公司法中英文對照
希尼爾翻譯公司翻譯部2016年5月16日整理發布
THE COMPANY LAW OF THE PEOPLE'S REPUBLIC OF
CHINA
目錄：
TABLE OF CONTENTS
第一章：總則Chapter One： General Provisions
第二章：有限責任公司的設立和組織機構Chapter Two： Establishment and Organs of Limited
Liability Company
第一節：設立Section One Establishment
第二節：組織機構Section Two Organs
第三節：國有獨資公司Section Three. Wholly State-owned Company
第三章：股份有限公司的設立和組織機構Chapter Three： Establishment and Organs of Joint
Stock Limited Company
第一節：設立Section One. Establishment
第二節：股東大會Section Two. Shareholders' general committee
第三節：董事會、經理Section Three. Board Of Directors And General Manager
第四節：監事會Section Four. Board Of Supervisors
第四章：股份有限公司的股份發行和轉讓Chapter Four： Issue and Transfer of Shares of Joint
Stock Limited Company
第一節：股份發行Section One. Issue Of Shares
第二節：股份轉讓Section Two. Transfer Of Shares
第三節：上市公司Section Three. Listed Company
第五章：公司債券Chapter Five： Company Bonds
第六章：公司財務、會計Chapter Six： Financial and Accounting Affairs of Company
第七章：公司合并、分立Chapter Seven： Merger and Division of Company
第八章：公司破產、解散和清算Chapter Eight： Bankruptcy， Dissolution and Liquidation
of Company
第九章：外國公司的分支機構Chapter Nine： Branch of Foreign Company
第十章：法律責任Chapter Ten： Legal Liabilities
第十一章：附則Chapter Eleven： Supplementary Provisions
第一章：總則Chapter One： General Provisions
第一條：為了適應建立現代企業制度的需要，規范公司的組織和行為，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，根據憲法，制定本法。
Article 1 This Law is enacted in accordance with the Constitution， in
order to meet the needs of establishing a modern enterprise system， to
regulate the organization and conduct of companies， to protect the
lawful rights and interests of companies as well as the shareholders and
creditors thereof， to maintain social and economic order， and to promote
the development of the socialist market economy.
第二條：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。
Article 2 A company referred to herein means a limited liability
company or a joint stock limited company established within China in
accordance herewith.
第三條：有限責任公司和股份有限公司是企業法人。
Article 3 Limited liability companies and joint stock limited
companies are enterprise legal persons.
有限責任公司，股東以其出資額為限對公司承擔責任，公司以其全部資產對公司的債務承擔責任。
In the case of a limited liability company， the shareholders are
liable thereto to the extent of their capital contribution， and the
company is liable for its debts to the extent of all of its assets.
股份有限公司，其全部資本分為等額股份，股東以其所持股份為限對公司承擔責任，公司以其全部資產對公司的債務承擔責任。
In the case of a joint stock limited company， its total capital is
divided into stocks of equal value， and the shareholders are liable
thereto to the extent of their share holdings， and the Company is liable
for its debts to the extent of all of its assets.
第四條：公司股東作為出資者按投入公司的資本額享有所有者的資產受益、重大決策和選擇管理者等權利。
Article 4 As contributors of capital， the shareholders of a company
enjoy the rights of proprietors in proportion to their respective share
of capital contributions to the company， such as deriving benefits from
its assets， making major decisions， and selecting its management.
公司享有由股東投資形成的全部法人財產權，依法享有民事權利，承擔民事責任。
The company enjoys the full property rights of a legal person in
respect of assets resulting from the investment by its shareholders， and
enjoys civil rights and bears civil liabilities in accordance with the
law.
公司中的國有資產所有權屬于國家。
Title to the state-owned assets in the company shall vest in the
State.
第五條：公司以其全部法人財產，依法自主經營，自負盈虧。
Article 5 A company， with all of its assets owned by it as a legal
person， shall operate autonomously and be responsible for its own profit
and loss in accordance with the law.
公司在國家宏觀調控下，按照市場需求自主組織生產經營，以提高經濟效益、勞動生產率和實現資產保值增值為目的。
The company shall， under the state's macro-regulation， organize its
production and operation autonomously in light of market demand， with a
view to improving economic return and productivity， and accomplishing
the preservation and increase of the value of its assets.
第六條：公司實行權責分明、管理科學、激勵和約束相結合的內部管理體制。
Article 6 A company shall adopt an internal management system which
clearly sets out the rights and responsibilities of the relevant
parties， is conducive to scientific management， and combines incentive
with check and balance.
第七條：國有企業改建為公司，必須依照法律、行政法規規定的條件和要求，轉換經營機制，有步驟地清產核資，界定產權，清理債權債務，評估資產，建立規范的內部管理機構。
Article 7 If a state-owned enterprise is to be reorganized into a
company， it must， in accordance with the conditions and requirements
prescribed by national statutes and administrative regulations， change
its operating mechanism， and orderly identify and verify its assets，
determine the respective owners of the property rights therein， settle
its creditor's rights and liabilities， conduct assets appraisal， and set
up standard internal management organs.
第八條：設立有限責任公司、股份有限公司，必須符合本法規定的條件。符合本法規定的條件的，登記為有限責任公司或者股份有限公司；不符合本法規定的條件的，不得登記為有限責任公司或者股份有限公司。
Article 8 The establishment of a limited liability company or a joint
stock limited company is subject to the requirements prescribed herein.
An entity meeting the requirements prescribed herein may be registered
as a limited liability company， or a joint stock limited company， as the
case may be； an entity failing to meet the requirements prescribed
herein may not be registered as a limited liability company， or a joint
stock limited company， as the case may be.
法律、行政法規對設立公司規定必須報經審批的，在公司登記前依法辦理審批手續。
Where the establishment of a company is subject to examination and
approval as required by the relevant national statutes or administrative
regulations， examination and approval procedure must be carried out in
accordance with the law prior to its registration.
第九條：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字樣。
Article 9 The name of a limited liability company established in
accordance herewith must contain the words “limited liability company”。
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字樣。
The name of a joint stock limited company established in accordance
herewith must contain the words “joint stock limited company”。
第十條：公司以其主要辦事機構所在地為住所。
Article 10 The Company shall be domiciled at the place where its
principal executive office is located.
第十一條：設立公司必須依照本法制定公司章程。公司章程對公司、股東、董事、監事、經理具有約束力。
Article 11 In order to establish a company， its articles of
association must be prepared in accordance herewith. The articles of
association of the company are binding upon the company and its
shareholders， directors， supervisors and general manager.
公司的經營范圍由公司章程規定，并依法登記。公司的經營范圍中屬于法律、行政法規限制的項目，應當依法經過批準。
The company's business scope shall be prescribed by its articles of
association and be registered in accordance with the law. If an item in
the Company's business scope is subject to any restriction prescribed by
any national statute or administrative regulation， approval for such
item shall be obtained in accordance with the law.
公司應當在登記的經營范圍內從事經營活動。公司依照法定程序修改公司章程并經公司登記機關變更登記，可以變更其經營范圍。
The company shall conduct its business within its registered business
scope. The Company may change its business scope by amending its
articles of association in accordance with legally prescribed procedure
and registering such amendment with the company registration authority.
第十二條：公司可以向其他有限責任公司、股份有限公司投資，并以該出資額為限對所投資公司承擔責任。
Article 12 A Company may invest in another limited liability company
or joint stock limited company， and is liable to such company to the
extent of its capital contribution.
公司向其他有限責任公司、股份有限公司投資的，除國務院規定的投資公司和控股公司外，所累計投資額不得超過本公司凈資產的百分之五十，在投資后，接受被投資公司以利潤轉增的資本，其增加額不包括在內。
Except for an investment company or a holding company stipulated by
the State Council， where a company is to invest in other limited
liability companies or joint stock limited companies， its cumulative
investment may not exceed 50 percent of its net assets， provided that if
after the investment， the capital is increased using profit distribution
received from the company in which it invested， the increased amount
shall not be included.
第十三條：公司可以設立分公司，分公司不具有企業法人資格，其民事責任由公司承擔。
Article 13 A company may establish branch companies， which do not have
the status of enterprise legal persons， and the civil liabilities
thereof shall be borne by the company.
公司可以設立子公司，子公司具有企業法人資格，依法獨立承擔民事責任。
The company may establish subsidiary companies， which have the status
of enterprise legal persons and bear civil liabilities independently in
accordance with the law.
第十四條：公司從事經營活動，必須遵守法律，遵守職業道德，加強社會主義精神文明建設，接受政府和社會公眾的監督。
Article 14 In conducting its business， a company must abide by the
law， observe industry ethics， strengthen the development of socialist
spiritual civilization， and subject itself to supervision by the
government and the public.
公司的合法權益受法律保護，不受侵犯。
The company's lawful rights and interests are protected by law and
shall not be infringed upon.
第十五條：公司必須保護職工的合法權益，加強勞動保護，實現安全生產。
Article 15 A company must protect the lawful rights and interests of
its workers， strengthen labor protection， and achieve workplace safety.
公司采用多種形式，加強公司職工的職業教育和崗位培訓，提高職工素質。
The company shall strengthen the professional education and on the job
training of its workers in various forms， so as to improve their
quality.
第十六條：公司職工依法組織工會，開展工會活動，維護職工的合法權益。公司應當為本公司工會提供必要的活動條件。
Article 16 The workers of a company shall organize a labor union，
which shall conduct union activities and safeguard the lawful rights and
interests of the workers in accordance with the law. The Company shall
provide the necessary conditions for its labor union to conduct its
activities.
國有獨資公司和兩個以上的國有企業或者其他兩個以上的國有投資主體投資設立的有限責任公司，依照憲法和有關法律的規定，通過職工代表大會和其他形式，實行民主管理。
In accordance with the Constitution and other relevant national
statutes， democratic management in the form of workers' assembly and
other forms shall be adopted in a wholly state-owned company or a
limited liability company established through investment by two or more
state-owned enterprises or by two or more state-owned investment
entities of other kinds.
第十七條：公司中中國*基層組織的活動，依照中國*章程辦理。
Article 17 Activities of the elementary-level cell of the Chinese
Communist Party in a company shall be conducted in accordance with the
Charter of the Chinese Communist Party.
第十八條：外商投資的有限責任公司適用本法，有關中外合資經營企業、中外合作經營企業、外資企業的法律另有規定的，適用其規定。
Article 18 Limited liability companies with foreign investment are
subject to this Law， provided that where the provisions of national
statutes governing Sino-foreign equity joint venture enterprises，
Sino-foreign cooperative joint venture enterprises， and wholly foreign
owned enterprises stipulate otherwise， the stipulations therein shall
prevail.
第二章：有限責任公司的設立和組織機構Chapter Two： Establishment And Organs Of A Limited
Liability Company
第一節：設立Section One Establishment
第十九條：設立有限責任公司，應當具備下列條件：
Article 19 The establishment of a limited liability company is subject
to the following conditions：
（一）股東符合法定人數；
（i） The number of shareholders meets legal requirement；
（二）股東出資達到法定資本最低限額；
（ii） The amount of shareholders' capital contribution reaches the
minimum level prescribed by law；
（三）股東共同制定公司章程；
（iii） The shareholders jointly prepare the articles of association；
（四）有公司名稱，建立符合有限責任公司要求的組織機構；
（iv） There is a company name， and the organs meeting the requirements
for a limited liability company are established；
（五）有固定的生產經營場所和必要的生產經營條件。
（v） There is a permanent place of business and there are necessary
conditions for production and operation.
第二十條：有限責任公司由二個以上五十個以下股東共同出資設立。
Article 20 A limited liability company shall be established through
joint investment by not fewer than 2 but not more than 50 shareholders.
國家授權投資的機構或者國家授權的部門可以單獨投資設立國有獨資的有限責任公司。
A state authorized investment entity or state authorized department
may establish wholly state-owned limited liability companies as the sole
investor.
第二十一條：本法施行前已設立的國有企業，符合本法規定設立有限責任公司條件的，單一投資主體的，可以依照本法改建為國有獨資的有限責任公司；多個投資主體的，可以改建為前條第一款規定的有限責任公司。
Article 21 In the case of a state-owned enterprise established before
this Law becomes operative， if it meets the conditions prescribed herein
for the establishment of a limited liability company， it may be
reorganized into a wholly state-owned limited liability company in
accordance herewith if it was established by a single investment entity，
or it may be reorganized into a limited liability company pursuant to
Paragraph 1 of the previous Article if it was established by more than
one investment entities.
國有企業改建為公司的實施步驟和具體辦法，由國務院另行規定。
The implementing procedures and detailed measures for reorganizing
state-owned enterprises into companies shall be separately prescribed by
the State Council.
第二十二條：有限責任公司章程應當載明下列事項：
Article 22 The articles of association of a limited liability company
shall set forth the following：
（一）公司名稱和住所；
（i） its name and domicile；
（二）公司經營范圍；
（ii） its business scope；
（三）公司注冊資本；
（iii） its registered capital；
（四）股東的姓名或者名稱；
（iv） the names of its shareholders；
（五）股東的權利和義務；
（v） the rights and obligations of its shareholders；
（六）股東的出資方式和出資額；
（vi） the forms and amounts of capital contribution made by
shareholders；
（七）股東轉讓出資的條件；
（vii） the conditions under which the shareholders' shares of capital
contribution may be assigned；
（八）公司的機構及其產生辦法、職權、議事規則；
（viii） its organs， the manners in which they are established and their
respective powers， and the rules governing their conduct of business；
（九）公司的法定代表人；
（ix） its legal representative；
（十）公司的解散事由與清算辦法；
（x） the causes for its dissolution and the method for its liquidation；
（十一）股東認為需要規定的其他事項。
（xi） other matters which shareholders deem necessary to provide for.
股東應當在公司章程上簽名、蓋章。
Shareholders shall sign or impress their chops on the articles of
association.
第二十三條：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實繳的出資額。
Article 23 The registered capital of a limited liability company is
the amount of capital contribution actually paid up by all shareholders
and registered with the company registration authority.
有限責任公司的注冊資本不得少于下列最低限額：
The registered capital of a limited liability company shall not be
less than：
（一）以生產經營為主的公司人民幣五十萬元；
（i） Renminbi 500，000 Yuan if it primarily engages in production；
（二）以商品批發為主的公司人民幣五十萬元；
（ii） Renminbi 500，000 Yuan if it primarily engages in commodity
wholesale；
（三）以商業零售為主的公司人民幣三十萬元；
（iii） Renminbi 300，000 Yuan if it primarily engages in commodity
retail；
（四）科技開發、咨詢、服務性公司人民幣十萬元。
（iv） Renminbi 100，000 Yuan if it engages in scientific and technical
development， consulting or service.
特定行業的有限責任公司注冊資本最低限額需高于前款所定限額的，由法律、行政法規另行規定。
If for a specific industry， the required minimum registered capital
exceeds any of the minimum levels prescribed above， such minimum
requirement shall be separately prescribed by the relevant national
statute or administrative regulations.
第二十四條：股東可以用貨幣出資，也可以用實物、工業產權、非專利技術、土地使用權作價出資。對作為出資的實物、工業產權、非專利技術或者土地使用權，必須進行評估作價，核實財產，不得高估或者低估作價。土地使用權的評估作價，依照法律、行政法規的規定辦理。
Article 24 Shareholders may contribute their capital in the form of
cash， as well as in the forms of tangible goods， industrial property，
non-patented technology and land use rights at certain value. If any
tangible goods， industrial property， non-patented technology or land use
rights are contributed as capital， they must be appraised and the
property rights therein must be verified， and the contributed items may
not be over-valued or under-valued. Appraisal on land use rights shall
be carried out in accordance with the provisions of the relevant
national statute and administrative regulations.
以工業產權、非專利技術作價出資的金額不得超過有限責任公司注冊資本的百分之二十，國家對采用高新技術成果有特別規定的除外。
Where industrial property or non-patented technology is contributed as
capital at certain value， its valuation shall not exceed 20 percent of
the total registered capital， except where the state makes special
provisions for companies utilizing high and new technologies.
第二十五條：股東應當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準備設立的有限責任公司在銀行開設的臨時帳戶；以實物、工業產權、非專利技術或者土地使用權出資的，應當依法辦理其財產權的轉移手續。
Article 25 Each shareholder shall invest in full the capital
contribution which he has subscribed for in accordance with the articles
of association. If a shareholder makes his capital contribution in cash，
he shall deposit in full the amount of such cash capital contribution
into a temporary bank account opened for the contemplated limited
liability company； If capital contribution is made in the form of
tangible goods， industrial property， non-patented technology or land use
rights， the appropriate transfer procedure for the property rights
therein shall be carried out in accordance with the law.
股東不按照前款規定繳納所認繳的出資，應當向已足額繳納出資的股東承擔違約責任。
A shareholder who fails to invest the capital contribution which he
has subscribed for in accordance with the previous Paragraph is liable
for breach of contract to those shareholders who have invested in full
the capital contribution they have subscribed for.
第二十六條：股東全部繳納出資后，必須經法定的驗資機構驗資并出具證明。
Article 26 Upon investment in full of their respective capital
contribution by the shareholders， a legally-prescribed capital
verification institution must carry out capital verification procedure
and issue a certificate.
第二十七條：股東的全部出資經法定的驗資機構驗資后，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申請設立登記，提交公司登記申請書、公司章程、驗資證明等文件。
Article 27 After a legally-prescribed capital verification institution
has verified the shareholders' full capital contribution， a
representative designated by all shareholders or the agent appointed
jointly thereby shall apply to the company registration authority for
establishment registration and submit thereto documents such as the
company registration application form， the articles of association， and
the capital verification certificate， etc.
法律、行政法規規定需要經有關部門審批的，應當在申請設立登記時提交批準文件。
Where approval by the relevant authority is required by the relevant
national statute or administrative regulations， the approval document
shall be submitted at the time of applying for establishment
registration.
公司登記機關對符合本法規定條件的，予以登記，發給公司營業執照；對不符合本法規定條件的，不予登記。
The company registration authority shall grant registration to an
applicant who meets the requirements prescribed herein and shall issue a
company business license， and shall not grant registration to an
applicant who fails to meet the requirements prescribed herein.
公司營業執照簽發日期，為有限責任公司成立日期。
The date of issuance of a company business license shall be the
establishment date for a limited liability company.
第二十八條：有限責任公司成立后，發現作為出資的實物、工業產權、非專利技術、土地使用權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交其差額，公司設立時的其他股東對其承擔連帶責任。
Article 28 If after the establishment of a limited liability company，
it is discovered that the actual value of the tangible goods， industrial
property， non-patented technology， or land use rights contributed as
capital is significantly below their value fixed in the articles of
association， the shareholder who contributed such item as capital shall
contribute the difference in value， and the other shareholders of the
company at the time it was established shall be jointly and severally
liable.
第二十九條：設立有限責任公司的同時設立分公司的，應當就所設分公司向公司登記機關申請登記，領取營業執照。
Article 29 Where a branch company is to be established contemporaneous
with the establishment of a limited liability company， an application
for registration of such branch company shall be submitted to the
company registration authority， and it shall be issued a business
license.
有限責任公司成立后設立分公司，應當由公司法定代表人向公司登記機關申請登記，領取營業執照。
Where a branch company is to be established after the establishment of
the limited liability company， the company's legal representative shall
apply to the company registration authority for registration of such
branch company， and it shall be issued a business license.
第三十條：有限責任公司成立后，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：
Article 30 Upon the establishment of a limited liability company， each
shareholder shall be issued a capital contribution certificate， which
shall set forth the following：
（一）公司名稱；
（i） the name of the company；
（二）公司登記日期；
（ii） the date of registration of the company；
（三）公司注冊資本；
（iii） the company's registered capital；
（四）股東的姓名或者名稱、繳納的出資額和出資日期；
（iv） the name of the shareholder， the amount of his capital
contribution， and the date of capital contribution；
（五）出資證明書的編號和核發日期。
（v） the serial number and date of issuance of the capital contribution
certificate.
出資證明書由公司蓋章。
The company's chop shall be impressed on each capital contribution
certificate.
第三十一條：有限責任公司應當置備股東名冊，記載下列事項：
Article 31 A limited liability company shall maintain a record of
shareholders， which shall set forth the following：
1股東的姓名或者名稱及住所；
（i） the name of each shareholder and the domicile thereof；
（二）股東的出資額；
（ii） the amount of capital contribution invested by each shareholder；
（三）出資證明書編號。
（iii） the serial number of each capital contribution certificate.
第三十二條：股東有權查閱股東會會議記錄和公司財務會計報告。
Article 32 Shareholders are entitled to inspect the minutes of
meetings of shareholder committee as well as the financial and
accounting reports of the company.
第三十三條：股東按照出資比例分取紅利。公司新增資本時，股東可以優先認繳出資。
Article 33 Shareholders shall share in the distribution of profits in
proportion to their respective shares of capital contribution. Where the
company is to increase its capital， its shareholders have the preemptive
right to subscribe for the increased amount.
第三十四條：股東在公司登記后，不得抽回出資。
Article 34 A shareholder may not withdraw its capital contribution
after registration of the company.
第三十五條：股東之間可以相互轉讓其全部出資或者部分出資。
Article 35 Shareholders may assign in whole or part their respective
shares of capital contribution amongst themselves.
股東向股東以外的人轉讓其出資時，必須經全體股東過半數同意；不同意轉讓的股東應當購買該轉讓的出資，如果不購買該轉讓的出資，視為同意轉讓。
Transfer of his share of capital contribution by a shareholder to
anyone other than another shareholder is subject to consent by a
majority of all the shareholders； shareholders who do not consent to the
transfer shall purchase the share of capital contribution to be
assigned， and failure by those shareholders to make such purchase is
deemed to be their consent to the assignment.
經股東同意轉讓的出資，在同等條件下，其他股東對該出資有優先購買權。
Where the shareholders consent to the assignment of share of capital
contribution， other shareholders have the preemptive right of purchase
under the same conditions.
第三十六條：股東依法轉讓其出資后，由公司將受讓人的姓名或者名稱、住所以及受讓的出資額記載于股東名冊。
Article 36 Upon a shareholder's lawful assignment of his share of
capital contribution， the company shall record on the record of
shareholders the name of the assignee， the domicile thereof and the
amount of capital assigned thereto.
第二節：組織機構Section Two Organs
第三十七條：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。
Article 37 The shareholders' committee of a limited liability company
consists of all the shareholders， and the shareholders' committee is the
company's organ of authority， and shall exercise its powers in
accordance herewith.
第三十八條：股東會行使下列職權：
Article 38 The shareholders' committee shall exercise the following
powers：
（一）決定公司的經營方針和投資計劃；
（i） determining the company's operational guidelines and investment
plans；
（2）選舉和更換董事，決定有關董事的報酬事項；
（ii） electing and replacing directors， and deciding upon matters
relating to their remuneration；
（三）選舉和更換由股東代表出任的監事，決定有關監事的報酬事項；
（iii） electing and replacing supervisors who represent the
shareholders， and deciding upon matters relating to the remuneration of
supervisors；
（四）審議批準董事會的報告；
（iv） considering and approving reports by the board of directors；
（五）審議批準監事會或者監事的報告；
（v） considering and approving reports by the board of supervisors or
the supervisor， as the case may be；
（六）審議批準公司的年度財務預算方案、決算方案；
（vi） considering and approving annual financial budget plans and final
accounting plans of the company；
（7）審議批準公司的利潤分配方案和彌補虧損方案；
（vii） considering and approving company profit distribution plans and
plans to cover company losses；
（8）對公司增加或者減少注冊資本作出決議；
（viii） adopting resolutions relating to increase or reduction of the
company's registered capital；
（9）對發行公司債券作出決議；
（ix） adopting resolutions relating to issuance of company bonds；
（十）對股東向股東以外的人轉讓出資作出決議；
（x） adopting resolutions relating to assignment of share of capital
contribution by a shareholder to anyone other than a shareholder of the
company；
（十一）對公司合并、分立、變更公司形式、解散和清算等事項作出決議；
（xi） adopting resolutions relating to merger， division， change of
corporate form， dissolution and liquidation of the company；
（十二）修改公司章程。
（xii） amending the articles of association.
第三十九條：股東會的議事方式和表決程序，除本法有規定的以外，由公司章程規定。
Article 39 Unless otherwise provided herein， the method for conducting
business and voting procedure at a meeting of shareholders' committee
shall be prescribed by the articles of association.
股東會對公司增加或者減少注冊資本、分立、合并、解散或者變更公司形式作出決議，必須經代表三分之二以上表決權的股東通過。
Any resolution adopted by the shareholders' committee relating to the
company's increase or reduction of registered capital， division， merger，
dissolution or change of corporate form requires affirmative votes by
shareholders representing two-thirds of the votes.
第四十條：公司可以修改章程。修改公司章程的決議，必須經代表三分之二以上表決權的股東通過。
Article 40 A company may amend its articles of association. Adoption
of a resolution to amend the articles of association requires
affirmative votes by shareholders representing two-thirds of the votes.
第四十一條：股東會會議由股東按照出資比例行使表決權。
Article 41 Shareholders shall exercise their voting rights at the
meeting of shareholders' committee in proportion to their respective
shares of capital contribution.
第四十二條：股東會的首次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。
Article 42 The first meeting of shareholders committee shall be called
and presided over by the shareholder with the largest share of capital
contribution， and shall exercise its powers in accordance herewith.
第四十三條：股東會會議分為定期會議和臨時會議。
Article 43 Meetings of shareholders committee are classified as either
regular meetings or interim meetings.
定期會議應當按照公司章程的規定按時召開。代表四分之一以上表決權的股東，三分之一以上董事，或者監事，可以提議召開臨時會議。
Regular meetings shall be timely held as prescribed in the articles of
association. Shareholders representing one-fourth or more of the votes，
or one-third of the directors or supervisors， may propose for an interim
meeting.
有限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，董事長因特殊原因不能履行職務時，由董事長指定的副董事長或者其他董事主持。
Where a limited liability company has a board of directors， a meeting
of shareholders committee shall be called by the board， and presided
over by the chairman of the board； where the chairman is unable to
perform his duties due to any special reason， the meeting shall be
presided over by the vice-chairman or another director appointed by the
chairman.
第四十四條：召開股東會會議，應當于會議召開十五日以前通知全體股東。
Article 44 In order to hold a meeting of shareholders committee，
notice shall be given to all shareholders 15 days in advance.
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。
The shareholders' committee shall prepare minutes regarding the
decisions on matters considered at the meeting of shareholders
committee， which shall be signed by the shareholders attending the
meeting.
第四十五條：有限責任公司設董事會，其成員為三人至十三人。
Article 45 A limited liability company shall have a board of
directors， which shall be composed of not fewer than 3 but not more than
13 directors.
兩個以上的國有企業或者其他兩個以上的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。董事會中的職工代表由公司職工民主選舉產生。
Where a limited liability company has been established through
investment by two or more state-owned enterprises， or by two or more
state-owned investment entities of other kinds， there shall be
representative（s） of the workers of the company on the board of
directors. The representative（s） of the workers on the board shall be
democratically elected by the workers of the company.
董事會設董事長一人，可以設副董事長一至二人。董事長、副董事長的產生辦法由公司章程規定。
The board shall have one chairman， and may have one to two
vice-chairmen. The manner in which the chairman and vice-chairman are
selected shall be prescribed by the articles of association.
董事長為公司的法定代表人。
The chairman is the legal representative of the company.
第四十六條：董事會對股東會負責，行使下列職權：
Article 46 The board of directors is accountable to the shareholders'
committee， and shall exercise the following powers：
（一）負責召集股東會，并向股東會報告工作；
（i） being responsible for calling meetings of shareholders committee
and presenting reports thereto；
（二）執行股東會的決議；
（ii） implementing resolutions adopted by the shareholders' committee；
（3）決定公司的經營計劃和投資方案；
（iii） determining the company's operational plans and investment
programs；
（四）制訂公司的年度財務預算方案、決算方案；
（iv） preparing annual financial budget plans and final accounting
plans of the company；
（5）制訂公司的利潤分配方案和彌補虧損方案；
（v） preparing profit distribution plans and plans to cover company
losses；
（六）制訂公司增加或者減少注冊資本的方案；
（vi） preparing plans for increasing or reducing registered capital of
the company；
（七）擬訂公司合并、分立、變更公司形式、解散的方案；
（vii） drafting plans for merger， division， change of corporate form or
dissolution of the company；
（八）決定公司內部管理機構的設置；
（viii） determining the structure of the company's internal management；
（九）聘任或者解聘公司經理（總經理）（以下簡稱經理），根據經理的提名，聘任或者解聘公司副經理、財務負責人，決定其報酬事項；
（ix） appointing or removing the manager （general manager） （Hereinafter
referred to as the “general manager”） of the company， appointing or
removing， upon the general manager's recommendation， deputy managers of
the company and the officer in charge of finance， and determining the
remuneration for those officers；
（10）制定公司的基本管理制度。
（x） formulating the basic management scheme of the company.
第四十七條：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。
Article 47 The term of the directors shall be prescribed by the
articles of association， provided that each term may not exceed 3 years.
A director may continue to serve his post if he is re-elected upon the
expiration of his term.
董事在任期屆滿前，股東會不得無故解除其職務。
Prior to expiration of a director's term， the shareholders' committee
may not remove him without cause.
第四十八條：董事會會議由董事長召集和主持；董事長因特殊原因不能履行職務時，由董事長指定副董事長或者其他董事召集和主持。三分之一以上董事可以提議召開董事會會議。
Article 48 A meeting of the board of directors shall be called and
presided over by the chairman； in the event that the chairman is unable
to perform his duties due to any special reason， the chairman shall
appoint the vice-chairman or another director to call and preside over
the meeting. One-third or more of the directors may propose for a
meeting of the board.
第四十九條：董事會的議事方式和表決程序，除本法有規定的以外，由公司章程規定。
Article 49 Unless otherwise provided herein， the method for conducting
business and voting procedure at the meeting of board of directors shall
be prescribed by the articles of association.
召開董事會會議，應當于會議召開十日以前通知全體董事。
In order to hold a board meeting， notice shall be given to all
directors 10 days in advance.
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。
The board shall prepare minutes relating to the decisions on matters
considered at the meeting， which shall be signed by the directors
attending the meeting.
第五十條：有限責任公司設經理，由董事會聘任或者解聘。經理對董事會負責，行使下列職權：
Article 50 A limited liability company shall have a general manager，
to be appointed or removed by the board of directors. The general
manager is accountable to the board and shall exercise the following
powers：
（1）主持公司的生產經營管理工作，組織實施董事會決議；
（i） being in charge of the management of the company's production and
operation， and organizing the implementation of board resolutions；
（二）組織實施公司年度經營計劃和投資方案；
（ii） organizing the implementation of annual operating plans and
investment programs of the company；
（三）擬訂公司內部管理機構設置方案；
（3） preparing the plan for the structure of the company's internal
management；
（4）擬訂公司的基本管理制度；
（iv） preparing the basic management scheme of the company；
（5）制定公司的具體規章；
（v） formulating detailed company rules；
（6）提請聘任或者解聘公司副經理、財務負責人；
（vi） recommending the appointment or removal of a deputy general
manager and the officer in charge of finance；
（七）聘任或者解聘除應由董事會聘任或者解聘以外的負責管理人員；
（vii） appointing and removing officers of the company other than those
to be appointed or removed by the board；
8 公司章程和董事會授予的其他職權。
（viii） other powers prescribed by the articles of association or
delegated by the board.
經理列席董事會會議。
The general manager shall be present at board meetings.
第五十一條：有限責任公司，股東人數較少和規模較小的，可以設一名執行董事，不設立董事會。執行董事可以兼任公司經理。
Article 51 A small-scaled limited liability company with only a few
shareholders may have an executive director without establishing a board
of directors. The executive director may serve concurrently as the
general manager of the company.
執行董事的職權，應當參照本法第四十六條規定，由公司章程規定。
The powers of the executive director shall be prescribed in the
articles of association by reference to the provisions of Article 46
hereof.
有限責任公司不設董事會的，執行董事為公司的法定代表人。
Absent a board of directors， the executive director of a limited
liability company shall be the legal representative thereof.
第五十二條：有限責任公司，經營規模較大的，設立監事會，其成員不得少于三人。監事會應在其組成人員中推選一名召集人。
Article 52 A large-scaled limited liability company shall have a board
of supervisors， which shall be composed of not fewer than 3 members. The
board of supervisors shall elect one of its members as the person
responsible for calling meetings.
監事會由股東代表和適當比例的公司職工代表 組成，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民主選舉產生。
The board of supervisors shall be composed of shareholders'
representative（s） and representative（s） of the workers' of the company
at an appropriate ratio to be specifically prescribed in the articles of
association. The workers' representative（s） on the board of supervisors
shall be democratically elected by the workers of the company.
有限責任公司，股東人數較少和規模較小的，可以設一至二名監事。
A small-scaled limited liability company with only a few shareholders
may have one or two supervisors.
董事、經理及財務負責人不得兼任監事。
A director， the general manager and the officer in charge of finance
may not serve concurrently as a supervisor.
第五十三條：監事的任期每屆為三年。監事任期屆滿，連選可以連任。
Article 53 Each term of a supervisor shall be 3 years， and a
supervisor may continue to serve his post upon expiration of his term if
he is re-elected.
第五十四條：監事會或者監事行使下列職權：
Article 54 The board of supervisors or the supervisor， as the case may
be， shall exercise the following authorities：
（一）檢查公司財務；
（i） reviewing the financial affairs of the company；
（二）對董事、經理執行公司職務時違反法律、法規或者公司章程的行為進行監督；
（ii） monitoring the acts of the directors or the general manager to
guard against violation of national statutes， administrative regulations
or the articles of association in the course of performance of their
duties；
（3）當董事和經理的行為損害公司的利益時，要求董事和經理予以糾正。
（iii） requiring the directors or the general manager to make
rectification when any act thereof causes harm to company interests；
（四）提議召開臨時股東會；
（iv） proposing for interim meetings of shareholders' committee；
（五）公司章程規定的其他職權。
（v） other authorities prescribed by the articles of association.
監事列席董事會會議。
The supervisors shall be present at board meetings.
第五十五條：公司研究決定有關職工工資、福利、安全生產以及勞動保護、勞動保險等涉及職工切身利益的問題，應當事先聽取公司工會和職工的意見，并邀請工會或者職工代表列席有關會議。
Article 55 When a company considers and decides upon matters which
affect the personal interests of its workers， such as their wages，
benefits， production safety and labor protection， or labor insurance， it
shall first hear the opinions of the labor union and the workers of the
company， and invite representatives of the labor union or the workers to
be present at related meetings.
第五十六條：公司研究決定生產經營的重大問題、制定重要的規章制度時，應當聽取公司工會和職工的意見和建議。
Article 56 When a company considers and decides upon major matters
relating to its production and operation， or formulates important rules
and standards， it shall hear the opinions and suggestions of the labor
union and the workers.
第五十七條：有下列情形之一的，不得擔任公司的董事、監事、經理：
Article 57 A person in any of the following categories may not serve
as a director， supervisor， or the general manager of a company：
（一）無民事行為能力或者限制民事行為能力；
（i） without civil capacity or with limited civil capacity；
（二）因犯有貪污、賄賂、侵占財產、挪用財產罪或者破壞社會經濟秩序罪，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；
（ii） having been sentenced to prison for the following crimes， and
completion of the sentence being less than 5 years ago： embezzlement，
bribery， conversion of property， misappropriation of property， sabotage
of social economic order； or having been deprived of political rights as
a result of a criminal conviction， and completion of such sanction being
less than 5 years ago；
（三）擔任因經營不善破產清算的公司、企業的董事或者廠長、經理，并對該公司、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；
（3） having served as a director， the factory chief， or the general
manager of a company or enterprise which underwent bankruptcy
liquidation as a result of mismanagement， and being personally
responsible for such bankruptcy， and completion of the bankruptcy
liquidation being less than 3 years ago；
（四）擔任因違法被吊銷營業執照的公司、企業的法定代表人，并負有個人責任的，自該公司、企業被吊銷營業執照之日起未逾三年；
（4） having served as the legal representative of a company or
enterprise whose business license was revoked due to its violation of
law， and being personally responsible for such revocation， and such
revocation occurring less than 3 years ago；
（五）個人所負數額較大的債務到期未清償。
（5） in default of personal debt of a significant amount.
公司違反前款規定選舉、委派董事、監事或者聘任經理的，該選舉、委派或者聘任無效。
If the company elects or appoints a director or supervisor or employs
the general manager in violation of the above Paragraph， such election，
appointment or employment is invalid.
第五十八條：國家公務員不得兼任公司的董事、監事、經理。
Article 58 No public servant may concurrently serve as a director，
supervisor or the general manager of a company.
第五十九條：董事、監事、經理應當遵守公司章程，忠實履行職務，維護公司利益，不得利用在公司的地位和職權為自己謀取私利。
Article 59 A directors， supervisor， or the general manager shall abide
by the articles of association， faithfully perform their duties， and
safeguard the interests of the company， and may not abuse their
positions and authorities at the company for private gain.
董事、監事、經理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。
A directors， supervisor， or the general manager may not abuse their
authorities by accepting bribes or generating other illegal income， and
may not convert company property.
第六十條：董事、經理不得挪用公司資金或者將公司資金借貸給他人。
Article 60 A director or the general manager may not misappropriate
company funds or loan company funds to other people.
董事、經理不得將公司資產以其個人名義或者以其他個人名義開立帳戶存儲。
A director or the general manager may not deposit company assets into
an account in his own name or in any other individual's name.
董事、經理不得以公司資產為本公司的股東或者其他個人債務提供擔保。
A director or the general manager may not give company assets as
security for the debt of a shareholder or any other individual.
第六十一條：董事、經理不得自營或者為他人經營與其所任職公司同類的營業或者從事損害本公司利益的活動。從事上述營業或者活動的，所得收入應當歸公司所有。
Article 61 A director or the general manager may not engage in the
same business as the company in which he serves as a director or the
general manager either for his own account or for any other person's
account， or engage in any activity detrimental to company interests. If
a director or the general manager engages in any of the above mentioned
business or activity， any income so derived shall be turned over to the
company.
董事、經理除公司章程規定或者股東會同意外，不得同本公司訂立合同或者進行交易。
Unless otherwise provided in the articles of association or otherwise
agreed by the shareholders' committee， a director or the general manager
may not execute any contract or engage in any transaction with the
company.
第六十二條：董事、監事、經理除依照法律規定或者經股東會同意外，不得泄露公司秘密。
Article 62 Unless required by law or consented to by the shareholders'
committee， a director， supervisor， or the general manager may not
disclose the company's confidential information.
第六十三條：董事、監事、經理執行公司職務時違反法律、行政法規或者公司章程的規定，給公司造成損害的，應當承擔賠償責任。
Article 63 If a director， supervisor or the general manager causes
detriment to the company while performing his duties in violation of any
national statute， administrative regulation or the articles of
association， he shall be liable for the loss so caused.
第三節：國有獨資公司Section Three Wholly State-owned Companies
第六十四條：本法所稱國有獨資公司是指國家授權投資的機構或者國家授權的部門單獨投資設立的有限責任公司。
Article 64 A wholly state-owned company referred to herein means a
limited liability company established through sole investment by a state
authorized investment entity or state authorized department.
國務院確定的生產特殊產品的公司或者屬于特定行業的公司，應當采取國有獨資公司形式。
Companies designated by the State Council to produce special products
or in special industries shall adopt the form of a wholly state-owned
company.
第六十五條：國有獨資公司的公司章程由國家授權投資的機構或者國家授權的部門依照本法制定，或者由董事會制訂，報國家授權投資的機構或者國家授權的部門批準。
Article 65 The articles of association of a wholly state-owned company
may be formulated by the state authorized investment entity or state
authorized department in accordance with the provisions hereof， or may
be prepared by its board of directors and submitted to the state
authorized investment entity or state authorized department for
approval.
第六十六條：國有獨資公司不設股東會，由國家授權投資的機構或者國家授權的部門，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，但公司的合并、分立、解散、增減資本和發行公司債券，必須由國家授權投資的機構或者國家授權的部門決定。
Article 66 A wholly state-owned company shall not have a shareholders'
committee， and the state authorized investment entity or state
authorized department shall authorize the board of directors to exercise
part of the authorities of the shareholders' committee， and to decide on
major matters of the company， provided that matters such as merger，
division or dissolution of the company， capital increase or reduction by
the company， and issue of company bonds must be decided by the state
authorized investment entity or state authorized department.
第六十七條：國有獨資公司監事會主要由國務院或者國務院授權的機構、部門委派的人員組成，并有公司職工代表參加。監事會的成員不得少于三人。監事會行使本法第五十四條第一款第（一）、（二）項規定的職權和國務院規定的其他職權。
Article 67 （Amended） The Supervisory Committee of a wholly State-owed
Company shall comprise personnel appointed by the State Council or
agencies or departments， and staff representative（s）。 There shall be no
fewer than three supervisors. The Supervisory Committee shall exercise
the authorities enumerated in Items （i） and （ii） of Paragraph 1 of
Article 54 hereof， as well as other authorities granted by the State
Council.
監事列席董事會會議。
The supervisors shall be present at the meetings of board of
directors.
董事、經理 及 財務負責人不得兼任監事。
A director， the manager and the person in charge of finance shall not
serve as a supervisor concurrently.
第六十八條：國有獨資公司設立董事會，依照本法第四十六條、第六十六條規定行使職權。董事會每屆任期為三年。
Article 68 A wholly state-owned company shall have a board of
directors， which shall perform its duties in accordance with the
provisions of Article 46 and Article 66 hereof. Each term of the board
of directors shall be 3 years.
公司董事會成員為三人至九人，由國家授權投資的機構或者國家授權的部門按照董事會的任期委派或者更換。董事會成員中應當有公司職工代表。董事會中的職工代表由公司職工民主選舉產生。
There shall be not fewer than 3 but not more than 9 members on the
board， to be appointed or replaced by the state authorized investment
entity or state authorized department according to the terms of the
board. There shall be representative（s） of the workers on the board. The
workers' representative（s） on the board shall be democratically elected
by the workers.
董事會設董事長一人，可以視需要設副董事長。董事長、副董事長，由國家授權投資的機構或者國家授權的部門從董事會成員中指定。
The board of directors shall have a chairman， and if needed， a
vice-chairman. The chairman and vice-chairman shall be appointed by the
state authorized investment entity or state authorized department from
the board members.
董事長為公司的法定代表人。
The chairman of the board is the legal representative of the company.
第六十九條：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。
Article 69 A wholly state-owned company shall have a general manager，
to be appointed or removed by the board of directors. The general
manager shall perform his duties in accordance with the provisions of
Article 50 hereof.
經國家授權投資的機構或者國家授權的部門同意，董事會成員可以兼任經理。
If approved by the state authorized investment entity or state
authorized department， a board member may serve concurrently as the
general manager.
第七十條：國有獨資公司的董事長、副董事長、董事、經理，未經國家授權投資的機構或者國家授權的部門同意，不得兼任其他有限責任公司、股份有限公司或者其他經營組織的負責人。
Article 70 Absent approval by the state authorized investment entity
or state authorized department， the chairman， vice-chairman， a director，
or the general manager may not serve concurrently as the person in
charge of any other limited liability company， joint stock limited
company or any other business organization.
第七十一條：國有獨資公司的資產轉讓，依照法律、行政法規的規定，由國家授權投資的機構或者國家授權的部門辦理審批和財產權轉移手續。
Article 71 In the case of assignment of the assets of a wholly
state-owned company， the state authorized investment entity or state
authorized department shall carry out examination and approval， and the
formalities for transfer of property rights shall be carried out in
accordance with the relevant national statutes and administrative
regulations.
第七十二條：經營管理制度健全、經營狀況較好的大型的國有獨資公司，可以由國務院授權行使資產所有者的權利。
Article 72 A large-scaled wholly state-owned company with sound
operating and management system and good operating condition may be
authorized by the State Council to exercise the proprietor's rights in
respect of its assets.
第三章：股份有限公司的設立和組織機構Chapter Three： Establishment And Organs Of A Joint
Stock Limited Company
第一節：設立Section One Establishment
第七十三條：設立股份有限公司，應當具備下列條件：
Article 73 The establishment of a joint stock limited company is
subject to the following conditions：
（一）發起人符合法定人數；
（i） The number of sponsors meets legal requirement；
（二）發起人認繳和社會公開募集的股本達到法定資本最低限額；
（ii） The amount of capital stocks subscribed for by the sponsors and
publicly placed reaches the legally-prescribed minimum capital level；
（三）股份發行、籌辦事項符合法律規定；
（iii） The issue of its shares and the preparation for its
establishment comply with the law；
（四）發起人制訂公司章程，并經創立大會通過；
（iv） The sponsors prepare the articles of association， and such
articles of association are adopted by the establishment meeting；
（五）有公司名稱，建立符合股份有限公司要求的組織機構；
（v） There is a company name， and the organs complying with the
requirements for a joint stock limited company are established；
（六）有固定的生產經營場所和必要的生產經營條件。
（vi） There is a permanent place of business and there are necessary
conditions for production and operation.
第七十四條：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。
Article 74 A joint stock limited company may be established either by
sponsorship or public share offer.
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。
Establishment by sponsorship means establishment of the company
through subscription by the sponsors for all the shares to be issued by
the company.
募集設立，是指由發起人認購公司應發行股份的一部分，其余部分向社會公開募集而設立公司。
Establishment by public share offer means establishment of the company
through subscription by sponsors for part of the shares to be issued by
the company， and public placement of the remaining shares.
第七十五條：設立股份有限公司，應當有五人以上為發起人，其中須有過半數的發起人在中國境內有住所。
Article 75 In order to establish a joint stock limited company， there
shall be not fewer than 5 sponsors， half of whom shall be domiciled in
China.
國有企業改建為股份有限公司的，發起人可以少于五人，但應當采取募集設立方式。
In the case of reorganization of a state-owned enterprise into a joint
stock limited company， there may be fewer than 5 sponsors， provided that
such joint stock limited company shall be established by public share
offer.
第七十六條：股份有限公司發起人，必須按照本法規定認購其應認購的股份，并承擔公司籌辦事務。
Article 76 Sponsors of a joint stock limited company must subscribe
for the shares as required and conduct preparations for the
establishment of the company in accordance herewith.
第七十七條：股份有限公司的設立，必須經過國務院授權的部門或者省級人民政府批準。
Article 77 Establishment of a joint stock limited company is subject
to approval by the department authorized by the State Council， or the
People's Government at the provincial level.
第七十八條：股份有限公司的注冊資本為在公司登記機關登記的實收股本總額。
Article 78 The registered capital of a joint stock limited company
shall be the total amount of share capital which is paid in and
registered with the company registration authority.
股份有限公司注冊資本的最低限額為人民幣一千萬元。股份有限公司注冊資本最低限額需高于上述所定限額的，由法律、行政法規另行規定。
The minimum registered capital of a joint stock limited company may
not be less than Renminbi 10，000，000 Yuan. Where the minimum level of
registered capital required for a joint stock limited company exceeds
the minimum level prescribed above， such minimum level shall be
separately prescribed by the relevant national statutes and
administrative regulations.
第七十九條：股份有限公司章程應當載明下列事項：
Article 79 The articles of association of a joint stock limited
company shall set forth the following：
（一）公司名稱和住所；
（i） its name and domicile；
（二）公司經營范圍；
（ii） its business scope；
（三）公司設立方式；
（iii） the method for its establishment；
（四）公司股份總數、每股金額和注冊資本；
（iv） the total number of shares of the company， the value of each
share， and the registered capital of the company；
（五）發起人的姓名或者名稱、認購的股份數；
（v） the names of the sponsors and the number of shares they have
subscribed for；
（六）股東的權利和義務；
（vi） the rights and obligations of shareholders；
（七）董事會的組成、職權、任期和議事規則；
（vii） the composition of the board of directors， its authorities，
term， and rules of conducting business；
（八）公司法定代表人；
（viii） its legal representative；
（九）監事會的組成、職權、任期和議事規則；
（ix） the composition of the board of supervisors， its authorities，
term， and rules of conducting business；
（十）公司利潤分配辦法；
（x） the method for company profit distribution；
（十一）公司的解散事由與清算辦法；
（xi） the causes for its dissolution and the method for its
liquidation；
（十二）公司的通知和公告辦法；
（xii） the method for giving notice and making public announcement；
（十三）股東大會認為需要規定的其他事項。
（xiii） other matters which the shareholders' general committee deems
necessary to provide for.
第八十條：發起人可以用貨幣出資，也可以用實物、工業產權、非專利技術、土地使用權作價出資。對作為出資的實物、工業產權、非專利技術或者土地使用權，必須進行評估作價，核實財產，并折合為股份。不得高估或者低估作價。土地使用權的評估作價，依照法律、行政法規的規定辦理。
Article 80 A sponsor may contribute his share capital in the form of
cash， or in the form of tangible goods， industrial property，
non-patented technology or land use rights at certain value. If share
capital is contributed in the form of tangible goods， industrial
property， non-patented technology or land use rights， they must be
appraised and the property rights therein must be verified， whereupon
the value thereof shall be converted into shares. The contributed items
may not be overvalued or undervalued. The appraisal of land use rights
shall be carried out in accordance with the provisions of the relevant
national statutes and administrative regulations.
發起人以工業產權、非專利技術作價出資的金額不得超過股份有限公司注冊資本的百分之二十。
The value of the industrial property and non-patented technology
contributed as share capital by the sponsors shall not exceed 20 percent
of the total registered capital.
第八十一條：國有企業改建為股份有限公司時，嚴禁將國有資產低價折股、低價出售或者無償分給個人。
Article 81 In the case of reorganizing a state-owned enterprise into a
joint stock limited company， conversion of state assets into shares
through under-valuation， sale of state assets at low price， or
distribution of state assets to individuals without compensation are
strictly prohibited.
第八十二條：以發起設立方式設立股份有限公司的，發起人以書面認足公司章程規定發行的股份后，應即繳納全部股款；以實物、工業產權、非專利技術或者土地使用權抵作股款的，應當依法辦理其財產權的轉移手續。
Article 82 In the case of establishing a joint stock limited company
by sponsorship， upon the sponsors' full subscription in writing for the
shares to be issued as prescribed in the articles of association， the
sponsors shall promptly pay the share proceeds in full； where tangible
goods， industrial property， non-patented technology or land use rights
are contributed in lieu of money， the property rights therein shall be
transferred in accordance with legally prescribed procedures.
發起人交付全部出資后，應當選舉董事會和監事會，由董事會向公司登記機關報送設立公司的批準文件、公司章程、驗資證明等文件，申請設立登記。
Upon full contribution of the share capital which the sponsors have
subscribed for， they shall elect members to the board of directors and
the board of supervisors， and the board of directors shall apply for
establishment registration by submitting the document approving the
establishment of the company， the articles of association， and the
capital verification certificate， etc. to the company registration
authority.
第八十三條：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，其余股份應當向社會公開募集。
Article 83 In the case of establishing a joint stock limited company
by public share offer， the shares subscribed for by the sponsors shall
be not less than 35 percent of the total number of shares of the
company， and the remaining shares shall be openly offered to the public.
第八十四條：發起人向社會公開募集股份時，必須向國務院證券管理部門遞交募股申請，并報送下列主要文件：
Article 84 In offering shares to the public， the sponsors shall
deliver an application for public share offer to the securities
regulatory authority under the State Council， and submit thereto the
following main documents：
（一）批準設立公司的文件；
（i） the document approving the establishment of the company；
（二）公司章程；
（ii） the articles of association；
（三）經營估算書；
（iii） the operating forecast report；
（四）發起人姓名或者名稱，發起人認購的股份數、出資種類及驗資證明；
（iv） the names of the sponsors， the number of shares they have
subscribed for， the nature of their share capital contribution， and the
capital verification certificate；
（五）招股說明書；
（v） the prospectus；
（六）代收股款銀行的名稱及地址；
（vi） the name and address of the depository bank for the share
proceeds；
（七）承銷機構名稱及有關的協議。
（vii） the name of the underwriter and related agreements.
未經國務院證券管理部門批準，發起人不得向社會公開募集股份。
Without approval by the securities regulatory authority under the
State Council， the sponsors my not offer shares to the public.
第八十五條：經國務院證券管理部門批準，股份有限公司可以向境外公開募集股份，具體辦法由國務院作出特別規定。
Article 85 Upon approval by the securities regulatory authority under
the State Council， a joint stock limited company may offer shares to the
public overseas， and the detailed procedure shall be specially
prescribed by the State Council.
第八十六條：國務院證券管理部門對符合本法規定條件的募股申請，予以批準；對不符合本法規定的募股申請，不予批準。
Article 86 The securities regulatory authority under the State Council
shall approve an application for public share offer which meets the
requirements prescribed herein； and shall not approve any application
for public share offer which fails to meet the requirements prescribed
herein.
對已作出的批準如發現不符合本法規定的，應予撤銷。尚未募集股份的，停止募集；已經募集的，認股人可以按照所繳股款并加算銀行同期存款利息，要求發起人返還。
If it is discovered that an approval given is not in compliance with
the requirements prescribed herein， it shall be revoked. Where no share
has been placed， such share offer shall be terminated； where shares have
been placed， the subscribers may demand that the sponsors return the
share proceeds paid， together with the interest thereon as if they have
been deposited in a bank for a like period.
第八十七條：招股說明書應當附有發起人制訂的公司章程，并載明下列事項：
Article 87 The prospectus shall be accompanied with the articles of
association prepared by the sponsors， and shall set forth the following：
（一）發起人認購的股份數；
（i） the number of shares subscribed for by the sponsors；
（二）每股的票面金額和發行價格；
（ii） the par value and issuing price of each share；
（三）無記名股票的發行總數；
（iii） the total number of bearer share certificates issued；
（四）認股人的權利、義務；
（iv） the rights and obligations of the subscribers；
（五）本次募股的起止期限及逾期未募足時認股人可撤回所認股份的說明。
（v） the commencing time and expiration time of the share offer， and a
statement that in the event the shares have not be placed in full upon
the expiration time， the subscribers may revoke their share
subscriptions.
第八十八條：發起人向社會公開募集股份，必須公告招股說明書，并制作認股書。認股書應當載明前條所列事項，由認股人填寫所認股數、金額、住所，并簽名、蓋章。認股人按照所認股數繳納股款。
Article 88 In a public share offer， the sponsors shall make the
prospectus available to the public and prepare the share subscription
form. The share subscription form shall contain the items listed in the
previous Article， and a subscriber shall fill in the following： the
number of shares subscribed for， the amount of share proceeds， and his
or her domicile， and shall sign or impress his chop on the form. A
subscriber shall pay the share proceeds according to the number of
shares he has subscribed for.
第八十九條：發起人向社會公開募集股份，應當由依法設立的證券經營機構承銷，簽訂承銷協議。
Article 89 The sponsors' share offer to the public shall be
underwritten by a securities underwriter established in accordance with
the law， and an underwriting agreement shall be executed.
第九十條：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。
Article 90 When conducting public share offer， the sponsors shall
execute an agreement with a bank for deposit of share proceeds.
代收股款的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，并負有向有關部門出具收款證明的義務。
The depository bank shall collect and hold the share proceeds in
accordance with the agreement， and issue receipts to subscribers who
have paid their share proceeds， and is obligated to provide to the
relevant authority a certificate for receipt of share proceeds.
第九十一條：發行股份的股款繳足后，必須經法定的驗資機構驗資并出具證明。發起人應當在三十日內主持召開公司創立大會。創立大會由認股人組成。
Article 91 After the proceeds from issue of the shares are paid in
full， the share capital must be verified by a legally-prescribed capital
verification institution and a certificate shall be issued thereby.
Within 30 days， the sponsors shall hold and preside over the
establishment meeting， which is composed of the subscribers.
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后，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并加算銀行同期存款利息，要求發起人返還。
If the issued shares are not fully placed upon expiration of the time
limit prescribed in the prospectus， or the sponsors fail to hold the
establishment meeting within 30 days of full payment of the proceeds
from issue of the shares， the subscribers may demand that the sponsors
return the share proceeds paid， together with the interest thereon as if
they have been deposited in a bank for a like period.
第九十二條：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二分之一以上的認股人出席，方可舉行。
Article 92 The sponsors shall notify each subscriber of the date of
the establishment meeting or make a public announcement for such meeting
15 days in advance. The establishment meeting may not be held unless
attended by subscribers representing at least half of the shares.
創立大會行使下列職權：
The establishment meeting shall exercise the following authorities：
（一）審議發起人關于公司籌辦情況的報告；
（1） considering the report on pre-establishment activities prepared by
the sponsors；
（二）通過公司章程；
（2） adopting the articles of association；
（三）選舉董事會成員；
（3） electing members of the board of directors；
（四）選舉監事會成員；
（4） electing members of the board of supervisors；
（五）對公司的設立費用進行審核；
（5） verifying expenses incurred for the establishment of the company；
（六）對發起人用于抵作股款的財產的作價進行審核；
（6） verifying the value of the assets contributed by the sponsors in
lieu of share proceeds；
（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。
（7） where an event of force majeure or any material change in
operating condition affecting the company's establishment has occurred，
a resolution not to establish the company may be adopted.
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的半數以上通過。
A resolution adopted at the establishment meeting on any of the
matters mentioned in the previous Paragraph requires affirmative votes
by subscribers representing at least half of the votes attending the
meeting.
第九十三條：發起人、認股人繳納股款或者交付抵作股款的出資后，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。
Article 93 Upon payment of the share proceeds or delivery of the items
as contribution of share capital in lieu of share proceeds， the sponsors
and subscribers may not withdraw their share capital， except where the
shares issued are not fully placed in time， the sponsors fail to hold
the establishment meeting in time， or the establishment meeting adopts a
resolution not to establish the company.
第九十四條：董事會應于創立大會結束后三十日內，向公司登記機關報送下列文件，申請設立登記：
Article 94 Within 30 days of the completion of the establishment
meeting， the board of directors shall apply for establishment
registration by submitting to the company registration authority the
following：
（一）有關主管部門的批準文件；
（i） the approval document issued by the relevant authority；
（二）創立大會的會議記錄；
（ii） the minutes of the establishment meeting；
（三）公司章程；
（iii） the articles of association；
（四）籌辦公司的財務審計報告；
（iv） the financial auditing report on pre-establishment activities；
（五）驗資證明；
（v） the capital verification certificate；
（六）董事會、監事會成員姓名及住所；
（vi） the names and domiciles of members of the board of directors and
the board of supervisors；
（七）法定代表人的姓名、住所。
（vii） the name and domicile of the legal representative.
第九十五條：公司登記機關自接到股份有限公司設立登記申請之日起三十日內作出是否予以登記的決定。對符合本法規定條件的，予以登記，發給公司營業執照；對不符合本法規定條件的，不予登記。
Article 95 The company registration authority shall decide whether to
grant registration to the joint stock limited company within 30 days of
receipt of the application for establishment registration. Where the
application meets the requirements prescribed herein， registration shall
be granted and the company shall be issued a business license； where the
application fails to meet the requirements prescribed herein，
registration shall not be granted.
公司營業執照簽發日期，為公司成立日期。公司成立后，應當進行公告。
The date on which the business license is issued shall be the date of
the company's establishment. Upon establishment， the company shall make
a public announcement.
股份有限公司經登記成立后，采取募集設立方式的，應當將募集股份情況報國務院證券管理部門備案。
If established through public share offer， upon establishment and
registration， the joint stock limited company shall submit to the
securities regulatory authority under the State Council a report on the
share offer activities for filing.
第九十六條：設立股份有限公司的同時設立分公司的，應當就所設分公司向公司登記機關申請登記，領取營業執照。
Article 96 Where a branch company is to be established contemporaneous
with the establishment of a joint stock limited company， an application
for registration of such branch company shall be submitted to the
company registration authority， and it shall be issued a business
license.
股份有限公司成立后設立分公司，應當由公司法定代表人向公司登記機關申請登記，領取營業執照。
Where a branch company is to be established after the joint stock
limited company's establishment， the company's legal representative
shall apply to the company registration authority for registration of
such branch company， and it shall be issued a business license.
第九十七條：股份有限公司的發起人應當承擔下列責任：
Article 97 The sponsors of a joint stock limited company shall bear
liabilities as follows：
（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；
（i） in the event of failure to establish the company， being jointly
and severally liable for the debts and expenses incurred as a result of
the pre-establishment activities；
（二）公司不能成立時，對認股人已繳納的股款，負返還股款并加算銀行同期存款利息的連帶責任；
（ii） in the event of failure to establish the company， being jointly
and severally liable for the return of share proceeds paid by the
subscribers， together with the interest thereon as if they have been
deposited in a bank for a like period.
（三）在公司設立過程中，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。
（iii） if the company's interest is harmed in the course of its
establishment due to the negligence of the sponsors， being liable to the
company for damages.
第九十八條：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，并依照本法有關設立股份有限公司的程序辦理。
Article 98 Where a limited liability company is to be converted into a
joint stock limited company， the requirements for establishing a joint
stock limited company prescribed herein shall be met， and the conversion
shall be carried out in accordance with the procedure for the
establishment of a joint stock limited company prescribed herein.
第九十九條：有限責任公司依法經批準變更為股份有限公司時，折合的股份總額應當相等于公司凈資產額。有限責任公司依法經批準變更為股份有限公司，為增加資本向社會公開募集股份時，應當依照本法有關向社會公開募集股份的規定辦理。
Article 99 Where conversion of a limited liability company to a joint
stock limited company is approved in accordance with the law， the total
value of the converted shares shall be equivalent to the company's net
assets value. Where conversion of a limited liability company to a joint
stock limited company is approved in accordance with the law， and its
shares are offered to the public for the purpose of increasing capital，
such share offer shall be carried out in accordance with the provisions
herein governing public share offer.
第一百條：有限責任公司依法變更為股份有限公司的，原有限責任公司的債權、債務由變更后的股份有限公司承繼。
Article 100 Where conversion of a limited liability company to a joint
stock limited company is approved in accordance with the law， the
creditor's rights and liabilities of the original company shall be
assumed by the joint stock limited company resulting from the
conversion.
第一百零一條：股份有限公司應當將公司章程、股東名冊、股東大會會議記錄、財務會計報告置備于本公司。
Article 101 A joint stock limited company shall maintain its articles
of association， the record of shareholders， the minutes of meetings of
shareholders' general committee， and its financial and accounting
reports on the company's premises.
第二節：股東大會Section Two： Shareholders' General Committee
第一百零二條：股份有限公司由股東組成股東大會。股東大會是公司的權力機構，依照本法行使職權。
Article 102 The shareholders' General Committee of a joint stock
limited company is composed of all shareholders. The shareholders'
general committee is the company's organ of authority， and shall
exercise its authorities in accordance herewith.
第一百零三條：股東大會行使下列職權：
Article 103 The shareholder's general committee shall exercise the
following authorities：
（一）決定公司的經營方針和投資計劃；
（i） determining the company's operational guidelines and investment
plans；
（2）選舉和更換董事，決定有關董事的報酬事項；
（ii） electing and replacing members of the board of directors， and
deciding upon matters relating to their remuneration；
（三）選舉和更換由股東代表出任的監事，決定有關監事的報酬事項；
（3） electing and replacing members of the board of supervisors who are
the shareholders' representatives， and deciding upon matters relating to
the remuneration of the supervisors；
（四）審議批準董事會的報告；
（iv） considering and approving reports by the board of directors；
（五）審議批準監事會的報告；
（v） considering and approving reports by the board of supervisors；
（六）審議批準公司的年度財務預算方案、決算方案；
（vi） considering and approving annual financial budget plans and final
accounting plans of the company；
（7）審議批準公司的利潤分配方案和彌補虧損方案；
（vii） considering and approving profit distribution plans and plans to
cover company losses；
（八）對公司增加或者減少注冊資本作出決議；
（viii） adopting resolutions regarding increase or reduction of
registered capital by the company；
（9）對發行公司債券作出決議；
（ix） adopting resolutions on the issue of bonds by the company；
（十）對公司合并、分立、解散和清算等事項作出決議；
（x） adopting resolutions on merger， division， change of corporate
form， dissolution and liquidation of the company；
（十一）修改公司章程。
（xi） amending the articles of association.
第一百零四條：股東大會應當每年召開一次年會。有下列情形之一的，應當在二個月內召開臨時股東大會：
Article 104 The shareholders' general committee shall hold an annual
meeting each year. An interim meeting of the shareholders' general
committee shall be held within 2 months upon the occurrence of any of
the following circumstances： 【法律教育網】
（一）董事人數不足本法規定的人數或者公司章程所定人數的三分之二時；
（i） The number of directors falls below the number prescribed herein
or below two-thirds of the number prescribed in the articles of
association；
（二）公司未彌補的虧損達股本總額三分之一時；
（ii） The company's losses which are not covered have reached one-third
of the total amount of the share capital；
（三）持有公司股份百分之十以上的股東請求時；
（iii） Shareholders holding at least 10 percent of the company's stocks
make a request；
（四）董事會認為必要時；
（iv） The board of directors deems necessary；
（五）監事會提議召開時。
（v） The board of supervisors proposes for such a meeting.
第一百零五條：股東大會會議由董事會依照本法規定負責召集，由董事長主持。董事長因特殊原因不能履行職務時，由董事長指定的副董事長或者其他董事主持。召開股東大會，應當將會議審議的事項于會議召開三十日以前通知各股東。臨時股東大會不得對通知中未列明的事項作出決議。
Article 105 A meeting of shareholders general committee shall be
called by the board of directors in accordance with herewith， and shall
be presided over by the chairman of the board. Where the chairman is
unable to perform his duties due to any special reason， the meeting
shall be presided over by the vice-chairman appointed by the chairman or
another director appointed by the chairman. In order to hold a meeting
of shareholders' general committee， notice concerning the matters to be
considered at the meeting shall be given to each shareholder 30 days in
advance. An interim meeting of shareholders' general committee may not
adopt any resolution on matters not stated in the notice.
發行無記名股票的，應當于會議召開四十五日以前就前款事項作出公告。
Where the company has issued bearer share certificates， a public
notice concerning matters set forth in the previous Paragraph shall be
made 45 days prior to the meeting.
無記名股票持有人出席股東大會的，應當于會議召開五日以前至股東大會閉會時止將股票交存于公司。
When attending a meeting of shareholders' general committee， holders
of bearer share certificates shall deposit such certificates at the
company from the 5th day prior to the meeting until the closing of the
meeting.
第一百零六條：股東出席股東大會，所持每一股份有一表決權。
Article 106 When a shareholder attends the meeting of shareholders'
general committee， each share he holds is entitled to one vote.
股東大會作出決議，必須經出席會議的股東所持表決權的半數以上通過。股東大會對公司合并、分立或者解散公司作出決議，必須經出席會議的股東所持表決權的三分之二以上通過。
A resolution adopted by the shareholders' general committee requires
affirmative votes by a majority of the votes held by shareholders
attending the meeting. The shareholders' general committee's adoption of
a resolution for merger， division or dissolution of the company requires
affirmative votes by at least two-thirds of the votes held by
shareholders attending the meeting.
第一百零七條：修改公司章程必須經出席股東大會的股東所持表決權的三分之二以上通過。
Article 107 An amendment to the articles of association requires
affirmative votes by at least two-thirds of the votes held by
shareholders attending the meeting of shareholders' general committee.
第一百零八條：股東可以委托代理人出席股東大會，代理人應當向公司提交股東授權委托書，并在授權范圍內行使表決權。
Article 108 A shareholder may attend a meeting of shareholders'
general committee by proxy， the proxy holder shall present the proxy
statement issued by the shareholder to the company， and shall exercise
his voting rights to the extent authorized by the proxy.
第一百零九條：股東大會應當對所議事項的決定作成會議記錄，由出席會議的董事簽名。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并保存。
【法律教育網】
Article 109 The shareholders' general committee shall prepare minutes
regarding the decisions on matters considered at the meeting， which
shall be signed by the directors attending the meeting. The minutes
shall be maintained together with the record containing signatures of
the shareholders attending the meeting and the proxy statements.
第一百一十條：股東有權查閱公司章程、股東大會會議記錄和財務會計報告，對公司的經營提出建議或者質詢。
Article 110 A shareholder is entitled to inspect the articles of
association， the minutes of meetings of shareholders' general committee
and the financial and accounting reports of the company， and is entitled
to make a proposal or inquiry concerning the company's operation.
第一百一十一條：股東大會、董事會的決議違反法律、行政法規，侵犯股東合法權益的，股東有權向人民法院提起要求停止該違法行為和侵害行為的訴訟。
Article 111 Where a resolution adopted by the shareholders' general
committee or the board of directors violates the relevant national
statutes or administrative regulations， or infringes on the rights and
interests of the shareholders， a shareholder is entitled to bring a suit
to the People's Court to enjoin such illegal act or infringing act.
第三節：董事會、經理Section Three： Board Of Directors And General Manager
第一百一十二條：股份有限公司設董事會，其成員為五人至十九人。
Article 112 A joint stock limited company shall have a board of
directors， which shall be composed of not fewer than 5 but not more than
19 members.
董事會對股東大會負責，行使下列職權：
The board of directors is accountable to the shareholders' general
committee， and shall exercise the following authorities：
（一）負責召集股東大會，并向股東大會報告工作；
（i） being responsible for calling meetings of shareholders' general
committee， and presenting reports thereto；
（二）執行股東大會的決議；
（ii） implementing resolutions adopted by the shareholders' general
committee；
（3）決定公司的經營計劃和投資方案；
（iii） determining the company's operating plans and investment
programs；
（四）制訂公司的年度財務預算方案、決算方案；
（iv） preparing annual financial budget plans and final accounting
plans of the company；
（5）制訂公司的利潤分配方案和彌補虧損方案；
（v） preparing the company's profit distribution plans and plans to
cover company losses；
（六）制訂公司增加或者減少注冊資本的方案以及發行公司債券的方案；
（vi） preparing plans for increasing or reducing registered capital by
the company， and plans to issue company bonds；
（七）擬訂公司合并、分立、解散的方案；
（vii） drafting plans for merger， division or dissolution of the
company；
（八）決定公司內部管理機構的設置；
（viii） determining the structure of the company's internal management；
（九）聘任或者解聘公司經理，根據經理的提名，聘任或者解聘公司副經理、財務負責人，決定其報酬事項；
（ix） appointing or removing the general manager of the company；
appointing or removing， upon the general manager's recommendation，
deputy general managers of the company and the officer in charge of
finance； and determining the remuneration for those officers；
（10）制定公司的基本管理制度。
（x） formulating the company's basic management scheme.
第一百一十三條：董事會設董事長一人，可以設副董事長一至二人。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。
Article 113 The board of directors shall have a chairman， and may have
one or two vice-chairmen. The chairman and vice-chairman shall be
elected by the board of directors through affirmative votes by a
majority of the directors.
董事長為公司的法定代表人。
The chairman is the legal representative of the company.
第一百一十四條：董事長行使下列職權：
Article 114 The chairman shall exercise the following authorities：
（一）主持股東大會和召集、主持董事會會議；
（i） presiding over meetings of shareholders' general committee， and
calling and presiding over meetings of the board of directors；
（二）檢查董事會決議的實施情況；
（ii） supervising the implementation of resolutions adopted by the
board of directors；
（三）簽署公司股票、公司債券。
（iii） signing the share certificates and bond certificates of the
company.
副董事長協助董事長工作，董事長不能履行職權時，由董事長指定的副董事長代行其職權。
The vice-chairman shall assist the chairman in his work. Where the
chairman is unable to exercise his authorities， the vice-chairman
appointed by the chairman shall exercise such authorities in his
capacity.
第一百一十五條：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。
Article 115 The term of directors shall be prescribed by the articles
of association， provided that each term shall not exceed 3 years. A
director may continue to serve his post if he is re-elected upon the
expiration of his term.
董事在任期屆滿前，股東大會不得無故解除其職務。
Prior to the expiration of a director's term， the shareholders'
general committee may not remove him without cause.
第一百一十六條：董事會每年度至少召開二次會議，每次會議應當于會議召開十日以前通知全體董事。
Article 116 The board of directors shall hold meetings at least twice
a year， and notice shall be given to all directors 10 days in advance.
董事會召開臨時會議，可以另定召集董事會的通知方式和通知時限。
Where an interim meeting of the board of directors is to be held， the
method and time limit for notification for calling the interim meeting
may be prescribed separately.
第一百一十七條：董事會會議應由二分之一以上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。
Article 117 A meeting of the board of directors may not be held unless
attended by at least half of the directors. A resolution adopted by the
board of directors requires affirmative votes by a majority of all the
directors.
第一百一十八條：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董事會，委托書中應載明授權范圍。
Article 118 A meeting of the board of directors shall be attended by
each director in person. Where a director is unable to attend the
meeting for cause， he may issue a written proxy entrusting another
director to attend in his behalf， and the proxy shall set forth the
scope of authorization.
董事會應當對會議所議事項的決定作成會議記錄，出席會議的董事和記錄員在會議記錄上簽名。
The board of directors shall prepare minutes regarding the decisions
on matters considered at the meeting， which shall be signed by the
directors attending the meeting and the person preparing the minutes.
董事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，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并記載于會議記錄的，該董事可以免除責任。
The directors shall be responsible for resolutions adopted by the
board of directors. Where a resolution of the board violates any
national statutes， administrative regulations or the articles of
association， and causes the company to incur serious loss， those
directors participating in the adoption of the resolution are liable to
the company for damages. Provided， however， if a director is proven to
have dissented at the vote adopting such resolution and such dissension
was noted in the minutes， then the director may be exempt from
liability.
第一百一十九條：股份有限公司設經理，由董事會聘任或者解聘。經理對董事會負責，行使下列職權：
Article 119 A joint stock limited company shall have a general
manager， to be appointed or removed by the board. The general manager is
accountable to the board and shall exercise the following authorities：
（1）主持公司的生產經營管理工作，組織實施董事會決議；
（i） being in charge of managing the company's production and
operation， and organizing the implementation of resolutions adopted by
the board；
（二）組織實施公司年度經營計劃和投資方案；
（ii） organizing the implementation of annual operating plans and
investment programs of the company；
擬訂公司內部管理機構設置方案；
（iii） drafting the plan for the structure of the company's internal
management；
擬訂公司的基本管理制度；
（iv） drafting the basic management scheme of the company；
制定公司的具體規章；
（v） formulating detailed rules of the company；
提請聘任或者解聘公司副經理、財務負責人；
（vi） recommending for appointment or removal of the deputy general
managers and the officer in charge of finance；
（七）聘任或者解聘除應由董事會聘任或者解聘以外的負責管理人員；
（vii） appointing and removing officers of the company other than those
to be appointed or removed by the board；
公司章程和董事會授予的其他職權。
（viii） other authorities prescribed by the articles of association and
delegated by the board.
經理列席董事會會議。
The general manager shall be present at board meetings.
第一百二十條：公司根據需要，可以由董事會授權董事長在董事會閉會期間，行使董事會的部分職權。
Article 120 In light of the needs of the company， the board of
directors may authorize the chairman to exercise part of the authorities
of the board when it is not in session.
公司董事會可以決定，由董事會成員兼任經理。
The board of directors of the company may decide that a board member
is to serve concurrently as the general manager.
第一百二十一條：公司研究決定有關職工工資、福利、安全生產以及勞動保護、勞動保險等涉及職工切身利益的問題，應當事先聽取公司工會和職工的意見，并邀請工會或者職工代表列席有關會議。
Article 121 When a company considers and decides upon matters which
affect the personal interests of its workers， such as workers' wages，
benefits， production safety and labor protection， or labor insurance， it
shall first hear the opinions of the labor union and the workers of the
company， and invite representatives of the labor union or the workers to
be present at related meetings.
第一百二十二條：公司研究決定生產經營的重大問題、制定重要的規章制度時，應當聽取公司工會和職工的意見和建議。
Article 122 When a company considers and decides upon major matters
relating to its production and operation， or formulates important rules
and standards， it shall hear the opinions and suggestions of the labor
union and the workers.
第一百二十三條：董事、經理應當遵守公司章程，忠實履行職務，維護公司利益，不得利用在公司的地位和職權為自己謀取私利。
Article 123 The directors and the general manager shall abide by the
articles of association， faithfully perform their duties， and safeguard
the interests of the company， and may not abuse their positions and
authorities at the company for private gain.
本法第五十七條至第六十三條有關不得擔任董事、經理的規定以及董事、經理義務、責任的規定，適用于股份有限公司的董事、經理。
The provisions from Article 57 to Article 63 hereof setting forth the
circumstances in which a person may not serve as a director or the
general manager， and the obligations and responsibilities of the
directors and the general manager shall apply to the directors and
general manager of a joint stock limited company.
第四節：監事會Section Four： Board Of Supervisors
第一百二十四條：股份有限公司設監事會，其成員不得少于三人。監事會應在其組成人員中推選一名召集人。
Article 124 A joint stock limited company shall have a board of
supervisors， which shall be composed of not fewer than 3 members. The
board of supervisors shall elect one member to serve as the person
responsible for calling meetings.
監事會 由股東代表和適當比例的公司職工代表組成，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民主選舉產生。
The board of supervisors shall be composed of the shareholders'
representative（s） and representative（s） of the workers of the company in
an appropriate ratio to be prescribed by the articles of association.
The workers' representative（s） on the board of supervisors shall be
democratically elected by the workers of the company.
董事、經理 及財務負責人不得兼任監事。
A director， the general manager and the officer in charge of finance
may not serve concurrently as a supervisor.
第一百二十五條：監事的任期每屆為三年。監事任期屆滿，連選可以連任。
Article 125 Each term of a supervisor shall be three years， and a
supervisor may continue to serve his post at the expiration of his term
if he is re-elected.
第一百二十六條：監事會行使下列職權：
Article 126 The board of supervisors shall exercise the following
authorities：
（一）檢查公司的財務；
（i） reviewing the financial affairs of the company；
對董事、經理執行公司職務時違反法律、法規或者公司章程的行為進行監督；
（ii） monitoring the acts of the directors or the general manager to
guard against violation of national statutes， administrative regulations
or the articles of association in the course their performance of
duties；
當董事和經理的行為損害公司的利益時，要求董事和經理予以糾正；
（iii） requiring the directors or the general manager to make
rectification when any act thereof harms company interests；
（四）提議召開臨時股東大會；
（iv） proposing for interim meetings of shareholders' general
committee.
（五）公司章程規定的其他職權。
（v） other authorities prescribed by the articles of association.
監事列席董事會會議。
The supervisors shall be present at board meetings.
第一百二十七條：監事會的議事方式和表決程序由公司章程規定。
Article 127 The method for conducting business and voting procedure
for the board of supervisors shall be prescribed by the articles of
association.
第一百二十八條：監事應當依照法律、行政法規、公司章程，忠實履行監督職責。
Article 128 A supervisor shall perform his supervisory duties
faithfully in accordance with the provisions of national statutes，
administrative regulations， and the articles of association.
本法第五十七條至第五十九條、第六十二條至第六十三條有關不得擔任監事的規定以及監事義務、責任的規定，適用于股份有限公司的監事。
The provisions from Article 57 to Article 59 hereof and from Article
62 to Article 63 hereof setting forth the circumstances in which a
person may not serve as a supervisor， and the obligations and
responsibilities of supervisors shall apply to the supervisors of a
joint stock limited company.
股份有限公司的股份發行和轉讓Issue And Transfer Of Shares Of A Joint Stock Limited
Company
第一節：股份發行Section One： Issue Of Shares
第一百二十九條：股份有限公司的資本劃分為股份，每一股的金額相等。
Article 129 The capital of a joint stock limited company shall be
divided into shares， and all the shares shall be of equal value.
公司的股份采取股票的形式。股票是公司簽發的證明股東所持股份的憑證。
Shares of the company are represented by share certificates. A share
certificate is a certificate issued by the company certifying the share
held by a shareholder.
第一百三十條：股份的發行，實行公開、公平、公正的原則，必須同股同權，同股同利。
Article 130 When shares are issued， the principles of openness，
fairness， and equity shall be followed， and each share in the same class
must have the same rights and receive the same interests.
同次發行的股票，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。
For shares issued at the same time， each share shall be issued on the
same conditions and at the same price. All entities or individuals
subscribing for shares shall pay the same price for each share.
第一百三十一條：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。
Article 131 The issuing price per share may be at par value， or above
par value， but may not be below par value.
以超過票面金額為股票發行價格的，須經國務院證券管理部門批準。
The pricing of shares issued at above par value is subject to approval
by the securities regulatory authority under the State Council.
以超過票面金額發行股票所得溢價款列入公司資本公積金。
The premium resulting from issuance of shares at a price above par
value shall be allocated to the company's capital reserve fund.
股票溢價發行的具體管理辦法由國務院另行規定。
The detailed regulatory measures concerning issuance of shares at a
premium shall be prescribed by the State Council separately.
第一百三十二條：股票采用紙面形式或者國務院證券管理部門規定的其他形式。
Article 132 A share certificate shall be in paper form or in other
forms prescribed by the securities regulatory authority under the State
Council.
股票應當載明下列主要事項：
A share certificate shall set forth the following major items：
（一）公司名稱；
（i） the name of the company；
（二）公司登記成立的日期；
（ii） the company's date of registration and establishment；
（三）股票種類、票面金額及代表的股份數；
（iii） the class and par value of the shares and the number of shares
represented；
（四）股票的編號。
（iv） the serial number of the share certificate.
股票由董事長簽名，公司蓋章。
The share certificate shall be signed by the chairman of the board，
and the company's chop shall be impressed thereon.
發起人的股票，應當標明發起人股票字樣。
Share certificates held by the sponsors shall be marked with the words
Sponsors' Share.
第一百三十三條：公司向發起人、國家授權投資的機構、法人發行的股票，應當為記名股票，并應當記載該發起人、機構或者法人的名稱，不得另立戶名或者以代表人姓名記名。
Article 133 Share certificates issued by the company to its sponsors，
state authorized investment institutions， or legal persons shall be
registered share certificates bearing the names of such sponsors，
institutions， or legal persons， and may not be registered under any
other names or in the names of their legal representatives.
對社會公眾發行的股票，可以為記名股票，也可以為無記名股票。
Share certificates issued to the public may be in the form of either
registered share certificates or bearer share certificates.
第一百三十四條：公司發行記名股票的，應當置備股東名冊，記載下列事項：
Article 134 A company issuing registered share certificates shall
maintain a record of shareholders， which shall set forth the following：
股東的姓名或者名稱及住所；
（i） the name and domicile of each shareholder；
（二）各股東所持股份數；
（ii） the number of shares held by each shareholder；
（三）各股東所持股票的編號；
（iii） the serial numbers of share certificates held by each
shareholder；
（四）各股東取得其股份的日期。
（iv） the date on which each shareholder acquired his shares.
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。
A company issuing bearer share certificates shall record the number of
such share certificates， their serial numbers and their issuing dates.
第一百三十五條：國務院可以對公司發行本法規定的股票以外的其他種類的股票，另行作出規定。
Article 135 The State Council may make separate stipulations relating
to a company's issuance of shares of classes other than those prescribed
herein.
第一百三十六條：股份有限公司登記成立后，即向股東正式交付股票。公司登記成立前不得向股東交付股票。
Article 136 Upon registration and establishment， a joint stock limited
company shall promptly deliver the share certificates to its
shareholders officially. Prior to registration and establishment， the
company may not deliver any share certificate to its shareholders.
第一百三十七條：公司發行新股，必須具備下列條件：
Article 137 Issuance of new shares by a company is subject to the
following conditions：
（一）前一次發行的股份已募足，并間隔一年以上；
（i） Previously issued shares have been fully subscribed for， and at
least one year has passed since the previous share issue；
（二）公司在最近三年內連續盈利，并可向股東支付股利；
（ii） The company has been profitable consecutively for the most recent
three years， and is able to pay dividends to its shareholders；
（三）公司在最近三年內財務會計文件無虛假記載；
（iii） The financial and accounting documents of the company contain no
misrepresentation for the most recent three years；
（四）公司預期利潤率可達同期銀行存款利率。
（iv） the company's projected profit rate reaches the interest rate of
bank deposits for a like period.
公司以當年利潤分派新股，不受前款第（二）項限制。
Where the company distributes its current year profit in the form of
new shares， issuance of such shares are exempt from the restriction
prescribed in Item （ii） of the previous Paragraph.
第一百三十八條：公司發行新股，股東大會應當對下列事項作出決議：
Article 138 Where a company is to issue new shares， the shareholder's
general committee shall adopt a resolution concerning the following：
（一）新股種類及數額；
（i） the classes and number of the new shares；
（二）新股發行價格；
（ii） the issuing price of the new shares；
（三）新股發行的起止日期；
（iii） the commencing and ending dates of issuance of the new shares；
（四）向原有股東發行新股的種類及數額。
（iv） the classes and number of new shares issued to the existing
shareholders.
第一百三十九條：股東大會作出發行新股的決議后，董事會必須向國務院授權的部門或者省級人民政府申請批準。屬于向社會公開募集的，須經國務院證券管理部門批準。
Article 139 Upon adoption of a resolution by the shareholders' general
committee to issue new shares， the board of directors shall apply to the
department authorized by the State Council or the People's Government at
the provincial level for approval. Where the new shares are offered to
the public， approval by the securities regulatory authority is required.
第一百四十條：公司經批準向社會公開發行新股時，必須公告新股招股說明書和財務會計報表及附屬明細表，并制作認股書。
Article 140 When a company is approved to issue new shares to the
public， it shall make public the prospectus for the issue of new shares，
its financial and accounting statements and subsidiary statements， and
shall prepare the subscription form.
公司向社會公開發行新股，應當由依法設立的證券經營機構承銷，簽訂承銷協議。
If the company offers new shares to the public， such share offer shall
be underwritten by a lawfully established securities underwriter， and
the company shall execute an underwriting agreement therewith.
第一百四十一條：公司發行新股，可根據公司連續盈利情況和財產增值情況，確定其作價方案。
Article 141 In issuing new shares， a company may determine the pricing
scheme in light of the sustainable profitability of the company and the
appreciation of the company's assets.
第一百四十二條：公司發行新股募足股款后，必須向公司登記機關辦理變更登記，并公告。
Article 142 Upon full receipt of the share proceeds from the company's
newly issued shares， the company shall carry out amendment registration
with the company registration authority and shall make a public
announcement.
第二節：股份轉讓Section Two： Assignment Of Shares
第一百四十三條：股東持有的股份可以依法轉讓。
Article 143 Shares held by a shareholder may be assigned in accordance
with the law.
第一百四十四條：股東轉讓其股份，必須在依法設立的證券交易場所進行。
Article 144 Assignment of shares by a shareholder must be carried out
at a lawfully established securities exchange.
第一百四十五條：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。
Article 145 Assignment of registered share certificates is effected by
the shareholder's endorsement thereof or by other methods prescribed by
the relevant national statutes or administrative regulations.
記名股票的轉讓，由公司將受讓人的姓名或者名稱及住所記載于股東名冊。
In the case of assignment of registered share certificates， the
company shall record the assignee's name and domicile on the record of
shareholders.
股東大會召開前三十日內或者公司決定分配股利的基準日前五日內，不得進行前款規定的股東名冊的變更登記。
Recording change of shareholders on the record of shareholders
referred to in the previous Paragraph may not be carried out for a
period of 30 days prior to the holding of a meeting of shareholders'
general committee， or 5 days prior to the record date for the purpose of
dividend distribution determined by the company.
第一百四十六條：無記名股票的轉讓，由股東在依法設立的證券交易場所將該股票交付給受讓人后即發生轉讓的效力。
Article 146 Assignment of bearer share certificates takes effect upon
delivery thereof by the shareholder to the assignee at a lawfully
established securities exchange.
第一百四十七條：發起人持有的本公司股份，自公司成立之日起三年內不得轉讓。
Article 147 Shares of a company held by its sponsors may not be
assigned for a period of 3 years commencing from the date of the
company's establishment.
公司董事、監事、經理應當向公司申報所持有的本公司的股份，并在任職期間內不得轉讓。
The directors， supervisors and general manager of the company shall
report to the company the number of the company's shares held thereby，
and may not assign such shares while they are in office.
第一百四十八條：國家授權投資的機構可以依法轉讓其持有的股份，也可以購買其他股東持有的股份。轉讓或者購買股份的審批權限、管理辦法，由法律、行政法規另行規定。
Article 148 A state authorized investment institution may assign
shares held by it in accordance with the law， and may also purchase
shares held by other shareholders. The authority of approval for， and
regulatory measures concerning， such assignment or purchase of shares
shall be separately prescribed by the relevant national statutes or
administrative regulations.
第一百四十九條：公司不得收購本公司的股票，但為減少公司資本而注銷股份或者與持有本公司股票的其他公司合并時除外。
Article 149 A company may not purchase its own shares， except in the
case of share cancellation for the purpose of reducing the company's
capital， or in the case of merger with another company holding shares of
the company.
公司依照前款規定收購本公司的股票后，必須在十日內注銷該部分股份，依照法律、行政法規辦理變更登記，并公告。
Upon repurchase of its shares pursuant to the previous Paragraph， the
company shall cancel such shares within 10 days， and carry out amendment
registration in accordance with the relevant national statutes or
administrative regulations， and shall make a public announcement.
公司不得接受本公司的股票作為抵押權的標的。
The company may not accept its own shares as the collateral under a
security arrangement.
第一百五十條：記名股票被盜、遺失或者滅失，股東可以依照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。
Article 150 If a registered share certificate is stolen， lost or
destroyed， the shareholder may petition a People's Court for the
invalidation thereof through the public notice procedure prescribed in
the Civil Procedural Law of the People's Republic of China.
依照公示催告程序，人民法院宣告該股票失效后，股東可以向公司申請補發股票。
After the People's Court has invalidated such share certificate
through the public notice procedure， the shareholder may apply to the
company for re-issuance of a certificate for the share.
第三節：上市公司Section Three： Listed Companies
第一百五十一條：本法所稱上市公司是指所發行的股票經國務院或者國務院授權證券管理部門批準在證券交易所上市交易的股份有限公司。
Article 151 A Listed company referred to herein means a joint stock
limited company whose issued shares have been approved by the State
Council or the securities regulatory authority authorized by the State
Council to be listed and traded on a securities exchange.
第一百五十二條：股份有限公司申請其股票上市必須符合下列條件：
Article 152 A joint stock limited company applying for listing of its
shares shall meet the following requirements：
（一）股票經國務院證券管理部門批準已向社會公開發行；
（i） The company's shares have been issued to the public with approval
by the securities regulatory authority under the State Council；
（二）公司股本總額不少于人民幣五千萬元；
（ii） The amount of total share capital of the company is at least
Renminbi 50，000，000 Yuan；
（三）開業時間在三年以上，最近三年連續盈利；原國有企業依法改建而設立的，或者本法實施后新組建成立，其主要發起人為國有大中型企業的，可連續計算；
（iii） The company has been in operation for at least three years， and
has been profitable consecutively for the most recent three years； where
the company is reorganized from a former state-owned enterprise in
accordance with the law， or newly established after the implementation
hereof， with its principal sponsor being a large-scaled or medium-scaled
state-owned enterprise， the required period may be counted continuously；
（四）持有股票面值達人民幣一千元以上的股東人數不少于一千人，向社會公開發行的股份達公司股份總數的百分之二十五以上；公司股本總額超過人民幣四億元的，其向社會公開發行股份的比例為百分之十五以上；
（iv） There are at least 1，000 shareholders each of whom holds shares
with face value of not less than Renminbi 1，000 Yuan， and the shares
issued to the public amount to at least 25 percent of the total number
of shares of the company； and where the amount of total share capital of
the company exceeds Renminbi 400，000，000 Yuan， the shares issued to the
public amount to at least 15 percent of the total number of shares of
the company；
（五）公司在最近三年內無重大違法行為，財務會計報告無虛假記載；
（v） The company has not engaged in any material illegal act for the
most recent three consecutive years， and the financial and accounting
reports thereof contain no misrepresentation；
國務院規定的其他條件。
（vi） Other requirements prescribed by the State Council.
第一百五十三條：股份有限公司申請其股票上市交易，應當報經國務院或者國務院授權證券管理部門批準，依照有關法律、行政法規的規定報送有關文件。
Article 153 The application by a joint stock limited company for
listing of its shares shall be submitted to the State Council or the
securities regulatory authority authorized thereby for approval， and the
relevant documents shall be submitted in accordance with the applicable
national statutes and administrations regulations.
國務院或者國務院授權證券管理部門對符合本法規定條件的股票上市交易申請，予以批準；對不符合本法規定條件的，不予批準。
The State Council or the securities regulatory authority authorized
thereby shall approve an application for listing of shares which meets
the requirements prescribed herein； and shall not approve any
application which fails to meet the requirements prescribed herein.
股票上市交易申請經批準后，被批準的上市公司必須公告其股票上市報告，并將其申請文件存放在指定的地點供公眾查閱。
Upon approval of its application for listing of shares， the company
approved for listing shall make public its share listing report， and
shall maintain its application documents at a designated place for
inspection by the public.
第一百五十四條：經批準的上市公司的股份，依照有關法律、行政法規上市交易。
Article 154 The shares of a company approved for listing shall be
listed in accordance with the provisions of applicable national statutes
and administrative regulations.
第一百五十五條：經國務院證券管理部門批準，公司股票可以到境外上市，具體辦法由國務院作出特別規定。
Article 155 Upon approval by the securities regulatory authority under
the State Council， the shares of a company may be listed abroad， and the
detailed measures shall be specially prescribed by the State Council.
第一百五十六條：上市公司必須按照法律、行政法規的規定，定期公開其財務狀況和經營情況，在每會計年度內半年公布一次財務會計報告。
Article 156 A listed company shall make public its financial
conditions and operating conditions at regular intervals in accordance
with the relevant national statutes and administrative regulations， and
shall make public its financial and accounting reports semiannually in
each fiscal year.
第一百五十七條：上市公司有下列情形之一的，由國務院證券管理部門決定暫停其股票上市：
Article 157 The securities regulatory authority under the State
Council shall suspend the trading of a listed company in any of the
following circumstances：
（一）公司股本總額、股權分布等發生變化不再具備上市條件；
（i） Matters such as the total share capital or the composition of
equity ownership of the company have changed so that the company no
longer meets the requirements for listing；
（二）公司不按規定公開其財務狀況，或者對財務會計報告作虛假記載；
（ii） The company fails to make public its financial condition as
required， or has made misrepresentations in its financial and accounting
reports；
（三）公司有重大違法行為；
（iii） The company has engaged in material illegal act；
（四）公司最近三年連續虧損。
（iv） The company has been suffering losses for the most recent three
consecutive years.
第一百五十八條：上市公司有前條第（二）項、第（三）項所列情形之一經查實后果嚴重的，或者有前條第（一）項、第（四）項所列情形之一，在限期內未能消除，不具備上市條件的，由國務院證券管理部門決定終止其股票上市。
Article 158 Where a listed company is in a circumstance set forth in
either Item （ii） or （iii） of the previous Article， and after
investigation， it is confirmed that the circumstance is serious， or the
listed company is in a circumstance set forth in either Item （i） or （iv）
and has not been able to eliminate such circumstance within a prescribed
time limit， and hence no longer meets the requirements for listing， the
securities regulatory authority under the State Council shall issue a
decision to de-list its shares.
公司決議解散、被行政主管部門依法責令關閉或者被宣告破產的，由國務院證券管理部門決定終止其股票上市。
Where the company is to be dissolved pursuant to a resolution， is
ordered to cease its operation by the relevant authority in charge in
accordance with the law， or is declared bankrupt， the securities
regulatory authority under the State Council shall issue a decision to
de-list its shares.
第五章：公司債券Chapter Five： Company Bonds
第一百五十九條：股份有限公司、國有獨資公司和兩個以上的國有企業或者其他兩個以上的國有投資主體投資設立的有限責任公司，為籌集生產經營資金，可以依照本法發行公司債券。
Article 159 For the purpose of financing production and operation， a
joint stock limited company， a wholly state-owned company or a limited
liability company established through investment by two or more
state-owned enterprises or two or more state authorized investment
entities may issue company bonds in accordance herewith.
第一百六十條：本法所稱公司債券是指公司依照法定程序發行的、約定在一定期限還本付息的有價證券。
Article 160 Company bonds referred to herein means a form of security
which is issued by a company in accordance with legally prescribed
procedure， and which provides that the principal thereof and interest
thereon shall be paid at specified times.
第一百六十一條：發行公司債券，必須符合下列條件：
Article 161 In order to issue company bonds， the following
requirements must be met：
（一）股份有限公司的凈資產額不低于人民幣三千萬元，有限責任公司的凈資產額不低于人民幣六千萬元；
（i） The net assets of the company shall be not less than Renminbi
30，000，000 Yuan in the case of a joint stock limited company， and not
less than Renminbi 60，000，000 Yuan in the case of a limited liability
company；
（二）累計債券總額不超過公司凈資產額的百分之四十；
（ii） The cumulative value of company bonds shall not exceed 40 percent
of the company's net assets；
（三）最近三年平均可分配利潤足以支付公司債券一年的利息；
（iii） The average distributable profit for the most recent three years
is sufficient to pay one year's interest on the company bonds；
（四）籌集的資金投向符合國家產業政策；
（iv） The proceeds received shall be invested in a manner consistent
with state industrial policy；
（五）債券的利率不得超過國務院限定的利率水平；
（v） The interest rate on the bonds shall not exceed the level of
interest rate set by the State Council；
（六）國務院規定的其他條件。
（vi） Other requirements prescribed by the State Council.
發行公司債券籌集的資金，必須用于審批機關批準的用途，不得用于彌補虧損和非生產性支出。
The proceeds from issuance of company bonds shall be used for the
purpose approved by the approval authority， and may not be used to cover
losses and non-operating expenditures.
第一百六十二條：凡有下列情形之一的，不得再次發行公司債券：
Article 162 No additional company bonds may be issued in any of the
following circumstances：
（一）前一次發行的公司債券尚未募足的；
（i） Company bonds previously issued have not been fully subscribed
for；
（二）對已發行的公司債券或者其債務有違約或者延遲支付本息的事實，且仍處于繼續狀態的。
（ii） The fact that the company is in default of any of the previously
issued company bonds or company debt or is late in payment of principal
and interest has occurred， and is currently existing.
第一百六十三條：股份有限公司、有限責任公司發行公司債券，由董事會制訂方案，股東會作出決議。
Article 163 Where a joint stock limited company or limited liability
company is to issue company bonds， its board of directors shall prepare
a plan and the shareholders' committee shall adopt a resolution on such
matter.
國有獨資公司發行公司債券，應由國家授權投資的機構或者國家授權的部門作出決定。
Where a wholly state-owned company is to issue company bonds， the
decision shall be made by the state authorized investment entity or
state authorized department.
依照前二款規定作出決議或者決定后，公司應當向國務院證券管理部門報請批準。
After a resolution has been adopted or a decision has been made
pursuant to the previous two Paragraphs， the company shall apply to the
securities regulatory authority under the State Council for approval.
第一百六十四條：公司債券的發行規模由國務院確定。國務院證券管理部門審批公司債券的發行，不得超過國務院確定的規模。
Article 164 The overall volume of company bonds issue shall be
determined by the State Council. In examining and approving application
for company bonds issue， the securities regulatory authority under the
State Council may not extend its approval beyond the volume set by the
State Council.
國務院證券管理部門對符合本法規定的發行公司債券的申請，予以批準；對不符合本法規定的申請，不予批準。
The securities regulatory authority under the State Council shall
approve an application for company bonds issue which complies with the
provisions hereof， and shall not approve an application which fails to
comply with the provisions hereof.
對已作出的批準如發現不符合本法規定的，應予撤銷。尚未發行公司債券的，停止發行；已經發行公司債券的，發行的公司應當向認購人退還所繳款項并加算銀行同期存款利息。
Where it has been discovered that an approval given for company bonds
issue is not in compliance with the provisions hereof， such approval
shall be revoked. If the company bonds have not been issued， the issue
shall be terminated； if the company bonds have been issued， the issuing
company shall return the proceeds paid by the subscribers together with
the interest thereon as if they have been deposited in a bank for a like
period.
第一百六十五條：：公司向國務院證券管理部門申請批準發行公司債券，應當提交下列文件：
Article 165 For an application to the securities regulatory authority
under the State Council for company bonds issue， the following documents
shall be submitted：
（一）公司登記證明；
（i） the company's registration certificate；
（二）公司章程；
（ii） the articles of association of the company；
（三）公司債券募集辦法；
（iii） the plan for company bonds offer；
（四）資產評估報告和驗資報告。
（iv） the assets appraisal report and capital verification report.
第一百六十六條：發行公司債券的申請經批準后，應當公告公司債券募集辦法。
Article 166 Upon approval of an application for company bonds issue，
the plan for company bonds offer shall be made public.
公司債券募集辦法中應當載明下列主要事項：
The plan for company bonds offer shall set forth the following major
items：
（一）公司名稱；
（i） the name of the company；
（二）債券總額和債券的票面金額；
（ii） the total value of the bonds and the par value of each bond；
（三）債券的利率；
（iii） the rate of interest on the bonds；
（四）還本付息的期限和方式；
（iv） the time limit and method for payment of the principal of and
interest on the bonds；
（五）債券發行的起止日期；
（v） the commencing and ending date of the bonds issue；
（六）公司凈資產額；
（vi） the net assets value of the company；
（七）已發行的尚未到期的公司債券總額；
（vii） the total value of issued and outstanding company bonds；
（八）公司債券的承銷機構。
（viii） the underwriter of the company bonds.
第一百六十七條：公司發行公司債券，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，并由董事長簽名，公司蓋章。
Article 167 In the case of company bonds issue， a company must state
on each bond certificate the name of the company， the par value of the
bond， interest rate， and repayment period， and the bond certificate
shall be signed by the chairman of the board， and the company's chop
shall be impressed thereon.
第一百六十八條：公司債券可分為記名債券和無記名債券。
Article 168 company bonds may be classified as either registered bonds
or bearer bonds.
第一百六十九條：公司發行公司債券應當置備公司債券存根簿。
Article 169 If a company has issued bonds， it shall maintain a record
of bondholders.
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：
If registered bonds are issued， the following shall be recorded on the
company's record of bondholders：
（一）債券持有人的姓名或者名稱及住所；
（i） the name and domicile of each bondholder；
（二）債券持有人取得債券的日期及債券的編號；
（ii） the dates on which the bondholders acquired the bonds and the
serial numbers of the bond certificates；
（三）債券總額，債券的票面金額，債券的利率，債券的還本付息的期限和方式；
（iii） the total value of the bonds， the par value of each bond， the
interest thereon， the term thereof and method for payment of principal
and interest；
（四）債券的發行日期。
（iv） the date of issue of the bonds.
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。
If bearer company bonds are issued， the company's record of
bondholders shall record the total value of such bonds， the interest
rate thereon， the term thereof and the method for repayment， and the
date of issue and the serial numbers of the bond certificates.
第一百七十條：公司債券可以轉讓。轉讓公司債券應當在依法設立的證券交易場所進行。
Article 170 Company bonds may be assigned. Assignment of company bonds
shall be carried out at a lawfully established securities exchange.
公司債券的轉讓價格由轉讓人與受讓人約定。
The assignment price of company bonds shall be agreed upon between the
assignor and the assignee.
第一百七十一條：記名債券，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。
Article 171 Assignment of registered bonds is effected by the
bondholder's endorsement of the bonds or by other methods prescribed by
the relevant national statutes or administrative regulations.
記名債券的轉讓，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。
In the case of assignment of registered bonds， the company shall
record the assignee's name and domicile on the record of bondholders.
無記名債券，由債券持有人在依法設立的證券交易場所將該債券交付給受讓人后即發生轉讓的效力。
Assignment of bearer bonds takes effect upon delivery thereof by the
bondholder to the assignee at a lawfully established securities
exchange.
第一百七十二條：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，并在公司債券募集辦法中規定具體的轉換辦法。
Article 172 Upon adoption of a resolution by the shareholders' general
committee， a listed company may issue bonds which are convertible to its
shares， and it shall prescribe the specific method for such conversion
in the plan for company bonds offer.
發行可轉換為股票的公司債券，應當報請國務院證券管理部門批準。公司債券可轉換為股票的，除具備發行公司債券的條件外，還應當符合股票發行的條件。
In order to issue convertible company bonds， an application shall be
submitted to the securities regulatory authority under the State Council
for approval. In order to issue convertible company bonds， in addition
to meeting the requirements for issue of bonds， the company shall also
meet the requirements for issue of shares.
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，并在公司債券存根簿上載明可轉換公司債券的數額。
In the case of issue of convertible company bonds， the face of the
bond certificate shall be marked with the word “Convertible，” and the
number of convertible company bonds shall be specified in the company's
record of bondholders.
第一百七十三條：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。
Article 173 Where convertible company bonds are issued， the company
shall exchange its shares for the bonds held by the bondholders using
the prescribed method of conversion， provided that the bondholders have
the option on whether or not to convert their bonds.
第六章：公司財務、會計Chapter Six： Financial And Accounting Affairs Of Company
第一百七十四條：公司應當依照法律、行政法規和國務院財政主管部門的規定建立本公司的財務、會計制度。
Article 174 A company shall establish its financial and accounting
system in accordance with the relevant national statutes， administrative
regulations and the stipulations of the finance authority under the
State Council.
第一百七十五條：公司應當在每一會計年度終了時制作財務會計報告，并依法經審查驗證。
Article 175 A company shall prepare its financial and accounting
reports at the end of each fiscal year， which shall be reviewed and
verified in accordance with the law.
財務會計報告應當包括下列財務會計報表及附屬明細表：
The financial and accounting reports shall include the following
financial and accounting statements and subsidiary statements：
（一）資產負債表；
（i） balance sheet；
（二）損益表；
（ii） income statement；
（三）財務狀況變動表；
（iii） statement of cash flow；
（四）財務情況說明書；
（iv） explanation of financial conditions；
（五）利潤分配表。
（v） statement of profit distribution；
第一百七十六條：有限責任公司應當按照公司章程規定的期限將財務會計報告送交各股東。
Article 176 A limited liability company shall deliver its financial
and accounting reports to each shareholder within the time limit
prescribed by the articles of association.
股份有限公司的財務會計報告應當在召開股東大會年會的二十日以前置備于本公司，供股東查閱。
The financial and accounting reports of a joint stock limited company
shall be available at the company's premises for shareholders'
inspection as from the 20th day prior to the annual meeting of
shareholders' general committee.
以募集設立方式成立的股份有限公司必須公告其財務會計報告。
A joint stock limited company established through public share offer
shall make public its financial and accounting reports.
第一百七十七條：公司分配當年稅后利潤時，應當提取利潤的百分之十列入公司法定公積金，并提取利潤的百分之五至百分之十列入公司法定公益金。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，可不再提取。
Article 177 In distribution of its current year after-tax profit， a
company shall allocate 10 percent to its statutory reserve fund， 5 to 10
percent to its statutory welfare fund. Allocation to the company's
statutory reserve fund may be waived once the cumulative amount of funds
therein exceeds 50 percent of the company's registered capital.
公司的法定公積金不足以彌補上一年度公司虧損的，在依照前款規定提取法定公積金和法定公益金之前，應當先用當年利潤彌補虧損。
Where the statutory reserve fund is not sufficient to cover the
company's loss from the previous year， the current year profit shall be
used to cover such loss before allocation is made to the statutory
reserve fund and the statutory welfare fund pursuant to the previous
Paragraph.
公司在從稅后利潤中提取法定公積金后，經股東會決議，可以提取任意公積金。
After allocation to the statutory reserve fund has been made from the
after-tax profit of the company， and upon adoption of a resolution by
the shareholders' committee， allocation may be made to the discretionary
reserve fund.
公司彌補虧損和提取公積金、法定公益金后所余利潤，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。
After the company has covered its losses， and made allocation to the
reserve funds and statutory welfare fund， the remainder of the profit
shall be distributed to the shareholders in proportion to their capital
contribution in the case of a limited liability company， and in
proportion to their share holdings in the case of a joint stock limited
company.
股東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、法定公益金之前向股東分配利潤的，必須將違反規定分配的利潤退還公司。
If the shareholders' committee or the board of directors， in violation
of the previous Paragraph， distributes profit to the shareholders before
covering company losses and making allocation to company statutory
reserve fund and statutory welfare fund， the profit so distributed must
be returned to the company.
第一百七十八條：股份有限公司依照本法規定，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主管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。
Article 178 The premium received by a joint stock limited company
through issuance of shares at prices above par value in accordance
herewith， as well as other incomes to be allocated to the capital
reserve fund as stipulated by the finance authority under the State
Council， shall be allocated to the capital reserve fund.
第一百七十九條：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。
Article 179 The reserve funds of the company shall be used to cover
company losses， expand its production and operation， or be converted to
the company's increased capital.
股份有限公司經股東大會決議將公積金轉為資本時，按股東原有股份比例派送新股或者增加每股面值。但法定公積金轉為資本時，所留存的該項公積金不得少于注冊資本的百分之二十五。
Where a joint stock limited company， upon adoption of a resolution by
the shareholders' general committee， is to convert the reserve funds
into company capital， new shares shall be distributed to the
shareholders in proportion to their original share holdings， or the par
value of each share shall be increased. Provided， however， upon
conversion of statutory reserve fund into capital， the amount remaining
in the statutory reserve fund may not fall below 25 percent of the
registered capital.
第一百八十條：公司提取的法定公益金用于本公司職工的集體福利。
Article 180 The statutory welfare fund allocated by the company shall
be used for the collective welfare of the workers thereof.
第一百八十一條：公司除法定的會計帳冊外，不得另立會計帳冊。對公司資產，不得以任何個人名義開立帳戶存儲。
Article 181 The company may not establish any separate accounting book
besides the accounting books prescribed by law. The company's assets may
not be deposited into any account established under an individual's
name.
第七章：公司合并、分立Chapter Seven： Merger And Division Of Company
第一百八十二條：公司合并或者分立，應當由公司的股東會作出決議。
Article 182 If a company is to undergo merger or division， its
shareholders' committee shall adopt a resolution.
第一百八十三條：股份有限公司合并或者分立，必須經國務院授權的部門或者省級人民政府批準。
Article 183 The merger or division of a joint stock limited company is
subject to approval by the department authorized by the State Council or
the People's Government at the provincial level.
第一百八十四條：公司合并可以采取吸收合并和新設合并兩種形式。
Article 184 Companies may be merged in two forms， i.e. merger by
absorption and merger by consolidation.
一個公司吸收其他公司為吸收合并，被吸收的公司解散。二個以上公司合并設立一個新的公司為新設合并，合并各方解散。
One company absorbing another company is merger by absorption， and the
company being absorbed shall be dissolved. Merger of two or more
Companies through establishment of a new company is a consolidation， and
the companies being consolidated shall be dissolved.
公司合并，應當由合并各方簽訂合并協議，并編制資產負債表及財產清單。公司應當自作出合并決議之日起十日內通知債權人，并于三十日內在報紙上至少公告三次。債權人自接到通知書之日起三十日內，未接到通知書的自第一次公告之日起九十日內，有權要求公司清償債務或者提供相應的擔保。不清償債務或者不提供相應的擔保的，公司不得合并。
In a merger of companies， the companies shall execute a merger
agreement， and prepare their respective balance sheets and schedules of
assets. The companies shall notify their creditors within 10 days of
adoption of merger resolutions， and shall publish a notice at least 3
times in a newspaper within 30 days. Creditors are entitled to claim
full payment of the debts of the companies or require the provision of
appropriate assurances within 30 days of receipt of the notice， or
within 90 days of publication of the first notice if such creditors did
not receive the notice. The companies may not be merged unless debts are
fully paid or appropriate assurances are provided.
公司合并時，合并各方的債權、債務，應當由合并后存續的公司或者新設的公司承繼。
Once the companies are merged， the creditor's rights and debtor's
liabilities of the merged companies shall be assumed by the surviving
company or the newly formed company after merger.
第一百八十五條：公司分立，其財產作相應的分割。
Article 185 Where a company is to undergo division， its assets shall
be divided accordingly.
公司分立時，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，并于三十日內在報紙上至少公告三次。債權人自接到通知書之日起三十日內，未接到通知書的自第一次公告之日起九十日內，有權要求公司清償債務或者提供相應的擔保。不清償債務或者不提供相應的擔保的，公司不得分立。
In dividing the company， a balance sheet and a schedule of assets
shall be prepared. The company shall notify its creditors within 10 days
of adoption of a division resolution， and shall publish a notice at
least 3 times in a newspaper within 30 days. Creditors are entitled to
claim full payment of the company's debts or require the provision of
appropriate assurances within 30 days of receipt of the notice， or
within 90 days of publication of the first notice if such creditors did
not receive the notice. The company may not be divided unless debts are
fully paid or appropriate assurances are provided.
公司分立前的債務按所達成的協議由分立后的公司承擔。
The liabilities of the company prior to its division shall be assumed
by the companies resulting from the division according to the agreement
reached among them.
第一百八十六條：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。
Article 186 Where a company needs to reduce its registered capital， a
balance sheet and a schedule of assets must be prepared.
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，并于三十日內在報紙上至少公告三次。債權人自接到通知書之日起三十日內，未接到通知書的自第一次公告之日起九十日內，有權要求公司清償債務或者提供相應的擔保。
The company shall notify its creditors within 10 days of adoption of a
resolution to reduce its registered capital， and shall publish a notice
at least 3 times in a newspaper within 30 days. Creditors are entitled
to claim full payment of the company's debts or require the provision of
appropriate assurances within 30 days of receipt of the notice， or
within 90 days of publication of the first notice if such creditors did
not receive the notice.
公司減少資本后的注冊資本不得低于法定的最低限額。
After capital reduction， the company's registered capital may not fall
below the statutory minimum capital level.
第一百八十七條：有限責任公司增加注冊資本時，股東認繳新增資本的出資，按照本法設立有限責任公司繳納出資的有關規定執行。
Article 187 When a limited liability company is to increase its
registered capital， after subscription for the newly increased capital，
the shareholders shall make capital contribution in accordance with the
provisions hereof concerning capital contribution for the establishment
of a limited liability company.
股份有限公司為增加注冊資本發行新股時，股東認購新股應當按照本法設立股份有限公司繳納股款的有關規定執行。
When a joint stock limited company is to issue new shares for the
purpose of increasing its registered capital， the shareholders'
subscription for the new shares shall be carried out in accordance with
the provisions hereof concerning payment of share proceeds for the
establishment of a joint stock limited company.
第一百八十八條：公司合并或者分立，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。
Article 188 In the case of merger or division of a company， where any
registered item requires change， amendment registration shall be carried
out with the company registration authority in accordance with the law；
where the company is dissolved， company de-registration shall be carried
out in accordance with the law； where a new company is established，
establishment registration shall be carried out in accordance with the
law.
公司增加或者減少注冊資本，應當依法向公司登記機關辦理變更登記。
Where a company is to increase or reduce its registered capital， a
amendment registration shall be carried out with the company
registration authority in accordance with the law.
第八章：公司破產、解散和清算Chapter Eight： Bankruptcy， Dissolution And Liquidation
Of Company
第一百八十九條：公司因不能清償到期債務，被依法宣告破產的，由人民法院依照有關法律的規定，組織股東、有關機關及有關專業人員成立清算組，對公司進行破產清算。
Article 189 Where a company is adjudged bankrupt in accordance with
the law due to its failure to repay debts when due， the People's Court
shall organize the shareholders， the relevant authorities and
professionals to establish a liquidating committee to carry out the
company's bankruptcy liquidation in accordance with the provisions of
the applicable laws.
第一百九十條：公司有下列情形之一的，可以解散：
Article 190 A company may be dissolved in any of the following
circumstances：
（一）公司章程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時；
（i） the term of operation prescribed by the company's articles of
association has expired， or any other cause for dissolution prescribed
by the company's articles of association has occurred；
（二）股東會決議解散；
（ii） the shareholders' committee has adopted a resolution for
dissolution；
（三）因公司合并或者分立需要解散的。
（iii） dissolution is required due to merger or division of the
company.
第一百九十一條：公司依照前條第（一）項、第（二）項規定解散的，應當在十五日內成立清算組，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股東大會確定其人選；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，并及時指定清算組成員，進行清算。
Article 191 Where a company is to be dissolved pursuant to Item （i） or
（ii） of the previous Article， a liquidating committee shall be formed
within 15 days； the liquidating committee of a limited liability company
shall be composed of its shareholders， and members of the liquidating
committee of a joint stock limited company shall be determined by the
shareholders' general committee； where the company fails to form a
liquidating committee to carry out liquidation within the prescribed
time limit， its creditors may petition the People's Court to appoint the
relevant persons to form a liquidating committee to carry out
liquidation. The People's Court shall accept such petition， and promptly
appoint members of the liquidating committee to carry out liquidation.
第一百九十二條：公司違反法律、行政法規被依法責令關閉的，應當解散，由有關主管機關組織股東、有關機關及有關專業人員成立清算組，進行清算。
Article 192 Where the company is ordered to terminate due to its
violation of law or administrative regulations， the company shall be
dissolved， and the relevant department in charge shall organize the
shareholders， the relevant authority and related professionals to form a
liquidating committee to carry out liquidation.
第一百九十三條：清算組在清算期間行使下列職權：
Article 193 The liquidating committee shall exercise the following
authorities in the course of liquidation：
（一）清理公司財產，分別編制資產負債表和財產清單；
（i） identifying the company's assets， and preparing a balance sheet
and a schedule of assets respectively；
（二）通知或者公告債權人；
（ii） notifying creditors through notice or public announcement；
（三）處理與清算有關的公司未了結的業務；
（iii） handling the company's ongoing businesses which are related to
liquidation；
（四）清繳所欠稅款；
（iv） making full payment of taxes owed；
（五）清理債權、債務；
（v） identifying the company's creditor's rights and debtor's
liabilities；
（六）處理公司清償債務后的剩余財產；
（vi） disposing of the remaining assets after full payment of company
debts；
（七）代表公司參與民事訴訟活動。
（vii） participating in civil actions on behalf of the company.
第一百九十四條：清算組應當自成立之日起十日內通知債權人，并于六十日內在報紙上至少公告三次。債權人應當自接到通知書之日起三十日內，未接到通知書的自第一次公告之日起九十日內，向清算組申報其債權。
Article 194 The liquidating committee shall notify creditors within 10
days of its establishment， and shall make a public announcement in a
newspaper at least 3 times within 60 days. Creditors shall file their
creditor's rights with the liquidating committee within 30 days of
receipt of the notice， and within 90 days of publication of the first
notice if such creditors did not receive the notice.
債權人申報其債權，應當說明債權的有關事項，并提供證明材料。清算組應當對債權進行登記。
In filing for creditor's rights， the creditors shall state the
relevant matters relating to the creditor's rights， and provide
supporting materials. The liquidating committee shall record such
creditor's rights.
第一百九十五條：清算組在清理公司財產、編制資產負債表和財產清單后，應當制定清算方案，并報股東會或者有關主管機關確認。
Article 195 After identifying the company's assets and preparing the
balance sheet and schedule of assets， the liquidating committee shall
prepare a liquidating plan， which shall be submitted to the
shareholders' committee or the relevant authority for ratification.
公司財產能夠清償公司債務的，分別支付清算費用、職工工資和勞動保險費用，繳納所欠稅款，清償公司債務。
Where the company's assets are sufficient for payment of company
debts， such assets shall be paid out in the following order： payment of
liquidating expenses， payment of wages and expenses for labor insurance
of the workers， payment of taxes owed， and payment of company debts.
公司財產按前款規定清償后的剩余財產，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。
After payments have been made in accordance with the previous
Paragraph， the remaining assets shall be distributed to the shareholders
in proportion to their shares of capital contribution in the case of a
limited liability company， and in proportion to their share holdings in
the case of a joint stock limited company.
清算期間，公司不得開展新的經營活動。公司財產在未按第二款的規定清償前，不得分配給股東。
In the course of liquidation， the company may not conduct new
business. Before payments have been made in accordance with Paragraph 2
above， the assets of the company may not be distributed to the
shareholders.
第一百九十六條：因公司解散而清算，清算組在清理公司財產、編制資產負債表和財產清單后，發現公司財產不足清償債務的，應當立即向人民法院申請宣告破產。
Article 196 Where a company commences liquidation due to its
dissolution， and after identification of company assets and preparation
of the balance sheet and schedule of assets， the liquidating committee
discovers that the company does not have sufficient assets to fully
repay company debts， the liquidating committee shall immediately file a
bankruptcy application with the People's Court.
公司經人民法院裁定宣告破產后，清算組應當將清算事務移交給人民法院。
Once the company is adjudged bankrupt by a ruling of the People's
Court， the liquidating committee shall transfer the liquidating affairs
to the People's Court.
第一百九十七條：公司清算結束后，清算組應當制作清算報告，報股東會或者有關主管機關確認，并報送公司登記機關，申請注銷公司登記，公告公司終止。不申請注銷公司登記的，由公司登記機關吊銷其公司營業執照，并予以公告。
Article 197 Upon completion of a company's liquidation， the
liquidating committee shall prepare a liquidating report， which shall be
submitted to the shareholders' committee or the relevant authority for
ratification， and upon ratification， the liquidating committee shall
submit such report to the company registration authority to apply for
company de-registration， and make a public announcement of the company's
termination. Where the company fails to apply for company
de-registration， the company registration authority shall revoke its
business license and make a public announcement.
第一百九十八條：清算組成員應當忠于職守，依法履行清算義務。
Article 198 Members of the liquidating committee shall faithfully
perform their duties and carry out their liquidating obligations in
accordance with the law.
清算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。
Members of the liquidating committee may not abuse their authorities
by accepting bribes or receiving other illegal income， and may not
misappropriate company assets.
清算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。
A committee member who causes loss to the company or its creditors due
to his intentional misconduct or gross negligence shall be liable for
damages.
第九章：外國公司的分支機構Chapter Nine： Branch Of Foreign Company
第一百九十九條：外國公司依照本法規定可以在中國境內設立分支機構，從事生產經營活動。
Article 199 Foreign companies may establish branches within China to
conduct business in accordance herewith.
本法所稱外國公司是指依照外國法律在中國境外登記成立的公司。
A foreign company referred to herein means a company registered and
established outside China under foreign laws.
第二百條：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，并提交其公司章程、所屬國的公司登記證書等有關文件，經批準后，向公司登記機關依法辦理登記，領取營業執照。
Article 200 In order to establish a branch within China， a foreign
company must submit an application to the Chinese authority in charge，
together with the relevant documents such as its articles of
association， the company registration certificate issued in its home
country， etc. Upon approval， it shall carry out registration with the
company registration authority and be issued a business license.
外國公司分支機構的審批辦法由國務院另行規定。
The examination and approval procedure for branches of foreign
companies shall be separately prescribed by the State Council.
第二百零一條：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，并向該分支機構撥付與其所從事的經營活動相適應的資金。
Article 201 In order to establish a branch within China， a foreign
company must appoint a representative or agent in charge of such branch
within China， and fund its branch as appropriate in light of the nature
of its intended business.
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。
Where operation of certain branches of foreign companies is subject to
a minimum level of funding， such level shall be prescribed by the State
Council separately.
第二百零二條：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。
Article 202 The branch of a foreign company shall identify the
nationality and form of liability in its name.
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。
The branch of a foreign company shall maintain the articles of
association of such foreign company on its premises.
第二百零三條：外國公司屬于外國法人，其在中國境內設立的分支機構不具有中國法人資格。
Article 203 A foreign company is a foreign legal person， and its
branch established within China does not have the status of a Chinese
legal person.
外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。
A foreign company shall bear civil liabilities in respect of the
business conducted by its branch within China.
第二百零四條：經批準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。
Article 204 While conducting business within China， the branch of a
foreign company established after approval must abide by Chines law， and
may not harm the public interest of China， and its lawful rights and
interests are protected by Chinese law.
第二百零五條：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，按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。
Article 205 When a foreign company cancels its branch within China，
such company must fully repay the debts thereof in accordance with the
law and carry out liquidation in accordance with the provisions hereof
concerning company liquidation procedure. The company may not transfer
the assets of such branch abroad prior to full repayment of its debts.
第十章：法律責任Chapter Ten： Legal Liabilities
第二百零六條：違反本法規定，辦理公司登記時虛報注冊資本、提交虛假證明文件或者采取其他欺詐手段隱瞞重要事實取得公司登記的，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以下的罰款；對提交虛假證明文件或者采取其他欺詐手段隱瞞重要事實的公司，處以一萬元以上十萬元以下的罰款；情節嚴重的，撤銷公司登記。構成犯罪的，依法追究刑事責任。
Article 206 In the case of company registration， where an applicant
obtains company registration in violation hereof by making false
statement of registered capital， submitting false certificates or by
concealing material facts through other fraudulent means， the company
shall be ordered to make rectification， and in case false statement of
registered capital was made， the company shall be fined not less than 5
percent but not more than 10 percent of the amount of registered capital
falsely stated； the company submitting false certificates or concealing
material facts shall be fined not less than 10，000 Yuan but not more
than 100，000 Yuan； where the circumstances are serious， the company
registration shall be revoked. Where such action constitutes a crime，
criminal liability shall be imposed in accordance with the law.
第二百零七條：制作虛假的招股說明書、認股書、公司債券募集辦法發行股票或者公司債券的，責令停止發行，退還所募資金及其利息，處以非法募集資金金額百分之一以上百分之五以下的罰款。構成犯罪的，依法追究刑事責任。
Article 207 In the case of issue of company shares or bonds， where the
prospectus， subscription form， or plan for company bonds offer is
falsely prepared， the issuing activities shall be ordered to cease， and
an order shall be issued for the return of the proceeds received
together with interest thereon， and a fine of not less than 1 percent
but not more than 5 percent of the proceeds illegally received shall be
imposed. Where such action constitutes a crime， criminal liability shall
be imposed in accordance with the law.
第二百零八條：公司的發起人、股東未交付貨幣、實物或者未轉移財產權，虛假出資，欺騙債權人和社會公眾的，責令改正，處以虛假出資金額百分之五以上百分之十以下的罰款。構成犯罪的，依法追究刑事責任。
Article 208 In the case of capital contribution， where the sponsors or
shareholders falsify capital contribution by failing to pay money， to
deliver tangible goods or to transfer property rights， thus defrauding
the creditors or the public， rectification shall be ordered， and such
persons shall be fined not less than 5 percent but not more than 10
percent of the amount of capital contribution falsified. Where such
action constitutes a crime， criminal liability shall be imposed in
accordance with the law.
第二百零九條：公司的發起人、股東在公司成立后，抽逃其出資的，責令改正，處以所抽逃出資金額百分之五以上百分之十以下的罰款。構成犯罪的，依法追究刑事責任。
Article 209 Where the sponsors or shareholders of a company withdraw
their capital contribution after the establishment of the company， they
shall be ordered to make rectification， and such persons shall be fined
not less than 5 percent but not more than 10 percent of the amount of
capital contribution withdrawn. Where such action constitutes a crime，
criminal liability shall be imposed in accordance with the law.
第二百一十條：未經本法規定的有關主管部門的批準，擅自發行股票或者公司債券的，責令停止發行，退還所募資金及其利息，處以非法所募資金金額百分之一以上百分之五以下的罰款。構成犯罪的，依法追究刑事責任。
Article 210 Where a company issues company shares or bonds on its own
without approval by the appropriate authorities provided for herein， the
issuing activities shall be ordered to cease， and the proceeds received，
together with interest thereon， shall be returned， and a fine of not
less than 1 percent but not more than 5 percent of the proceeds
illegally received shall be imposed. Where such action constitutes a
crime， criminal liability shall be imposed in accordance with the law.
第二百一十一條：公司違反本法規定，在法定的會計帳冊以外另立會計帳冊的，責令改正，處以一萬元以上十萬元以下的罰款。構成犯罪的，依法追究刑事責任。
Article 211 Where a company， in violation hereof， establishes another
set of accounting books besides those prescribed by law， it shall be
ordered to make rectification， and the company shall be fined not less
than 10，000 Yuan but not more than 100，000 Yuan. Where such action
constitutes a crime， criminal liability shall be imposed in accordance
with the law.
將公司資產以任何個人名義開立帳戶存儲的，沒收違法所得，并處以違法所得一倍以上五倍以下的罰款。構成犯罪的，依法追究刑事責任。
Where company assets are deposited into an account established under
an individual's name， the illegal gain shall be confiscated， and a fine
of not less than 2 times but not more than 5 times of the illegal gain
shall be imposed. Where such action constitutes a crime， criminal
liability shall be imposed in accordance with the law.
第二百一十二條：公司向股東和社會公眾提供虛假的或者隱瞞重要事實的財務會計報告的，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。構成犯罪的，依法追究刑事責任。
Article 212 Where a company provides to its shareholders and the
public financial and accounting reports which are false or which conceal
material facts， a fine of not less than 10，000 Yuan but not more than
100，000 Yuan shall be imposed on the supervisor directly in charge and
the other person（s） directly responsible. Where such action constitutes
a crime， criminal liability shall be imposed in accordance with the law.
第二百一十三條：違反本法規定，將國有資產低價折股、低價出售或者無償分給個人的，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。構成犯罪的，依法追究刑事責任。
Article 213 Where， in violation hereof， state-owned assets are
converted into shares at low prices or sold to individuals at low
prices， or distributed to individuals without compensation，
administrative penalty shall be imposed on the supervisor directly in
charge and the other person（s） directly responsible. Where such action
constitutes a crime， criminal liability shall be imposed in accordance
with the law.
第二百一十四條：董事、監事、經理利用職權收受賄賂、其他非法收入或者侵占公司財產的，沒收違法所得，責令退還公司財產，由公司給予處分。構成犯罪的，依法追究刑事責任。
Article 214 Where the directors， supervisors， or the general manager
abuse their authorities by accepting bribes or receiving other illegal
income， or convert company assets， any such illegal gain shall be
confiscated， and they shall be ordered to return the company assets and
shall be disciplined by the company. Where such action constitutes a
crime， criminal liability shall be imposed in accordance with the law.
董事、經理挪用公司資金或者將公司資金借貸給他人的，責令退還公司的資金，由公司給予處分，將其所得收入歸公司所有。構成犯罪的，依法追究刑事責任。
Where a director or the general manager misappropriates company funds
or loan company funds to third parties， he shall be ordered to return
the company funds and shall be disciplined by the company， and the
income derived from such transaction shall be turned over to the
company. Where such action constitutes a crime， criminal liability shall
be imposed in accordance with the law.
董事、經理違反本法規定，以公司資產為本公司的股東或者其他個人債務提供擔保的，責令取消擔保，并依法承擔賠償責任，將違法提供擔保取得的收入歸公司所有。情節嚴重的，由公司給予處分。
Where， in violation hereof， the directors or the general manager gives
company assets as security for the personal debts of any director of the
company or any other person， the security arrangement shall be ordered
to be canceled， and such persons shall be held liable for damages in
accordance with the law， and the income derived from the illegal
provision of security shall be turned over to the company. Where the
circumstance is serious， such persons shall be disciplined by the
company.
第二百一十五條：董事、經理違反本法規定自營或者為他人經營與其所任職公司同類的營業的，除將其所得收入歸公司所有外，并可由公司給予處分。
Article 215 Where， in violation hereof， a director or the general
manager engages in the same business as the company either for his own
account or for another person's account， in addition to turning over any
income so derived to the company， such person may also be disciplined by
the company.
第二百一十六條：公司不按照本法規定提取法定公積金、法定公益金的，責令如數補足應當提取的金額，并可對公司處以一萬元以上十萬元以下的罰款。
Article 216 Where a company fails to make allocation to the statutory
reserve fund and statutory welfare fund in accordance herewith， such
company shall be ordered to make full allocation to the required funds，
and a fine of not less than 10，000 Yuan but not more than 100，000 Yuan
may be levied on the company.
第二百一十七條：公司在合并、分立、減少注冊資本或者進行清算時，不按照本法規定通知或者公告債權人的，責令改正，對公司處以一萬元以上十萬元以下的罰款。
Article 217 Where a company fails to notify creditors through notice
or public announcement in accordance herewith while carrying out merger，
division， reduction of registered capital， or liquidation， it shall be
ordered to make rectification， and the company shall be fined not less
than 10，000 Yuan but not more than 100，000 Yuan.
公司在進行清算時，隱匿財產，對資產負債表或者財產清單作虛偽記載或者未清償債務前分配公司財產的，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一以上百分之五以下的罰款。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。構成犯罪的，依法追究刑事責任。
Where in the course of liquidation， the company conceals its assets，
makes false statements in its balance sheet or schedule of assets， or
distributes company assets prior to full repayment of company debts， it
shall be ordered to make rectification， and the company shall be fined
not less than 1 percent but not more than 5 percent of the value of the
concealed assets， or the value of the assets distributed prior to full
repayment of company debts. A fine of not less than 10，000 Yuan but not
more than 100，000 Yuan shall be imposed on the supervisor directly in
charge and the other person（s） directly responsible. Where such action
constitutes a crime， criminal liability shall be imposed in accordance
with the law.
第二百一十八條：清算組不按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，責令改正。
Article 218 Where the liquidating committee fails to submit the
liquidating report to the company registration authority in accordance
herewith， or conceals any material fact or makes any material omission
in the liquidating report submitted， it shall be ordered to make
rectification.
清算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，責令退還公司財產，沒收違法所得，并可處以違法所得一倍以上五倍以下的罰款。構成犯罪的，依法追究刑事責任。
Where a member of the liquidating committee abuses his authority to
engage in fraudulent activity for private gain， to obtain illegal income
or convert company assets， such member shall be ordered to return the
company assets， and the illegal income shall be confiscated， and such
member may be fined not less than 2 times but not more than 5 times the
illegal income. Where such action constitutes a crime， criminal
liability shall be imposed in accordance with the law.
第二百一十九條：承擔資產評估、驗資或者驗證的機構提供虛假證明文件的，沒收違法所得，處以違法所得一倍以上五倍以下的罰款，并可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。構成犯罪的，依法追究刑事責任。
Article 219 Where an institution conducting assets appraisal， capital
verification， or testing and verification provides a false certificate，
the illegal income so derived shall be confiscated， and a fine of not
less than 2 times but not more than 5 times the illegal income shall be
imposed， and the relevant authority in charge may order such institution
to cease operation， and revoke the qualification certificates of the
persons directly responsible. Where such action constitutes a crime，
criminal liability shall be imposed in accordance with the law.
承擔資產評估、驗資或者驗證的機構因過失提供有重大遺漏的報告的，責令改正，情節較重的，處以所得收入一倍以上三倍以下的罰款，并可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。
Where an institution conducting assets appraisal， capital verification
or testing and verification provides a report with material omission due
to its negligence， it shall be ordered to make rectification， and where
the circumstance is relatively serious， a fine of not less than 2 times
but not more than 3 times the income so derived shall be imposed， and
the relevant authority in charge may order such institution to cease
operation， and revoke the qualification certificates of the persons
directly responsible.
第二百二十條：國務院授權的有關主管部門，對不符合本法規定條件的設立公司的申請予以批準，或者對不符合本法規定條件的股份發行的申請予以批準，情節嚴重的，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。構成犯罪的，依法追究刑事責任。
Article 220 Where the relevant authority in charge authorized by the
State Council approves an application for the establishment of a company
which fails to meet the requirements prescribed herein， or approves an
application for issue of shares which fails to meet the requirements
prescribed herein， and the circumstance is serious， administrative
penalty shall be imposed on the supervisor directly in charge and the
other person（s） directly responsible in accordance with the law. Where
such action constitutes a crime， criminal liability shall be imposed in
accordance with the law.
第二百二十一條：國務院證券管理部門對不符合本法規定條件的募集股份、股票上市和債券發行的申請予以批準，情節嚴重的，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。構成犯罪的，依法追究刑事責任。
Article 221 Where the securities regulatory authority under the State
Council approves an application for share offer， share listing， or bonds
issue which fails to meet the requirements prescribed herein， and the
circumstance is serious， administrative penalty shall be imposed on the
supervisor directly in charge and the other person（s） directly
responsible in accordance with the law. Where such action constitutes a
crime， criminal liability shall be imposed in accordance with the law.
第二百二十二條：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，情節嚴重的，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。構成犯罪的，依法追究刑事責任。
Article 222 Where the company registration authority grants
registration to an application which fails to meet the requirements
prescribed herein， and the circumstance is serious， administrative
penalty shall be imposed on the supervisor directly in charge and the
other person（s） directly responsible in accordance with the law. Where
such action constitutes a crime， criminal liability shall be imposed in
accordance with the law.
第二百二十三條：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。構成犯罪的，依法追究刑事責任。
Article 223 Where the department in charge of the company registration
authority compels it to grant registration to an application which fails
to meet the requirements prescribed herein， or engages in cover up for
an illegal registration， administrative penalty shall be imposed on the
supervisor directly in charge and the other person（s） directly
responsible in accordance with the law. Where such action constitutes a
crime， criminal liability shall be imposed in accordance with the law.
第二百二十四條：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，責令改正或者予以取締，并可處以一萬元以上十萬元以下的罰款。構成犯罪的，依法追究刑事責任。
Article 224 Where an entity passes itself off as a limited liability
company or joint stock limited company while not registered as such in
accordance with the law， it shall be ordered to make rectification or
such entity shall be closed down， and a fine of not less than 10，000
Yuan but not more than 100，000 Yuan may be imposed. Where such action
constitutes a crime， criminal liability shall be imposed in accordance
with the law.
第二百二十五條：公司成立后無正當理由超過六個月未開業的，或者開業后自行停業連續六個月以上的，由公司登記機關吊銷其公司營業執照。
Article 225 Where a company fails to commence operation for more than
6 months without proper cause， or suspends operation on its own without
proper cause for more than 6 consecutive months after commencement of
operation， the company registration authority shall revoke its company
business license.
公司登記事項發生變更時，未按照本法規定辦理有關變更登記的，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。
Where the company fails to carry out amendment registration in
accordance herewith when a registered item of the company has changed，
it shall be ordered to register within a prescribed time limit， and
where the company has not carried out registration after expiration of
the time limit， a fine of not less than 10，000 Yuan but not more than
100，000 Yuan shall be imposed.
第二百二十六條：外國公司違反本法規定，擅自在中國境內設立分支機構的，責令改正或者關閉，并可處以一萬元以上十萬元以下的罰款。
Article 226 Where， in violation hereof， a foreign company establishes
a branch within China without approval， it shall be ordered to make
rectification， or such branch shall be ordered to terminate， and a fine
of not less than 10，000 Yuan but not more than 100，000 Yuan may be
imposed.
第二百二十七條：依照本法履行審批職責的有關主管部門，對符合法定條件的申請，不予批準的，或者公司登記機關對符合法定條件的申請，不予登記的，當事人可以依法申請復議或者提起行政訴訟。
Article 227 Where a relevant authority performing approval function
hereunder fails to approve an application which meets conditions
prescribed by law， or the company registration authority fails to grant
registration to an application which meets conditions prescribed by law，
the affected party may apply for administrative review or institute an
administrative action in accordance with the law.
第二百二十八條：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。
Article 228 Where a company violates of this Law， and is therefore
liable for civil damages as well as for an administrative fine or
criminal fine， and its assets are not sufficient to cover both， its
assets shall first be used to cover the civil liability for damages.
第十一章：附則Chapter Eleven： Supplementary Provisions
第二百二十九條：本法施行前依照法律、行政法規、地方性法規和國務院有關主管部門制定的《有限責任公司規范意見》、《股份有限公司規范意見》登記成立的公司，繼續保留，其中不完全具備本法規定的條件的，應當在規定的限期內達到本法規定的條件。具體實施辦法，由國務院另行規定。
Article 229 （Amended） Companies registered and established prior to
the implementation of this Law， in accordance with law， administrative
regulations， local regulations， and the Standard Opinions Concerning
Limited Liability Companies and the Standard Opinions Concerning Joint
Stock Limited Companies formulated by the relevant authority in charge
under the State Council， shall remain in existence， provided that those
companies which do not meet all the conditions prescribed herein shall
meet such conditions within the time limit prescribed. Detailed
implementing measures shall be formulated by the State Council
separately.
屬于高新技術的股份有限公司，發起人以工業產權和非專利技術作價出資的金額占公司注冊資本的比例，公司發行新股、申請股票上市的條件，由國務院另行規定。
In the case of a Joint Stock Limited Liability Company in the high and
new technology category， the ratio of capital contribution in the form
of industrial technology and non-patented proprietary technology by
sponsors as a percentage of registered capital， the conditions for
issuance of new shares or initial public offering shall be separately
stipulated by the State Council.
第二百三十條：本法自1994年7月1日起施行。
Article 230 This Law shall become operative as of July 1， 1994.
專業詞匯 英語詞匯 公司法中英文對照 英國大學名單