than one third, and the specific percentage shall be specified by the company's articles of association.
The members of the board of supervisors shall be appointed by the state-owned assets supervision and administration institution; among them, however, the employees' representatives shall be elected by the assembly of the employees' representatives of the company. The chairman of the board of supervisors shall be designated by the state-owned assets supervision and administration institution from among the members of the board of supervisors.
The board of supervisions shall exercise the functions and powers as mentioned in Article 54 (1) through (3) of this Law and those provided for by the State Council.
| | 第七十一條 【國有獨資公司的監督管理】國有獨資公司監事會成員不得少于五人，其中職工代表的比例不得低于三分之一，具體比例由公司章程規定。
監事會成員由國有資產監督管理機構委派；但是，監事會成員中的職工代表由公司職工代表大會選舉產生。監事會主席由國有資產監督管理機構從監事會成員中指定。
監事會行使本法第五十四條第（一）項至第（三）項規定的職權和國務院規定的其他職權。
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Chapter III Equity Transfer of A Limited Liability Company
| | 第三章 有限責任公司的股權轉讓
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Article 72 Shareholders of a limited liability company may transfer all or part of their equity to each other.
Where a shareholder intends to transfer its or his equity to a person other than shareholders, the transfer shall be subject to the consent of more than half of the other shareholders. The shareholder shall give the other shareholders a written notice on its or his intention to the transfer its or his equity so as to obtain their consent. If the other shareholders fail to give a reply within 30 days upon receiving the written notice, it shall be deemed to have consented to the transfer. If half or more of the other shareholders disagree to the transfer, they shall purchase such equity to be transferred, or shall be deemed to have consented to the transfer in case of a refusal to purchase.
Under equal conditions, the other shareholders have the right of first refusal with regard to the equity to be transferred upon the consent of the shareholders. If two or more shareholders claim to exercise their right of first refusal, they shall, through negotiation, determine their respective proportion of the equity they intend to purchase. If they fail to reach an agreement during the negotiation, they shall exercise the right of first refusal on the basis of the proportions of their respective capital contributions at the time of equity transfer.
Unless it is otherwise provided for the equity transfer in the articles of association of a company, such provisions shall prevail.
| | 第七十二條 【股權轉讓的一般規定】有限責任公司的股東之間可以相互轉讓其全部或者部分股權。
股東向股東以外的人轉讓股權，應當經其他股東過半數同意。股東應就其股權轉讓事項書面通知其他股東征求同意，其他股東自接到書面通知之日起滿三十日未答複的，視為同意轉讓。其他股東半數以上不同意轉讓的，不同意的股東應當購買該轉讓的股權；不購買的，視為同意轉讓。
經股東同意轉讓的股權，在同等條件下，其他股東有優先購買權。兩個以上股東主張行使優先購買權的，協商確定各自的購買比例；協商不成的，按照轉讓時各自的出資比例行使優先購買權。
公司章程對股權轉讓另有規定的，從其規定。
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Article 73 When a people's court transfers the equity held by a shareholder of a company pursuant to the mandatory enforcement procedures as provided for by laws, it shall notify the company and all the shareholders of the transfer, stating that the other shareholders shall have the right of first refusal under equal conditions. If any of the other shareholders fails to exercise the right of first refusal within 20 days upon receiving the notice of the people's court, it or he shall be deemed to have waived such right.
| | 第七十三條 【強制執行程序下的股權轉讓】人民法院依照法律規定的強制執行程序轉讓股東的股權時，應當通知公司及全體股東，其他股東在同等條件下有優先購買權。其他股東自人民法院通知之日起滿二十日不行使優先購買權的，視為放棄優先購買權。
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Article 74 After a company transfers its equity according to Articles 72 and 73 of this Law, it shall cancel the capital contribution certificate of the former shareholder, issue a capital contribution certificate to the new shareholder and modify the information concerning the shareholder and its or his capital contributions in the articles of association of the company and the register of shareholders. No voting of the shareholders' meeting is needed for the modification of the company's articles of association in respect of the equity transfer.
| | 第七十四條 【股權轉讓對出資證明書、公司章程和股東名冊的影響】依照本法第七十二條、第七十三條轉讓股權後，公司應當注銷原股東的出資證明書，向新股東簽發出資證明書，並相應修改公司章程和股東名冊中有關股東及其出資額的記載。對公司章程的該項修改不需再由股東會表決。
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Article 75 Under any of the following circumstances, a shareholder, who votes against a resolution of the shareholders' meeting, may request the company to purchase its equity at a reasonable price:
| | 第七十五條 【異議股東請求公司收購股權的情形】有下列情形之一的，對股東會該項決議投反對票的股東可以請求公司按照合理的價格收購其股權：
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(1)The company failed to distribute profits to its shareholders for five consecutive years when it has made profits for five consecutive years and conforms to the profit distribution conditions as prescribed in this Law;
| | （一）公司連續五年不向股東分配利潤，而公司該五年連續盈利，並且符合本法規定的分配利潤條件的；
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(2)The company is going to merge with others, to be split up, or transfer its major properties to others;
| | （二）公司合並、分立、轉讓主要財產的；
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(3)When the business term as specified in the company's articles of association expires or other reasons for dissolution as prescribed in the articles of association occur, the shareholders' meeting makes the company exist continuously by adopting a resolution on the amendments to the company's articles of association.
Within 60 days after the resolution is adopted by the shareholders' meeting, if the shareholder and the company fail to reach an agreement on the equity purchase, the shareholder may initiate a lawsuit in a people's court within 90 days after the resolution is adopted by the shareholders' meeting.
| | （三）公司章程規定的營業期限屆滿或者章程規定的其他解散事由出現，股東會會議通過決議修改章程使公司存續的。
自股東會會議決議通過之日起六十日內，股東與公司不能達成股權收購協議的，股東可以自股東會會議決議通過之日起九十日內向人民法院提起訴訟。
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Article 76 After the death of a natural person shareholder, his lawful inheritor may inherit his shareholder's qualifications unless it is otherwise provided for by the company's articles of association.
| | 第七十六條 【股東資格的繼承】自然人股東死亡後，其合法繼承人可以繼承股東資格；但是，公司章程另有規定的除外。
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Chapter IV Establishment and Organizational Structure of A Joint Stock Limited Company
| | 第四章 股份有限公司的設立和組織機構 |
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Section 1 Establishment
| | 第一節 設立
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Article 77 The following conditions shall be met for the establishment of a joint stock limited company:
| | 第七十七條 【設立條件】設立股份有限公司，應當具備下列條件：
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(1)The number of promoters meets the quorum requirement;
| | （一）發起人符合法定人數；
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(2)The share capital subscribed for and raised by the promoters reaches the minimum amount of the statutory capital;
| | （二）發起人認購和募集的股本達到法定資本最低限額；
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(3)The issuance of shares and the preparatory work conform to the provisions of laws;
| | （三）股份發行、籌辦事項符合法律規定；
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(4)The company's articles of association are formulated by the promoters, and are adopted at the establishment meeting if the company is to be established by public share offer;
| | （四）發起人制訂公司章程，采用募集方式設立的經創立大會通過；
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(5)The company has a name and its organizational structure complies with the requirements for a joint stock limited company;
| | （五）有公司名稱，建立符合股份有限公司要求的組織機構；
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(6)The company has a domicile.
| | （六）有公司住所。
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Article 78 A joint stock limited company may be established by the way of promotion or public share offer.
A company established by means of promotion refers to a company in which the promoters subscribe for all of the shares to be issued by the company.
A company established by public share offer refers to a company in which the promoters subscribe for part of the shares to be issued by the company and the remaining shares are offered to the general public or to a group of specified people for subscription.
| | 第七十八條 【設立方式】股份有限公司的設立，可以采取發起設立或者募集設立的方式。
發起設立，是指由發起人認購公司應發行的全部股份而設立公司。
募集設立，是指由發起人認購公司應發行股份的一部分，其余股份向社會公開募集或者向特定對象募集而設立公司。
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Article 79 To establish a joint stock limited company, there shall not be less than two but not more than 200 promoters, of whom half or more shall have a domicile within the territory of China.
| | 第七十九條 【設立發起人的限制】設立股份有限公司，應當有二人以上二百人以下為發起人，其中須有半數以上的發起人在中國境內有住所。
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Article 80 The promoters of a joint stock limited company shall undertake the preparatory work of the company.
The promoters shall conclude a promoter's agreement to clarify their respective rights and obligations during the course of establishing the company.
| | 第八十條 【發起人籌辦公司的義務】股份有限公司發起人承擔公司籌辦事務。
發起人應當簽訂發起人協議，明確各自在公司設立過程中的權利和義務。
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Article 81 Where a joint stock limited company is established by means of promotion, its registered capital shall be the total amount of share capital subscribed for by all the promoters with the company registration authority. The minimum amount of initial capital contributions to be made by all promoters shall be not less than 20% of the total registered capital, and the remaining amount shall be paid by the promoters within two years from the date when the company is established; in case of an investment company, the remaining amount may be paid within five years. Before the registered capital is paid, no shares may be offered to others for subscription.
Where a joint stock limited company is established by means of public share offer, its registered capital shall be the total amount of actually paid share capital as is registered with the company registration authority.
The minimum amount of the registered capital of a joint stock limited company shall be 5 million yuan. If any law or administrative regulation provides a relatively higher minimum amount of registered capital, such provision shall prevail.
| | 第八十一條 【注冊資本與發起人的出資限額】股份有限公司采取發起設立方式設立的，注冊資本為在公司登記機關登記的全體發起人認購的股本總額。公司全體發起人的首次出資額不得低于注冊資本的百分之二十，其余部分由發起人自公司成立之日起兩年內繳足；其中，投資公司可以在五年內繳足。在繳足前，不得向他人募集股份。
股份有限公司采取募集方式設立的，注冊資本為在公司登記機關登記的實收股本總額。
股份有限公司注冊資本的最低限額為人民幣五百萬元。法律、行政法規對股份有限公司注冊資本的最低限額有較高規定的，從其規定。
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Article 82 The articles of association of a joint stock limited company shall specify the following matters:
| | 第八十二條 【股份有限公司章程的法定事項】股份有限公司章程應當載明下列事項：
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(1)The name and address of the company;
| | （一）公司名稱和住所；
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(2)The business scope of the company;
| | （二）公司經營範圍；
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(3)The form of establishment of the company;
| | （三）公司設立方式；
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(4)The total number of shares, par value of each share, and the registered capital of the company;
| | （四）公司股份總數、每股金額和注冊資本；
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(5)The name or title of each promoter, the shares it has subscribed for, and the form and date of capital contributions;
| | （五）發起人的姓名或者名稱、認購的股份數、出資方式和出資時間；
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(6)The composition, functions and powers, term of office, and rules of procedure of the board of directors;
| | （六）董事會的組成、職權和議事規則；
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(7)The legal representative of the company;
| | （七）公司法定代表人；
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(8)The composition, functions and powers, term of office, and rules of procedure of the board of supervisors;
| | （八）監事會的組成、職權和議事規則；
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(9)The method for profit distribution of the company;
| | （九）公司利潤分配辦法；
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(10)The reasons for dissolution of the company and liquidation methods;
| | （十）公司的解散事由與清算辦法；
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(11)The methods for issuing notices or public announcements of the company; and
| | （十一）公司的通知和公告辦法；
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(12) Other matters deemed necessary by the meetings of shareholders' assembly.
| | （十二）股東大會會議認為需要規定的其他事項。
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Article 83 The form of capital contributions of promoters shall be governed by the provisions of Article 27 of this Law.
| | 第八十三條 【發起人的出資方式要求】發起人的出資方式，適用本法第二十七條的規定。
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Article 84 When establishing a joint stock company limited by means of promotion, the promoters shall subscribe, in writing, for the full amount of shares provided in the company's articles of association. In the case of making capital contributions at one time, the promoters shall make payment in a lump sum; in the case of making capital contributions by installments, the promoters shall make down payment immediately. In the case of making capital contributions with non-monetary properties, the promoters shall go through the procedures for the transfer of property rights according to laws.
If any of the promoters fails to make capital contributions according to the provisions of the preceding paragraph, it shall bear the liability for breach of contract according to the promoter's agreement.
After the promoters have made their down payment, they should elect the board of directors and board of supervisors. The board of directors shall file a registration application with the company registration authority and submit thereto the articles of association, the capital verification certification as issued by a lawfully established capital verification institution, and other documents as provided for by laws and administrative regulations.
| | 第八十四條 【發起人出資義務的履行、出資違約及設立登記申請】以發起設立方式設立股份有限公司的，發起人應當書面認足公司章程規定其認購的股份；一次繳納的，應即繳納全部出資；分期繳納的，應即繳納首期出資。以非貨幣財產出資的，應當依法辦理其財產權的轉移手續。
發起人不依照前款規定繳納出資的，應當按照發起人協議承擔違約責任。
發起人首次繳納出資後，應當選舉董事會和監事會，由董事會向公司登記機關報送公司章程、由依法設定的驗資機構出具的驗資證明以及法律、行政法規規定的其他文件，申請設立登記。
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Article 85 For a joint stock limited company established by means of public share offer, the shares subscribed for by the promoters shall not be less than 35% of the total shares of the company. However, if it is otherwise provided for by any law or administrative regulation, such provisions thereof shall prevail.
| | 第八十五條 【對募集設立發起人認購股份的要求】以募集設立方式設立股份有限公司的，發起人認購的股份不得少于公司股份總數的百分之三十五；但是，法律、行政法規另有規定的，從其規定。
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Article 86 For a public offer of shares, the promoters shall publish a prospectus and prepare share subscription forms. The share subscription form shall contain the items listed in Article 87 of this Law, and a subscriber shall fill in the number and amount of shares he subscribes for and his domicile, and shall affix his signature or seal thereto. The subscriber shall make payment for share subscriptions according to the number of shares he has subscribed for.
| | 第八十六條 【募集股份公告和認股書內容】發起人向社會公開募集股份，必須公告招股說明書，並制作認股書。認股書應當載明本法第八十七條所列事項，由認股人填寫認購股數、金額、住所，並簽名、蓋章。認股人按照所認購股數繳納股款。
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Article 87 The prospectus shall contain the articles of association formulated by the promoters as an attachment and shall state the following matters:
| | 第八十七條 【招股說明書的主要內容】招股說明書應當附有發起人制訂的公司章程，並載明下列事項：
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(1)The number of shares subscribed for by the promoters;
| | （一）發起人認購的股份數；
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(2)The par value and the issue price of each share;
| | （二）每股的票面金額和發行價格；
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(3)The total number of bearer shares issued;
| | （三）無記名股票的發行總數；
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(4)The purposes for fund raising;
| | （四）募集資金的用途；
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(5)The rights and obligations of the subscribers; and
| | （五）認股人的權利、義務；
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(6)The beginning and ending dates for the public share offer and a statement to indicate that the subscribers may revoke their subscriptions if the shares offered to the general public are not fully subscribed for at the closing time of the public offering.
| | （六）本次募股的起止期限及逾期未募足時認股人可以撤回所認股份的說明。
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Article 88 The public offer shares shall be underwritten by a lawfully established securities company and an underwriting agreement shall be concluded.
| | 第八十八條 【發起人向社會募集股份的方式】發起人向社會公開募集股份，應當由依法設立的證券公司承銷，簽訂承銷協議。
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Article 89 For the public offer shares, the promoters shall sign an agreement with the bank entrusted to collect the payment for share subscriptions on their behalf.
The entrusted bank shall collect and hold as an agent the make payment for share subscriptions according to the agreement, present receipts to the subscribers who have made the payments, and bear the obligation to produce evidence of receipt of payments to relevant departments.
| | 第八十九條 【繳納股款方式】發起人向社會公開募集股份，應當同銀行簽訂代收股款協議。
代收股款的銀行應當按照協議代收和保存股款，向繳納股款的認股人出具收款單據，並負有向有關部門出具收款證明的義務。
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Article 90 Full payment for the issued shares shall be verified by a lawfully established capital verification institution and a capital verification certificate shall be issued thereby. The promoters shall convene an inaugural meeting of the company within 30 days from the date when the payment for subscription is made in full. The inaugural meeting shall be composed of the subscribers.
If the issued shares are not fully subscribed for at the expiration of the time limit prescribed in the prospectus, or if the promoters fail to hold an inaugural meeting within 30 days after the full payment for the issued shares, the subscribers may demand the promoters refund the money for the shares, plus the interest calculated at the bank deposit interest rate for the same period.
| | 第九十條 【發起人召開公司創立大會的義務】發行股份的股款繳足後，必須經依法設立的驗資機構驗資並出具證明。發起人應當自股款繳足之日起三十日內主持召開公司創立大會。創立大會由發起人、認股人組成。
發行的股份超過招股說明書規定的截止期限尚未募足的，或者發行股份的股款繳足後，發起人在三十日內未召開創立大會的，認股人可以按照所繳股款並加算銀行同期存款利息，要求發起人返還。
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Article 91 The promoters shall notify each subscriber of the date of the inaugural meeting or make a public announcement about the meeting 15 days in advance. The inaugural meeting may not be convened unless the subscribers holding more than half of the shares attend the meeting.
The inaugural meeting shall exercise the following functions and powers:
| | 第九十一條 【創立大會的召集職權和表決程序】發起人應當在創立大會召開十五日前將會議日期通知各認股人或者予以公告。創立大會應有代表股份總數過半數的發起人、認股人出席，方可舉行。
創立大會行使下列職權：
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(1) Deliberating the report on the preparations of the establishment of the company by the promotors;
| | （一）審議發起人關于公司籌辦情況的報告；
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(2) Adopting the articles of association of the company;
| | （二）通過公司章程；
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(3)Electing the members of the board of directors;
| | （三）選舉董事會成員；
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(4)Electing the members of the board of supervisors;
| | （四）選舉監事會成員；
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(5)Verifying the expenses incurred for the establishment of the company;
| | （五）對公司的設立費用進行審核；
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(6) Verifying the valuation of the property contributed by the promoters in lieu of pecuniary payment for share subscriptions;
| | （六）對發起人用于抵作股款的財產的作價進行審核；
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(7) Adopting a resolution against the establishment of the company where the force majeure or a material change of the operational conditions renders it impossible to establish a company.
A resolution adopted at the inaugural meeting on any of the matters as mentioned in the previous paragraph requires affirmative votes by the subscribers attending the meeting and representing more than half of the votes.
| | （七）發生不可抗力或者經營條件發生重大變化直接影響公司設立的，可以作出不設立公司的決議。
創立大會對前款所列事項作出決議，必須經出席會議的認股人所持表決權過半數通過。
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Article 92 The promoters and subscribers shall not withdraw their share capital after making payments for the shares they have subscribed for or after making capital contributions by using non-monetary properties, unless the issued shares have not been fully subscribed for within the time limit, or the promoters fail to convene an inaugural meeting within the time limit, or a resolution against the establishment of the company is adopted at the inaugural meeting.
| | 第九十二條 【股本抽回的限制】發起人、認股人繳納股款或者交付抵作股款的出資後，除未按期募足股份、發起人未按期召開創立大會或者創立大會決議不設立公司的情形外，不得抽回其股本。
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Article 93 The board of directors shall, within 30 days after the inaugural meeting ends, file a registration application with the company registration authority and submit thereto the following documents:
| | 第九十三條 【申請設立登記文件】董事會應于創立大會結束後三十日內，向公司登記機關報送下列文件，申請設立登記：
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(1)A company registration application;
| | （一）公司登記申請書；
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(2)The minutes of the inaugural meeting;
| | （二）創立大會的會議記錄；
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(3)The articles of association of the company;
| | （三）公司章程；
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(4)The capital verification certificate;
| | （四）驗資證明；
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(5)The appointment documents and identity certificates of the legal representative, directors, and supervisors;
| | （五）法定代表人、董事、監事的任職文件及其身份證明；
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(6)The promoters' certificates for their capacity as legal persons or their identification certificates for natural persons; and
| | （六）發起人的法人資格證明或者自然人身份證明；
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(7)The certificate for the domicile of the company.
For a joint stock limited company established by means of public share offer that makes public its shares, besides the aforementioned documents, it shall submit to the company registration authority the approval documents issued by the securities regulatory institution under the State Council.
| | （七）公司住所證明。
以募集方式設立股份有限公司公開發行股票的，還應當向公司登記機關報送國務院證券監督管理機構的核准文件。
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Article 94 After the establishment of a joint stock limited company, if any of the promoters fail to make full payment for the capital contributions as stipulated in the company's articles of association, he shall make up the arrears and the other promoters shall bear several and joint liabilities.
After the establishment of a joint stock limited company, if it is found that the actual value of the non-monetary properties used as capital contributions for the establishment of the company is obviously lower than the value stipulated in the company's articles of association, the promoter who made such a capital contribution shall make up the difference and the other promoters shall bear several and joint liabilities.
| | 第九十四條 【發起人的出資補繳責任】股份有限公司成立後，發起人未按照公司章程的規定繳足出資的，應當補繳；其他發起人承擔連帶責任。
股份有限公司成立後，發現作為設立公司出資的非貨幣財產的實際價額顯著低于公司章程所定價額的，應當由交付該出資的發起人補足其差額；其他發起人承擔連帶責任。
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Article 95 The promoters of a joint stock limited company shall bear the following liabilities:
| | 第九十五條 【公司設立過程中的發起人責任】股份有限公司的發起人應當承擔下列責任：
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(1) In the event that the company cannot be established, they shall be jointly and severally liable for the debts and expenses incurred from the activities related to the establishment of the company;
| | （一）公司不能成立時，對設立行為所產生的債務和費用負連帶責任；
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(2) In the event that the company cannot be established, they shall be jointly and severally liable for refunding the payment for share subscriptions made by the subscribers, plus the interest calculated according to the bank interest rate for the same period of time; and
| | （二）公司不能成立時，對認股人已繳納的股款，負返還股款並加算銀行同期存款利息的連帶責任；
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(3) If the company's interests are injured in the course of its establishment due to the negligence of the promoters, they shall be liable for making compensation to the company.
| | （三）在公司設立過程中，由于發起人的過失致使公司利益受到損害的，應當對公司承擔賠償責任。
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Article 96 Where a limited liability company is changed into a joint stock limited company, the total amount of the paid-in capital shall not be more than the total amount of the company's net assets. Where a limited liability company is changed into a joint stock limited company, the publicly offered shares for the purpose of increasing its capital shall comply with law.
| | 第九十六條 【有限責任公司變更為股份有限公司的資產額要求及募股要求】有限責任公司變更為股份有限公司時，折合的實收股本總額不得高于公司淨資產額。有限責任公司變更為股份有限公司，為增加資本公開發行股份時，應當依法辦理。
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Article 97 A joint stock limited company shall make and keep its articles of association, the register of the shareholders, the stubs of corporate bonds, the minutes of meetings of the shareholders' assembly, the minutes of meetings of the board of directors, the minutes of meetings of the board of supervisors, and the financial and accounting reports in the company.
| | 第九十七條 【重要資料的置備】股份有限公司應當將公司章程、股東名冊、公司債券存根、股東大會會議記錄、董事會會議記錄、監事會會議記錄、財務會計報告置備于本公司。
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Article 98 Shareholders shall have the right to review the company's articles of association, the register of shareholders, the stubs of corporate bonds, the minutes of meetings of the shareholders' assembly, the minutes the meetings of the board of directors, the minutes of meetings of the board of supervisors, and the financial and accounting reports, and may put forward proposals or raise questions about the business operations of the company.
| | 第九十八條 【股東的查閱權與建議質詢權】股東有權查閱公司章程、股東名冊、公司債券存根、股東大會會議記錄、董事會會議決議、監事會會議決議、財務會計報告，對公司的經營提出建議或者質詢。
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Section 2 Shareholders' Assembly
| | 第二節 股東大會
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Article 99 The shareholders' assembly of a joint stock limited company shall be composed of all the shareholders. It is the organ of power of a company and shall exercise its functions and powers according to this Law.
| | 第九十九條 【股東大會的地位與組成】股份有限公司股東大會由全體股東組成。股東大會是公司的權力機構，依照本法行使職權。
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Article 100 The provisions regarding the functions and powers of the shareholders' meeting of a limited liability company as prescribed in the first paragraph of Article 38 of this Law shall apply to the shareholders' assembly of a joint stock limited company.
| | 第一百條 【股東大會的職權】本法第三十八條第一款關于有限責任公司股東會職權的規定，適用于股份有限公司股東大會。
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Article 101 The meetings of the shareholders' assembly shall be held once every year. Under any of the following circumstances, an interim meeting of the shareholders' assembly shall be held within two months:
| | 第一百零一條 【股東大會及臨時股東大會的召開】股東大會應當每年召開一次年會。有下列情形之一的，應當在兩個月內召開臨時股東大會：
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(1) The number of directors is less than the number as required by this Law, or less than two-thirds of the number as specified in the company's articles of association;
| | （一）董事人數不足本法規定人數或者公司章程所定人數的三分之二時；
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(2) The amount of the unrecovered losses of the company reaches one-third of the total paid-in capital;
| | （二）公司未彌補的虧損達實收股本總額三分之一時；
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(3) At the request of the shareholders separately or aggregately holding 10% or more of the company's shares;
| | （三）單獨或者合計持有公司百分之十以上股份的股東請求時；
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(4) The board of directors deems it necessary;
| | （四）董事會認為必要時；
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(5) At the request of the board of supervisors; and
| | （五）監事會提議召開時；
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(6) Other circumstances as specified in the company's articles of association.
| | （六）公司章程規定的其他情形。
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Article 102 The meetings of the shareholders' assembly shall be convened by the board of directors and presided over by the chairman of the board of directors. If the chairman is unable or fails to perform his duties, the meetings thereof shall be presided over by the vice chairman of the board of directors. If the vice chairman of the board of directors is unable or fails to perform his duties, the meetings shall be presided over by a director jointly recommended by half or more of the directors.
If the board of directors or the executive director is unable or fails to fulfill the obligation of convening the meetings of the shareholders' assembly, the board of supervisors shall convene and preside over such meetings. If the board of supervisors does not convene or preside over such meetings, the shareholders separately or aggregately holding one-tenth or more of the shares may convene and preside over such meetings on their own initiative.
| | 第一百零二條 【股東大會的召集】股東大會會議由董事會召集，董事長主持；董事長不能履行職務或者不履行職務的，由副董事長主持；副董事長不能履行職務或者不履行職務的，由半數以上董事共同推舉一名董事主持。
董事會不能履行或者不履行召集股東大會會議職責的，監事會應當及時召集和主持；監事會不召集和主持的，連續九十日以上單獨或者合計持有公司百分之十以上股份的股東可以自行召集和主持。
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Article 103 For a meeting of the shareholders' assembly to be held, a notice shall be given to each shareholder 20 days in advance, which shall state the time and place of the meeting, and the matters to be deliberated at the meeting. For an interim meeting of the shareholders' assembly, a notice shall be given to each shareholder 15 days in advance. For the issue of bearer shares, the time and place of the meeting and the matters to be deliberated at the meeting shall be announced 30 days in advance.
The shareholders separately or aggregately holding 3% or more of the shares of the company may put forward a written interim proposal to the board of directors 10 days before a meeting of the shareholders' assembly is held. The board of directors may notify other shareholders within two days upon the receipt and submit the interim proposal to the meeting of the shareholders' assembly for deliberation. The content of the interim proposal shall fall within the scope of matters to be decided by the shareholders' assembly, and the interim proposal shall have a clear topic for discussion and matters to be decided.
The shareholders' assembly shall not make resolutions on any matter not listed in the notice as mentioned in the preceding two paragraphs.
If a holder of bearer shares attends a meeting of the shareholders' assembly, he shall have their stocks kept in the custody of the company during the period from five days before the start of the meeting to the day when the meeting of the shareholders' assembly is closed.
| | 第一百零三條 【股東大會的通知期限、臨時議案和股票交存制度】召開股東大會會議，應當將會議召開的時間、地點和審議的事項于會議召開二十日前通知各股東；臨時股東大會應當于會議召開十五日前通知各股東；發行無記名股票的，應當于會議召開三十日前公告會議召開的時間、地點和審議事項。
單獨或者合計持有公司百分之三以上股份的股東，可以在股東大會召開十日前提出臨時提案並書面提交董事會；董事會應當在收到提案後二日內通知其他股東，並將該臨時提案提交股東大會審議。臨時提案的內容應當屬于股東大會職權範圍，並有明確議題和具體決議事項。
股東大會不得對前兩款通知中未列明的事項作出決議。
無記名股票持有人出席股東大會會議的，應當于會議召開五日前至股東大會閉會時將股票交存于公司。
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Article 104 When a shareholder attends a meeting of the shareholders' assembly, he shall have one vote for each share he holds. However, the company itself has no voting right for its own shares.
When any resolution is to be made by the shareholders' assembly, it shall be adopted by the shareholders representing more than half of the voting rights of the shareholders in presence. However, when the shareholders' assembly makes a resolution on amendments to the company's articles of association, or the increase or decrease of the registered capital, or on the merger, split-up, dissolution or change of the organizational form of the company, such a resolution shall be adopted by the shareholders representing two-thirds or more of the voting rights of the shareholders in presence.
| | 第一百零四條 【表決權與股東大會議事規則】股東出席股東大會會議，所持每一股份有一表決權。但是，公司持有的本公司股份沒有表決權。
股東大會作出決議，必須經出席會議的股東所持表決權過半數通過。但是，股東大會作出修改公司章程、增加或者減少注冊資本的決議，以及公司合並、分立、解散或者變更公司形式的決議，必須經出席會議的股東所持表決權的三分之二以上通過。
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Article 105 With regard to important matters subject to resolutions of the shareholders' assembly of a company, such as the transfer or assignment of any significant assets of the company or provision of a guarantee for any other person, as stipulated by this Law and the company's articles of association, the board of directors shall timely call a meeting of the shareholders' assembly to vote on such matters.
| | 第一百零五條 【股東大會的法定召集及表決事項】本法和公司章程規定公司轉讓、受讓重大資產或者對外提供擔保等事項必須經股東大會作出決議的，董事會應當及時召集股東大會會議，由股東大會就上述事項進行表決。
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Article 106 A cumulative voting system may be adopted to elect directors or supervisors according to the company's articles association or resolutions of the shareholders' assembly.
The term “cumulative voting system” as mentioned in this Law refers to a system of voting by shareholders for the election of directors or supervisors at a meeting of the shareholders' assembly in which the voting rights allocated to each share is equal to the number of candidates and such voting rights held by a shareholder can be used collectively.
| | 第一百零六條 【累積投票制】股東大會選舉董事、監事，可以依照公司章程的規定或者股東大會的決議，實行累積投票制。
本法所稱累積投票制，是指股東大會選舉董事或者監事時，每一股份擁有與應選董事或者監事人數相同的表決權，股東擁有的表決權可以集中使用。
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Article 107 A shareholder may entrust a person to attend a meeting of the shareholders' assembly on its or his behalf. The person shall present a proxy issued by the shareholder to the company, and shall exercise his voting rights within the scope of authorization.
| | 第一百零七條 【表決權的代理行使】股東可以委托代理人出席股東大會會議，代理人應當向公司提交股東授權委托書，並在授權範圍內行使表決權。
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Article 108 The shareholders' assembly shall keep the minutes for the decisions about the matters discussed at the meetings. The chair of the meeting and the directors in presence shall affix their signatures to the minutes, which shall be saved together with the book of signatures of the shareholders in presence and the proxy thereof.
| | 第一百零八條 【股東大會的會議記錄】股東大會應當對所議事項的決定作成會議記錄，主持人、出席會議的董事應當在會議記錄上簽名。會議記錄應當與出席股東的簽名冊及代理出席的委托書一並保存。
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Section 3 Board of Directors and Manager
| | 第三節 董事會、經理
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Article 109 A joint stock limited company shall set up a board of directors, which shall be composed of 5-19 persons.
The board of directors may include employees' representatives of the company. The employees' representatives who serve as board directors shall be democratically elected through the assembly of the employees' representatives, the assembly of employees, or by other methods.
The provisions in Article 46 of this Law on the term of office of the directors of a limited liability company shall apply to the directors of a joint stock limited company.
The provisions in Article 47 of this Law on the functions and powers of the board of directors of a limited liability company shall apply to the board of directors of a joint stock limited company.
| | 第一百零九條 【董事會設立及其職權】股份有限公司設董事會，其成員為五人至十九人。
董事會成員中可以有公司職工代表。董事會中的職工代表由公司職工通過職工代表大會、職工大會或者其他形式民主選舉產生。
本法第四十六條關于有限責任公司董事任期的規定，適用于股份有限公司董事。
本法第四十七條關于有限責任公司董事會職權的規定，適用于股份有限公司董事會。
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Article 110 The board of directors shall have one chairman and may have a vice chairman. The chairman and vice chairman of the board of directors shall be elected by more than half of all the directors.
The chairman of the board of directors shall call and preside over the meetings of the board of directors and check the implementation of the resolutions of the board of directors. The vice chairman shall assist the chairman in his work. If the chairman is unable or fails to perform his duties, the vice chairman shall perform such duties. If the vice chairman of the board of directors is unable or fails to perform his duties, a director jointly recommended by half or more of the directors shall perform such duties.
| | 第一百一十條 【董事會的組成】董事會設董事長一人，可以設副董事長。董事長和副董事長由董事會以全體董事的過半數選舉產生。
董事長召集和主持董事會會議，檢查董事會決議的實施情況。副董事長協助董事長工作，董事長不能履行職務或者不履行職務的，由副董事長履行職務；副董事長不能履行職務或者不履行職務的，由半數以上董事共同推舉一名董事履行職務。
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Article 111 The board of directors shall convene at least two meetings every year and shall give a notice to all directors and supervisors 10 days before it holds a meeting.
The shareholders representing one-tenth or more of the voting rights, or one-third of the directors, or the board of supervisors may put forward a proposal to hold an interim meeting of the board of directors. The chairman of the board of directors shall, within 10 days after he receives such a proposal, call and preside over a meeting of the board of directors.
The board of directors may separately decide the method and time limit for the notification about the convening of an interim meeting of the board of directors.
| | 第一百一十一條 【董事會的召開】董事會每年度至少召開兩次會議，每次會議應當于會議召開十日前通知全體董事和監事。
代表十分之一以上表決權的股東、三分之一以上董事或者監事會，可以提議召開董事會臨時會議。董事長應當自接到提議後十日內，召集和主持董事會會議。
董事會召開臨時會議，可以另定召集董事會的通知方式和通知時限。
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Article 112 No meeting of the board of directors may be held unless more than half of the directors are present. A resolution made by the board of directors shall be adopted by more than half of all the directors.
For the voting on a resolution of the board of directors, each director shall have one vote only.
| | 第一百一十二條 【董事會的議事規則】董事會會議應有過半數的董事出席方可舉行。董事會作出決議，必須經全體董事的過半數通過。
董事會決議的表決，實行一人一票。
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Article 113 The meetings of the board of directors shall be attended by the directors in person. Where any director is unable to attend the meeting for a certain reason, he may, by issuing a written proxy, entrust another director to attend the meeting on his behalf, and the proxy shall state the scope of authorization.
The board of directors shall prepare minutes regarding the resolutions on the matters discussed at the meeting, which shall be signed by the directors in presence.
The directors shall be responsible for the resolutions of the board of directors. Where a resolution of the board of directors is in violation of any law, administrative regulation, or the company's articles of association, or resolutions of the shareholders' assembly and causes any serious losses to the company, the directors who participate in adopting the resolution shall make compensation to the company. However, if a director is proven to have expressed his objection to the vote on such a resolution and his objection was recorded in the minutes of meeting, then he may be exempted from such liability for compensation.
| | 第一百一十三條 【董事會的出席與代理出席、會議記錄與責任承擔】董事會會議，應由董事本人出席；董事因故不能出席，可以書面委托其他董事代為出席，委托書中應載明授權範圍。
董事會應當對會議所議事項的決定作成會議記錄，出席會議的董事應當在會議記錄上簽名。
董事應當對董事會的決議承擔責任。董事會的決議違反法律、行政法規或者公司章程、股東大會決議，致使公司遭受嚴重損失的，參與決議的董事對公司負賠償責任。但經證明在表決時曾表明異議並記載于會議記錄的，該董事可以免除責任。
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Article 114 A joint stock limited company shall have a manager who shall be engaged or dismissed by the board of directors.
The provisions of Article 50 of this Law on the functions and powers of the manager of a limited liability company shall apply to the manager of a joint stock limited company.
| | 第一百一十四條 【經理及其職權】股份有限公司設經理，由董事會決定聘任或者解聘。
本法第五十條關于有限責任公司經理職權的規定，適用于股份有限公司經理。
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Article 115 The board of directors of a company may decide to appoint a member of the board of directors to concurrently serve as the manager of the company.
| | 第一百一十五條 【董事會成員兼任經理】公司董事會可以決定由董事會成員兼任經理。
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Article 116 No company may, directly or through its subsidiary, lend money to any of its directors, supervisors, or senior managers.
| | 第一百一十六條 【禁止向高級職員提供借款】公司不得直接或者通過子公司向董事、監事、高級管理人員提供借款。
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Article 117 A company shall regularly disclose to its shareholders information about remunerations received by the directors, supervisors and senior managers from the company.
| | 第一百一十七條 【定期披露高級職員報酬】公司應當定期向股東披露董事、監事、高級管理人員從公司獲得報酬的情況。
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Section 4 Board of Supervisors
| | 第四節 監事會
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Article 118 A joint stock limited company shall set up a board of supervisors, which shall be composed of at least three persons.
The board of supervisors shall include representatives of shareholders and an appropriate proportion of representatives of the company's employees. The representatives of employees shall account for no less than one-third of all the supervisors, but the specific proportion shall be specified in the company's articles of association. The representatives of employees who serve as members of the board of supervisors shall be democratically elected through the assembly of representatives of the company's employees, the shareholders' assembly, or by other means.
The board of supervisors shall have one chairman and may have a vice chairman. The chairman and vice chairman shall be elected by more than half of all the supervisors. The chairman of the board of supervisors shall call and preside over the meetings of the board of supervisors. If the chairman of the board of supervisors is unable or fails to perform his duties, the vice chairman of the board of supervisors shall call and preside over the meeting of the board of supervisors. If the vice chairman of the board of supervisors are unable or fail to perform such duties, a supervisor jointly recommended by half or more of the supervisors shall call and preside over the meetings of the board of supervisors.
Directors or senior managers should not concurrently serve as supervisors.
The provisions of Article 53 of this Law on the term of office of the supervisors of a limited liability company shall apply to the supervisors of a joint stock limited company.
| | 第一百一十八條 【監事會的設立與組成】股份有限公司設監事會，其成員不得少于三人。
監事會應當包括股東代表和適當比例的公司職工代表，其中職工代表的比例不得低于三分之一，具體比例由公司章程規定。監事會中的職工代表由公司職工通過職工代表大會、職工大會或者其他形式民主選舉產生。
監事會設主席一人，可以設副主席。監事會主席和副主席由全體監事過半數選舉產生。監事會主席召集和主持監事會會議；監事會主席不能履行職務或者不履行職務的，由監事會副主席召集和主持監事會會議；監事會副主席不能履行職務或者不履行職務的，由半數以上監事共同推舉一名監事召集和主持監事會會議。
董事、高級管理人員不得兼任監事。
本法第五十三條關于有限責任公司監事任期的規定，適用于股份有限公司監事。
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Article 119 The provisions of Articles 54 and 55 of this Law on the functions and powers of a limited liability company shall apply to the board of supervisors of a joint stock limited company.
The expenses necessary for the board of supervisors to exercise its functions and powers shall be borne by the company.
| | 第一百一十九條 【監事會的職權】本法第五十四條、第五十五條關于有限責任公司監事會職權的規定，適用于股份有限公司監事會。
監事會行使職權所必需的費用，由公司承擔。
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Article 120 The board of supervisors shall hold at least one meeting every six months. The supervisors may propose to call interim meetings of the board of supervisors.
The discussion methods and voting procedures of the board of supervisors shall be specified in the company's articles of association unless it is otherwise provided for by this Law.
A resolution of the board of supervisors shall be adopted by more than half of the supervisors.
The board of supervisors shall keep minutes for the decisions on the matters discussed at the meeting, which shall be signed by the supervisors in presence.
| | 第一百二十條 【監事會的會議制度】監事會每六個月至少召開一次會議。監事可以提議召開臨時監事會會議。
監事會的議事方式和表決程序，除本法有規定的外，由公司章程規定。
監事會決議應當經半數以上監事通過。
監事會應當對所議事項的決定作成會議記錄，出席會議的監事應當在會議記錄上簽名。
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Section 5 Special Provisions on the Organizational Structure of A Listed Company
| | 第五節 上市公司組織機構的特別規定
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Article 121 The term “listed company” as mentioned in this Law refers to a joint stock limited company whose stocks are listed and traded in a stock exchange.
| | 第一百二十一條 【上市公司的定義】本法所稱上市公司，是指其股票在證券交易所上市交易的股份有限公司。
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Article 122 Where a listed company purchases or sells any important asset within a year, or provides a guarantee that exceeds 30% of the company's total assets, such matters shall be subject to the resolutions made by the shareholders' assembly and shall be adopted by the shareholders representing 2/3 of the voting rights of the shareholders present at the meeting.
| | 第一百二十二條 【重大資產買賣與重要擔保的議事規則】上市公司在一年內購買、出售重大資產或者擔保金額超過公司資產總額百分之三十的，應當由股東大會作出決議，並經出席會議的股東所持表決權的三分之二以上通過。
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Article 123 A listed company shall have independent directors. The specific measures shall be formulated by the State Council.
| | 第一百二十三條 【獨立董事的設立】上市公司設立獨立董事，具體辦法由國務院規定。
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Article 124 A listed company may have a secretary of the board of directors, who shall be responsible for the preparation of the meetings of shareholders' assembly and the meetings of the board of directors, the safekeeping of documents, the management of the company's shareholders, and the information of disclosure.
| | 第一百二十四條 【董事會秘書的設立及其職權】上市公司設董事會秘書，負責公司股東大會和董事會會議的籌備、文件保管以及公司股東資料的管理，辦理信息披露事務等事宜。
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Article 125 Where any of the directors of a listed company has any affiliation relationship with an enterprise involved in the matters to be decided at the meeting of the board of directors, he shall not vote on such resolution, nor may he vote on behalf of any other director. Such a meeting of the board of directors shall not be held unless more than half of the directors who have no affiliation relationship with the enterprise are present at the meeting. A resolution made at the meeting of the board of directors shall be adopted by more than half of such unrelated directors. If the number of the unrelated directors in presence is less than three persons, the matter shall be submitted to the shareholders' assembly of the listed company for deliberation.
| | 第一百二十五條 【關聯關系董事回避與相關事項議事規則】上市公司董事與董事會會議決議事項所涉及的企業有關聯關系的，不得對該項決議行使表決權，也不得代理其他董事行使表決權。該董事會會議由過半數的無關聯關系董事出席即可舉行，董事會會議所作決議須經無關聯關系董事過半數通過。出席董事會的無關聯關系董事人數不足三人的，應將該事項提交上市公司股東大會審議。
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Chapter V Issuance and Transfer of Shares of A Joint Stock Limited Company
| | 第五章 股份有限公司的股份發行和轉讓 |
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Section 1 Issuance of Shares
| | 第一節 股份發行
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Article 126 The capital of a joint stock limited company shall be divided into shares and all the shares shall be of equal value.
The shares of a company are represented by stocks. A stock is a certificate issued by the company to certify the share held by a shareholder.
| | 第一百二十六條 【股份有限公司的股份及其形式】股份有限公司的資本劃分為股份，每一股的金額相等。
公司的股份采取股票的形式。股票是公司簽發的證明股東所持股份的憑證。
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Article 127 Shares shall be issued in compliance with the principle of fairness and impartiality. The shares of the same class shall have the same rights.
The shares of the same class issued at the same time shall be equal in price and shall be subject to the same conditions. The price of each share purchased by any organization or individual shall be the same.
| | 第一百二十七條 【股份有限公司股份發行的原則】股份的發行，實行公平、公正的原則，同種類的每一股份應當具有同等權利。
同次發行的同種類股票，每股的發行條件和價格應當相同；任何單位或者個人所認購的股份，每股應當支付相同價額。
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Article 128 Shares may be issued at or in excess of their par value, but shall not be below their par value.
| | 第一百二十八條 【股票發行的價格】股票發行價格可以按票面金額，也可以超過票面金額，但不得低于票面金額。
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Article 129 Stocks shall be in paper form or in other forms prescribed by the securities regulatory institution of the State Council.
A stock shall state the following major items:
| | 第一百二十九條 【股票形式與應載明的事項】股票采用紙面形式或者國務院證券監督管理機構規定的其他形式。
股票應當載明下列主要事項：
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(1) The company name;
| | （一）公司名稱；
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(2) The company's date of establishment;
| | （二）公司成立日期；
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(3) The class and par value of the shares, as well as the number of shares it represents; and
| | （三）股票種類、票面金額及代表的股份數；
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(4) The serial number of the stock.
The stock shall bear the signature of the legal representative and the seal of the company.
The stocks held by the promoters shall be marked with the words "promoters' stocks".
| | （四）股票的編號。
股票由法定代表人簽名，公司蓋章。
發起人的股票，應當標明發起人股票字樣。
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Article 130 Shares issued by a company may be registered shares or bearer shares.
Stocks issued by a company to promoters or legal persons shall be registered shares, which shall state the names or titles of such promoters or legal persons, and shall not be registered in any other person's name or the names of any representative.
| | 第一百三十條 【股票種類】公司發行的股票，可以為記名股票，也可以為無記名股票。
公司向發起人、法人發行的股票，應當為記名股票，並應當記載該發起人、法人的名稱或者姓名，不得另立戶名或者以代表人姓名記名。
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Article 131 A company that issues registered shares shall prepare a register of shareholders, which shall state the following items:
| | 第一百三十一條 【股東名冊的置備及內容】公司發行記名股票的，應當置備股東名冊，記載下列事項：
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(1) The name or title and domicile of each shareholder;
| | （一）股東的姓名或者名稱及住所；
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(2) The number of shares held by each shareholder;
| | （二）各股東所持股份數；
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(3) The serial numbers of the stocks held by each shareholder; and
| | （三）各股東所持股票的編號；
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(4) The date on which each shareholder acquires his shares.
A company issuing bearer shares shall record the number, serial numbers and issuance date of the stocks.
| | （四）各股東取得股份的日期。
發行無記名股票的，公司應當記載其股票數量、編號及發行日期。
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Article 132 For the company's issuance of other shares not provided for in this Law, the State Council may formulate separate provisions.
| | 第一百三十二條 【其他種類股票】國務院可以對公司發行本法規定以外的其他種類的股份，另行作出規定。
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Article 133 After a joint stock limited company is established, it shall formally deliver stocks to its shareholders. No company may deliver any stock to the shareholders prior to its establishment.
| | 第一百三十三條 【向股東交付股票的時間】股份有限公司成立後，即向股東正式交付股票。公司成立前不得向股東交付股票。
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Article 134 Where a company intends to issue new shares, it shall, under its articles of association, make a resolution about the following matters through the shareholders' assembly:
| | 第一百三十四條 【發行新股的決議事項】公司發行新股，股東大會應當對下列事項作出決議：
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(1) The class and number of new shares;
| | （一）新股種類及數額；
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(2) The issuing price of the new shares;
| | （二）新股發行價格；
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(3) The beginning and ending dates for the issuance of new shares; and
| | （三）新股發行的起止日期；
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(4) The class and number of the new shares to be issued to the original shareholders.
| | （四）向原有股東發行新股的種類及數額。
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Article 135 When a company publicly issues new shares upon approval of the securities regulatory institution, it shall make public a new prospectus and its financial and accounting reports, along with a share subscription form.
The provisions of Articles 88 and 89 of this Law shall apply to the public offering of new shares of a company.
| | 第一百三十五條 【新股發行公告、募股方式及繳納股款方式】公司經國務院證券監督管理機構核准公開發行新股時，必須公告新股招股說明書和財務會計報告，並制作認股書。
本法第八十八條、第八十九條的規定適用于公司公開發行新股。
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Article 136 When a company issues new shares, it may make a pricing plan according to its business operations and financial status.
| | 第一百三十六條 【新股作價方案的確定】公司發行新股，可以根據公司經營情況和財務狀況，確定其作價方案。
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Article 137 After a company raises enough capital, it shall go through modification registration in the company registration authority and make a public announcement.
| | 第一百三十七條 【新股募足後的變更登記及公告】公司發行新股募足股款後，必須向公司登記機關辦理變更登記，並公告。
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Section 2 Transfer of Shares
| | 第二節 股份轉讓
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Article 138 Shares held by a shareholder may be transferred according to laws.
| | 第一百三十八條 【股份可依法轉讓】股東持有的股份可以依法轉讓。
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Article 139 Where a shareholder intends to transfer its or his shares, the shares shall be transferred in a lawfully established stock exchange or by any other means as prescribed by the State Council.
| | 第一百三十九條 【轉讓股份的場所】股東轉讓其股份，應當在依法設立的證券交易場所進行或者按照國務院規定的其他方式進行。
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Article 140 Registered shares may be transferred by their shareholders' endorsement or by any other means prescribed by relevant laws or administrative regulations. After the transfer, the company shall record the name or title and domicile of the transferee in the register of shareholders.
Within 20 days prior to the convening of a meeting of the shareholders' assembly or within five days prior to the benchmark date on which the company decides to distribute dividends, no registration of modifications may be made to the register of shareholders as mentioned in the preceding paragraph. However, if any law provides otherwise for the modification registration of the register of shareholders of listed companies, such provisions thereof shall prevail.
| | 第一百四十條 【記名股票的轉讓】記名股票，由股東以背書方式或者法律、行政法規規定的其他方式轉讓；轉讓後由公司將受讓人的姓名或者名稱及住所記載于股東名冊。
股東大會召開前二十日內或者公司決定分配股利的基准日前五日內，不得進行前款規定的股東名冊的變更登記。但是，法律對上市公司股東名冊變更登記另有規定的，從其規定。
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Article 141 The transfer of bearer shares takes effect as soon as the shareholder delivers its or his stock to the transferee.
| | 第一百四十一條 【無記名股票的轉讓】無記名股票的轉讓，由股東將該股票交付給受讓人後即發生轉讓的效力。
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Article 142 Shares held by the promoters of a company shall not be transferred within one year after the date of establishment of the company. Shares issued before a company publicly issues shares shall not be transferred within one year from the day when the shares of the company get listed and are traded in a stock exchange.
The directors, supervisors and senior managers of a company shall declare to the company the shares held by them and the changes thereof. During the term of office, the shares transferred by any of the aforesaid persons each year shall not exceed 25% of the total shares held by such person in the company. The shares of the company held by such person shall not be transferred within one year from the day when the shares of the company get listed and are traded in a stock exchange. After any of the aforesaid persons is removed from his post, he shall not transfer the shares of the company he holds. The articles of association may have other restrictions on the transfer of shares held by the directors, supervisors and senior managers.
| | 第一百四十二條 【轉讓本公司股份的限制】發起人持有的本公司股份，自公司成立之日起一年內不得轉讓。公司公開發行股份前已發行的股份，自公司股票在證券交易所上市交易之日起一年內不得轉讓。
公司董事、監事、高級管理人員應當向公司申報所持有的本公司的股份及其變動情況，在任職期間每年轉讓的股份不得超過其所持有本公司股份總數的百分之二十五；所持本公司股份自公司股票上市交易之日起一年內不得轉讓。上述人員離職後半年內，不得轉讓其所持有的本公司股份。公司章程可以對公司董事、監事、高級管理人員轉讓其所持有的本公司股份作出其他限制性規定。
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Article 143 A company shall not purchase its own shares except under any of the following circumstances:
| | 第一百四十三條 【禁止收購本公司股份及其例外】公司不得收購本公司股份。但是，有下列情形之一的除外：
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(1) To decrease the registered capital of the company;
| | （一）減少公司注冊資本；
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(2) To merge with another company holding shares of the company;
| | （二）與持有本公司股份的其他公司合並；
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(3) To award the employees of the company with its shares; or
| | （三）將股份獎勵給本公司職工；
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(4) It is requested by any shareholder to purchase his shares because this shareholder objects to the company's resolution on the merger or split-up of the company made by the shareholders' assembly.
Where a company needs to purchase its own shares for any of the reasons as mentioned in Items (1) through (3) of the preceding paragraph, the matter shall be subject to a resolution of the shareholders' assembly. After the company purchases its own shares pursuant to the provisions of the preceding paragraph, it shall, under the circumstance as mentioned in Item (1), write such shares off within 10 days after the purchase; under either circumstance as mentioned in Item (2) or (4), such shares shall be transferred or written off within six months.
The shares purchased by a company according to Item (3) of the preceding paragraph shall not exceed 5% of the total shares already issued by the company. The funds used for share purchase shall be paid from the after-tax profits of the company. The shares purchased by the company shall be transferred to the employees within one year.
No company may accept any subject matter taking its own shares as a pledge.
| | （四）股東因對股東大會作出的公司合並、分立決議持異議，要求公司收購其股份的。
公司因前款第（一）項至第（三）項的原因收購本公司股份的，應當經股東大會決議。公司依照前款規定收購本公司股份後，屬于第（一）項情形的，應當自收購之日起十日內注銷；屬于第（二）項、第（四）項情形的，應當在六個月內轉讓或者注銷。
公司依照第一款第（三）項規定收購的本公司股份，不得超過本公司已發行股份總額的百分之五；用于收購的資金應當從公司的稅後利潤中支出；所收購的股份應當在一年內轉讓給職工。
公司不得接受本公司的股票作為質押權的標的。
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Article 144 Where any registered stocks are stolen, lost or destroyed, the shareholder may request a people's court to declare these stocks invalid according to the public notice procedure prescribed in the Civil Procedural Law of the People's Republic of China. After the people's court has invalidated these stocks, the shareholder may file an application to the company for the issuance of new stocks.
| | 第一百四十四條 【公示催告程序】記名股票被盜、遺失或者滅失，股東可以依照《中華人民共和國民事訴訟法》規定的公示催告程序，請求人民法院宣告該股票失效。人民法院宣告該股票失效後，股東可以向公司申請補發股票。
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Article 145 The shares of a listed company shall get listed and traded according to relevant laws, administrative regulations, and the trading rules of the stock exchange.
| | 第一百四十五條 【上市公司的股票交易】上市公司的股票，依照有關法律、行政法規及證券交易所交易規則上市交易。
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Article 146 A listed company shall, in pursuance of the provisions of laws and administrative regulations, publicize its financial status, business operations and important lawsuits, and shall publicize its financial reports once every six months in each fiscal year.
| | 第一百四十六條 【上市公司的信息披露公開制度】上市公司必須依照法律、行政法規的規定，公開其財務狀況、經營情況及重大訴訟，在每會計年度內半年公布一次財務會計報告。
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Chapter VI Qualifications and Obligations of the Directors, Supervisors and Senior Managers of A Company
| | 第六章 公司董事、監事、高級管理人員的資格和義務
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Article 147 A person may not serve as a director, supervisor or senior manager of a company if he falls under any of the following circumstances:
| | 第一百四十七條 【不得擔任高級職員的情形】有下列情形之一的，不得擔任公司的董事、監事、高級管理人員：
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(1) He has no or limited capacity for civil conduct;
| | （一）無民事行為能力或者限制民事行為能力；
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(2) He has been sentenced to criminal penalty due to an offence of corruption, bribery, encroachment of property, misappropriation of property or disrupting the order of the socialist market economy, and five years have not elapsed since the completion date of the execution of the penalty; or he has ever been deprived of his political rights due to any crime and five years have not elapsed since the completion date of the execution of the penalty;
| | （二）因貪汙、賄賂、侵占財產、挪用財產或者破壞社會主義市場經濟秩序，被判處刑罰，執行期滿未逾五年，或者因犯罪被剝奪政治權利，執行期滿未逾五年；
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(3) He was a former director, factory director or manager of a company or enterprise which was bankrupt and liquidated, and was personally liable for the bankruptcy of such company or enterprise, and three years have not elapsed since the date of completion of the bankruptcy and liquidation of the company or enterprise;
| | （三）擔任破產清算的公司、企業的董事或者廠長、經理，對該公司、企業的破產負有個人責任的，自該公司、企業破產清算完結之日起未逾三年；
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(4) He was the legal representative of a company or enterprise whose business license was revoked and which was ordered to close due to a violation of law, for which he is personally liable for the above, and three years have not elapsed since the date of the revocation of the business license thereof;
| | （四）擔任因違法被吊銷營業執照、責令關閉的公司、企業的法定代表人，並負有個人責任的，自該公司、企業被吊銷營業執照之日起未逾三年；
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(5) He has a relatively large amount of personal debts due and unsettled.
Where a company elects or appoints any director or supervisor, or engages any senior manager by violating the provisions in the preceding paragraph, such election, appointment, or engagement shall be invalid.
Where any director, supervisor or senior manager, during his term of office, is under any of the circumstances as mentioned in the preceding paragraph, the company shall remove him from his post.
| | （五）個人所負數額較大的債務到期未清償。
公司違反前款規定選舉、委派董事、監事或者聘任高級管理人員的，該選舉、委派或者聘任無效。
董事、監事、高級管理人員在任職期間出現本條第一款所列情形的，公司應當解除其職務。
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Article 148 The directors, supervisors and senior managers of a company shall comply with laws, administrative regulations, and the company's articles of association. They shall bear the obligations of fidelity and diligence to the company.
No director, supervisor or senior manager may accept any bribe or other illegal gains by taking the advantage of his functions and powers, or encroach on the property of the company.
| | 第一百四十八條 【高級職員的一般義務】董事、監事、高級管理人員應當遵守法律、行政法規和公司章程，對公司負有忠實義務和勤勉義務。
董事、監事、高級管理人員不得利用職權收受賄賂或者其他非法收入，不得侵占公司的財產。
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Article 149 No director or senior manager may commit any of the following acts:
| | 第一百四十九條 【高級職員的禁止行為】董事、高級管理人員不得有下列行為：
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(1) Misappropriating the company's funds;
| | （一）挪用公司資金；
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(2) Depositing the company's funds into an account in his own name or any other individual's name;
| | （二）將公司資金以其個人名義或者以其他個人名義開立賬戶存儲；
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(3) Without consent of the shareholders' meeting, the shareholders' assembly, or the board of directors, lending the company's funds to others or providing any guarantee to any other person by using the company's property in violation of the company's articles of association;
| | （三）違反公司章程的規定，未經股東會、股東大會或者董事會同意，將公司資金借貸給他人或者以公司財產為他人提供擔保；
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(4) Entering a contract or trading with the company by violating the company's articles of association or without consent of the shareholders' meeting or shareholders' assembly;
| | （四）違反公司章程的規定或者未經股東會、股東大會同意，與本公司訂立合同或者進行交易；
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(5) Without consent of the shareholders' meeting or shareholders' assembly, seeking business opportunities that belong to the company for himself or any other persons by taking advantages of his powers, or operating similar business of the company for which he works for himself or for any other persons;
| | （五）未經股東會或者股東大會同意，利用職務便利為自己或者他人謀取屬于公司的商業機會，自營或者為他人經營與所任職公司同類的業務；
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(6) Taking commissions on the transactions between others and the company into his own pocket;
| | （六）接受他人與公司交易的傭金歸為己有；
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(7) Illegally disclosing the company's confidential information;
| | （七）擅自披露公司秘密；
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(8) Other acts inconsistent with the obligation of fidelity to the company.
The income of any director or senior manager from any act in violation of the preceding paragraph shall belong to the company.
| | （八）違反對公司忠實義務的其他行為。
董事、高級管理人員違反前款規定所得的收入應當歸公司所有。
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Article 150 Where any director, supervisor or senior manager violates any law, administrative regulation, or the company's articles of association during the course of performing his duties, if any loss is caused to the company, he shall be liable for compensation.
| | 第一百五十條 【高級職員對公司的賠償責任】董事、監事、高級管理人員執行公司職務時違反法律、行政法規或者公司章程的規定，給公司造成損失的，應當承擔賠償責任。
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Article 151 If the shareholder's meeting or shareholders' assembly demands a director, supervisor or senior manager to attend the meeting as a non-voting delegate, he shall do so and shall answer the shareholders' inquiries.
Directors and senior managers shall faithfully offer relevant information and materials to the board of supervisors or the supervisor of a limited liability company that does not have a board of supervisors, and none of them may impede the board of supervisors or the supervisor from exercising their functions and powers.
| | 第一百五十一條 【高級職員對股東會及監事會行使知情權的配合】股東會或者股東大會要求董事、監事、高級管理人員列席會議的，董事、監事、高級管理人員應當列席並接受股東的質詢。
董事、高級管理人員應當如實向監事會或者不設監事會的有限責任公司的監事提供有關情況和資料，不得妨礙監事會或者監事行使職權。
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Article 152 Where a director or senior manager is under the circumstance as mentioned in Article 150 of this Law, the shareholder(s) of a limited liability company or the shareholders of a joint stock limited company separately or aggregately holding 1% or more of the total shares of the company for 180 consecutive days or more may request, in writing, the board of supervisors or the supervisor of a limited liability company where there is no a board of supervisors to initiate a lawsuit to a people's court. If the supervisor is under the circumstance as mentioned in Article 150 of this Law, the aforesaid shareholder(s) may request, in writing, the board of directors or the executive director of the limited liability company without a board of directors to lodge an action in the people's court.
If the board of supervisors, or the supervisor of a limited liability company without a board of supervisors, or the board of directors or the executive director refuses to lodge a lawsuit after receiving a written request as mentioned in the preceding paragraph, or if they fail to initiate a lawsuit within 30 days after receiving the request, or if, in an emergency, the failure to lodge an action immediately will cause unrecoverable damages to the interests of the company, the shareholder(s) as listed in the preceding paragraph may, on their own behalf, directly lodge a lawsuit in a people's court.
If the legitimate rights and interests of a company are impaired and any losses are caused to the company, the shareholders as mentioned in the preceding paragraph may initiate a lawsuit in a people's court according to the provisions of the preceding two paragraphs.
| | 第一百五十二條 【股東維護公司利益的起訴權】董事、高級管理人員有本法第一百五十條規定的情形的，有限責任公司的股東、股份有限公司連續一百八十日以上單獨或者合計持有公司百分之一以上股份的股東，可以書面請求監事會或者不設監事會的有限責任公司的監事向人民法院提起訴訟；監事有本法第一百五十條規定的情形的，前述股東可以書面請求董事會或者不設董事會的有限責任公司的執行董事向人民法院提起訴訟。
監事會、不設監事會的有限責任公司的監事，或者董事會、執行董事收到前款規定的股東書面請求後拒絕提起訴訟，或者自收到請求之日起三十日內未提起訴訟，或者情況緊急、不立即提起訴訟將會使公司利益受到難以彌補的損害的，前款規定的股東有權為了公司的利益以自己的名義直接向人民法院提起訴訟。
他人侵犯公司合法權益，給公司造成損失的，本條第一款規定的股東可以依照前兩款的規定向人民法院提起訴訟。
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Article 153 If any director or senior manager damages the shareholders' interests by violating any law, administrative regulation, or the company's articles of association, the shareholders may lodge a lawsuit in a people's court.
| | 第一百五十三條 【股東與監事維護個人利益的起訴權】董事、高級管理人員違反法律、行政法規或者公司章程的規定，損害股東利益的，股東可以向人民法院提起訴訟。
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Chapter VII Corporate Bonds
| | 第七章 公司債券
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Article 154 The term "corporate bonds" as mentioned in this Law refers to the negotiable instruments issued by a company under statutory procedures with guaranteed payment of the principal plus interest by a specified future date.
Companies shall issue their corporate bonds in compliance with the issuance requirements of the Securities Law of the People's Republic of China.
| | 第一百五十四條 【公司債券的定義及發行條件】本法所稱公司債券，是指公司依照法定程序發行、約定在一定期限還本付息的有價證券。
公司發行公司債券應當符合《中華人民共和國證券法》規定的發行條件。
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Article 155 After an application for issuing corporate bonds has been approved by the department authorized by the State Council, the company shall publicize its bond issuance plan, which shall mainly state:
| | 第一百五十五條 【公司債券募集的核准和公告】發行公司債券的申請經國務院授權的部門核准後，應當公告公司債券募集辦法。公司債券募集辦法中應當載明下列主要事項：
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(1) the company's name;
| | （一）公司名稱；
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(2) the purposes of use of the funds raised in the form of bonds;
| | （二）債券募集資金的用途；
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(3) the total amount of corporate bonds and par value thereof;
| | （三）債券總額和債券的票面金額；
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(4) the method for determining the interest rate of the bonds;
| | （四）債券利率的確定方式；
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(5) the time limit and method for paying the principal plus interest;
| | （五）還本付息的期限和方式；
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(6) guaranty of the bonds;
| | （六）債券擔保情況；
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(7) issuing price of the bonds, beginning and ending dates of the issuance;
| | （七）債券的發行價格、發行的起止日期；
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(8) net assets of the company;
| | （八）公司淨資產額；
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(9) total amount of corporate bonds having been issued but not yet due; and
| | （九）已發行的尚未到期的公司債券總額；
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(10) underwriters of the corporate bonds.
| | （十）公司債券的承銷機構。
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Article 156 The physical bonds issued by a company shall state items such as the company's name, par value, interest rate, and time limit for repayment, and shall bear the signature of the legal representative and the seal of the company.
| | 第一百五十六條 【公司債券票面必須載明的事項】公司以實物券方式發行公司債券的，必須在債券上載明公司名稱、債券票面金額、利率、償還期限等事項，並由法定代表人簽名，公司蓋章。
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Article 157 Corporate bonds may be registered bonds or bearer bonds.
| | 第一百五十七條 【債券的種類】公司債券，可以為記名債券，也可以為無記名債券。
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Article 158 A company shall prepare and keep the stubs of corporate bonds.
If a company issues registered corporate bonds, the stubs thereof shall state the following items:
| | 第一百五十八條 【債券存根簿的置備及其應載明的事項】公司發行公司債券應當置備公司債券存根簿。
發行記名公司債券的，應當在公司債券存根簿上載明下列事項：
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(1) the name or title and domicile of the bondholders;
| | （一）債券持有人的姓名或者名稱及住所；
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(2) the date on which the bondholder acquires the bonds and the serial number of the bonds;
| | （二）債券持有人取得債券的日期及債券的編號；
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(3) the total amount of the bonds, par value, interest rate, time limit and method for repayment of the principal plus payment of interest; and
| | （三）債券總額，債券的票面金額、利率、還本付息的期限和方式；
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(4) the date on which the bonds are issued.
If a company issues bearer corporate bonds, the stubs thereof shall state the total amount of the bonds, interest rate, time limit and method for repayment, issuance date and serial numbers of the bonds.
| | （四）債券的發行日期。
發行無記名公司債券的，應當在公司債券存根簿上載明債券總額、利率、償還期限和方式、發行日期及債券的編號。
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Article 159 The depository and clearing institution of registered corporate bonds shall establish bylaws on the registration, depository, interest payment and acceptance of bonds.
| | 第一百五十九條 【債券登記結算機構的制度要求】記名公司債券的登記結算機構應當建立債券登記、存管、付息、兌付等相關制度。
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Article 160 Corporate bonds may be transferred, and the transfer price shall be determined by the transferor and the transferee through consultation.
For any corporate bonds which get listed and are traded at a stock exchange, the transfer of such bonds shall be conducted in accordance with the trading rules of the stock exchange.
| | 第一百六十條 【公司債券的轉讓場所與轉讓價格】公司債券可以轉讓，轉讓價格由轉讓人與受讓人約定。
公司債券在證券交易所上市交易的，按照證券交易所的交易規則轉讓。
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Article 161 Registered corporate bonds may be transferred by the bondholders' endorsement or by other methods prescribed by relevant laws and administrative regulations.
In the case of transfer of bearer corporate bonds, the transfer becomes effective as soon as the bondholder delivers the bonds to the transferee.
| | 第一百六十一條 【公司債券的轉讓方式】記名公司債券，由債券持有人以背書方式或者法律、行政法規規定的其他方式轉讓；轉讓後由公司將受讓人的姓名或者名稱及住所記載于公司債券存根簿。
無記名公司債券的轉讓，由債券持有人將該債券交付給受讓人後即發生轉讓的效力。
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Article 162 A listed company may, upon a resolution of the shareholders' assembly, issue corporate bonds that may be converted into shares and shall work out specific conversion measures in its corporate bond issuance plan. To issue corporate bonds that may be converted into shares, a listed company shall file an application with the securities regulatory institution for examination and approval.
The corporate bonds that may be converted into shares shall be marked with the words "convertible corporate bonds" and the number of convertible corporate bonds shall be specified in the company's stubs of corporate bonds.
| | 第一百六十二條 【可轉換債券的發行及載明事項】上市公司經股東大會決議可以發行可轉換為股票的公司債券，並在公司債券募集辦法中規定具體的轉換辦法。上市公司發行可轉換為股票的公司債券，應當報國務院證券監督管理機構核准。
發行可轉換為股票的公司債券，應當在債券上標明可轉換公司債券字樣，並在公司債券存根簿上載明可轉換公司債券的數額。
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Article 163 Where any corporate bonds convertible into shares are issued, the company shall convert the bonds held by its bondholders into shares according to the prescribed method of conversion, provided that the bondholders have the option on whether or not to convert their bonds into shares.
| | 第一百六十三條 【可轉換債券的轉換】發行可轉換為股票的公司債券的，公司應當按照其轉換辦法向債券持有人換發股票，但債券持有人對轉換股票或者不轉換股票有選擇權。
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Chapter VIII Financial Affairs and Accounting of A Company
| | 第八章 公司財務、會計
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Article 164 A company shall establish its own financial and accounting bylaws according to laws, administrative regulations, and the provisions of the finance department under the State Council.
| | 第一百六十四條 【公司財務、會計制度的建立】公司應當依照法律、行政法規和國務院財政部門的規定建立本公司的財務、會計制度。
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Article 165 A company shall, after the end of each fiscal year, formulate a financial and accounting report and shall have it audited by an accounting firm.
The financial and accounting report shall be work out according to laws, administrative regulations, and the provisions of the finance department under the State Council.
| | 第一百六十五條 【財務會計報告的制作和年審制】公司應當在每一會計年度終了時編制財務會計報告，並依法經會計師事務所審計。
財務會計報告應當依照法律、行政法規和國務院財政部門的規定制作。
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Article 166 A limited liability company shall submit its financial accounting and reports to each shareholder within the time limit as prescribed in its articles of association.
The financial and accounting report of a joint stock limited company shall be made available at the company for the consultation of its shareholders 20 days before the annual meeting of the shareholders' assembly is held. A joint stock limited company that makes public offering of shares shall make a public announcement about its financial and accounting report.
| | 第一百六十六條 【財務會計報告送交股東及公告】有限責任公司應當依照公司章程規定的期限將財務會計報告送交各股東。
股份有限公司的財務會計報告應當在召開股東大會年會的二十日前置備于本公司，供股東查閱；公開發行股票的股份有限公司必須公告其財務會計報告。
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Article 167 Where a company distributes its after-tax profits of the current year, it shall draw 10 percent of its profits as the company's statutory common reserve. The company may stop drawing the profits if the aggregate balance of the common reserve has already accounted for over 50 percent of the company's registered capital.
If the aggregate balance of the company's statutory common reserve is not enough to make up for the losses of the company of the previous year, the current year's profits shall first be used for making up the losses before the statutory common reserve is drawn according to the provisions of the preceding paragraph.
After the company has drawn statutory common reserve from its after-tax profits, it may, upon a resolution made by the shareholders' assembly, draw a discretionary common reserve from its after-tax profits.
After the losses have been made up and common reserves have been drawn, the remaining profits shall be distributed to shareholders according to Article 35 of this Law in the case of a limited liability company and according to the number of shares held by shareholders in the case of a joint stock company limited.
If the shareholders' meeting, shareholders' assembly or the board of directors distributes profits in violation of the provisions of the preceding paragraph before the company makes up its losses and allocates its profits for the statutory common reserves, the profits distributed to in violation of the provisions must be refunded.
No profits may be distributed to a company for its own shares.
| | 第一百六十七條 【公司稅後利潤的分配】公司分配當年稅後利潤時，應當提取利潤的百分之十列入公司法定公積金。公司法定公積金累計額為公司注冊資本的百分之五十以上的，可以不再提取。
公司的法定公積金不足以彌補以前年度虧損的，在依照前款規定提取法定公積金之前，應當先用當年利潤彌補虧損。
公司從稅後利潤中提取法定公積金後，經股東會或者股東大會決議，還可以從稅後利潤中提取任意公積金。
公司彌補虧損和提取公積金後所余稅後利潤，有限責任公司依照本法第三十五條的規定分配；股份有限公司按照股東持有的股份比例分配，但股份有限公司章程規定不按持股比例分配的除外。
股東會、股東大會或者董事會違反前款規定，在公司彌補虧損和提取法定公積金之前向股東分配利潤的，股東必須將違反規定分配的利潤退還公司。
公司持有的本公司股份不得分配利潤。
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Article 168 The premium from the shares issued above par value by a joint stock limited company, and other incomes listed in the capital reserve according to the provisions of the finance department under the State Council shall be listed as the company's capital reserve.
| | 第一百六十八條 【資本公積金】股份有限公司以超過股票票面金額的發行價格發行股份所得的溢價款以及國務院財政部門規定列入資本公積金的其他收入，應當列為公司資本公積金。
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Article 169 The company's common reserves shall be used for making up losses, expanding the scale of production and business or for increasing the registered capital of the company, but the capital common reserve shall not be used for making up the company's losses.
When the statutory common reserve is converted into capital, the remainder of the common reserve shall not be less than 25 % of the registered capital prior to the conversion.
| | 第一百六十九條 【公積金的用途及限制】公司的公積金用于彌補公司的虧損、擴大公司生產經營或者轉為增加公司資本。但是，資本公積金不得用于彌補公司的虧損。
法定公積金轉為資本時，所留存的該項公積金不得少于轉增前公司注冊資本的百分之二十五。
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Article 170 Where a company plans to engage or dismiss any accounting firm in charge of the auditing of the company, a resolution shall be made by the shareholders' meeting, the shareholders' assembly, or the board of directors according to the provisions of the company's articles of association.
When the shareholders' meeting, shareholders' assembly or the board of directors of a company votes on the dismissal of an accounting firm, the accounting firm shall be allowed to state its own opinions.
| | 第一百七十條 【公司對會計師事務所的聘用及解聘】公司聘用、解聘承辦公司審計業務的會計師事務所，依照公司章程的規定，由股東會、股東大會或者董事會決定。
公司股東會、股東大會或者董事會就解聘會計師事務所進行表決時，應當允許會計師事務所陳述意見。
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Article 171 A company shall provide the accounting firm it appoints with truthful and complete accounting vouchers, accounting books, financial and accounting statements, and other accounting materials, and shall not refuse to do so, conceal any of these materials, or make any false statements.
| | 第一百七十一條 【公司對會計師事務所的誠實義務】公司應當向聘用的會計師事務所提供真實、完整的會計憑證、會計賬簿、財務會計報告及其他會計資料，不得拒絕、隱匿、謊報。
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Article 172 Except for statutory account books, no company may set up other accounting books.
No company asset may be deposited into any individual's account.
| | 第一百七十二條 【禁止另立賬簿及開立個人帳戶】公司除法定的會計賬簿外，不得另立會計賬簿。
對公司資產，不得以任何個人名義開立賬戶存儲。
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Chapter IX Merger and Split-up of Companies; Increase and Deduction of Registered Capital
| | 第九章 公司合並、分立、增資、減資
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Article 173 The mergers of companies may take the form of mergers by absorption or mergers by new establishment.
In the case of mergers by absorption, a company absorbs other companies and the absorbed company is dissolved. In the case of mergers by new establishment, two or more companies combine together for the establishment of a new one, and the pre-merger companies are dissolved.
| | 第一百七十三條 【公司合並的種類】公司合並可以采取吸收合並或者新設合並。
一個公司吸收其他公司為吸收合並，被吸收的公司解散。兩個以上公司合並設立一個新的公司為新設合並，合並各方解散。
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Article 174 To carry out a corporate merger, the parties to the merger shall conclude a merger agreement and formulate balance sheets and checklists of properties. The companies involved shall, within ten days after making the decision of the merger, notify their creditors, and shall make a public announcement on a newspaper within 30 days therefrom. The creditors may, within 30 days after receiving the notice or within 45 days after the issuance of the public announcement if they have not received the notice, demand the companies clear off their debts or provide corresponding guarantees.
| | 第一百七十四條 【公司合並程序和債權人異議權】公司合並，應當由合並各方簽訂合並協議，並編制資產負債表及財產清單。公司應當自作出合並決議之日起十日內通知債權人，並于三十日內在報紙上公告。債權人自接到通知書之日起三十日內，未接到通知書的自公告之日起四十五日內，可以要求公司清償債務或者提供相應的擔保。
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Article 175 To carry out a merger, the credits and debts of the companies involved shall be succeeded by the company that survives the merger or by the newly established company.
| | 第一百七十五條 【公司合並的債權債務承繼】公司合並時，合並各方的債權、債務，應當由合並後存續的公司或者新設的公司承繼。
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Article 176 To split a company, the properties thereof shall be divided accordingly.
When the company intends to split itself, it shall work out balance sheets and checklists of properties. The company shall, within 10 days after the decision of split-up is made, inform the creditors and make a public announcement in a newspaper within 30 days therefrom.
| | 第一百七十六條 【公司分立的通知義務】公司分立，其財產作相應的分割。
公司分立，應當編制資產負債表及財產清單。公司應當自作出分立決議之日起十日內通知債權人，並于三十日內在報紙上公告。
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Article 177 The post-split companies shall bear several and joint liabilities for the debts of the company before its split unless it is otherwise prescribed in a written agreement reached by the company and the creditors before the split regarding the repayments of debts.
| | 第一百七十七條 【公司分立的債務承繼】公司分立前的債務由分立後的公司承擔連帶責任。但是，公司在分立前與債權人就債務清償達成的書面協議另有約定的除外。
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Article 178 Where a company finds it necessary to reduce its registered capital, it must work out balance sheets and checklists of properties.
The company shall, within ten days after the decision of reducing registered capital is made, notify the creditors and make a public announcement in a newspaper within 30 days therefrom. The creditors shall, within 30 days after receiving the notice or within 45 days after the issuance of the public announcement if they have not received the notice, be entitled to demand the company pay off the debts or to provide respective guarantees.
The registered capital of the company after reducing its registered capital shall not be lower than the minimum amount required by laws.
| | 第一百七十八條 【減少注冊資本的程序要求及限制】公司需要減少注冊資本時，必須編制資產負債表及財產清單。
公司應當自作出減少注冊資本決議之日起十日內通知債權人，並于三十日內在報紙上公告。債權人自接到通知書之日起三十日內，未接到通知書的自公告之日起四十五日內，有權要求公司清償債務或者提供相應的擔保。
公司減資後的注冊資本不得低于法定的最低限額。
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Article 179 Where a limited liability company increases its registered capital, the capital contributions of the shareholders to the increased amount shall be governed by the relevant provisions of this Law regarding the capital contribution in connection with the establishment of a limited liability company.
Where a joint stock limited company issues new shares for increasing its registered capital, the subscription for the new shares by shareholders shall be governed by the relevant provisions of this Law regarding the payment of share subscriptions for the establishment of a joint stock limited company.
| | 第一百七十九條 【增加注冊資本的規定】有限責任公司增加注冊資本時，股東認繳新增資本的出資，依照本法設立有限責任公司繳納出資的有關規定執行。
股份有限公司為增加注冊資本發行新股時，股東認購新股，依照本法設立股份有限公司繳納股款的有關規定執行。
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Article 180 Where, in the process of the merger or split of a company, any of the registered items is changed, the company shall go through modification registration with the company registration authority. Where a company is dissolved, it shall be deregistered according to law. If a new company is established, it shall go through the procedures for company establishment according to law.
In the case of increasing or decreasing its registered capital, a company shall go through modification registration with the company registration authority according to law.
| | 第一百八十條 【公司合並、分立、增資、減資的登記要求】公司合並或者分立，登記事項發生變更的，應當依法向公司登記機關辦理變更登記；公司解散的，應當依法辦理公司注銷登記；設立新公司的，應當依法辦理公司設立登記。
公司增加或者減少注冊資本，應當依法向公司登記機關辦理變更登記。
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Chapter X Dissolution and Liquidation of Companies
| | 第十章 公司解散和清算
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Article 181 A company may be dissolved under one of the following circumstances:
| | 第一百八十一條 【公司解散的原因】公司因下列原因解散：
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(1) the term of business operation as prescribed by the company's articles of association expires or any of the situations for dissolution prescribed in the company's articles of association occurs;
| | （一）公司章程規定的營業期限屆滿或者公司章程規定的其他解散事由出現；
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(2) the shareholders' meeting or the shareholders' assembly decides to dissolve the company;
| | （二）股東會或者股東大會決議解散；
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(3) it is necessary to be dissolved due to merger or split of the company;
| | （三）因公司合並或者分立需要解散；
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(4) the business license of the company is canceled, or it is ordered to close down or its registration is cancelled, according to law; or
| | （四）依法被吊銷營業執照、責令關閉或者被撤銷；
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(5) it is decided by the people's court to be dissolved according to Article 183 of this Law.
| | （五）人民法院依照本法第一百八十三條的規定予以解散。
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Article 182 Where any of the circumstances as prescribed in Subparagraph (1) of Article 181 of this Law occurs, a company may continue to exist by amending its articles of association.
To amend its articles of association according to the provisions of the preceding paragraph, the consent of the shareholders who hold two thirds or more of the voting rights shall be obtained in case of a limited liability company, and the consent of two thirds or more of the voting rights held by the shareholders present at the meeting of the shareholders' assembly shall be obtained in case of a joint stock limited company.
| | 第一百八十二條 【為使公司存續而修改章程的議事規則】公司有本法第一百八十一條第（一）項情形的，可以通過修改公司章程而存續。
依照前款規定修改公司章程，有限責任公司須經持有三分之二以上表決權的股東通過，股份有限公司須經出席股東大會會議的股東所持表決權的三分之二以上通過。
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Article 183 Where a company meets any serious difficulty in its operations or management so that the interests of the shareholders will face heavy loss if the company continues to exist and the difficulty cannot be solved by any other means, the shareholders who hold ten percent or more of the voting rights of all the shareholders of the company may plead a people's court to dissolve the company.
| | 第一百八十三條 【股東請求法院解散公司的情形】公司經營管理發生嚴重困難，繼續存續會使股東利益受到重大損失，通過其他途徑不能解決的，持有公司全部股東表決權百分之十以上的股東，可以請求人民法院解散公司。
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Article 184 Where a company is dissolved according to Subparagraphs (1), (2), (4), or (5) of Article 181 of this Law, it shall, within 15 days after the occurrence of the cause of dissolution, set up a liquidation group to start liquidation. The liquidation group of a limited liability company shall be composed of its shareholders, while that of a joint stock limited company shall be composed of the directors or any other people as determined by the shareholders' assembly. Where no liquidation group is formed within the time limit, the creditors may plead a people's court to designate relevant persons to form a liquidation group. The people's court shall accept such request and form a liquidation group so as to conduct the liquidation in a timely manner.
| | 第一百八十四條 【清算組的成立與組成】公司因本法第一百八十一條第（一）項、第（二）項、第（四）項、第（五）項規定而解散的，應當在解散事由出現之日起十五日內成立清算組，開始清算。有限責任公司的清算組由股東組成，股份有限公司的清算組由董事或者股東大會確定的人員組成。逾期不成立清算組進行清算的，債權人可以申請人民法院指定有關人員組成清算組進行清算。人民法院應當受理該申請，並及時組織清算組進行清算。
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Article 185 The liquidation group may exercise the following functions and powers during the process of liquidation:
| | 第一百八十五條 【清算組的職權】清算組在清算期間行使下列職權：
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(1) liquidating the properties of the company, and producing balance sheets and asset checklists;
| | （一）清理公司財產，分別編制資產負債表和財產清單；
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(2) notifying creditors or making a public announcement about liquidation;
| | （二）通知、公告債權人；
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(3) handling and liquidating the unfinished business of the company;
| | （三）處理與清算有關的公司未了結的業務；
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(4) paying off outstanding taxes and the taxes incurred in the process of liquidation;
| | （四）清繳所欠稅款以及清算過程中產生的稅款；
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(5) claiming credits and paying off debts;
| | （五）清理債權、債務；
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(6) disposing any remaining assets of the company after the debts of the company are paid off; and
| | （六）處理公司清償債務後的剩余財產；
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(7) participating in civil proceedings on behalf of the company.
| | （七）代表公司參與民事訴訟活動。
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Article 186 The liquidation group shall, notify the creditors within 10 days after its formation and make a public announcement in a newspaper within 60 days after its formation. The creditors shall, within 30 days after receiving the notice or within 45 days after the issuance of the public announcement if they have not received the notice, declare their credits before the liquidation group.
To declare credits, a creditor shall describe relevant matters and provide relevant evidential materials. The liquidation group shall register the credits.
The liquidation group shall not pay off any debts to any creditors during the period of credit declaration.
| | 第一百八十六條 【清算期間的債權申報】清算組應當自成立之日起十日內通知債權人，並于六十日內在報紙上公告。債權人應當自接到通知書之日起三十日內，未接到通知書的自公告之日起四十五日內，向清算組申報其債權。
債權人申報債權，應當說明債權的有關事項，並提供證明材料。清算組應當對債權進行登記。
在申報債權期間，清算組不得對債權人進行清償。
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Article 187 The liquidation group shall, after liquidating the properties of a company and producing balance sheets and checklists of properties, make a plan of liquidation and submit the plan to the shareholders' meeting, the shareholders' assembly, or a people's court for confirmation.
After paying off the liquidation expenses, wages of employees, social insurance premiums and legal indemnities, the outstanding taxes and the debts of the company, the remaining properties may, in the case of a limited liability company, be distributed to shareholders in proportion to their respective capital contributions, or, in the case of a joint stock limited company, distributed according to the proportion of shares held by its shareholders.
During the liquidation, the company continues to exist but may not carry out any business operation that has nothing to do with liquidation. None of the properties of the company may be distributed to any shareholder before they are used for paying off debts as described in the preceding paragraph.
| | 第一百八十七條 【清算方案的制定與公司財產的處理】清算組在清理公司財產、編制資產負債表和財產清單後，應當制定清算方案，並報股東會、股東大會或者人民法院確認。
公司財產在分別支付清算費用、職工的工資、社會保險費用和法定補償金，繳納所欠稅款，清償公司債務後的剩余財產，有限責任公司按照股東的出資比例分配，股份有限公司按照股東持有的股份比例分配。
清算期間，公司存續，但不得開展與清算無關的經營活動。公司財產在未依照前款規定清償前，不得分配給股東。
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Article 188 If the liquidation group finds that the properties of the company are not sufficient for paying off debts after liquidating the properties of the company and producing balance sheets and checklists of properties, it shall file an application to a people's court for declaration of bankruptcy of the company.
Once the people's court makes a ruling declaring the company bankrupt, the liquidation group shall hand over the liquidation matters to the people's court.
| | 第一百八十八條 【宣告破產】清算組在清理公司財產、編制資產負債表和財產清單後，發現公司財產不足清償債務的，應當依法向人民法院申請宣告破產。
公司經人民法院裁定宣告破產後，清算組應當將清算事務移交給人民法院。
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Article 189 After the liquidation of a company is completed, the liquidation group shall make a liquidation report and submit the report to the shareholders' meeting, the shareholders' assembly, or a people's court for confirmation, and to the company registration authority for cancellation of the registration of the company. The liquidation group shall also make a public announcement regarding the cease of the company.
| | 第一百八十九條 【清算報告的報送及公司注銷登記】公司清算結束後，清算組應當制作清算報告，報股東會、股東大會或者人民法院確認，並報送公司登記機關，申請注銷公司登記，公告公司終止。
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Article 190 Members of a liquidation group shall devote themselves to their duties and perform their obligations of liquidation according to law.
Members of the liquidation group shall not take advantage of their functions and powers to take any bribe or any other illegal proceeds, nor may they misappropriate any of the properties of the company.
Where any member of the liquidation group causes any loss to the company or any creditor by intention or due to gross negligence, he shall make compensation for the losses incurred therefrom.
| | 第一百九十條 【清算組成員的義務】清算組成員應當忠于職守，依法履行清算義務。
清算組成員不得利用職權收受賄賂或者其他非法收入，不得侵占公司財產。
清算組成員因故意或者重大過失給公司或者債權人造成損失的，應當承擔賠償責任。
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Article 191 Where a company is declared bankrupt according to law, it shall conduct bankruptcy liquidation according to legal provisions concerning bankruptcy liquidation.
| | 第一百九十一條 【破產清算的法律依據】公司被依法宣告破產的，依照有關企業破產的法律實施破產清算。
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Chapter XI Branches of Foreign Companies
| | 第十一章 外國公司的分支機構
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Article 192 The term "foreign company" as mentioned in this Law refers to a company established beyond the territory of China according to the law of a foreign country.
| | 第一百九十二條 【外國公司的定義】本法所稱外國公司是指依照外國法律在中國境外設立的公司。
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Article 193 A foreign company which plans to establish any branch within the territory of China shall submit an application to the competent authority of China and other relevant documents such as the articles of incorporation and the company's registration certificate issued by the country where the foreign company was established. After the application is approved, the foreign company shall go through registration formalities with the company registration authority according to law and obtain a business license.
The measures for the examination and approval of the branches of foreign companies shall be separately formulated by the State Council.
| | 第一百九十三條 【外國公司分支機構的設立申請及審批】外國公司在中國境內設立分支機構，必須向中國主管機關提出申請，並提交其公司章程、所屬國的公司登記證書等有關文件，經批准後，向公司登記機關依法辦理登記，領取營業執照。
外國公司分支機構的審批辦法由國務院另行規定。
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Article 194 Where a foreign company intends to establish any branch within the territory of China, it must designate a representative or agent within the territory of China to take charge of the branch, and shall allocate to the branch funds commensurate with the business activities it is engaged in.
When it is necessary to set a minimum for the operation fund for a branch of a foreign company, it shall be provided for separately by the State Council.
| | 第一百九十四條 【外國公司分支機構的設立及資金要求】外國公司在中國境內設立分支機構，必須在中國境內指定負責該分支機構的代表人或者代理人，並向該分支機構撥付與其所從事的經營活動相適應的資金。
對外國公司分支機構的經營資金需要規定最低限額的，由國務院另行規定。
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Article 195 The branch of a foreign company shall indicate in its name the nationality and the form of liability of the foreign company concerned.
The branch of a foreign company shall keep a copy of the articles of association of the foreign company at its office.
| | 第一百九十五條 【外國公司分支機構的名稱要求及章程置備】外國公司的分支機構應當在其名稱中標明該外國公司的國籍及責任形式。
外國公司的分支機構應當在本機構中置備該外國公司章程。
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Article 196 The branch of a foreign company established within the territory of China does not have the status of a Chinese legal person.
A foreign company shall bear civil liabilities for the business operations of its branches carried out within the territory of China.
| | 第一百九十六條 【外國公司分支機構不具有中國法人資格】外國公司在中國境內設立的分支機構不具有中國法人資格。
外國公司對其分支機構在中國境內進行經營活動承擔民事責任。
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Article 197 The branches of foreign companies which are established upon approval shall abide by the laws of China in their business activities within the territory of China, and may not injure the social public interests of China, and the lawful rights and interests thereof shall be protected by Chinese laws.
| | 第一百九十七條 【外國公司分支機構的合法經營義務及合法權益的保護】經批准設立的外國公司分支機構，在中國境內從事業務活動，必須遵守中國的法律，不得損害中國的社會公共利益，其合法權益受中國法律保護。
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Article 198 Where a foreign company relinquishes any of its branches within the territory of China, it must clear off the debts thereof according to law, and shall conduct liquidation according to the provisions of this Law regarding the liquidation procedures for companies. Before the debts are cleared off, it may not transfer any of the properties of the branch out of the territory of China.
| | 第一百九十八條 【外國公司撤銷分支機構的條件】外國公司撤銷其在中國境內的分支機構時，必須依法清償債務，依照本法有關公司清算程序的規定進行清算。未清償債務之前，不得將其分支機構的財產移至中國境外。
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Chapter XII Legal Liabilities
| | 第十二章 法律責任
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Article 199 Where anyone obtains the registration of a company by fabricating a registered capital, submitting false materials or concealing any important facts by any other fraudulent means, he shall be ordered by the company registration authority to make rectification. In the case of fabricating a registered capital, he shall be fined not less than 5% but not more than 15% of the fabricated registered capital; in the case of submitting false materials or concealing any important facts by any other fraudulent means, he shall be fined not less than 50,000 yuan but not more than 500,000 yuan; if the circumstances are serious, the company registration certificate shall be revoked or its business license shall be canceled.
| | 第一百九十九條 【公司登記違法的法律責任】違反本法規定，虛報注冊資本、提交虛假材料或者采取其他欺詐手段隱瞞重要事實取得公司登記的，由公司登記機關責令改正，對虛報注冊資本的公司，處以虛報注冊資本金額百分之五以上百分之十五以下的罰款；對提交虛假材料或者采取其他欺詐手段隱瞞重要事實的公司，處以五萬元以上五十萬元以下的罰款；情節嚴重的，撤銷公司登記或者吊銷營業執照。
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Article 200 Any of the promoters or shareholders of a company who makes any false capital contribution or fails to deliver or fails to deliver in good time the money or non-monetary properties used as capital contribution shall be ordered by the company registration authority to make rectification and shall be fined not less than 5% but not more than 15% of the sum of such false capital contribution.
| | 第二百條 【公司的發起人、股東出資違法的法律責任】公司的發起人、股東虛假出資，未交付或者未按期交付作為出資的貨幣或者非貨幣財產的，由公司登記機關責令改正，處以虛假出資金額百分之五以上百分之十五以下的罰款。
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Article 201 Where any promoter or shareholder of a company unlawfully withdraws his capital contribution after the company is established, he shall be ordered by the company registration authority to make rectification, and shall be fined not less than 5% but not more than 15% of the capital contribution he has unlawfully withdrawn.
| | 第二百零一條 【公司的發起人、股東抽逃出資的法律責任】公司的發起人、股東在公司成立後，抽逃其出資的，由公司登記機關責令改正，處以所抽逃出資金額百分之五以上百分之十五以下的罰款。
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Article 202 Any company which establishes another set of accounting books apart from legally prescribed accounting books in violation of this Law shall be ordered by the finance department of the people's government at the county level or above to make rectification, and shall be fined not less than 50,000 yuan but not more than 500,000 yuan.
| | 第二百零二條 【公司另立會計賬簿的法律責任】公司違反本法規定，在法定的會計賬簿以外另立會計賬簿的，由縣級以上人民政府財政部門責令改正，處以五萬元以上五十萬元以下的罰款。
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Article 203 Where any company makes any false records or conceals any important facts in such materials as financial and accounting statements submitted to the relevant department in charge, the relevant department in charge shall impose a fine of not less than 30, 000 yuan but not more than 300, 000 yuan upon the person directly in charge of the company and other persons directly responsible.
| | 第二百零三條 【提交財務會計報告違法的法律責任】公司在依法向有關主管部門提供的財務會計報告等材料上作虛假記載或者隱瞞重要事實的，由有關主管部門對直接負責的主管人員和其他直接責任人員處以三萬元以上三十萬元以下的罰款。
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Article 204 Where any company fails to draw statutory common reserves according to this Law, it shall be ordered by the finance department of the people's government at the county level or above to make up the amount in full and may be imposed a fine of not more than 200, 000 yuan.
| | 第二百零四條 【違法提取法定公積金的法律責任】公司不依照本法規定提取法定公積金的，由縣級以上人民政府財政部門責令如數補足應當提取的金額，可以對公司處以二十萬元以下的罰款。
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Article 205 Where any company fails to notify its creditors of its decision on merger, split, reduction of its registered capital or liquidation or makes a public announcement on such decision, the company shall be ordered by the company registration authority to make rectification, and may be imposed a fine of not less than 10, 000 yuan but not more than 100, 000 yuan.
Where, in the process of liquidation, a company hides any of its properties or makes any false record in its balance sheet or property checklist or distributes any of the company's property before clearing off its debts, it shall be ordered by the company registration authority to make rectification, and may be imposed a fine of not less than 5% but not more than 10% of the value of the company properties it has hidden or distributed prior to the payment of all its debts, and the person directly in charge of the company and other persons directly responsible may be imposed a fine of not less than 10, 000 yuan but not more than 100, 000 yuan.
| | 第二百零五條 【公司在合並、分立、減少注冊資本和清算中的違法行為及其法律責任】公司在合並、分立、減少注冊資本或者進行清算時，不依照本法規定通知或者公告債權人的，由公司登記機關責令改正，對公司處以一萬元以上十萬元以下的罰款。
公司在進行清算時，隱匿財產，對資產負債表或者財產清單作虛假記載或者在未清償債務前分配公司財產的，由公司登記機關責令改正，對公司處以隱匿財產或者未清償債務前分配公司財產金額百分之五以上百分之十以下的罰款；對直接負責的主管人員和其他直接責任人員處以一萬元以上十萬元以下的罰款。
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Article 206 Where, in the process of liquidation, a company carries out any business activity which has nothing to do with the liquidation, it shall be admonished by the company registration authority and its illegal proceeds shall be confiscated.
| | 第二百零六條 【公司在清算期間違法經營的法律責任】公司在清算期間開展與清算無關的經營活動的，由公司登記機關予以警告，沒收違法所得。
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Article 207 Where a liquidation group fails to submit its liquidation report to the company registration authority according to the provisions of this Law or where any important fact is concealed or there is any important omission in the liquidation report it submits, it shall be ordered by the company registration authority to make rectification.
Where any member of the liquidation group takes advantage of his functions and powers to seek unlawful benefits, procures any unlawful gains, or misappropriates any of the company's properties, the company registration authority may order him to return the property to the company and confiscate his unlawful gains, and may also impose on him a fine of not less than the amount of such unlawful gains but not more than five times that amount.
| | 第二百零七條 【清算組及其成立對其違法行為的法律責任】清算組不依照本法規定向公司登記機關報送清算報告，或者報送清算報告隱瞞重要事實或者有重大遺漏的，由公司登記機關責令改正。
清算組成員利用職權徇私舞弊、謀取非法收入或者侵占公司財產的，由公司登記機關責令退還公司財產，沒收違法所得，並可以處以違法所得一倍以上五倍以下的罰款。
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Article 208 Where an institution that undertakes the appraisal or verification of assets or the verification of certificates provides any false materials, the company registration authority may confiscate its illegal proceeds and impose on it a fine of not less than the amount of such illegal proceeds but not more than five times that amount, and the competent administrative department may, in accordance with law, also order the institution to suspend its business operation or revoke the qualification certificates of the person directly responsible and its business license.
Where any institution that undertakes the appraisal or verification of assets or the verification of certificates has any important facts omitted in the report it submits, the company registration authority may order the institution to make rectification; if the circumstances are serious, it shall be imposed a fine of not less than the amount of its gains derived therefrom but not more than five times that amount, and the competent administrative department may order the institution to suspend its business operation and revoke the qualification certificates of the person directly responsible and its business license.
Where the appraisal result or proof of asset verification or certificate verification as provided by any institution that undertakes the appraisal or verification of assets or the verification of certificates is proved to be untrue and has caused any loss to the creditors of the company, the institution shall bear the compensation liabilities within the sum that is found to be untrue, unless it can prove that the loss is not the result of its fault.
| | 第二百零八條 【資產評估、驗資或驗證機構對其違法行為的法律責任】承擔資產評估、驗資或者驗證的機構提供虛假材料的，由公司登記機關沒收違法所得，處以違法所得一倍以上五倍以下的罰款，並可以由有關主管部門依法責令該機構停業、吊銷直接責任人員的資格證書，吊銷營業執照。
承擔資產評估、驗資或者驗證的機構因過失提供有重大遺漏的報告的，由公司登記機關責令改正，情節較重的，處以所得收入一倍以上五倍以下的罰款，並可以由有關主管部門依法責令該機構停業、吊銷直接責任人員的資格證書，吊銷營業執照。
承擔資產評估、驗資或者驗證的機構因其出具的評估結果、驗資或者驗證證明不實，給公司債權人造成損失的，除能夠證明自己沒有過錯的外，在其評估或者證明不實的金額範圍內承擔賠償責任。
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Article 209 Where the company registration authority approves any application for registration that does not meet the conditions as provided by this Law or disapproves any application for registration that meets the conditions as prescribed by this Law, the person directly in charge and other persons directly responsible shall be given an administrative sanction in accordance with law.
| | 第二百零九條 【登記機關違法行為的法律責任】公司登記機關對不符合本法規定條件的登記申請予以登記，或者對符合本法規定條件的登記申請不予登記的，對直接負責的主管人員和其他直接責任人員，依法給予行政處分。
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Article 210 Where the superior organ of any company registration authority orders the latter to approve any application for registration that does not meet the conditions as prescribed in this Law, or to disapprove any application for registration that meets the conditions as provided for in this Law, or covers up for any illegal registration, the person directly in charge and other persons directly responsible shall be given an administrative sanction in accordance with law.
| | 第二百一十條 【登記機關上級部門違法行為的法律責任】公司登記機關的上級部門強令公司登記機關對不符合本法規定條件的登記申請予以登記，或者對符合本法規定條件的登記申請不予登記的，或者對違法登記進行包庇的，對直接負責的主管人員和其他直接責任人員依法給予行政處分。
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Article 211 Where an entity that has not been registered as a limited liability company or joint stock limited company according to law carries out its business operations in the name of the limited liability company or joint stock limited company or where an entity that has not been registered as a subsidiary of any limited liability company or joint stock limited company according to law carries out its business operations in the name of the subsidiary of such a limited liability company or joint stock limited company, the company registration authority may order it to make rectification or close down his business, and may also impose on it a fine of not more than 100,000 yuan.
| | 第二百一十一條 【假冒公司的違法行為及其法律責任】未依法登記為有限責任公司或者股份有限公司，而冒用有限責任公司或者股份有限公司名義的，或者未依法登記為有限責任公司或者股份有限公司的分公司，而冒用有限責任公司或者股份有限公司的分公司名義的，由公司登記機關責令改正或者予以取締，可以並處十萬元以下的罰款。
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Article 212 Where any company, without justifiable reasons, fails to start its business operations six months after its establishment or suspends its business operations on its own initiative for consecutively six months after it has started business operations, the company registration authority may revoke its business license.
Where any registered item of a company changes, and the company fails to go through the corresponding registration of alterations according to this Law, it shall be ordered by the company registration authority to have the alterations registered within a time limit; if it still fails to do so, it shall be imposed a fine of not less than 10, 000 yuan but not more than 100, 000 yuan.
| | 第二百一十二條 【不當停業及不依法辦理變更登記的法律責任】公司成立後無正當理由超過六個月未開業的，或者開業後自行停業連續六個月以上的，可以由公司登記機關吊銷營業執照。
公司登記事項發生變更時，未依照本法規定辦理有關變更登記的，由公司登記機關責令限期登記；逾期不登記的，處以一萬元以上十萬元以下的罰款。
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Article 213 Where any foreign company establishes a branch within the territory of China in violation of the provisions of this Law, the company registration authority may order the company to make rectification or to close down its branch, and may also impose a fine of not less than 50,000 yuan but not more than 200, 000 yuan on the company.
| | 第二百一十三條 【外國公司擅自在中國境內設立分支機構的法律責任】外國公司違反本法規定，擅自在中國境內設立分支機構的，由公司登記機關責令改正或者關閉，可以並處五萬元以上二十萬元以下的罰款。
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Article 214 Where a company conducts any serious illegal activities in the name of the company, which may endanger the security of the state or the public interests of the society, the business license of the company shall be revoked.
| | 第二百一十四條 【危害國家安全與社會公共利益的法律責任】利用公司名義從事危害國家安全、社會公共利益的嚴重違法行為的，吊銷營業執照。
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Article 215 Where a company violates any provision of this Law, it shall bear the respective civil liabilities for compensation and pay corresponding fines and pecuniary penalties; if its property is not enough to pay for all the liabilities, it shall assume the civil liability for compensation first.
| | 第二百一十五條 【民事賠償優先原則】公司違反本法規定，應當承擔民事賠償責任和繳納罰款、罰金的，其財產不足以支付時，先承擔民事賠償責任。
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Article 216 Where any company violates this Law and a crime is constituted, criminal liability shall be investigated according to law.
| | 第二百一十六條 【刑事責任的追究】違反本法規定，構成犯罪的，依法追究刑事責任。
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Chapter XIII Supplementary Provisions
| | 第十三章 附則
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Article 217 The following terms used in this Law has the meaning:
| | 第二百一十七條 【本法所涉相關用語的含義】本法下列用語的含義：
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(1) The "senior managers" refer to the manager, deputy managers, chief financial officers, the secretary of the board of directors of a listed company, and any other persons provided in the company's articles of association.
| | （一）高級管理人員，是指公司的經理、副經理、財務負責人，上市公司董事會秘書和公司章程規定的其他人員。
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(2) A "controlling shareholder" refers to a shareholder whose capital contribution occupies 50% or more in the total capital of a limited liability company or a shareholder who holds more than 50% of the total shares of a joint stock limited company or a shareholder whose capital contribution or proportion of shares he holds is less than 50% but whose voting rights enjoyed in proportion to its or his capital contribution or the shares it or he holds is enough to impose a big impact upon the resolutions of the shareholders' meeting or the shareholders' assembly.
| | （二）控股股東，是指其出資額占有限責任公司資本總額百分之五十以上或者其持有的股份占股份有限公司股本總額百分之五十以上的股東；出資額或者持有股份的比例雖然不足百分之五十，但依其出資額或者持有的股份所享有的表決權已足以對股東會、股東大會的決議產生重大影響的股東。
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(3) An "actual controller" refers to a person who is not a shareholder of a company but is able to hold actual control of the acts of the company by means of investment relations, agreements or any other arrangements.
| | （三）實際控制人，是指雖不是公司的股東，但通過投資關系、協議或者其他安排，能夠實際支配公司行為的人。
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(4) "Affiliation relationship" refers to the relationship between the controlling shareholders, actual controllers, directors, supervisors, or senior managers of a company and the enterprise directly or indirectly under their control, and any other relationship that may lead to the transfer of the company's interests. However, the enterprises controlled by the state do not incur an affiliation relationship simply because their shares are controlled by the state in common.
| | （四）關聯關系，是指公司控股股東、實際控制人、董事、監事、高級管理人員與其直接或者間接控制的企業之間的關系，以及可能導致公司利益轉移的其他關系。但是，國家控股的企業之間不僅因為同受國家控股而具有關聯關系。
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Article 218 Limited liability companies and joint stock limited companies invested by foreign investors shall be governed by this Law. Where any law regarding foreign investments provides otherwise, such provisions thereof shall prevail.
| | 第二百一十八條 【本法在外商投資領域的適用及例外】外商投資的有限責任公司和股份有限公司適用本法；有關外商投資的法律另有規定的，適用其規定。
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| Article 219 This Law shall become effective on January 1, 2006. | | 第二百一十九條 【生效施行日期】本法自2006年1月1日起施行。
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