法律文本

中華人民共和國公司法（2018修正）

Company Law of the People’s Republic of China (2018 Revision)

（1993年12月29日第八屆全國人民代表大會常務委員會第五次會議通過根據1999年12月25日第九屆全國人民代表大會常務委員會第十三次會議《關於修改〈中華人民共和國公司法〉的決定》第一次修正 根據2004年8月28日第十屆全國人民代表大會常務委員會第十一次會議《關於修改〈中華人民共和國公司法〉的決定》第二次修正 2005年10月27日第十屆全國人民代表大會常務委員會第十八次會議修訂 根據2013年12月28日第十二屆全國人民代表大會常務委員會第六次會議《關於修改〈中華人民共和國海洋環境保護法〉等七部法律的決定》第三次修正 根據2018年10月26日第十三屆全國人民代表大會常務委員會第六次會議《關於修改〈中華人民共和國公司法〉的決定》第四次修正）

(Adopted by the Fifth Session of the Standing Committee of the Eighth National People's Congress on 29 December 1993 First Revision made pursuant to the Decision on Revision of the "Company Law of the People's Republic of China" by the 13th Session of the Standing Committee of the Ninth National People's Congress on 25 December 1999 Second Revision made pursuant to the Decision on Revision of the "Company Law of the People's Republic of China" by the 11th Session of the Standing Committee of the Tenth National People's Congress on 28 August 2004 Revised by the 18th Session of the Standing Committee of the Tenth National People's Congress on 27 October 2005 Third Revision made pursuant to the Decision on Revision of Seven Laws Including the "Marine Environmental Protection Law of the People's Republic of China" by the Sixth Session of the Standing Committee of the Twelfth National People's Congress on 28 December 2013 Revised pursuant to the Decision on Revision of the "Company Law of the People's Republic of China" by the Sixth Session of the Standing Committee of the 13th National People's Congress on 26 October 2018)

第一章 總 則

Chapter 1 General Provisions

第一條   為了規範公司的組織和行為，保護公司、股東和債權人的合法權益，維護社會經濟秩序，促進社會主義市場經濟的發展，制定本法。

Article 1. This Law is formulated for the purposes of standardising the organisation and activities of companies, protecting the legal rights and interests of companies, shareholders and creditors, safeguarding social and economic order and promoting the development of 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 Companies referred to in this Law shall mean limited liability companies and companies limited by shares established in China in accordance with the provisions of this Law.

第三條   公司是企業法人，有獨立的法人財產，享有法人財產權。公司以其全部財產對公司的債務承擔責任。

Article 3 A company is an enterprise legal person which owns independent legal person property and enjoys legal person property rights. The Company shall use all of its assets to bear liabilities for the debts the Company.

有限責任公司的股東以其認繳的出資額為限對公司承擔責任；股份有限公司的股東以其認購的股份為限對公司承擔責任。

Each shareholder of a limited liability company shall be liable for the company to the extent of the capital contribution subscribed for by it. Each shareholder of a joint stock limited company shall be liable for the company to the extent of the shares subscribed for by it.

第四條   公司股東依法享有資產收益、參與重大決策和選擇管理者等權利。

Article 4 Shareholders of a company shall be entitled to gains on assets, participation in major decision-making and selection of managers etc in accordance with the law.

第五條   公司從事經營活動，必須遵守法律、行政法規，遵守社會公德、商業道德，誠實守信，接受政府和社會公眾的監督，承擔社會責任。

Article 5. Companies engaging in business activities shall comply with the provisions of laws and administrative regulations, uphold social morality, business ethics, honesty and trustworthiness, accept supervision of the government and general public and bear social responsibility.

公司的合法權益受法律保護，不受侵犯。

The lawful rights and interests of companies shall be protected by law and shall not be infringed upon.

第六條   設立公司，應當依法向公司登記機關申請設立登記。符合本法規定的設立條件的，由公司登記機關分別登記為有限責任公司或者股份有限公司；不符合本法規定的設立條件的，不得登記為有限責任公司或者股份有限公司。

Article 6 To establish a company, an application for establishment shall be filed with the company registration authority in accordance with the law. Applications which satisfy the requirements for incorporation stipulated in this Law shall be registered by the company registration authorities as limited liability companies or companies limited by shares respectively. Applications which do not satisfy the requirements for incorporation stipulated in this Law shall not be registered as limited liability companies or companies limited by shares.

法律、行政法規規定設立公司必須報經批準的，應當在公司登記前依法辦理批準手續。

Where any law or administrative regulation provides that the establishment of a company requires approval, the relevant approval formalities shall be gone through in accordance with the law prior to the registration of the company.

公眾可以向公司登記機關申請查詢公司登記事項，公司登記機關應當提供查詢服務。

The public may apply to inquire about the registered items of a company with the company registration organ, and the company registration organ shall provide inquiry services.

第七條   依法設立的公司，由公司登記機關發給公司營業執照。公司營業執照簽發日期為公司成立日期。

Article 7 Companies incorporated in accordance with the law shall be issued a business licence by the company registration authorities. The date of the issuance of the business license of the Company shall be the Establishment Date of the Company.

公司營業執照應當載明公司的名稱、住所、注冊資本、經營範圍、法定代表人姓名等事項。

A business licence shall state the name and address, registered capital and scope of business of the company, the name of its legal representative etc.

公司營業執照記載的事項發生變更的，公司應當依法辦理變更登記，由公司登記機關換發營業執照。

Where there is a change in the details stated on a business licence, the company shall complete change of registration formalities in accordance with the law and the company registration authorities shall issue a new business licence.

第八條   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或者有限公司字樣。

Article 8 A limited liability company established according to this Law must clearly indicate the words "limited liability company" or "limited company" in its name.

依照本法設立的股份有限公司，必須在公司名稱中標明股份有限公司或者股份公司字樣。

A joint stock limited company established according to this Law must clearly indicate in its name the words "joint stock limited company" or "joint stock company".

第九條   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。股份有限公司變更為有限責任公司，應當符合本法規定的有限責任公司的條件。

Article 9 A limited liability company that seeks to be converted into a joint stock limited company shall satisfy the conditions prescribed in the Law for joint stock limited companies. A company limited by shares proposing to be converted to a limited liability company shall satisfy the criteria for limited liability companies stipulated in this Law.

有限責任公司變更為股份有限公司的，或者股份有限公司變更為有限責任公司的，公司變更前的債權、債務由變更後的公司承繼。

If a limited liability company is changed into a company limited by shares, or a company limited by shares is changed into a limited liability company, the creditor’s rights and debts of the Company before the change shall be succeeded by the Company after the change.

第十條   公司以其主要辦事機構所在地為住所。

Article 10 A company's domicile shall be the place where its main administrative organization is located.

第十一條   設立公司必須依法制定公司章程。公司章程對公司、股東、董事、監事、高級管理人員具有約束力。

Article 11 A company shall formulate its articles of association in accordance with the law. The articles of association of a company shall be binding on the company and its shareholders, directors, supervisors and senior management personnel.

第十二條   公司的經營範圍由公司章程規定，並依法登記。公司可以修改公司章程，改變經營範圍，但是應當辦理變更登記。

Article 12 The business scope of a company shall be prescribed in the articles of association thereof, and shall be subject to registration according to law. A company may amend its articles of association and change the scope of business, provided that it shall complete change registration formalities.

公司的經營範圍中屬於法律、行政法規規定須經批準的項目，應當依法經過批準。

Where the business scope of a company includes any item subject to approval pursuant to any law or administrative regulation, the approval shall be obtained in accordance with the law.

第十三條   公司法定代表人依照公司章程的規定，由董事長、執行董事或者經理擔任，並依法登記。公司法定代表人變更，應當辦理變更登記。

Article 13 The chairman, an executive director or a manager shall act as the legal representative of the company in accordance with the provisions of the articles of association of the company and registration formalities shall be completed in accordance with the law. Where there is a change of legal representative of the company, change of registration formalities shall be completed.

第十四條   公司可以設立分公司。設立分公司，應當向公司登記機關申請登記，領取營業執照。分公司不具有法人資格，其民事責任由公司承擔。

Article 14 A company may set up branches. To establish a branch, application shall be made to the company registration authority for registration and a business license shall be obtained. The branch shall not have the status of a legal person, and its civil liabilities shall be borne by the Company.

公司可以設立子公司，子公司具有法人資格，依法獨立承擔民事責任。

A company may establish subsidiaries, which shall possess the status of legal persons, and shall independently bear civil liabilities according to law.

第十五條   公司可以向其他企業投資；但是，除法律另有規定外，不得成為對所投資企業的債務承擔連帶責任的出資人。

Article 15 A company may invest in other enterprises. However, it shall not become a capital contributory which bears joint liability of an investee enterprise unless otherwise provided by the laws.

第十六條   公司向其他企業投資或者為他人提供擔保，依照公司章程的規定，由董事會或者股東會、股東大會決議；公司章程對投資或者擔保的總額及單項投資或者擔保的數額有限額規定的，不得超過規定的限額。

Article 16 Where a company invests in other enterprises or provides guarantee for others, a resolution passed by the board of directors or board of shareholders or a general meeting in accordance with the articles of association of the company shall be required. Where the articles of association of the company provide a limit for the total amount of such investment or guarantee or the amount of each investment or guarantee, such limits shall not be exceeded.

公司為公司股東或者實際控制人提供擔保的，必須經股東會或者股東大會決議。

Where a company intends to provide a guaranty for any shareholder or actual controller of the company, a resolution shall be passed by the board of shareholders or general meeting.

前款規定的股東或者受前款規定的實際控制人支配的股東，不得參加前款規定事項的表決。該項表決由出席會議的其他股東所持表決權的過半數通過。

Shareholders stipulated in the preceding paragraph or shareholders controlled by the actual controlling party stipulated in the preceding paragraph shall not participate in voting for matters stipulated in the preceding paragraph. Such a resolution shall be passed by a simple majority of votes cast by other shareholders attending the meeting.

第十七條   公司必須保護職工的合法權益，依法與職工簽訂勞動合同，參加社會保險，加強勞動保護，實現安全生產。

Article 17 A company shall protect the lawful rights and interests of its staff and workers, and conclude labor contracts with them according to law, purchase social insurances, strengthen labor protection and realize safe production.

公司應當采用多種形式，加強公司職工的職業教育和崗位培訓，提高職工素質。

A company shall adopt various methods to strengthen the vocational education and on-the- job training of its employees in order to improve their quality.

第十八條   公司職工依照《中華人民共和國工會法》組織工會，開展工會活動，維護職工合法權益。公司應當為本公司工會提供必要的活動條件。公司工會代表職工就職工的勞動報酬、工作時間、福利、保險和勞動安全衛生等事項依法與公司簽訂集體合同。

Article 18 The employees of a company shall, in accordance with the Labor Union Law of the People's Republic of China, organize a labor union, which shall carry out labor union activities and safeguard the lawful rights and interests of the employees. Companies shall provide the requisite conditions for the activities of their trade unions. The labor union of the company shall enter into collective contracts on behalf of the employees with the company with respect to such matters as labor remuneration, working hours, welfare, insurance and labor safety and sanitation of the employees in accordance with the law.

公司依照憲法和有關法律的規定，通過職工代表大會或者其他形式，實行民主管理。

Companies shall implement democratic management through an employees' representative congress or other means in accordance with the provisions of the Constitution and relevant laws.

公司研究決定改制以及經營方面的重大問題、制定重要的規章制度時，應當聽取公司工會的意見，並通過職工代表大會或者其他形式聽取職工的意見和建議。

A company shall solicit the opinions of its trade union and the opinions and suggestions of its staff and workers through the staff and workers' congress or in other forms when studying and deciding on restructuring and major issues concerning its business operation, and formulating important rules and regulations of the company.

第十九條   在公司中，根據中國共產黨章程的規定，設立中國共產黨的組織，開展黨的活動。公司應當為黨組織的活動提供必要條件。

Article 19 An organization of the Communist Party of China shall, in accordance with the Constitution of the Communist Party of China, be established in the company to carry out activities of the Party. Companies shall provide the necessary conditions to facilitate the Party activities.

第二十條   公司股東應當遵守法律、行政法規和公司章程，依法行使股東權利，不得濫用股東權利損害公司或者其他股東的利益；不得濫用公司法人獨立地位和股東有限責任損害公司債權人的利益。

Article 20 Shareholders of a company shall exercise shareholders' rights in accordance with the provisions of laws and administrative regulations and the articles of association of the company and shall not abuse their shareholders' rights to cause damage to the company or the interests of other shareholders or abuse the independent legal person status of the company and limited liability of the shareholders to cause damage to the interests of the creditors of the company.

公司股東濫用股東權利給公司或者其他股東造成損失的，應當依法承擔賠償責任。

Any company shareholder who abuses shareholders' rights and causes the company or other shareholders to suffer a loss shall be liable to pay compensation in accordance with the law.

公司股東濫用公司法人獨立地位和股東有限責任，逃避債務，嚴重損害公司債權人利益的，應當對公司債務承擔連帶責任。

Any company shareholder who abuses the company's independent status as a legal person or the shareholder's limited liability to evade debts and seriously damages the interests of the company's creditors shall bear joint liability for the company's debts.

第二十一條   公司的控股股東、實際控制人、董事、監事、高級管理人員不得利用其關聯關系損害公司利益。

Article 21. The controlling shareholders, actual controlling party, directors, supervisors and senior management personnel of a company shall not use their relationship to cause damage to the company's interests.

違反前款規定，給公司造成損失的，應當承擔賠償責任。

Anyone who violates the provisions of the preceding paragraph and causes losses to the company shall be liable for compensation.

第二十二條   公司股東會或者股東大會、董事會的決議內容違反法律、行政法規的無效。

Article 22 Any resolution of the board of shareholders or general meeting, or board of directors of a company that violates any laws or administrative regulations shall be null and void.

股東會或者股東大會、董事會的會議召集程序、表決方式違反法律、行政法規或者公司章程，或者決議內容違反公司章程的，股東可以自決議作出之日起六十日內，請求人民法院撤銷。

If the procedures for convening the board of shareholders or general meeting, or the meeting of the board of directors, or the voting method used therein violates any law, administrative regulation or the company's articles of association, or if any resolution violates the company's articles of association, the shareholders may, within 60 days as of the date on which the resolution is passed, request the people's court to cancel it.

股東依照前款規定提起訴訟的，人民法院可以應公司的請求，要求股東提供相應擔保。

Where the shareholders initiate a lawsuit according to the preceding paragraph, the people's court may, at the request of the company, require the shareholders to provide a corresponding guaranty.

公司根據股東會或者股東大會、董事會決議已辦理變更登記的，人民法院宣告該決議無效或者撤銷該決議後，公司應當向公司登記機關申請撤銷變更登記。

Where a company has completed change of registration formalities in accordance with a resolution passed by the board of shareholders or a shareholders' meeting or the board of directors, and the People's Court has declared the resolution invalid or revoked the resolution, the company shall apply to the company registration authorities for revocation of change of registration.

第二章 有限責任公司的設立和組織機構

Chapter 2 Establishment and Organizational Structure of a Limited Liability Company

第一節 設 立

Section 1 Establishment

第二十三條   設立有限責任公司，應當具備下列條件：

Article 23 A limited liability company shall meet the following conditions:

（一）股東符合法定人數；

1. the number of shareholders conforms to the statutory number;

（二）有符合公司章程規定的全體股東認繳的出資額；

2. the capital contribution subscribed by all shareholders is consistent with that prescribed in the articles of association;

（三）股東共同制定公司章程；

(III) the shareholders have jointly formulated the company's 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) The company has a name and its organizational structure complies with that of a limited liability company; and

（五）有公司住所。

(V) the company has a domicile.

第二十四條   有限責任公司由五十個以下股東出資設立。

Article 24 A limited liability company shall be established by not more than 50 shareholders that have made capital contributions.

第二十五條   有限責任公司章程應當載明下列事項：

Article 25 The articles of association of a limited liability company shall specify the following items:

（一）公司名稱和住所；

1. the name and domicile of the company;

（二）公司經營範圍；

2. the business scope of the company;

（三）公司注冊資本；

(III) the registered capital of the company;

（四）股東的姓名或者名稱；

(IV) the names of the shareholders;

（五）股東的出資方式、出資額和出資時間；

(V) forms, amount and time of capital contributions made by shareholders;

（六）公司的機構及其產生辦法、職權、議事規則；

(VI) the organizations of the company and their establishment, functions and powers and rules of procedure;

（七）公司法定代表人；

(VII) the legal representative of the company;

（八）股東會會議認為需要規定的其他事項。

(VIII) other matters deemed necessary by the shareholders' meeting.

股東應當在公司章程上簽名、蓋章。

The shareholders shall affix their signatures or seals on the articles of association of the company.

第二十六條   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認繳的出資額。

Article 26 The registered capital of a limited liability company shall be the amount of capital contribution subscribed by all its shareholders as registered with the company registration authorities.

法律、行政法規以及國務院決定對有限責任公司注冊資本實繳、注冊資本最低限額另有規定的，從其規定。

Where the laws, administrative regulations and the decisions of the State Council stipulate otherwise on paid-up registered capital and the minimum amount of registered capital of limited liability companies, such provisions shall prevail.

第二十七條   股東可以用貨幣出資，也可以用實物、知識產權、土地使用權等可以用貨幣估價並可以依法轉讓的非貨幣財產作價出資；但是，法律、行政法規規定不得作為出資的財產除外。

Article 27. Shareholders may make capital contribution in cash or in kind such as intellectual property, land use rights and other non-cash properties which can be valuated and transferred in accordance with the law, except for properties prohibited by laws and administrative regulations to be used for capital contribution.

對作為出資的非貨幣財產應當評估作價，核實財產，不得高估或者低估作價。法律、行政法規對評估作價有規定的，從其規定。

The value of the non-monetary properties as capital contributions shall be assessed and verified, which shall not be over-valued or under-valued. Where the laws and administrative regulations stipulate on valuation, such provisions shall prevail.

第二十八條   股東應當按期足額繳納公司章程中規定的各自所認繳的出資額。股東以貨幣出資的，應當將貨幣出資足額存入有限責任公司在銀行開設的賬戶；以非貨幣財產出資的，應當依法辦理其財產權的轉移手續。

Article 28 Each shareholder shall make the capital contribution it subscribes specified in the articles of association of the company on time and in full. Where a shareholder makes its capital contribution in currency, it shall deposit the full amount of such capital contribution in currency in a bank account opened by the limited liability company with a bank. Where a shareholder makes its capital contribution in non-currency property, the transfer procedures for the property rights therein shall be handled according to the law.

股東不按照前款規定繳納出資的，除應當向公司足額繳納外，還應當向已按期足額繳納出資的股東承擔違約責任。

Shareholders who fail to make capital contribution in accordance with the provisions of the preceding paragraph shall, in addition to making capital contribution in full to the company, bear default liability towards those shareholders who have made their capital contribution in full on time.

第二十九條   股東認足公司章程規定的出資後，由全體股東指定的代表或者共同委托的代理人向公司登記機關報送公司登記申請書、公司章程等文件，申請設立登記。

Article 29 Upon full subscription of capital contribution by the shareholders as stipulated by the company's articles of association, the representative designated by all the shareholders or the agent entrusted by all the shareholders shall submit an application form for company registration, the company's articles of association etc to the company registration authorities to apply for incorporation and registration.

第三十條   有限責任公司成立後，發現作為設立公司出資的非貨幣財產的實際價額顯著低於公司章程所定價額的，應當由交付該出資的股東補足其差額；公司設立時的其他股東承擔連帶責任。

Article 30. Where it is discovered after the incorporation of a limited liability company that the actual value of non-cash properties used for capital contribution for company incorporation is significantly lower than the value stipulated in the articles of association of the company, the shareholders who made the capital contribution shall make up for the difference; and other shareholders at the time of company incorporation shall bear joint liability.

第三十一條   有限責任公司成立後，應當向股東簽發出資證明書。

Article 31 Upon incorporation of a limited liability company, a capital contribution certificate shall be issued to the shareholders.

出資證明書應當載明下列事項：

An investment certificate shall specify the following items:

（一）公司名稱；

1. the name of the company;

（二）公司成立日期；

2. the date of incorporation of the company;

（三）公司注冊資本；

(III) the registered capital of the company;

（四）股東的姓名或者名稱、繳納的出資額和出資日期；

(IV) the name or title of the shareholder, the amount and date of its capital contribution; and

（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。

An investment certificate shall be sealed by the company.

第三十二條   有限責任公司應當置備股東名冊，記載下列事項：

Article 32 A limited liability company shall prepare a roster of its shareholders with the following items therein:

（一）股東的姓名或者名稱及住所；

1. the name and domicile of each shareholder;

（二）股東的出資額；

(II) the amount of capital contributed by each shareholder;

（三）出資證明書編號。

(III) the serial numbers of the capital contribution certificates.

記載於股東名冊的股東，可以依股東名冊主張行使股東權利。

A Shareholder registered on the register of Shareholders may exercise Shareholder’s rights pursuant to the register of Shareholders.

公司應當將股東的姓名或者名稱向公司登記機關登記；登記事項發生變更的，應當辦理變更登記。未經登記或者變更登記的，不得對抗第三人。

Companies shall register the names of their shareholders with the company registration authorities; where there is a change in the registration matters, change of registration formalities shall be completed. No claims may be made against a third party if registration or change of registration formalities have not been completed.

第三十三條   股東有權查閱、複制公司章程、股東會會議記錄、董事會會議決議、監事會會議決議和財務會計報告。

Article 33 Shareholders shall have the right to inspect and make copies of the company's articles of association, minutes of shareholders' meetings, resolutions of the board of directors, resolutions of the board of supervisors and financial reports.

股東可以要求查閱公司會計賬簿。股東要求查閱公司會計賬簿的，應當向公司提出書面請求，說明目的。公司有合理根據認為股東查閱會計賬簿有不正當目的，可能損害公司合法利益的，可以拒絕提供查閱，並應當自股東提出書面請求之日起十五日內書面答複股東並說明理由。公司拒絕提供查閱的，股東可以請求人民法院要求公司提供查閱。

A shareholder may require access to the accounting books of the corporation. A shareholder who requests to inspect the accounts of the company shall submit a written request to the company stating the purpose. Where the company, for any justifiable reason, considers that the shareholder's request to consult the accounting books for any improper purpose may damage the legitimate rights and interests of the company, it may reject the shareholder's request and shall, within 15 days as of the date on which the shareholder submits the written request, give it a written reply which shall include an explanation. If the company rejects the request of any shareholder to consult the accounting books, the shareholder may request a people's court to require the company to approve consultation.

第三十四條   股東按照實繳的出資比例分取紅利；公司新增資本時，股東有權優先按照實繳的出資比例認繳出資。但是，全體股東約定不按照出資比例分取紅利或者不按照出資比例優先認繳出資的除外。

Article 34 Shareholders shall be entitled to receive dividends in proportion to their capital contributions; when a company increases its capital, shareholders shall have a priority right to subscribe in proportion to their capital contributions. However, exception shall be made where all the shareholders agree that bonus distribution is not in accordance with the ratio of capital contribution or subscription for capital contribution is not in accordance with the ratio of capital contribution.

第三十五條   公司成立後，股東不得抽逃出資。

Article 35 After a company is established, its shareholders may not withdraw their capital contributions.

第二節 組 織 機 構

Section Two Weaving Machine

第三十六條   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 36 The board of shareholders of a limited liability company shall comprise all its shareholders. The board of shareholders shall be the authority of the company and shall exercise its functions and powers in accordance with this Law.

第三十七條   股東會行使下列職權：

Article 37 The board of shareholders shall exercise the following functions and powers:

（一）決定公司的經營方針和投資計劃；

(I) To decide on operation guidelines and investment plan of the Company;

（二）選舉和更換非由職工代表擔任的董事、監事，決定有關董事、監事的報酬事項；

2. To elect and replace directors and supervisors whose posts are not taken by employee representatives, and to decide on matters concerning the remuneration of directors and supervisors;

（三）審議批準董事會的報告；

(III) To examine and approve reports of the board of directors;

（四）審議批準監事會或者監事的報告；

(IV) To examine and approve reports of the supervisory board or supervisors.

（五）審議批準公司的年度財務預算方案、決算方案；

(V) To examine and approve the company's proposed annual financial budgets and final accounts.

（六）審議批準公司的利潤分配方案和彌補虧損方案；

(VI) To examine and approve the company's profit distribution and loss recovery plans;

（七）對公司增加或者減少注冊資本作出決議；

(VII) to adopt resolutions on any increase or reduction in the registered capital of the company;

（八）對發行公司債券作出決議；

(VIII) To pass resolutions on the issuance of company bonds;

（九）對公司合並、分立、解散、清算或者變更公司形式作出決議；

(IX) to adopt resolutions on matters such as any merger, breakup, dissolution or liquidation of the company or any change in the legal form of the company;

（十）修改公司章程；

(X) Revising the articles of association of the company;

（十一）公司章程規定的其他職權。

11. other functions and powers stipulated in the articles of association of the company.

對前款所列事項股東以書面形式一致表示同意的，可以不召開股東會會議，直接作出決定，並由全體股東在決定文件上簽名、蓋章。

If the shareholders unanimously express consent to the matters set out in the preceding paragraph in writing, the decision may be made directly without convening a shareholders' meeting and all the shareholders shall sign and affix their seals to the decision document.

第三十八條   首次股東會會議由出資最多的股東召集和主持，依照本法規定行使職權。

Article 38 The first shareholders' meeting shall be convened and chaired by the shareholder who made the largest amount of capital contribution and shall exercise its duties and powers in accordance with the provisions of this Law.

第三十九條   股東會會議分為定期會議和臨時會議。

Article 39 Shareholders' meetings shall be divided into regular meetings and interim meetings.

定期會議應當依照公司章程的規定按時召開。代表十分之一以上表決權的股東，三分之一以上的董事，監事會或者不設監事會的公司的監事提議召開臨時會議的，應當召開臨時會議。

Regular meetings shall be convened on time in accordance with the articles of association of the company. An extraordinary meeting shall be convened if it is proposed by shareholders representing one tenth or more of the voting rights, by one third or more of the directors or by the board of supervisors or, in the case of a company without a board of supervisors, by the supervisors.

第四十條   有限責任公司設立董事會的，股東會會議由董事會召集，董事長主持；董事長不能履行職務或者不履行職務的，由副董事長主持；副董事長不能履行職務或者不履行職務的，由半數以上董事共同推舉一名董事主持。

Article 40 In the case of limited liability companies which have established a board of directors, the shareholders' meetings shall be convened by the board of directors and chaired by the chairman; where the chairman is unable or fails to perform his/her duties, the deputy chairman shall chair the shareholders' meetings; where the deputy chairman is unable or fails to perform his/her duties, a director appointed by more than half of the board of directors shall chair the meetings.

有限責任公司不設董事會的，股東會會議由執行董事召集和主持。

If a limited liability company has no board of directors, the shareholders’ meeting shall be convened and presided over by the executive director.

董事會或者執行董事不能履行或者不履行召集股東會會議職責的，由監事會或者不設監事會的公司的監事召集和主持；監事會或者監事不召集和主持的，代表十分之一以上表決權的股東可以自行召集和主持。

Where the board of directors or the executive director is unable or fails to fulfill its or his duty to convene a meeting of the board of shareholders, the board of supervisors or, where there is no board of supervisors, a supervisor of the company shall convene and preside over the meeting. Where the board of supervisors or supervisor does not convene or preside over such a meeting, a shareholder representing one-tenth or more of the voting rights may convene and preside over the meeting on his or its own initiative.

第四十一條   召開股東會會議，應當於會議召開十五日前通知全體股東；但是，公司章程另有規定或者全體股東另有約定的除外。

Article 41. All shareholders shall be notified 15 days before a shareholders' meeting is convened, unless otherwise provided in the articles of association of the company or otherwise agreed by all shareholders.

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' meeting shall keep minutes of their decisions on matters discussed at it; the shareholders present at the meeting shall sign the minutes.

第四十二條   股東會會議由股東按照出資比例行使表決權；但是，公司章程另有規定的除外。

Article 42 Unless otherwise provided for in the articles of association, the shareholders shall exercise their voting rights at shareholders’ meetings in proportion to their respective contributions to the registered capital of the Company.

第四十三條   股東會的議事方式和表決程序，除本法有規定的外，由公司章程規定。

Article 43 The rules of procedure and voting procedures of the board of shareholders shall be stipulated by the articles of association of the company, unless otherwise provided in this Law.

股東會會議作出修改公司章程、增加或者減少注冊資本的決議，以及公司合並、分立、解散或者變更公司形式的決議，必須經代表三分之二以上表決權的股東通過。

Resolutions of the board of shareholders on amendment to the articles of association of the company, increase or reduction of registered capital, merger, division, dissolution or change of company structure shall be passed by shareholders representing two-thirds or more of the voting rights.

第四十四條   有限責任公司設董事會，其成員為三人至十三人；但是，本法第五十條另有規定的除外。

Article 44 The board of directors of limited liability companies shall comprise three to 13 members, unless otherwise stipulated in Article 50.

兩個以上的國有企業或者兩個以上的其他國有投資主體投資設立的有限責任公司，其董事會成員中應當有公司職工代表；其他有限責任公司董事會成員中可以有公司職工代表。董事會中的職工代表由公司職工通過職工代表大會、職工大會或者其他形式民主選舉產生。

The board of directors of a limited liability company invested in and established by two or more State-owned enterprises or two or more other State-owned investment entities shall comprise employees' representatives of the company. The board of directors of any other limited liability company may comprise employees' representatives of the company. Employee representatives who serve as board directors shall be democratically elected through the employee representatives' assembly, the employees' assembly or otherwise.

董事會設董事長一人，可以設副董事長。董事長、副董事長的產生辦法由公司章程規定。

The board of directors shall appoint a chairman and may appoint a deputy chairman. The method of appointment of the chairman and vice-chairmen shall be specified in the articles of association of the company.

第四十五條   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 45 The term of office of the directors shall be stipulated by the articles of association of the company but may not exceed three years. A director may serve consecutive terms if reelected upon expiration of his or her term of office.

董事任期屆滿未及時改選，或者董事在任期內辭職導致董事會成員低於法定人數的，在改選出的董事就任前，原董事仍應當依照法律、行政法規和公司章程的規定，履行董事職務。

If no reelection is timely carried out after the expiry of the term of office of the directors, or if the number of the members of the board of directors is less than the quorum due to the resignation of any directors from the board of directors prior to the expiry of their term of office, the original directors shall, before the newly elected directors assume their posts, exercise the authorities of the directors according to laws, administrative regulations and the articles of association.

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 shall be responsible to the board of shareholders and shall exercise the following functions and powers:

（一）召集股東會會議，並向股東會報告工作；

1. Convening shareholders' meetings and reporting on its work to the shareholders' meeting;

（二）執行股東會的決議；

(II) to implement the resolutions of the shareholders' meetings;

（三）決定公司的經營計劃和投資方案；

3. to decide on the business plans and investment plans of the company;

（四）制訂公司的年度財務預算方案、決算方案；

(IV) to formulate the company's proposed annual financial budgets and final accounts;

（五）制訂公司的利潤分配方案和彌補虧損方案；

(V) to formulate plans for profit distribution and recovery of losses;

（六）制訂公司增加或者減少注冊資本以及發行公司債券的方案；

(VI) to formulate plans for increasing or reducing the registered capital of the company and for the issue of company bonds;

（七）制訂公司合並、分立、解散或者變更公司形式的方案；

(VII) to formulate plans for the merger, division, dissolution or change of corporate form of the company;

（八）決定公司內部管理機構的設置；

(VIII) to decide on the establishment of the company's internal management organs;

（九）決定聘任或者解聘公司經理及其報酬事項，並根據經理的提名決定聘任或者解聘公司副經理、財務負責人及其報酬事項；

(IX) to decide on the appointment or dismissal of the manager of the company and his remuneration, and to decide on the appointment or dismissal of the deputy manager (s) and person (s) in charge of financial affairs of the company according to the recommendations of the manager and on their remuneration;

（十）制定公司的基本管理制度；

(X) To formulate the company's basic management system;

（十一）公司章程規定的其他職權。

11. other functions and powers stipulated in the articles of association of the company.

第四十七條   董事會會議由董事長召集和主持；董事長不能履行職務或者不履行職務的，由副董事長召集和主持；副董事長不能履行職務或者不履行職務的，由半數以上董事共同推舉一名董事召集和主持。

Article 47 Meetings of the board of directors shall be convened and chaired by the chairman; where the chairman is unable or fails to perform his/her duties, the deputy chairman shall convene and chair the meeting; where the deputy chairman is unable or fails to perform his/her duties, a director appointed by more than half of the board of directors shall convene and chair the meeting.

第四十八條   董事會的議事方式和表決程序，除本法有規定的外，由公司章程規定。

Article 48 The rules of procedure and voting procedures of the board of directors shall be stipulated by the articles of association of the company, unless otherwise provided in this Law.

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 of directors shall keep minutes of decisions made on matters discussed at its meetings, which shall be signed by the directors present.

董事會決議的表決，實行一人一票。

When voting on a board resolution, each director shall have one vote.

第四十九條   有限責任公司可以設經理，由董事會決定聘任或者解聘。經理對董事會負責，行使下列職權：

Article 49 Managers of limited liability companies may be appointed or dismissed by the board of directors. The manager shall be responsible to the board of directors and shall have the following authorities:

（一）主持公司的生產經營管理工作，組織實施董事會決議；

1. to be in charge of the production, operation and management of the company and to organize the implementation of the resolutions of the board of directors;

（二）組織實施公司年度經營計劃和投資方案；

(II) To organize the implementation of the company's annual business plans and investment plans;

（三）擬訂公司內部管理機構設置方案；

(III) To draft plans for the establishment of the company's internal management structure;

（四）擬訂公司的基本管理制度；

(IV) to draft the company's basic management system;

（五）制定公司的具體規章；

(V) To formulate detailed company rules;

（六）提請聘任或者解聘公司副經理、財務負責人；

(VI) to propose the appointment or dismissal of the company's deputy manager and financial officers;

（七）決定聘任或者解聘除應由董事會決定聘任或者解聘以外的負責管理人員；

(VII) To appoint or dismiss management personnel other than those to be appointed or dismissed by the board of directors; and

（八）董事會授予的其他職權。

(VIII) other functions and powers granted by the board of directors.

公司章程對經理職權另有規定的，從其規定。

Where the articles of association of the company otherwise provide for the functions and powers of the manager, such provisions shall prevail.

經理列席董事會會議。

The manager can attend board of directors’ meetings.

第五十條   股東人數較少或者規模較小的有限責任公司，可以設一名執行董事，不設董事會。執行董事可以兼任公司經理。

Article 50 Limited liability companies with relatively fewer shareholders or of a relatively smaller scale may appoint an executive director instead of establishing a board of directors. The executive director may serve concurrently as the manager of the company.

執行董事的職權由公司章程規定。

The authorities of the executive director shall be specified in the articles of association.

第五十一條   有限責任公司設監事會，其成員不得少於三人。股東人數較少或者規模較小的有限責任公司，可以設一至二名監事，不設監事會。

Article 51 A limited liability company shall have a board of supervisors composed of no less than three members. Limited liability companies with relatively fewer shareholders or of a relatively smaller scale may appoint one to two supervisors instead of establishing a board of supervisors.

監事會應當包括股東代表和適當比例的公司職工代表，其中職工代表的比例不得低於三分之一，具體比例由公司章程規定。監事會中的職工代表由公司職工通過職工代表大會、職工大會或者其他形式民主選舉產生。

The board of supervisors shall include shareholders' representatives and an appropriate proportion of employee representatives. The proportion of employee representatives shall be specified in the articles of association but in any event shall account for no less than one third of the supervisors appointed. Employee representatives who serve as members of the board of supervisors shall be democratically elected through the employee representatives' assembly, the employees' assembly or otherwise.

監事會設主席一人，由全體監事過半數選舉產生。監事會主席召集和主持監事會會議；監事會主席不能履行職務或者不履行職務的，由半數以上監事共同推舉一名監事召集和主持監事會會議。

The board of supervisors shall have a chairman, who shall be elected by more than half of all the supervisors. The chairman of the board of supervisors shall convene and preside over meetings of the board of supervisors. Where the chairman of the board of supervisors is unable or fails to perform his duties, a supervisor nominated by a majority of the supervisors shall convene and preside over meetings of the board of supervisors.

董事、高級管理人員不得兼任監事。

Directors and senior management personnel shall not be appointed as supervisor concurrently.

第五十二條   監事的任期每屆為三年。監事任期屆滿，連選可以連任。

Article 52 The term of office of a supervisor shall be three years. A supervisor may serve consecutive terms if reelected upon expiration of his term of office.

監事任期屆滿未及時改選，或者監事在任期內辭職導致監事會成員低於法定人數的，在改選出的監事就任前，原監事仍應當依照法律、行政法規和公司章程的規定，履行監事職務。

Where no new supervisor is elected in time upon expiration of the term of office of a supervisor, or the number of members of the board of supervisors falls below the quorum due to the resignation of any supervisor during his term of office, the original supervisor shall, before the newly elected supervisor takes his office, perform his duties as a supervisor according to the laws, administrative regulations and the articles of association.

第五十三條   監事會、不設監事會的公司的監事行使下列職權：

Article 53 The board of supervisors or, where there is no board of supervisors, the supervisor (s) of a company shall exercise the following functions and powers:

（一）檢查公司財務；

1. to examine the financial affairs of the company;

（二）對董事、高級管理人員執行公司職務的行為進行監督，對違反法律、行政法規、公司章程或者股東會決議的董事、高級管理人員提出罷免的建議；

(II) To monitor the conduct of the directors or senior officers in the course of performing their duties and to propose the recall of any director or senior officer who violates any law or administrative regulations, the articles of association or any resolution of the board of shareholders;

（三）當董事、高級管理人員的行為損害公司的利益時，要求董事、高級管理人員予以糾正；

3. to require any director or senior officer who damages the company's interests to take remedial action;

（四）提議召開臨時股東會會議，在董事會不履行本法規定的召集和主持股東會會議職責時召集和主持股東會會議；

(IV) proposing to convene interim shareholders' meetings and convening and presiding over shareholders' meetings when the board of directors fails to exercise its duties in this regard as prescribed in the Law;

（五）向股東會會議提出提案；

(V) To submit proposals to the general meeting;

（六）依照本法第一百五十一條的規定，對董事、高級管理人員提起訴訟；

(VI) to institute proceedings against the directors and senior officers according to Article 151 hereof; and

（七）公司章程規定的其他職權。

(VII) other functions and powers stipulated by the articles of association of the company.

第五十四條   監事可以列席董事會會議，並對董事會決議事項提出質詢或者建議。

Article 54 Supervisors may attend meetings of the board of directors and query resolutions of the board of directors or give suggestions.

監事會、不設監事會的公司的監事發現公司經營情況異常，可以進行調查；必要時，可以聘請會計師事務所等協助其工作，費用由公司承擔。

The board of supervisors or, where there is no board of supervisors, the supervisors of a company find that the company is running abnormally, they may conduct an investigation. Where necessary, they may, at the company's expense, hire an accounting firm to assist with the investigation.

第五十五條   監事會每年度至少召開一次會議，監事可以提議召開臨時監事會會議。

Article 55 The board of supervisors shall convene at least one meeting every year; a supervisor may propose to convene an ad hoc meeting of the board of supervisors.

監事會的議事方式和表決程序，除本法有規定的外，由公司章程規定。

The rules of procedure and voting procedures of the board of supervisors shall be stipulated by the articles of association of the company, unless otherwise provided in this Law.

監事會決議應當經半數以上監事通過。

Resolutions of the board of supervisors shall be adopted by a majority of supervisors.

監事會應當對所議事項的決定作成會議記錄，出席會議的監事應當在會議記錄上簽名。

The board of supervisors shall keep minutes of its decisions on the matters under its consideration. The supervisors present at the meeting shall sign the minutes of the meeting.

第五十六條   監事會、不設監事會的公司的監事行使職權所必需的費用，由公司承擔。

Article 56 The expenses necessary for the board of supervisors or, in the case of a company without board of supervisors, the supervisor to exercise their functions and powers shall be borne by the company.

第三節 一人有限責任公司的特別規定

Section 3 Special Provisions on One-person Limited Liability

第五十七條   一人有限責任公司的設立和組織機構，適用本節規定；本節沒有規定的，適用本章第一節、第二節的規定。

Article 57 The provisions of this Section shall apply to the establishment and organisation of one-person limited liability companies. Where there is no provision in this Section, the provisions of Sections 1 and 2 of this Chapter shall apply.

本法所稱一人有限責任公司，是指只有一個自然人股東或者一個法人股東的有限責任公司。

One-person limited liability companies referred to in this Law shall mean limited liability companies with only one natural person shareholder or one legal person shareholder.

第五十八條   一個自然人只能投資設立一個一人有限責任公司。該一人有限責任公司不能投資設立新的一人有限責任公司。

Article 58 A natural person shall invest in a one-person limited liability company only. Such a one-person limited liability company shall not invest in the establishment of a new one-person limited liability company.

第五十九條   一人有限責任公司應當在公司登記中注明自然人獨資或者法人獨資，並在公司營業執照中載明。

Article 59 A one-person limited liability company shall state natural person sole proprietorship or legal person sole proprietorship in its company registration, and state so in the company's business licence.

第六十條   一人有限責任公司章程由股東制定。

Article 60 The articles of association of a one-person limited liability company shall be formulated by the shareholder.

第六十一條   一人有限責任公司不設股東會。股東作出本法第三十七條第一款所列決定時，應當采用書面形式，並由股東簽名後置備於公司。

Article 61 One-person limited liability companies shall not establish a board of shareholders. A shareholder shall put decisions stipulated in the first paragraph of Article 37 in writing and keep such documents in the company after signing.

第六十二條   一人有限責任公司應當在每一會計年度終了時編制財務會計報告，並經會計師事務所審計。

Article 62 One-person limited liability companies shall formulate a financial accounting report at each accounting year-end for audit by an accounting firm.

第六十三條   一人有限責任公司的股東不能證明公司財產獨立於股東自己的財產的，應當對公司債務承擔連帶責任。

Article 63 If the shareholder of a one-person limited liability company is unable to prove that the property of the company is independent of the shareholder's own property, he shall bear joint liabilities for the debts of the company.

第四節 國有獨資公司的特別規定

Section 4 Special Provisions on Wholly State-owned Companies

第六十四條   國有獨資公司的設立和組織機構，適用本節規定；本節沒有規定的，適用本章第一節、第二節的規定。

Article 64. The provisions of this Section shall apply to the establishment and organisation of State-owned wholly-funded companies. Where there is no provision in this Section, the provisions of Sections 1 and 2 of this Chapter shall apply.

本法所稱國有獨資公司，是指國家單獨出資、由國務院或者地方人民政府授權本級人民政府國有資產監督管理機構履行出資人職責的有限責任公司。

For the purpose of the Law, the term "wholly state-owned company" refers to a limited liability company solely invested in by the State and for which the State Council or the local people's government has authorized the state-owned assets supervision and administration institution of the people's government at the same level to perform the responsibilities of an investor.

第六十五條   國有獨資公司章程由國有資產監督管理機構制定，或者由董事會制訂報國有資產監督管理機構批準。

Article 65. The articles of association of State-owned wholly-funded companies shall be formulated by the State-owned assets supervision and administration authorities or formulated by the board of directors and submitted to the State-owned assets supervision and administration authorities for approval.

第六十六條   國有獨資公司不設股東會，由國有資產監督管理機構行使股東會職權。國有資產監督管理機構可以授權公司董事會行使股東會的部分職權，決定公司的重大事項，但公司的合並、分立、解散、增加或者減少注冊資本和發行公司債券，必須由國有資產監督管理機構決定；其中，重要的國有獨資公司合並、分立、解散、申請破產的，應當由國有資產監督管理機構審核後，報本級人民政府批準。

Article 66 A wholly state-owned company shall have no board of shareholders. The state-owned assets supervision and administration institution shall exercise the functions and powers of the board of shareholders. The state-owned assets supervision and administration institution may authorize the board of directors of the company to exercise some of the functions and powers of the shareholders' meeting and decide on important matters of the company. However, the merger, division or dissolution of the company, the increase or reduction of its registered capital or the issuance of corporate bonds shall be decided by the state-owned assets supervision and administration institution. The merger, division, dissolution or bankruptcy application of an important solely state-owned company shall be subject to the examination of the state-owned assets supervision and administration institution, and then be reported to the people's government at the same level for approval.

前款所稱重要的國有獨資公司，按照國務院的規定確定。

The aforesaid significant State-owned wholly-funded companies shall be determined in accordance with the provisions of the State Council.

第六十七條   國有獨資公司設董事會，依照本法第四十六條、第六十六條的規定行使職權。董事每屆任期不得超過三年。董事會成員中應當有公司職工代表。

Article 67 The board of directors of State-owned wholly-funded companies shall exercise duties and powers stipulated in Article 46 and Article 66. The term of office of the directors shall not exceed three years. The board of directors shall comprise employees' representatives.

董事會成員由國有資產監督管理機構委派；但是，董事會成員中的職工代表由公司職工代表大會選舉產生。

The members of the board of directors shall be appointed by the State-owned assets supervision and administration authorities; however, employees' representatives sitting on the board of directors shall be elected by an employees' representative congress.

董事會設董事長一人，可以設副董事長。董事長、副董事長由國有資產監督管理機構從董事會成員中指定。

The board of directors shall appoint a chairman and may appoint a deputy chairman. The chairman and vice-chairman shall be designated by the State-owned assets supervision and administration authority from among the members of the board of directors.

第六十八條   國有獨資公司設經理，由董事會聘任或者解聘。經理依照本法第四十九條規定行使職權。

Article 68 A wholly state-owned company shall have a manager, who shall be appointed or dismissed by the board of directors. The manager shall exercise duties and powers in accordance with the provisions of Article 49.

經國有資產監督管理機構同意，董事會成員可以兼任經理。

Upon consent of the state-owned assets supervision and administration institution, a member of the board of directors may concurrently hold the post of a manager.

第六十九條   國有獨資公司的董事長、副董事長、董事、高級管理人員，未經國有資產監督管理機構同意，不得在其他有限責任公司、股份有限公司或者其他經濟組織兼職。

Article 69. The chairman, deputy chairmen, directors and senior management personnel of State-owned wholly-funded companies shall not hold a post concurrently in other limited liability companies, companies limited by shares or economic organisations without the consent of the State-owned assets supervision and administration authorities.

第七十條   國有獨資公司監事會成員不得少於五人，其中職工代表的比例不得低於三分之一，具體比例由公司章程規定。

Article 70. The board of supervisors of State-owned wholly-funded companies shall comprise not less than five members; the ratio of employees' representatives shall not be less than one-third. The ratio shall be stipulated by the articles of association of the company.

監事會成員由國有資產監督管理機構委派；但是，監事會成員中的職工代表由公司職工代表大會選舉產生。監事會主席由國有資產監督管理機構從監事會成員中指定。

The members of the board of supervisors shall be appointed by the State-owned assets supervision and administration authority. However, the representatives of the staff and workers among the members of the board of supervisors shall be elected by the staff and workers’ congress of the company. The chairman of the board of supervisors shall be designated by the state-owned assets supervision and administration institution from the members of the board of supervisors.

監事會行使本法第五十三條第（一）項至第（三）項規定的職權和國務院規定的其他職權。

The board of supervisors shall exercise the duties and powers stipulated in item (1) to item (3) of Article 53 and any other duties and powers stipulated by the State Council.

第三章 有限責任公司的股權轉讓

Chapter 3 Transfer of Equity Interests in Limited Liability Companies

第七十一條   有限責任公司的股東之間可以相互轉讓其全部或者部分股權。

Article 71 The shareholders of a limited liability company may transfer all or part of their equity interests in the company to each other.

股東向股東以外的人轉讓股權，應當經其他股東過半數同意。股東應就其股權轉讓事項書面通知其他股東征求同意，其他股東自接到書面通知之日起滿三十日未答複的，視為同意轉讓。其他股東半數以上不同意轉讓的，不同意的股東應當購買該轉讓的股權；不購買的，視為同意轉讓。

A shareholder proposing to transfer its equity interests to a non-shareholder shall obtain the consent of more than half of the other shareholders. The shareholder shall notify the other shareholders in writing of the transfer of equity interests and seek their consent. Where the other shareholders do not reply within 30 days from receipt of the written notice, they shall be deemed to consent to the transfer. If a majority of the other shareholders do not consent to such transfer, the disconsenting shareholders shall purchase such equity interest to be transferred; if not, they shall be deemed to consent to such transfer.

經股東同意轉讓的股權，在同等條件下，其他股東有優先購買權。兩個以上股東主張行使優先購買權的，協商確定各自的購買比例；協商不成的，按照轉讓時各自的出資比例行使優先購買權。

The other shareholders shall have the right of first refusal to purchase the equity interest approved by the shareholders to be transferred under the equivalent conditions. If more than two shareholders exercise the right of first refusal, they shall determine their respective purchase percentage through consultation; if such consultation fails, they shall exercise the right of first refusal in proportion to their respective contributions to the registered capital of the Company when the equity interest is transferred.

公司章程對股權轉讓另有規定的，從其規定。

Where the articles of association of a company stipulate otherwise on equity transfer, such provisions shall prevail.

第七十二條   人民法院依照法律規定的強制執行程序轉讓股東的股權時，應當通知公司及全體股東，其他股東在同等條件下有優先購買權。其他股東自人民法院通知之日起滿二十日不行使優先購買權的，視為放棄優先購買權。

Article 72 When a people's court transfers the equity interests of a shareholder in a company in accordance with the enforcement procedures stipulated by laws, it shall notify the company and all its shareholders and the other shareholders shall have pre-emptive rights to acquire such equity interests on similar terms. If any of the other shareholders fails to exercise the right of first refusal within twenty days from the date of the notification by the people’s court, such shareholder shall be deemed to have waived the right of first refusal.

第七十三條   依照本法第七十一條、第七十二條轉讓股權後，公司應當注銷原股東的出資證明書，向新股東簽發出資證明書，並相應修改公司章程和股東名冊中有關股東及其出資額的記載。對公司章程的該項修改不需再由股東會表決。

Article 73. Following a transfer of equity interests in accordance with the provisions of Article 71 and Article 72, the company shall cancel the capital contribution certificate of the original shareholder, issue a new capital contribution certificate to the new shareholder (s) and make corresponding amendments to the articles of association of the company and the records of shareholders and their amount of capital contribution in the register of shareholders. Such amendment to these Articles of Association shall not require the voting at the shareholders’ meeting.

第七十四條   有下列情形之一的，對股東會該項決議投反對票的股東可以請求公司按照合理的價格收購其股權：

Article 74 Under any of the following circumstances, a shareholder who votes against the resolution of the board of shareholders may request the company to purchase his/its equity interests at a reasonable price:

（一）公司連續五年不向股東分配利潤，而公司該五年連續盈利，並且符合本法規定的分配利潤條件的；

1. The company has not distributed any profits to the shareholders for five consecutive years, but it has made profits for five consecutive years and meets the conditions for distribution of profits as provided in this Law;

（二）公司合並、分立、轉讓主要財產的；

(II) Merger, division or transfer of major properties of the company;

（三）公司章程規定的營業期限屆滿或者章程規定的其他解散事由出現，股東會會議通過決議修改章程使公司存續的。

(III) the term of operation as stipulated by the articles of association of the company expires or other reasons for dissolution as stipulated by the articles of association occur, and the shareholders' meeting makes the company continue exist by modifying the articles of association through adopting a resolution.

自股東會會議決議通過之日起六十日內，股東與公司不能達成股權收購協議的，股東可以自股東會會議決議通過之日起九十日內向人民法院提起訴訟。

Within 60 days after the resolution is adopted at the shareholders' meeting, if the shareholder and the company fail to reach an agreement on the purchase of stock rights, the shareholder may file a lawsuit to the people's court within 90 days after the resolution is adopted at the shareholders' meeting.

第七十五條   自然人股東死亡後，其合法繼承人可以繼承股東資格；但是，公司章程另有規定的除外。

Article 75 After the death of a natural person shareholder, his lawful successor may succeed the shareholder's qualifications, unless otherwise specified in the articles of association of the company.

第四章 股份有限公司的設立和組織機構

Chapter 4 Establishment and Organizational Structure of Joint Stock Limited Companies

第一節 設 立

Section 1 Establishment

第七十六條   設立股份有限公司，應當具備下列條件：

Article 76 The establishment of a joint stock limited company shall satisfy the following conditions:

（一）發起人符合法定人數；

1. the number of promoters meets the requirement of the law;

（二）有符合公司章程規定的全體發起人認購的股本總額或者募集的實收股本總額；

(II) the total amount of share capital subscribed for or the total amount of paid-up share capital raised by all the promoters is in compliance with the articles of association of the company;

（三）股份發行、籌辦事項符合法律規定；

3. the issue of shares and related preliminary matters comply with the provisions of the law;

（四）發起人制訂公司章程，采用募集方式設立的經創立大會通過；

(IV) the company's articles of association have been formulated by the promoters; in the case of establishment by means of share offer, the articles of association shall have been adopted at the inaugural 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) The company has a name and its organizational structure complies with that of a joint stock limited company; and

（六）有公司住所。

(VI) the company has a domicile.

第七十七條   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 77 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。

Incorporation by means of sponsorship "means incorporation of a company by means of 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，其餘股份向社會公開募集或者向特定對象募集而設立公司。

Incorporation by means of share offer means incorporation of a company by means of subscription by the sponsors for a portion of the shares to be issued by the company and offer of the remainder to the general public or to specified targets.

第七十八條   設立股份有限公司，應當有二人以上二百人以下為發起人，其中須有半數以上的發起人在中國境內有住所。

Article 78 To establish a joint stock limited company, there shall be not less than 2 but not more than 200 initiators, of whom half or more shall have a domicile within the territory of China.

第七十九條   股份有限公司發起人承擔公司籌辦事務。

Article 79 The promoters of a company limited by shares shall handle the preparatory matters of the company.

發起人應當簽訂發起人協議，明確各自在公司設立過程中的權利和義務。

The promoters shall enter into a promoters' agreement to specify their respective rights and obligations in the process of establishment of the company.

第八十條   股份有限公司采取發起設立方式設立的，注冊資本為在公司登記機關登記的全體發起人認購的股本總額。在發起人認購的股份繳足前，不得向他人募集股份。

Article 80 The registered capital of a company limited by shares established by promotion shall be the total share capital subscribed by all the promoters as registered with the company registration authorities. Before the shares subscribed for by all promoters are paid in full, the offer of shares to others may not be carried out.

股份有限公司采取募集方式設立的，注冊資本為在公司登記機關登記的實收股本總額。

The registered capital of a company limited by shares established by share float shall be the total paid-up capital registered with the company registration authorities.

法律、行政法規以及國務院決定對股份有限公司注冊資本實繳、注冊資本最低限額另有規定的，從其規定。

Where the laws and administrative regulations stipulate otherwise on paid-up registered capital and the minimum registered capital for companies limited by shares, such provisions shall prevail.

第八十一條   股份有限公司章程應當載明下列事項：

Article 81 The articles of association of a joint stock limited company shall specify the following:

（一）公司名稱和住所；

1. the name and domicile of the company;

（二）公司經營範圍；

2. the business scope of the company;

（三）公司設立方式；

3. the method of establishment of the company;

（四）公司股份總數、每股金額和注冊資本；

(IV) total shares, par value of each share and the amount of registered capital of the company;

（五）發起人的姓名或者名稱、認購的股份數、出資方式和出資時間；

(V) the names of and number of shares subscribed for by the promoters, and their methods and time of capital contribution;

（六）董事會的組成、職權和議事規則；

(VI) the composition, functions and powers and rules of procedure of the board of directors;

（七）公司法定代表人；

(VII) the legal representative of the company;

（八）監事會的組成、職權和議事規則；

(VIII) the composition, authorities and rules of procedure of the board of supervisors;

（九）公司利潤分配辦法；

(IX) the company's method of profit distribution;

（十）公司的解散事由與清算辦法；

(X) the reasons for dissolution of the company and liquidation methods;

（十一）公司的通知和公告辦法；

(XI) methods for notices and announcements of the company; and

（十二）股東大會會議認為需要規定的其他事項。

(XII) other matters deemed necessary by the general meeting.

第八十二條   發起人的出資方式，適用本法第二十七條的規定。

Article 82 The provisions of Article 27 shall apply to the methods of capital contribution by promoters.

第八十三條   以發起設立方式設立股份有限公司的，發起人應當書面認足公司章程規定其認購的股份，並按照公司章程規定繳納出資。以非貨幣財產出資的，應當依法辦理其財產權的轉移手續。

Article 83. Promoters of a company limited by shares established by promotion shall subscribe in writing to the number of shares stipulated by the articles of association of the company. In the case of capital contributions to be made in non-cash assets, the formalities for transfer of property rights shall be completed pursuant to the law.

發起人不依照前款規定繳納出資的，應當按照發起人協議承擔違約責任。

Any promoter who fails to make capital contributions in accordance with the provisions of the preceding paragraph shall be liable for breach of contract in accordance with the promoters' agreement.

發起人認足公司章程規定的出資後，應當選舉董事會和監事會，由董事會向公司登記機關報送公司章程以及法律、行政法規規定的其他文件，申請設立登記。

Upon capital contribution fully subscribed by the promoters as stipulated in the company's articles of association, the board of directors and board of supervisors shall be elected, the board of directors shall submit the company's articles of association and other documents stipulated by the laws and administrative regulations to the company registration authorities to apply for incorporation and registration.

第八十四條   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於公司股份總數的百分之三十五；但是，法律、行政法規另有規定的，從其規定。

Article 84 The shares subscribed by the promoters of a company limited by shares established by share float shall not be less than 35% of the total number of shares of the company, unless otherwise stipulated by laws and administrative regulations.

第八十五條   發起人向社會公開募集股份，必須公告招股說明書，並制作認股書。認股書應當載明本法第八十六條所列事項，由認股人填寫認購股數、金額、住所，並簽名、蓋章。認股人按照所認購股數繳納股款。

Article 85 Where shares are to be offered to the general public, the sponsors must publish the company's prospectus on share offer and prepare subscription forms. The subscription forms shall contain the items listed in Article 86 of this Law, and the subscribers shall fill in the number of shares subscribed for, the amount of money contributed to, and their domiciles on the forms, and shall sign and seal such forms. The subscriber is required to make payment based upon the number of shares subscribed for.

第八十六條   招股說明書應當附有發起人制訂的公司章程，並載明下列事項：

Article 86 A prospectus on share offer shall have the articles of association of the company formulated by the sponsors attached, and shall specify the following:

（一）發起人認購的股份數；

1. the number of shares subscribed for by the promoters;

（二）每股的票面金額和發行價格；

(II) the par value and issuance price of each Share;

（三）無記名股票的發行總數；

(III) the total number of bearer shares issued;

（四）募集資金的用途；

(IV) the purpose of the funds raised;

（五）認股人的權利、義務；

(V) the rights and obligations of subscribers; and

（六）本次募股的起止期限及逾期未募足時認股人可以撤回所認股份的說明。

(VI) the term of the share offer and a statement to the effect that subscribers may withdraw their share subscriptions if all the shares are not taken up within the time limit.

第八十七條   發起人向社會公開募集股份，應當由依法設立的證券公司承銷，簽訂承銷協議。

Article 87 A public offer of shares shall be underwritten by a lawfully established securities company, and an underwriting agreement shall be concluded.

第八十八條   發起人向社會公開募集股份，應當同銀行簽訂代收股款協議。

Article 88 In a public offer of shares, the promoters shall enter into an agreement with the receiving bankers.

代收股款的銀行應當按照協議代收和保存股款，向繳納股款的認股人出具收款單據，並負有向有關部門出具收款證明的義務。

The receiving banker shall receive and hold as agent the payments for shares in accordance with the agreement, issue receipts to subscribers who have made the payments, and shall be obliged to issue evidence of receipt of payments to the relevant departments.

第八十九條   發行股份的股款繳足後，必須經依法設立的驗資機構驗資並出具證明。發起人應當自股款繳足之日起三十日內主持召開公司創立大會。創立大會由發起人、認股人組成。

Article 89 After full payment of the subscription money for any issue of shares, a lawfully established capital verification institution shall be commissioned to conduct a capital verification and issue a capital verification certificate. The promoters shall convene a founding meeting within 30 days from the date on which the share capital is fully paid up. The founding meeting shall be composed of promoters and 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後，發起人在三十日內未召開創立大會的，認股人可以按照所繳股款並加算銀行同期存款利息，要求發起人返還。

If the number of shares has not been fully subscribed for within the time limit specified in the prospectus on share offer or, after payment in full of the subscription money for the total share is made, or if sponsors fail to hold an inaugural meeting within thirty days thereafter, the subscribers may claim a refund from the sponsors according to the paid-up share subscription money plus bank deposit interest calculated for the same period.

第九十條   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過半數的發起人、認股人出席，方可舉行。

Article 90. The promoters shall notify all subscribers or make a public announcement of the date of the founding meeting 15 days in advance of the meeting. The founding meeting shall be held only if attended by the promoters and subscribers representing more than half of the total number of shares.

創立大會行使下列職權：

The following functions shall be exercised at the inaugural meeting:

（一）審議發起人關於公司籌辦情況的報告；

1. to examine the sponsors' report on the preparation for the establishment of the company;

（二）通過公司章程；

2. to adopt the articles of association of the company;

（三）選舉董事會成員；

(III) to elect the members of the board of directors;

（四）選舉監事會成員；

(IV) to elect the members of the board of supervisors;

（五）對公司的設立費用進行審核；

(V) To examine the expenses on the establishment of the company;

（六）對發起人用於抵作股款的財產的作價進行審核；

(VI) to examine and verify the valuation of the property used by the sponsors to pay for subscription money; and

（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。

(VII) if force majeure or a major change in business conditions occurs and directly affects the establishment of the company, a resolution of not establishing the company may be made.

創立大會對前款所列事項作出決議，必須經出席會議的認股人所持表決權過半數通過。

Any resolution made at the establishment meeting on any of the matters described in the preceding paragraph must be adopted by subscribers attending the meeting representing more than half of the voting rights.

第九十一條   發起人、認股人繳納股款或者交付抵作股款的出資後，除未按期募足股份、發起人未按期召開創立大會或者創立大會決議不設立公司的情形外，不得抽回其股本。

Article 91 Promoters and subscribers may not withdraw their share capital after paying their subscription money or making their capital contributions as substitutes for subscription money, except where the total share issue is not fully subscribed for within the time limit or the promoters fail to convene the inaugural meeting within the time limit or a resolution not to establish the company is adopted at the inaugural meeting.

第九十二條   董事會應於創立大會結束後三十日內，向公司登記機關報送下列文件，申請設立登記：

Article 92 The board of directors shall, within 30 days of the conclusion of the establishment meeting, submit the following documents to the company registration authority to apply for registration:

（一）公司登記申請書；

1. a company registration application;

（二）創立大會的會議記錄；

(II) the minutes of the establishment meeting;

（三）公司章程；

(III) the company's articles of association;

（四）驗資證明；

(IV) the capital verification certificate;

（五）法定代表人、董事、監事的任職文件及其身份證明；

(V) the appointment documents and identity certificates of the legal representative, directors and supervisors;

（六）發起人的法人資格證明或者自然人身份證明；

(VI) Qualification certificates of legal person status of the promoters or the identification of a natural person;

（七）公司住所證明。

(VII) Certification of the company's domicile.

以募集方式設立股份有限公司公開發行股票的，還應當向公司登記機關報送國務院證券監督管理機構的核準文件。

A company limited by shares established by way of share float shall also submit the approval document issued by the securities regulatory authorities of the State Council to the company registration authorities.

第九十三條   股份有限公司成立後，發起人未按照公司章程的規定繳足出資的，應當補繳；其他發起人承擔連帶責任。

Article 93. Promoters of a company limited by shares who fail to make full capital contribution in accordance with the provisions of the articles of association of the company shall make up for the payment; other promoters shall bear joint liability.

股份有限公司成立後，發現作為設立公司出資的非貨幣財產的實際價額顯著低於公司章程所定價額的，應當由交付該出資的發起人補足其差額；其他發起人承擔連帶責任。

After the establishment of a joint stock limited company, if it is found that the actual value of the non-monetary properties used as capital contributions for the establishment of the company is obviously lower than that as prescribed in the articles of association, the promoter who made the capital contributions shall make up the balance, and the other promoters shall bear joint liabilities.

第九十四條   股份有限公司的發起人應當承擔下列責任：

Article 94 The sponsors of a joint stock limited company shall bear the following responsibilities:

（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；

1. to be jointly liable for the debts and expenses arising from actions to establish the company, if the company cannot be established;

（二）公司不能成立時，對認股人已繳納的股款，負返還股款並加算銀行同期存款利息的連帶責任；

(II) to be jointly liable to refund subscribers' payments for shares plus interest at the bank's rate for a deposit of the same term, if the company cannot be established;

（三）在公司設立過程中，由於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) to be responsible for compensating the company for damage the interests of the company caused by fault of promoters during the process of establishing the company.

第九十五條   有限責任公司變更為股份有限公司時，折合的實收股本總額不得高於公司淨資產額。有限責任公司變更為股份有限公司，為增加資本公開發行股份時，應當依法辦理。

Article 95. In the case of a conversion from a limited liability company into a company limited by shares, the total amount of converted paid-up capital shall not exceed the net asset value of the company. In the event of conversion of a limited liability company to a company limited by shares, the public offering of shares for increase in capital shall be carried out pursuant to the law.

第九十六條   股份有限公司應當將公司章程、股東名冊、公司債券存根、股東大會會議記錄、董事會會議記錄、監事會會議記錄、財務會計報告置備於本公司。

Article 96. Companies limited by shares shall keep the articles of association of the company, register of shareholders, corporate bonds counterfoil book, minutes of meetings of the board of shareholders, minutes of meetings of the board of directors, minutes of meetings of the board of supervisors and financial reports at the company.

第九十七條   股東有權查閱公司章程、股東名冊、公司債券存根、股東大會會議記錄、董事會會議決議、監事會會議決議、財務會計報告，對公司的經營提出建議或者質詢。

Article 97 Shareholders shall have the right to inspect the articles of association of the company, register of shareholders, corporate bonds counterfoil book, minutes of meetings of the board of shareholders, resolutions of the board of directors, resolutions of the board of supervisors and financial reports and may give suggestions on or query the operations of the company.

第二節 股 東 大 會

Section II Shareholders' Meeting

第九十八條   股份有限公司股東大會由全體股東組成。股東大會是公司的權力機構，依照本法行使職權。

Article 98 The shareholders’ general meeting of a joint stock limited company shall consist of all the shareholders. The shareholders’ meeting is the authority of the Company and shall exercise its powers in accordance with this Law.

第九十九條   本法第三十七條第一款關於有限責任公司股東會職權的規定，適用於股份有限公司股東大會。

Article 99 The provisions of the first paragraph of Article 37 on duties and powers of the board of shareholders of limited liability companies shall apply to shareholders' general meetings of companies limited by shares.

第一百條   股東大會應當每年召開一次年會。有下列情形之一的，應當在兩個月內召開臨時股東大會：

Article 100 A shareholders' general meeting shall be convened once every year. An interim shareholders' general meeting shall be held within two months in any of the following circumstances:

（一）董事人數不足本法規定人數或者公司章程所定人數的三分之二時；

1. The number of directors is less than two- thirds of the number of directors as required by this Law or specified in the articles of association;

（二）公司未彌補的虧損達實收股本總額三分之一時；

2. The un-recovered losses of the company reach one-third of the total paid-up share capital;

（三）單獨或者合計持有公司百分之十以上股份的股東請求時；

(III) where shareholders who individually or jointly hold no less than 10% of the company's stock request that a meeting be held;

（四）董事會認為必要時；

(IV) where the board of directors deems it necessary; and

（五）監事會提議召開時；

(V) Where the board of supervisors proposes such a meeting;

（六）公司章程規定的其他情形。

(VI) other circumstances stipulated by the articles of association of the company.

第一百零一條   股東大會會議由董事會召集，董事長主持；董事長不能履行職務或者不履行職務的，由副董事長主持；副董事長不能履行職務或者不履行職務的，由半數以上董事共同推舉一名董事主持。

Article 101 A shareholders' general meeting shall be convened by the board of directors and chaired by the chairman; where the chairman is unable or fails to perform his/her duties, the deputy chairman shall chair the meeting; where the deputy chairman is unable or fails to perform his/her duties, a director appointed by more than half of the board of directors shall chair the meeting.

董事會不能履行或者不履行召集股東大會會議職責的，監事會應當及時召集和主持；監事會不召集和主持的，連續九十日以上單獨或者合計持有公司百分之十以上股份的股東可以自行召集和主持。

Where the board of directors is unable to or does not perform the duties of convening a shareholders' general meeting, the board of supervisors shall promptly convene and chair a meeting; where the board of supervisors does not convene and chair a meeting, a shareholder who holds 10% or more of the shares of the company or several shareholders who hold 10% or more of the shares of the company jointly for 90 or more consecutive days may convene and chair a meeting.

第一百零二條   召開股東大會會議，應當將會議召開的時間、地點和審議的事項於會議召開二十日前通知各股東；臨時股東大會應當於會議召開十五日前通知各股東；發行無記名股票的，應當於會議召開三十日前公告會議召開的時間、地點和審議事項。

Article 102. All the shareholders shall be notified in writing 20 days in advance of a shareholders' general meeting of the date and venue of meeting and the agenda. All the shareholders shall be notified 15 days in advance of an extraordinary general meeting; where the agenda includes an issue of bearer shares, a notice of the meeting stating the date and venue of the meeting and the agenda shall be given 30 days in advance.

單獨或者合計持有公司百分之三以上股份的股東，可以在股東大會召開十日前提出臨時提案並書面提交董事會；董事會應當在收到提案後二日內通知其他股東，並將該臨時提案提交股東大會審議。臨時提案的內容應當屬於股東大會職權範圍，並有明確議題和具體決議事項。

The shareholders holding more than three percent of the Company’s shares, individually or in the aggregate, may make an interim proposal and submit it to the board of directors in writing ten days before the shareholders’ meeting; the board of directors shall notify the other shareholders within two days after receiving the proposal and submit the interim proposal for consideration at the shareholders’ meeting. The contents of a temporary proposal shall fall within the scope of authority of the general meeting, and shall have a clear topic for discussion and matters to be decided.

股東大會不得對前兩款通知中未列明的事項作出決議。

The shareholders' general meeting shall not resolve on matters which are not set out in the notice of meeting.

無記名股票持有人出席股東大會會議的，應當於會議召開五日前至股東大會閉會時將股票交存於公司。

Where holders of bearer shares attend the shareholders' general meeting, they shall deposit their share certificates with the company from five days prior to the meeting until the meeting is closed.

第一百零三條   股東出席股東大會會議，所持每一股份有一表決權。但是，公司持有的本公司股份沒有表決權。

Article 103 Shareholders attending a shareholders' general meeting shall have the right to one vote for each share held. However, the shares held by this company shall have no voting rights.

股東大會作出決議，必須經出席會議的股東所持表決權過半數通過。但是，股東大會作出修改公司章程、增加或者減少注冊資本的決議，以及公司合並、分立、解散或者變更公司形式的決議，必須經出席會議的股東所持表決權的三分之二以上通過。

Resolutions of a shareholders' general meeting shall be passed by a simple majority of votes cast by shareholders present at the meeting. However, resolutions of a shareholders' general meeting on amendment to the articles of association of the company, increase or reduction of registered capital, merger, division, dissolution or change of company form shall be passed by two-thirds or more of voting rights held by shareholders present at the meeting.

第一百零四條   本法和公司章程規定公司轉讓、受讓重大資產或者對外提供擔保等事項必須經股東大會作出決議的，董事會應當及時召集股東大會會議，由股東大會就上述事項進行表決。

Article 104. Where the provisions of this Law and the articles of association of the company require a resolution of the shareholders' general meeting for the transfer of major assets to others or vice versa or provision of guarantee to external parties etc, the board of directors shall convene a shareholders' general meeting promptly for the passing of a resolution on the aforesaid matter.

第一百零五條   股東大會選舉董事、監事，可以依照公司章程的規定或者股東大會的決議，實行累積投票制。

Article 105 A cumulative voting system may be adopted for the election of directors and supervisors at a shareholders' general meeting in accordance with the articles of association of the company or a resolution of the shareholders' general meeting.

本法所稱累積投票制，是指股東大會選舉董事或者監事時，每一股份擁有與應選董事或者監事人數相同的表決權，股東擁有的表決權可以集中使用。

For the purpose of the Law, the term "cumulative voting system" refers to a voting system whereby shareholders can multiply their voting rights by the number of candidates and cast their votes for one candidate for director or supervisor.

第一百零六條   股東可以委托代理人出席股東大會會議，代理人應當向公司提交股東授權委托書，並在授權範圍內行使表決權。

Article 106. A shareholder may appoint a proxy to attend a shareholders' general meeting; the proxy shall submit a power of attorney to the company and exercise the voting rights within the scope of authorisation.

第一百零七條   股東大會應當對所議事項的決定作成會議記錄，主持人、出席會議的董事應當在會議記錄上簽名。會議記錄應當與出席股東的簽名冊及代理出席的委托書一並保存。

Article 107 Minutes of shareholders' general meetings shall be recorded and signed by the chairman and the directors who attended the meeting. The minutes of the meeting shall be kept together with the sign-in book of the attending shareholders and the powers of attorney of the attending proxies.

第三節 董事會、經理

Section 3 The Board of Directors and Manager

第一百零八條   股份有限公司設董事會，其成員為五人至十九人。

Article 108. The board of directors of companies limited by shares shall comprise five to 19 members.

董事會成員中可以有公司職工代表。董事會中的職工代表由公司職工通過職工代表大會、職工大會或者其他形式民主選舉產生。

The board of directors may include representatives of the staff and workers of the company. Employee representatives who serve as board directors shall be democratically elected through the employee representatives' assembly, the employees' assembly or otherwise.

本法第四十五條關於有限責任公司董事任期的規定，適用於股份有限公司董事。

The provisions of Article 45 on the term of appointment of directors of limited liability companies shall apply to directors of companies limited by shares.

本法第四十六條關於有限責任公司董事會職權的規定，適用於股份有限公司董事會。

The provisions of Article 46 on duties and powers of the board of directors of limited liability companies shall apply to the board of directors of companies limited by shares.

第一百零九條   董事會設董事長一人，可以設副董事長。董事長和副董事長由董事會以全體董事的過半數選舉產生。

Article 109 The board of directors shall appoint a chairman and may appoint a deputy chairman. The Chairman and Vice Chairman shall be elected by majority vote of all Directors.

董事長召集和主持董事會會議，檢查董事會決議的實施情況。副董事長協助董事長工作，董事長不能履行職務或者不履行職務的，由副董事長履行職務；副董事長不能履行職務或者不履行職務的，由半數以上董事共同推舉一名董事履行職務。

The chairman of the board of directors shall convene and preside over the meetings of the board of directors and check the implementation of the resolutions of the board of directors. The deputy chairman shall assist the chairman to work. Where the chairman is unable or fails to perform his/her duties, the deputy chairman shall perform the duties. Where the deputy chairman is unable or fails to perform the duties, the director appointed by more than half of the board of directors shall perform the duties.

第一百一十條   董事會每年度至少召開兩次會議，每次會議應當於會議召開十日前通知全體董事和監事。

Article 110 The board of directors shall convene at least two meetings every year. All the directors and supervisors shall be informed of the meeting ten days before a meeting.

代表十分之一以上表決權的股東、三分之一以上董事或者監事會，可以提議召開董事會臨時會議。董事長應當自接到提議後十日內，召集和主持董事會會議。

The shareholders representing 1/10 or more of the voting rights, 1/3 or more of the directors or the board of supervisors may propose an interim meeting of the board of directors. The chairman of the board of directors shall, within ten days of receiving any such proposal, convene and preside over a meeting of the board of directors.

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。

The notification method and time limit for giving notice of the convening of the interim meetings of the board of directors may be separately decided.

第一百一十一條   董事會會議應有過半數的董事出席方可舉行。董事會作出決議，必須經全體董事的過半數通過。

Article 111 A board of director’s meeting can be held if exceeding half of the directors attends. Any resolution of the board must be adopted by the affirmative votes of more than one half of all the directors.

董事會決議的表決，實行一人一票。

When voting on a board resolution, each director shall have one vote.

第一百一十二條   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，委托書中應載明授權範圍。

Article 112 Directors shall attend meetings of the board of directors in person; a director who is unable to attend a meeting may entrust another director in writing to attend the meeting on his behalf; the power of attorney shall state the scope of authorisation.

董事會應當對會議所議事項的決定作成會議記錄，出席會議的董事應當在會議記錄上簽名。

The board of directors shall keep minutes of its decisions on the matters under its consideration. The directors present at the meeting shall sign the minutes of its meeting.

董事應當對董事會的決議承擔責任。董事會的決議違反法律、行政法規或者公司章程、股東大會決議，致使公司遭受嚴重損失的，參與決議的董事對公司負賠償責任。但經證明在表決時曾表明異議並記載於會議記錄的，該董事可以免除責任。

Directors shall be liable to board resolutions. Where a resolution of the board of directors violates any law, administrative regulation, articles of association, or any resolution of the general meeting and causes any serious loss to the company, the directors who participated in adopting the resolution shall compensate the company. However, if it can be proven that a director expressly objected to the resolution when the resolution was voted on, and that such objection was recorded in the minutes of the meeting, such director shall be released from such liability.

第一百一十三條   股份有限公司設經理，由董事會決定聘任或者解聘。

Article 113. Managers of companies limited by shares may be appointed or dismissed by the board of directors.

本法第四十九條關於有限責任公司經理職權的規定，適用於股份有限公司經理。

The provisions of Article 49 on duties and powers of the managers of limited liability companies shall apply to the managers of companies limited by shares.

第一百一十四條   公司董事會可以決定由董事會成員兼任經理。

Article 114 The board of directors of the Company may decide that a board member concurrently serves as the manager of the Company.

第一百一十五條   公司不得直接或者通過子公司向董事、監事、高級管理人員提供借款。

Article 115. A company shall not provide loans to its directors, supervisors or senior management personnel directly or through its subsidiaries.

第一百一十六條   公司應當定期向股東披露董事、監事、高級管理人員從公司獲得報酬的情況。

Article 116 Companies shall disclose information on remuneration of directors, supervisors and senior management personnel to their shareholders.

第四節 監 事 會

Section 4 Board of Supervisors

第一百一十七條   股份有限公司設監事會，其成員不得少於三人。

Article 117 A joint stock limited company shall have a board of supervisors composed of no less than three members.

監事會應當包括股東代表和適當比例的公司職工代表，其中職工代表的比例不得低於三分之一，具體比例由公司章程規定。監事會中的職工代表由公司職工通過職工代表大會、職工大會或者其他形式民主選舉產生。

The board of supervisors shall include shareholders' representatives and an appropriate proportion of employee representatives. The proportion of employee representatives shall be specified in the articles of association but in any event shall account for no less than one third of the supervisors appointed. Employee representatives who serve as members of the board of supervisors shall be democratically elected through the employee representatives' assembly, the employees' assembly or otherwise.

監事會設主席一人，可以設副主席。監事會主席和副主席由全體監事過半數選舉產生。監事會主席召集和主持監事會會議；監事會主席不能履行職務或者不履行職務的，由監事會副主席召集和主持監事會會議；監事會副主席不能履行職務或者不履行職務的，由半數以上監事共同推舉一名監事召集和主持監事會會議。

The board of supervisors shall have a chairman and may have a vice-chairman. The chairman and deputy chairman shall elected by more than half of all the supervisors. The chairman of the board of supervisors shall convene and chair meetings of the board of supervisors; where the chairman of the board of supervisors is unable or fails to perform his/her duties, the deputy chairman of the board of supervisors shall convene and chair meetings of the board of supervisors; where the deputy chairman of the board of supervisors is unable or fails to perform his/her duties, a supervisor appointed by more than half of the supervisors shall convene and chair the meetings of the board of supervisors.

董事、高級管理人員不得兼任監事。

Directors and senior management personnel shall not be appointed as supervisor concurrently.

本法第五十二條關於有限責任公司監事任期的規定，適用於股份有限公司監事。

The provisions of Article 52 on the term of appointment of supervisors of limited liability companies shall apply to the supervisors of companies limited by shares.

第一百一十八條   本法第五十三條、第五十四條關於有限責任公司監事會職權的規定，適用於股份有限公司監事會。

Article 118 The provisions of Article 53 and Article 54 on duties and powers of the board of supervisors of limited liability companies shall apply to the board of supervisors of companies limited by shares.

監事會行使職權所必需的費用，由公司承擔。

The expenses necessary for the board of supervisors to exercise its functions and powers shall be borne by the company.

第一百一十九條   監事會每六個月至少召開一次會議。監事可以提議召開臨時監事會會議。

Article 119 The board of supervisors shall convene at least one meeting every six months. A supervisor may propose to convene an interim meeting of the board of supervisors.

監事會的議事方式和表決程序，除本法有規定的外，由公司章程規定。

The rules of procedure and voting procedures of the board of supervisors shall be stipulated by the articles of association of the company, unless otherwise provided in this Law.

監事會決議應當經半數以上監事通過。

Resolutions of the board of supervisors shall be adopted by a majority of supervisors.

監事會應當對所議事項的決定作成會議記錄，出席會議的監事應當在會議記錄上簽名。

The board of supervisors shall keep minutes of its decisions on the matters under its consideration. The supervisors present at the meeting shall sign the minutes of the meeting.

第五節 上市公司組織機構的特別規定

Section 5 — Special Provisions on Organisation of Listed Companies

第一百二十條   本法所稱上市公司，是指其股票在證券交易所上市交易的股份有限公司。

Article 120 Listed companies referred to in this Law shall mean companies limited by shares whose shares are listed and traded on a stock exchange.

第一百二十一條   上市公司在一年內購買、出售重大資產或者擔保金額超過公司資產總額百分之三十的，應當由股東大會作出決議，並經出席會議的股東所持表決權的三分之二以上通過。

Article 121 Where a listed company purchases or sells any important assets, or provides a guaranty for any amount exceeding 30% of its total assets, a resolution shall be made by the shareholders' meeting and adopted by shareholders representing 2/3 of the voting rights of the shareholders in presence.

第一百二十二條   上市公司設獨立董事，具體辦法由國務院規定。

Article 122 Listed companies shall appoint independent directors; the specific measures shall be stipulated by the State Council.

第一百二十三條   上市公司設董事會秘書，負責公司股東大會和董事會會議的籌備、文件保管以及公司股東資料的管理，辦理信息披露事務等事宜。

Article 123. Listed companies shall appoint a board secretary to be responsible for preparation of meetings of the board of shareholders and board of directors, keeping of documents, management of shareholders' information and handling of information disclosure etc.

第一百二十四條   上市公司董事與董事會會議決議事項所涉及的企業有關聯關系的，不得對該項決議行使表決權，也不得代理其他董事行使表決權。該董事會會議由過半數的無關聯關系董事出席即可舉行，董事會會議所作決議須經無關聯關系董事過半數通過。出席董事會的無關聯關系董事人數不足三人的，應將該事項提交上市公司股東大會審議。

Article 124 Where any of the directors has any relationship with the enterprise involved in the matter to be decided at the meeting of the board of directors, he shall not vote on this resolution, nor may he vote on behalf of any other person. The meeting of the board of directors can be held with the attendance of a majority of unaffiliated directors, and any resolution made at the meeting of the board of directors shall be adopted by a majority of unaffiliated directors. Where the number of directors who are not a related party is less than three, the matter shall be submitted to a shareholders' general meeting of the listed company for deliberation.

第五章 股份有限公司的股份發行和轉讓

Chapter 5 Issuance and Transfer of Shares in a Joint Stock Limited Company

第一節 股 份 發 行

Section 1 Issuer of Shares

第一百二十五條   股份有限公司的資本劃分為股份，每一股的金額相等。

Article 125 The capital of a joint stock limited company shall be divided into shares 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。

The shares of the Company take the form of stocks. A stock is a certificate issued by the company to certify the share held by a shareholder.

第一百二十六條   股份的發行，實行公平、公正的原則，同種類的每一股份應當具有同等權利。

Article 126 Any issue of shares shall comply with the principles of fairness and impartiality. Shares of the same class shall have the same rights and benefits.

同次發行的同種類股票，每股的發行條件和價格應當相同；任何單位或者個人所認購的股份，每股應當支付相同價額。

The terms and price shall be the same for all shares of the same type in a share issue. An organisation or individual shall pay the same price for each share subscribed.

第一百二十七條   股票發行價格可以按票面金額，也可以超過票面金額，但不得低於票面金額。

Article 127 Shares may be issued at or above par but not below par.

第一百二十八條   股票采用紙面形式或者國務院證券監督管理機構規定的其他形式。

Article 128 Share certificates may be in paper form or in such other forms as stipulated by the securities regulatory authority under the State Council.

股票應當載明下列主要事項：

The following main particulars shall be clearly stated on a share certificate:

（一）公司名稱；

1. the name of the company;

（二）公司成立日期；

2. the date of incorporation of the company;

（三）股票種類、票面金額及代表的股份數；

3. the class and par value of the share certificate, and the number of shares it represents; and

（四）股票的編號。

(IV) the serial number of the share certificate.

股票由法定代表人簽名，公司蓋章。

A share certificate shall be signed by the legal representative and sealed by the company.

發起人的股票，應當標明發起人股票字樣。

In the case of share certificates owned by sponsors, the words "sponsor's share certificate" shall be clearly stated on the share certificates.

第一百二十九條   公司發行的股票，可以為記名股票，也可以為無記名股票。

Article 129 Shares issued by a company may be in the form of registered shares or bearer shares.

公司向發起人、法人發行的股票，應當為記名股票，並應當記載該發起人、法人的名稱或者姓名，不得另立戶名或者以代表人姓名記名。

Shares issued by a company to promoters or legal persons shall be registered shares and shall state the name of the promoter or legal person and shall not state another name or the name of a representative.

第一百三十條   公司發行記名股票的，應當置備股東名冊，記載下列事項：

Article 130 Where registered shares are issued, the company shall prepare a roster of the shareholders, in which the following items shall be recorded:

（一）股東的姓名或者名稱及住所；

1. 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 the share certificates held by each shareholder; and

（四）各股東取得股份的日期。

(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。

Where bearer shares are issued, the company shall keep a record of the number, the serial numbers and the date of issue of the shares.

第一百三十一條   國務院可以對公司發行本法規定以外的其他種類的股份，另行作出規定。

Article 131 The State Council may formulate separate regulations on companies issuing other types of shares which are not provided in this Law.

第一百三十二條   股份有限公司成立後，即向股東正式交付股票。公司成立前不得向股東交付股票。

Article 132 A company limited by shares shall formally deliver the shares to the shareholders after its establishment. No company may deliver any share certificate to its shareholders prior to its establishment.

第一百三十三條   公司發行新股，股東大會應當對下列事項作出決議：

Article 133 Where a company issues new shares, resolutions on the following matters shall be adopted by a shareholders' general meeting:

（一）新股種類及數額；

1. the class and number of the new shares;

（二）新股發行價格；

2. issue price of the new shares;

（三）新股發行的起止日期；

(III) the opening and closing dates of the new share issue; and

（四）向原有股東發行新股的種類及數額。

(IV) the class and number of new shares to be issued to existing shareholders.

第一百三十四條   公司經國務院證券監督管理機構核準公開發行新股時，必須公告新股招股說明書和財務會計報告，並制作認股書。

Article 134. Companies approved by the securities regulatory authorities of the State Council to issue new shares shall announce the prospectus of the new shares and financial report and prepare a subscription form.

本法第八十七條、第八十八條的規定適用於公司公開發行新股。

The provisions of Article 87 and Article 88 shall apply to issue of new shares.

第一百三十五條   公司發行新股，可以根據公司經營情況和財務狀況，確定其作價方案。

Article 135. A company may determine the pricing scheme in accordance with its business and financial status for issue of new shares.

第一百三十六條   公司發行新股募足股款後，必須向公司登記機關辦理變更登記，並公告。

Article 136 After a company raises enough capital, it shall go through the modification registration in the company registration authority, and make an announcement.

第二節 股 份 轉 讓

Section 2 Transfer of Shares

第一百三十七條   股東持有的股份可以依法轉讓。

Article 137 The shares held by the shareholders may be transferred according to law.

第一百三十八條   股東轉讓其股份，應當在依法設立的證券交易場所進行或者按照國務院規定的其他方式進行。

Article 138 Any transfer of shares by a shareholder shall be carried out via a lawfully established stock exchange or by any other means prescribed by the State Council.

第一百三十九條   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；轉讓後由公司將受讓人的姓名或者名稱及住所記載於股東名冊。

Article 139 Transfer of registered shares shall be made by shareholders by way of endorsement or any other method stipulated by laws and administrative regulations; the company shall record the name and address of the transferee in the register of shareholders upon the transfer.

股東大會召開前二十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。但是，法律對上市公司股東名冊變更登記另有規定的，從其規定。

The register of shareholders may not be modified within 20 days prior to the convening of a shareholders' general meeting or within five days prior to the date decided by the company for the distribution of dividends. However, where the law stipulates otherwise on change registration in the register of shareholders of listed companies, such provisions shall prevail.

第一百四十條   無記名股票的轉讓，由股東將該股票交付給受讓人後即發生轉讓的效力。

Article 140 The transfer of an unregistered stock takes effect as soon as the stockholder delivers the stock to the transferee.

第一百四十一條   發起人持有的本公司股份，自公司成立之日起一年內不得轉讓。公司公開發行股份前已發行的股份，自公司股票在證券交易所上市交易之日起一年內不得轉讓。

Article 141 Shares held by the promoters of a company shall not be transferred within one year from the date of incorporation of the company. Shares issued prior to any public offer of the company shall not be transferred within one year of the date on which the company's shares are first traded on a stock exchange.

公司董事、監事、高級管理人員應當向公司申報所持有的本公司的股份及其變動情況，在任職期間每年轉讓的股份不得超過其所持有本公司股份總數的百分之二十五；所持本公司股份自公司股票上市交易之日起一年內不得轉讓。上述人員離職後半年內，不得轉讓其所持有的本公司股份。公司章程可以對公司董事、監事、高級管理人員轉讓其所持有的本公司股份作出其他限制性規定。

Directors, supervisors and senior management personnel of a company shall declare to the company their shareholding in the company and changes in such shareholding; and shall not transfer more than 25% of their shareholding in the company each year during their tenure; their shareholding in the company shall not be transferred within one year from the date of listing of the shares of the company. After any of the aforesaid persons is removed from his post, he shall not transfer the shares of the company he holds. The bylaw may have other restrictions on the transfer of shares held by the directors, supervisors and senior managers.

第一百四十二條   公司不得收購本公司股份。但是，有下列情形之一的除外：

Article 142 A company shall not purchase its own shares. However, the following circumstances are exceptional:

（一）減少公司注冊資本；

1. where the registered capital of the company is reduced;

（二）與持有本公司股份的其他公司合並；

(II) merger with other companies holding the shares of the Company;

（三）將股份用於員工持股計劃或者股權激勵；

(III) using shares for employee stock ownership plans or equity incentives;

（四）股東因對股東大會作出的公司合並、分立決議持異議，要求公司收購其股份；

(IV) any shareholders’ request for the acquisition of their shares by the Company due to their objection to the merger/division resolutions adopted at the shareholders’ general meeting;

（五）將股份用於轉換上市公司發行的可轉換為股票的公司債券；

(V) use of shares for conversion of convertible corporate bonds issued by a listed company;

（六）上市公司為維護公司價值及股東權益所必需。

(VI) It is necessary for the listed company to maintain the company value and the shareholders' equity.

公司因前款第（一）項、第（二）項規定的情形收購本公司股份的，應當經股東大會決議；公司因前款第（三）項、第（五）項、第（六）項規定的情形收購本公司股份的，可以依照公司章程的規定或者股東大會的授權，經三分之二以上董事出席的董事會會議決議。

A resolution of a shareholders' general meeting is required for a share buyback by a company under either of the circumstances stipulated in item (1) or item (2) above; for a company's share buyback under any of the circumstances stipulated in item (3), item (5) or item (6) above, a resolution of the company's board of directors shall be made by a two-third majority of directors attending the meeting according to the provisions of the company's articles of association or as authorized by the shareholders' meeting.

公司依照本條第一款規定收購本公司股份後，屬於第（一）項情形的，應當自收購之日起十日內注銷；屬於第（二）項、第（四）項情形的，應當在六個月內轉讓或者注銷；屬於第（三）項、第（五）項、第（六）項情形的，公司合計持有的本公司股份數不得超過本公司已發行股份總額的百分之十，並應當在三年內轉讓或者注銷。

The shares acquired under the circumstances stipulated in item (1) shall be cancelled within 10 days from the date of acquisition of shares; the shares shall be assigned or cancelled within six months if the share buyback is made under the circumstances stipulated in item (2) or item (4); the shares held in total by a company after a share buyback under any of the circumstances stipulated in item (3), item (5) or item (6) shall not exceed 10% of the company's total issued shares and shall be assigned or cancelled within three years.

上市公司收購本公司股份的，應當依照《中華人民共和國證券法》的規定履行信息披露義務。上市公司因本條第一款第（三）項、第（五）項、第（六）項規定的情形收購本公司股份的，應當通過公開的集中交易方式進行。

Listed companies making a share buyback shall perform information disclosure obligations pursuant to the provisions of the Securities Law of the People's Republic of China. Where a listed company makes a share buyback under any of the circumstances stipulated in item (3), item (5) or item (6) of the first paragraph of this Article, the share buyback shall be conducted through an open and centralised trading method.

公司不得接受本公司的股票作為質押權的標的。

A company shall not accept its own shares as subject matter of pledge.

第一百四十三條   記名股票被盜、遺失或者滅失，股東可以依照《中華人民共和國民事訴訟法》規定的公示催告程序，請求人民法院宣告該股票失效。人民法院宣告該股票失效後，股東可以向公司申請補發股票。

Article 143 Where any registered stock is stolen, lost or destroyed, the relevant shareholder may request the people's court to declare the stock invalid in accordance with the public notice procedure prescribed in the Civil Procedure Law of the People's Republic of China. After the people's court has declared such share certificate void, the shareholder may apply to the company for a replacement of the share certificate.

第一百四十四條   上市公司的股票，依照有關法律、行政法規及證券交易所交易規則上市交易。

Article 144 Shares of listed companies shall be listed and traded pursuant to the provisions of the relevant laws and administrative regulations and stock exchange rules.

第一百四十五條   上市公司必須依照法律、行政法規的規定，公開其財務狀況、經營情況及重大訴訟，在每會計年度內半年公布一次財務會計報告。

Article 145. Listed companies shall announce information on their financial status, business status and any major lawsuit in accordance with the provisions of laws and administrative regulations and announce half-year financial reports.

第六章 公司董事、監事、高級管理人員的資格和義務

Chapter 6 Qualifications and Obligations of Directors, Supervisors and Senior Officers of Companies

第一百四十六條   有下列情形之一的，不得擔任公司的董事、監事、高級管理人員：

Article 146 None of the following persons may hold the position of director, supervisor or senior manager of a company:

（一）無民事行為能力或者限制民事行為能力；

(I) having no civil capacity or limited civil capacity;

（二）因貪汙、賄賂、侵占財產、挪用財產或者破壞社會主義市場經濟秩序，被判處刑罰，執行期滿未逾五年，或者因犯罪被剝奪政治權利，執行期滿未逾五年；

(II) Having been sentenced to criminal penalties due to corruption, bribery, embezzlement or misappropriation of property, or sabotaging the socialist market economic order, and five years have not elapsed since the expiration of the enforcement period; or having been deprived of his political rights due to any crime, and five years have not elapsed since the expiration of the enforcement period;

（三）擔任破產清算的公司、企業的董事或者廠長、經理，對該公司、企業的破產負有個人責任的，自該公司、企業破產清算完結之日起未逾三年；

(III) any person who has served as a director, the factory chief, or the manager of a bankrupt and liquidated company or enterprise and was held personally accountable for such bankruptcy, where the bankruptcy and liquidation were completed less than three years ago;

（四）擔任因違法被吊銷營業執照、責令關閉的公司、企業的法定代表人，並負有個人責任的，自該公司、企業被吊銷營業執照之日起未逾三年；

(IV) any person who has served as the legal representative of a company or enterprise whose business license was revoked due to any violation of law, and was held personally accountable for the circumstances leading to the revocation, where the revocation occurred less than three years ago;

（五）個人所負數額較大的債務到期未清償。

(V) Any person who has defaulted on a personal debt for a significant amount.

公司違反前款規定選舉、委派董事、監事或者聘任高級管理人員的，該選舉、委派或者聘任無效。

If a company elects or appoints a director or supervisor or employs senior officers in violation of the preceding paragraph, such election, appointment or employment shall be invalid.

董事、監事、高級管理人員在任職期間出現本條第一款所列情形的，公司應當解除其職務。

If a director, supervisor or senior officers falls under the circumstances specified in Paragraph One of this Article during his term of office, the company shall dismiss him from his post.

第一百四十七條   董事、監事、高級管理人員應當遵守法律、行政法規和公司章程，對公司負有忠實義務和勤勉義務。

Article 147 Directors, supervisors and senior management personnel shall comply with laws, administrative regulations and the company's articles of association, and bear fiduciary obligations and diligence obligations towards the company.

董事、監事、高級管理人員不得利用職權收受賄賂或者其他非法收入，不得侵占公司的財產。

Directors, supervisors and senior officers may not abuse their authority by accepting bribes or other illegal income, and may not convert company property.

第一百四十八條   董事、高級管理人員不得有下列行為：

Article 148 No director or senior manager may have any of the following acts:

（一）挪用公司資金；

1. Misappropriating the funds of the company;

（二）將公司資金以其個人名義或者以其他個人名義開立賬戶存儲；

(II) deposit the funds of the company in an account opened in his own name or in the name of any other individual;

（三）違反公司章程的規定，未經股東會、股東大會或者董事會同意，將公司資金借貸給他人或者以公司財產為他人提供擔保；

(III) Without the consent of the shareholders' meeting, the shareholders' assembly, or the board of directors, loaning the company's fund to others or providing any guaranty to any other person by using the company's property as in violation of the articles of association;

（四）違反公司章程的規定或者未經股東會、股東大會同意，與本公司訂立合同或者進行交易；

(IV) entering into a contract or transaction with the company in violation of the articles of association of the company or without the consent of the board of shareholders or general meeting;

（五）未經股東會或者股東大會同意，利用職務便利為自己或者他人謀取屬於公司的商業機會，自營或者為他人經營與所任職公司同類的業務；

(V) Without the consent of the shareholders' meeting or shareholders' assembly, seeking business opportunities that belong to the company for himself or any other person by taking advantage of his powers, or engaging in the same business as that of the company for which he works for himself or for any other person;

（六）接受他人與公司交易的傭金歸為己有；

(VI) to take commissions on transactions between others and the company as one's own;

（七）擅自披露公司秘密；

(VII) unauthorized disclosure of the company's secrets;

（八）違反對公司忠實義務的其他行為。

(VIII) Other acts which violate the obligation of loyalty to the company.

董事、高級管理人員違反前款規定所得的收入應當歸公司所有。

The income derived by a director or senior management personnel in violation of the provisions of the preceding paragraph shall belong to the company.

第一百四十九條   董事、監事、高級管理人員執行公司職務時違反法律、行政法規或者公司章程的規定，給公司造成損失的，應當承擔賠償責任。

Article 149 Any director, supervisor or senior officer who violates any law, administrative regulations or the articles of association and thereby causes the company to suffer a loss shall be liable to pay compensation.

第一百五十條   股東會或者股東大會要求董事、監事、高級管理人員列席會議的，董事、監事、高級管理人員應當列席並接受股東的質詢。

Article 150 Where the board of shareholders or a shareholders' general meeting requires a director, supervisor or senior management personnel to attend a meeting, the director, supervisor or senior management personnel shall attend the meeting and answer the queries of the shareholders.

董事、高級管理人員應當如實向監事會或者不設監事會的有限責任公司的監事提供有關情況和資料，不得妨礙監事會或者監事行使職權。

The directors and senior managers shall faithfully offer relevant information and materials to the board of supervisors or the supervisor of the limited liability company with no board of supervisors, and may not obstruct the board of supervisors or supervisor from exercising its (his) authorities.

第一百五十一條   董事、高級管理人員有本法第一百四十九條規定的情形的，有限責任公司的股東、股份有限公司連續一百八十日以上單獨或者合計持有公司百分之一以上股份的股東，可以書面請求監事會或者不設監事會的有限責任公司的監事向人民法院提起訴訟；監事有本法第一百四十九條規定的情形的，前述股東可以書面請求董事會或者不設董事會的有限責任公司的執行董事向人民法院提起訴訟。

Article 151 Where a director or senior manager is under the circumstance as prescribed in Article 149 of this Law, the shareholder (s) of the limited liability company or joint stock limited company separately or aggregately holding 1% or more of the total shares of the company for 180 consecutive days or more may request in writing the board of supervisors or the supervisor of the limited liability company with no board of supervisors to bring a lawsuit to the people's court. If the supervisor is under the circumstance as prescribed in Article 149 of this Law, the aforesaid shareholder (s) may request in writing the board of directors or the acting director of the limited liability company with no board of directors to bring a lawsuit to the people's court.

監事會、不設監事會的有限責任公司的監事，或者董事會、執行董事收到前款規定的股東書面請求後拒絕提起訴訟，或者自收到請求之日起三十日內未提起訴訟，或者情況緊急、不立即提起訴訟將會使公司利益受到難以彌補的損害的，前款規定的股東有權為了公司的利益以自己的名義直接向人民法院提起訴訟。

If the board of supervisors or, in the case of a limited liability company without a board of supervisors, the supervisor or the board of directors or executive director refuses to institute proceedings after receiving the written request of the shareholder as specified in the preceding paragraph, or fails to institute proceedings within 30 days of the date of receipt of the request, or if, in an emergency, failure to institute proceedings immediately will cause damage to the interests of the company that is difficult to remedy, the shareholder (s) specified in the preceding paragraph shall have the right to directly institute proceedings in their own names in a people's court for the interests of the company.

他人侵犯公司合法權益，給公司造成損失的，本條第一款規定的股東可以依照前兩款的規定向人民法院提起訴訟。

In the event of an infringement of the legal interests of the company by others which causes the company to suffer damages, shareholders mentioned in the first paragraph of this Article may file a lawsuit with a people's court in accordance with the provisions of the two preceding paragraphs.

第一百五十二條   董事、高級管理人員違反法律、行政法規或者公司章程的規定，損害股東利益的，股東可以向人民法院提起訴訟。

Article 152 Where any director or senior manager damages the shareholders' interests by violating any law, administrative regulation, or the articles of association, the shareholders may lodge a lawsuit in the people's court.

第七章 公 司 債 券

Chapter 7 Corporate Bonds

第一百五十三條   本法所稱公司債券，是指公司依照法定程序發行、約定在一定期限還本付息的有價證券。

Article 153. Corporate bonds referred to in this Law shall mean priced securities issued by companies in accordance with statutory procedures for which the issuer agrees to repay principal and interest by a stipulated deadline.

公司發行公司債券應當符合《中華人民共和國證券法》規定的發行條件。

Any company that issues corporate bonds shall satisfy the issuance requirements specified in the Securities Law of the People's Republic of China.

第一百五十四條   發行公司債券的申請經國務院授權的部門核準後，應當公告公司債券募集辦法。

Article 154. The method of offering of corporate bonds shall be announced upon approval of the application for issue of corporate bonds by the authorised department of the State Council.

公司債券募集辦法中應當載明下列主要事項：

The method of offer of company bonds shall specify the following main particulars:

（一）公司名稱；

1. the name of the company;

（二）債券募集資金的用途；

(II) the purposes of the funds raised from the bonds;

（三）債券總額和債券的票面金額；

(III) the total amount and face value of the bonds;

（四）債券利率的確定方式；

(IV) the method for determining the interest rate of the bonds;

（五）還本付息的期限和方式；

(V) the time limit and method for the repayment of the principal and interest;

（六）債券擔保情況；

(VI) bond guarantee;

（七）債券的發行價格、發行的起止日期；

(VII) the issuance price of the bonds and the opening and closing dates of issuance;

（八）公司淨資產額；

(VIII) the amount of the company's net assets;

（九）已發行的尚未到期的公司債券總額；

(IX) the total amount of corporate bonds having been issued but not yet due; and

（十）公司債券的承銷機構。

10. the underwriters of corporate bonds.

第一百五十五條   公司以實物券方式發行公司債券的，必須在債券上載明公司名稱、債券票面金額、利率、償還期限等事項，並由法定代表人簽名，公司蓋章。

Article 155. Corporate bonds issued by a company in the form of physical bonds shall state the name of company, par value, interest rate, repayment schedule etc and shall be signed by the legal representative and affixed with the company seal.

第一百五十六條   公司債券，可以為記名債券，也可以為無記名債券。

Article 156 Corporate bonds may take the form of registered bonds or bearer bonds.

第一百五十七條   公司發行公司債券應當置備公司債券存根簿。

Article 157 A company issuing company bonds shall prepare the counterfoils of bonds issued.

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：

When registered company bonds are issued, the counterfoils of bonds shall specify the following:

（一）債券持有人的姓名或者名稱及住所；

1. names or designations and domiciles of the bondholders;

（二）債券持有人取得債券的日期及債券的編號；

(II) the date on which the bondholder acquired the bonds and their serial numbers;

（三）債券總額，債券的票面金額、利率、還本付息的期限和方式；

3. the total amount of the bonds, the par value, the interest rate, the time limit for and method of repayment of the principal plus interest; and

（四）債券的發行日期。

(IV) the issuing date 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 counterfoils of the company bonds shall specify the total amount of the bonds, the interest rate, the time limit for and method of repayment of the principal and payment of interest, the date of issue and the serial numbers.

第一百五十八條   記名公司債券的登記結算機構應當建立債券登記、存管、付息、兌付等相關制度。

Article 158 Registration and settlement organisations for registered corporate bonds shall establish the relevant systems for registration, custodian, interest payment and redemption of bonds.

第一百五十九條   公司債券可以轉讓，轉讓價格由轉讓人與受讓人約定。

Article 159 Corporate bonds may be transferred. The transfer price shall be negotiated by the transferor and the transferee.

公司債券在證券交易所上市交易的，按照證券交易所的交易規則轉讓。

Trading of corporate bonds on a stock exchange shall comply with the trading rules of the stock exchange.

第一百六十條   記名公司債券，由債券持有人以背書方式或者法律、行政法規規定的其他方式轉讓；轉讓後由公司將受讓人的姓名或者名稱及住所記載於公司債券存根簿。

Article 160 Registered corporate bonds shall be transferred by way of endorsement by the bondholder or other methods stipulated by laws and administrative regulations; upon the transfer, the company shall record the name and address of the transferee in the corporate bond counterfoil record book.

無記名公司債券的轉讓，由債券持有人將該債券交付給受讓人後即發生轉讓的效力。

Transfer of bearer corporate bonds shall take effect upon delivery of the bonds by the bondholder to the transferee.

第一百六十一條   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，並在公司債券募集辦法中規定具體的轉換辦法。上市公司發行可轉換為股票的公司債券，應當報國務院證券監督管理機構核準。

Article 161. A shareholders' general meeting of a listed company may pass a resolution on issuance of convertible corporate bonds and stipulate the method of conversion in the prospectus of the bond issue. Listed companies issuing convertible corporate bonds shall obtain the approval of the securities regulatory authorities of the State Council.

發行可轉換為股票的公司債券，應當在債券上標明可轉換公司債券字樣，並在公司債券存根簿上載明可轉換公司債券的數額。

In issuing company bonds convertible into shares, the words "convertible company bonds" shall be clearly indicated on the bonds and the amount of convertible company bonds shall be recorded in the counterfoils of company bonds.

第一百六十二條   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 162 A company that issues company bonds convertible into shares shall let bondholders convert their bonds into shares in accordance with the conversion measures. However, bondholders shall have an option whether or not to convert their bonds into shares.

第八章 公司財務、會計

Chapter 8 Corporate Finance and Accounting

第一百六十三條   公司應當依照法律、行政法規和國務院財政部門的規定建立本公司的財務、會計制度。

Article 163 A company shall establish its financial and accounting system in accordance with the law, administrative rules and regulations, and the stipulations of the financial department under the State Council.

第一百六十四條   公司應當在每一會計年度終了時編制財務會計報告，並依法經會計師事務所審計。

Article 164 A company shall, at the end of each fiscal year, prepare a financial report and have it audited by an accounting firm.

財務會計報告應當依照法律、行政法規和國務院財政部門的規定制作。

The financial report shall be prepared in accordance with laws, administrative regulations, and provisions of the finance department under the State Council.

第一百六十五條   有限責任公司應當依照公司章程規定的期限將財務會計報告送交各股東。

Article 165 A limited liability company shall submit the financial and accounting report to each of its shareholders within the time limit stipulated in its 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前置備於本公司，供股東查閱；公開發行股票的股份有限公司必須公告其財務會計報告。

The financial report of a joint stock limited company shall be made available at the company for the consultation of the shareholders 20 days before the annual meeting of the shareholders is held. A joint stock limited company that makes public issuance of shares shall announce its financial report.

第一百六十六條   公司分配當年稅後利潤時，應當提取利潤的百分之十列入公司法定公積金。公司法定公積金累計額為公司注冊資本的百分之五十以上的，可以不再提取。

Article 166 When a company distributes its after-tax profits of the current year, it shall allocate 10% of its profits to its statutory common reserve. When the aggregate balance in the statutory common reserve fund is 50% or more of the registered capital of the company, the company need not make any further allocations to that fund.

公司的法定公積金不足以彌補以前年度虧損的，在依照前款規定提取法定公積金之前，應當先用當年利潤彌補虧損。

Where the statutory reserve fund is insufficient to cover any loss made by the company in the previous year, the current year's profits shall first be used to cover such loss before any allocation is made to the statutory reserve fund pursuant to the preceding paragraph.

公司從稅後利潤中提取法定公積金後，經股東會或者股東大會決議，還可以從稅後利潤中提取任意公積金。

After making its allocation to the statutory reserve fund from the company's after-tax profits, the company may, subject to a resolution of the board of shareholders or the general meeting, make allocations to the discretionary reserve fund from its after-tax profits.

公司彌補虧損和提取公積金後所餘稅後利潤，有限責任公司依照本法第三十四條的規定分配；股份有限公司按照股東持有的股份比例分配，但股份有限公司章程規定不按持股比例分配的除外。

The provisions of Article 34 shall apply to the limited liability companies for making good of losses and contribution to the surplus reserve using post-tax profits; companies limited by shares shall make contributions based on the shareholding ratio of the shareholders, unless their articles of association provide otherwise.

股東會、股東大會或者董事會違反前款規定，在公司彌補虧損和提取法定公積金之前向股東分配利潤的，股東必須將違反規定分配的利潤退還公司。

If the board of shareholders, general meeting or board of directors, in violation of the preceding paragraph, distributes profits to shareholders before covering company losses and making allocations to the company statutory reserve fund, the profits so distributed must be returned to the company by the shareholders.

公司持有的本公司股份不得分配利潤。

No profit may be distributed for the company's shares held by this company.

第一百六十七條   股份有限公司以超過股票票面金額的發行價格發行股份所得的溢價款以及國務院財政部門規定列入資本公積金的其他收入，應當列為公司資本公積金。

Article 167 The premium of a joint stock limited company from the issuance of stocks at a price above the par value of the stocks, and other incomes listed in the capital reserve under provisions of the treasury department of the State Council shall be listed as the company's capital reserve.

第一百六十八條   公司的公積金用於彌補公司的虧損、擴大公司生產經營或者轉為增加公司資本。但是，資本公積金不得用於彌補公司的虧損。

Article 168 A company's common reserve fund shall be used to make up the company's losses, to expand the production and operation of the company or to increase the capital of the company by means of conversion. However, the capital reserve shall not be used to make up the losses of the company.

法定公積金轉為資本時，所留存的該項公積金不得少於轉增前公司注冊資本的百分之二十五。

Where the statutory common reserve is converted into capital, the remaining common reserve shall be no less than 25% of the company's registered capital prior to the conversion.

第一百六十九條   公司聘用、解聘承辦公司審計業務的會計師事務所，依照公司章程的規定，由股東會、股東大會或者董事會決定。

Article 169 Appointment or removal of the auditor of a company shall comply with the provisions of the articles of association of the company and decided by the board of shareholders, a shareholders' general meeting or the board of directors.

公司股東會、股東大會或者董事會就解聘會計師事務所進行表決時，應當允許會計師事務所陳述意見。

Where the board of shareholders, a shareholders' general meeting or the board of directors votes on dismissal of an accounting firm, the accounting firm shall be allowed to make representation.

第一百七十條   公司應當向聘用的會計師事務所提供真實、完整的會計憑證、會計賬簿、財務會計報告及其他會計資料，不得拒絕、隱匿、謊報。

Article 170 Companies shall provide accurate and complete accounting vouchers, accounting books, financial accounting reports and other accounting materials to their auditor and shall not refuse to provide information, conceal information or provide false information.

第一百七十一條   公司除法定的會計賬簿外，不得另立會計賬簿。

Article 171. Companies shall not establish separate accounting books other than statutory accounting books.

對公司資產，不得以任何個人名義開立賬戶存儲。

No account may be opened in the name of any individual for deposit of a company's assets.

第九章 公司合並、分立、增資、減資

Chapter 9 Merger and Split-up of Company; Increase and Deduction of Registered Capital

第一百七十二條   公司合並可以采取吸收合並或者新設合並。

Article 172 The merger of the Company may be effected by way of merger by absorption or merger by consolidation.

一個公司吸收其他公司為吸收合並，被吸收的公司解散。兩個以上公司合並設立一個新的公司為新設合並，合並各方解散。

Company absorbing another company is called amalgamation. The absorbed company will be wound up. When 2 or more companies merge and establish a new company, this is called a newly established merger. The merged companies will be wound up respectively.

第一百七十三條   公司合並，應當由合並各方簽訂合並協議，並編制資產負債表及財產清單。公司應當自作出合並決議之日起十日內通知債權人，並於三十日內在報紙上公告。債權人自接到通知書之日起三十日內，未接到通知書的自公告之日起四十五日內，可以要求公司清償債務或者提供相應的擔保。

Article 173 In the case of merger of the Company, the parties to the merger shall enter into a merger agreement, and the balance sheet and the property inventory shall be prepared. The company shall notify its creditors within a period of 10 days commencing from the date on which the merger resolution is passed and, within 30 days, make newspaper announcement of the merger. The creditors may, within 30 days as of the receipt of a notice or within 45 days as of the issuance of the public announcement if it fails to receive a notice, require the company to clear off its debts or to provide corresponding guarantees.

第一百七十四條   公司合並時，合並各方的債權、債務，應當由合並後存續的公司或者新設的公司承繼。

Article 174 The surviving company or the newly established company after merger shall succeed to the claims and debts of the parties to the merger.

第一百七十五條   公司分立，其財產作相應的分割。

Article 175 When a company is divided, its assets shall be divided accordingly.

公司分立，應當編制資產負債表及財產清單。公司應當自作出分立決議之日起十日內通知債權人，並於三十日內在報紙上公告。

A company which proposes a division shall prepare a balance sheet and a list of assets. The company shall notify its creditors within a period of 10 days commencing from the date on which the division resolution is passed and, within 30 days, make newspaper announcement of the division.

第一百七十六條   公司分立前的債務由分立後的公司承擔連帶責任。但是，公司在分立前與債權人就債務清償達成的書面協議另有約定的除外。

Article 176 The debts of the company before the division will be jointly and severally liable by the companies formed after the division. However, if before the division the company and its creditors have entered into a written contract concerning the repayment of debts, then the former provision does not apply.

第一百七十七條   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 177 A company which proposes to reduce its registered capital shall formulate a balance sheet and a list of assets.

公司應當自作出減少注冊資本決議之日起十日內通知債權人，並於三十日內在報紙上公告。債權人自接到通知書之日起三十日內，未接到通知書的自公告之日起四十五日內，有權要求公司清償債務或者提供相應的擔保。

The company shall notify its creditors within ten days from the date of resolution on reduction in registered capital and publish an announcement on the newspapers within 30 days. The creditors shall, within 30 days as of the receipt of a notice or within 45 days as of the issuance of the public announcement if it fails to receive a notice, be entitled to require the company to clear off its debts or to provide corresponding guarantees.

第一百七十八條   有限責任公司增加注冊資本時，股東認繳新增資本的出資，依照本法設立有限責任公司繳納出資的有關規定執行。

Article 178 Where a limited liability company increases its registered capital, the capital contributions of the shareholders for the increased amount shall be subject to the relevant provisions of the present Law regarding the capital contributions 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，依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 issues new shares to increase its registered capital, shareholders shall subscribe for the new shares in accordance with the relevant provisions of this Law regarding the payment of subscription money in connection with the establishment of a joint stock limited company.

第一百七十九條   公司合並或者分立，登記事項發生變更的，應當依法向公司登記機關辦理變更登記；公司解散的，應當依法辦理公司注銷登記；設立新公司的，應當依法辦理公司設立登記。

Article 179 Where the merger or division of a company involves changes in registered items, such changes shall be registered according to law with the company registration authority. Where a company is dissolved, it shall apply for cancellation of its registration in accordance with law. Where a new company is incorporated, the registration of the establishment of the company shall be carried out according to 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。

A company increasing or reducing its registered capital shall complete change registration formalities with the company registration authorities pursuant to the law.

第十章 公司解散和清算

Chapter 10 Dissolution and Liquidation of Company

第一百八十條   公司因下列原因解散：

Article 180 A company may be dissolved for any of the following reasons:

（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；

1. The business operation term as prescribed in the articles of association expires or other causes for the dissolution of the company as prescribed in the articles of association occur;

（二）股東會或者股東大會決議解散；

(II) The board of shareholders or the general meeting of shareholders has adopted a resolution for dissolution;

（三）因公司合並或者分立需要解散；

(III) the dissolution is required due to the merger or division of the company;

（四）依法被吊銷營業執照、責令關閉或者被撤銷；

(IV) The company's business license has been lawfully revoked, or the company has been ordered to close down or wound up;

（五）人民法院依照本法第一百八十二條的規定予以解散。

(V) the people's court makes an order for dissolution of the company in accordance with Article 182 hereof.

第一百八十一條   公司有本法第一百八十條第（一）項情形的，可以通過修改公司章程而存續。

Article 181 Where any of the circumstances as prescribed in Article 180 (1) of this Law occurs, a company may continue to exist by modifying its articles of association.

依照前款規定修改公司章程，有限責任公司須經持有三分之二以上表決權的股東通過，股份有限公司須經出席股東大會會議的股東所持表決權的三分之二以上通過。

Amendment to the articles of association of a limited liability company pursuant to the provisions of the preceding paragraph shall require a resolution passed by a two-third majority of the voting rights of the shareholders who hold a two-third majority of the voting rights in the case of a limited liability company or a company limited by shares shall be passed by two-thirds majority of the voting rights of the shareholders who attend the shareholders' general meeting.

第一百八十二條   公司經營管理發生嚴重困難，繼續存續會使股東利益受到重大損失，通過其他途徑不能解決的，持有公司全部股東表決權百分之十以上的股東，可以請求人民法院解散公司。

Article 182 Where any company encounters serious difficulties in its operations or management that will lead to heavy losses to the interests of shareholders and the situation cannot be resolved through any other means, shareholders representing 10% or more of the voting rights of all shareholders may petition the people's court to dissolve the company.

第一百八十三條   公司因本法第一百八十條第（一）項、第（二）項、第（四）項、第（五）項規定而解散的，應當在解散事由出現之日起十五日內成立清算組，開始清算。有限責任公司的清算組由股東組成，股份有限公司的清算組由董事或者股東大會確定的人員組成。逾期不成立清算組進行清算的，債權人可以申請人民法院指定有關人員組成清算組進行清算。人民法院應當受理該申請，並及時組織清算組進行清算。

Article 183 Where a company is dissolved in accordance with the provisions of item (1), item (2), item (4) or item (5) of Article 180, a liquidation group shall be established to commence liquidation within 15 days from the occurrence of the event which triggers the dissolution. The liquidation group of a limited liability company shall be composed of the shareholders, while that of a joint stock limited company shall be composed of the directors or any other people as determined by the shareholders' assembly. Where the liquidation team is not established within the stipulated period to carry out liquidation, the creditors may apply to a People's Court to appoint the relevant personnel to form a liquidation team to carry out liquidation. The People's Court shall accept such petition, and promptly organise a liquidation team to carry out liquidation.

第一百八十四條   清算組在清算期間行使下列職權：

Article 184 During liquidation, a liquidation committee shall exercise the following functions and powers:

（一）清理公司財產，分別編制資產負債表和財產清單；

1. to identify the company's assets and prepare a balance sheet and a separate schedule of assets;

（二）通知、公告債權人；

(II) to notify creditors by notice or announcement;

（三）處理與清算有關的公司未了結的業務；

(III) to handle and liquidate relevant unfinished business of the company;

（四）清繳所欠稅款以及清算過程中產生的稅款；

(IV) To pay all taxes owing in full and pay all taxes incurred in the course of the liquidation;

（五）清理債權、債務；

(V) to clear claims and debts;

（六）處理公司清償債務後的剩餘財產；

(VI) to dispose of the company's remaining assets after repaying all debts in full; and

（七）代表公司參與民事訴訟活動。

(VII) To participate in civil proceedings on behalf of the company.

第一百八十五條   清算組應當自成立之日起十日內通知債權人，並於六十日內在報紙上公告。債權人應當自接到通知書之日起三十日內，未接到通知書的自公告之日起四十五日內，向清算組申報其債權。

Article 185 A liquidation group shall, within ten days of its establishment, notify creditors and make a public announcement on a newspaper within 60 days of its establishment. The creditors shall declare their claims to the liquidation committee within thirty days from the date of receipt of the notice, or within forty-five days from the date of the public announcement for those who have not received the notice.

債權人申報債權，應當說明債權的有關事項，並提供證明材料。清算組應當對債權進行登記。

When declaring their claims, the creditors shall explain the matters concerned and provide the certifying documents. The liquidation group shall register the claims.

在申報債權期間，清算組不得對債權人進行清償。

During the period for declaration of creditor's rights, the liquidation team shall not make repayment to creditors.

第一百八十六條   清算組在清理公司財產、編制資產負債表和財產清單後，應當制定清算方案，並報股東會、股東大會或者人民法院確認。

Article 186 Upon sorting of the company's assets and formulation of balance sheet and inventory list for assets, the liquidation team shall formulate a liquidation plan and submit it to the board of shareholders, a shareholders' general meeting or a People's Court for confirmation.

公司財產在分別支付清算費用、職工的工資、社會保險費用和法定補償金，繳納所欠稅款，清償公司債務後的剩餘財產，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。

The remaining assets after payment of liquidation expenses, employees' wages, social security premiums and statutory compensation, outstanding taxes and debts shall be distributed to shareholders in proportion to their capital contribution in the case of a limited liability company and in proportion to their shareholdings in the case of a company limited by shares.

清算期間，公司存續，但不得開展與清算無關的經營活動。公司財產在未依照前款規定清償前，不得分配給股東。

During the liquidation period, the company shall continue to exist, but shall not engage in business activities unrelated to liquidation. No assets of the company shall be distributed to the shareholders prior to full payments prescribed by the preceding paragraph.

第一百八十七條   清算組在清理公司財產、編制資產負債表和財產清單後，發現公司財產不足清償債務的，應當依法向人民法院申請宣告破產。

Article 187 Where the liquidation group discovers upon disposal of company assets and preparation of the balance sheet and list of assets that the company assets are insufficient for repayment of debts, an application shall be made to a People's Court to declare the company bankrupt.

公司經人民法院裁定宣告破產後，清算組應當將清算事務移交給人民法院。

After the people's court has ruled to declare the company bankrupt, the liquidation committee shall turn the liquidation matters over to the court.

第一百八十八條   公司清算結束後，清算組應當制作清算報告，報股東會、股東大會或者人民法院確認，並報送公司登記機關，申請注銷公司登記，公告公司終止。

Article 188 Upon completion of liquidation, the liquidation team shall formulate a liquidation report and submit the report to the board of shareholders, a shareholders' general meeting or a People's Court for confirmation, submit the report to the company registration authorities to apply for deregistration, and make a public announcement on termination of the company.

第一百八十九條   清算組成員應當忠於職守，依法履行清算義務。

Article 189 Members of a liquidation group shall be devoted to their duties and perform their liquidation 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 a liquidation committee shall not abuse their authority by accepting bribes or other illegal income, nor shall they 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。

Any committee member who causes the company or its creditors to suffer a loss due to intentional misconduct or gross negligence shall be liable for making compensation.

第一百九十條   公司被依法宣告破產的，依照有關企業破產的法律實施破產清算。

Article 190 Where a company is declared bankrupt pursuant to the law, bankruptcy liquidation shall be carried out pursuant to the relevant enterprise bankruptcy laws.

第十一章 外國公司的分支機構

Chapter 11 Branches of Foreign Companies

第一百九十一條   本法所稱外國公司是指依照外國法律在中國境外設立的公司。

Article 191 Foreign companies referred to in this Law shall mean companies established outside China pursuant to foreign laws.

第一百九十二條   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，並提交其公司章程、所屬國的公司登記證書等有關文件，經批準後，向公司登記機關依法辦理登記，領取營業執照。

Article 192 A foreign company that intends to establish a branch within the territory of the People's Republic of China must submit an application to the authorities in charge in China together with relevant documents such as its articles of association and the company registration certificate issued by its country. Upon approval, it shall register with the company registration authority according to law and obtain a business license.

外國公司分支機構的審批辦法由國務院另行規定。

Measures for examination and approval of branches of foreign companies shall be separately formulated by the State Council.

第一百九十三條   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，並向該分支機構撥付與其所從事的經營活動相適應的資金。

Article 193 Where a foreign company establishes any branch within the territory of China, it must appoint a representative or agent within the territory of China to take charge of the branch, and shall allocate to the branch funds commensurate with the business activities it engages in.

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 a minimum operating funds is required for any branch of a foreign company, it shall be separately provided for by the State Council.

第一百九十四條   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 194 A branch of a foreign company shall indicate in its name the nationality and the form of liability of the foreign company.

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 keep with the branch the articles of association of the foreign company.

第一百九十五條   外國公司在中國境內設立的分支機構不具有中國法人資格。

Article 195. Branches established in China by foreign companies do not qualify as 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。

Foreign companies shall bear civil liability for the business activities carried out in China by their branches.

第一百九十六條   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 196. Branches of foreign companies duly established in China to engage in business activities shall comply with the provisions of China laws and shall not infringe upon public interest; their legal rights and interests shall be protected by China laws.

第一百九十七條   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，依照本法有關公司清算程序的規定進行清算。未清償債務之前，不得將其分支機構的財產移至中國境外。

Article 197 When a foreign company dissolves its branch established within the territory of the People's Republic of China, it must pay off the branch's debts according to law and carry out liquidation in accordance with the relevant procedures concerning company liquidation provided for in this Law. Prior to full repayment of debts, the assets of the branch shall not be transferred out of China.

第十二章 法 律 責 任

Chapter 12 Legal Liability

第一百九十八條   違反本法規定，虛報注冊資本、提交虛假材料或者采取其他欺詐手段隱瞞重要事實取得公司登記的，由公司登記機關責令改正，對虛報注冊資本的公司，處以虛報注冊資本金額百分之五以上百分之十五以下的罰款；對提交虛假材料或者采取其他欺詐手段隱瞞重要事實的公司，處以五萬元以上五十萬元以下的罰款；情節嚴重的，撤銷公司登記或者吊銷營業執照。

Article 198 Any party who violates the provisions of this Law in making a false declaration of its registered capital, submitting false materials or adopt other fraudulent means to conceal important fact to obtain company registration shall be ordered by the company registration authorities to make correction; a fine ranging from 5% to 15% of the registered capital shall be imposed on a company which has made false declaration; a fine ranging from RMB50,000 to RMB500,000 shall be imposed on a company which has submitted false materials or adopt other fraudulent means to conceal important fact; where the circumstances are serious, the company shall be deregistered or have its business licence revoked.

第一百九十九條   公司的發起人、股東虛假出資，未交付或者未按期交付作為出資的貨幣或者非貨幣財產的，由公司登記機關責令改正，處以虛假出資金額百分之五以上百分之十五以下的罰款。

Article 199. Promoters or shareholders who made false capital contribution or fail to make cash or non-cash contribution in accordance with the schedule shall be ordered by the company registration authorities to make correction and imposed with a fine ranging from 5% to 15% of the amount of false capital contribution.

第二百條   公司的發起人、股東在公司成立後，抽逃其出資的，由公司登記機關責令改正，處以所抽逃出資金額百分之五以上百分之十五以下的罰款。

Article 200 Any promoter or shareholder who unlawfully withdraws his capital contribution after the company is established shall be ordered by the company registration authority to remedy the defect and shall be fined between 5% and 15% of the capital contribution unlawfully withdrawn.

第二百零一條   公司違反本法規定，在法定的會計賬簿以外另立會計賬簿的，由縣級以上人民政府財政部門責令改正，處以五萬元以上五十萬元以下的罰款。

Article 201. A company which violates the provisions of this Law in establishing separate accounting books other than statutory accounting books shall be ordered by the finance authorities of a people's government of county level and above to make correction and be imposed a fine ranging from RMB50,000 to RMB500,000.

第二百零二條   公司在依法向有關主管部門提供的財務會計報告等材料上作虛假記載或者隱瞞重要事實的，由有關主管部門對直接負責的主管人員和其他直接責任人員處以三萬元以上三十萬元以下的罰款。

Article 202 Where a company makes any false records or conceals any important fact in such materials as financial statements submitted to the relevant departments in charge, the relevant department in charge shall impose a fine of not more than 30, 000 Yuan but not more than 300, 000 Yuan upon the directly liable persons in charge and other directly liable persons.

第二百零三條   公司不依照本法規定提取法定公積金的，由縣級以上人民政府財政部門責令如數補足應當提取的金額，可以對公司處以二十萬元以下的罰款。

Article 203 Where a company fails to draw legal accumulation funds according to the present Law, it shall be ordered by the treasury department of the people's government at the county level or above to make up the amount it is due, and may be fined up to 200, 000 Yuan.

第二百零四條   公司在合並、分立、減少注冊資本或者進行清算時，不依照本法規定通知或者公告債權人的，由公司登記機關責令改正，對公司處以一萬元以上十萬元以下的罰款。

Article 204 A company which fails to notify its creditors or make an announcement for its merger, division, reduction in registered capital or liquidation in accordance with the provisions of this Law shall be ordered by the company registration authorities to make correction and be imposed a fine ranging from RMB10,000 to RMB100,000.

公司在進行清算時，隱匿財產，對資產負債表或者財產清單作虛假記載或者在未清償債務前分配公司財產的，由公司登記機關責令改正，對公司處以隱匿財產或者未清償債務前分配公司財產金額百分之五以上百分之十以下的罰款；對直接負責的主管人員和其他直接責任人員處以一萬元以上十萬元以下的罰款。

If a company conceals any asset, makes any false record in its balance sheet or property checklist or distributes its assets before paying off the debts when conducting liquidation, the company registration organ shall order it to make corrections and impose upon the company a fine of 5% up to 10% of the concealed asset or the asset as distributed before paying off the debts. And a fine of RMB 10,000 Yuan up to RMB 100,000 Yuan shall be imposed upon the directly liable persons -in-charge and other directly liable persons.

第二百零五條   公司在清算期間開展與清算無關的經營活動的，由公司登記機關予以警告，沒收違法所得。

Article 205 If a company engages in any business operation irrelevant to the liquidation when conducting liquidation, the company registration organ shall give it a warning and confiscate the illegal proceeds.

第二百零六條   清算組不依照本法規定向公司登記機關報送清算報告，或者報送清算報告隱瞞重要事實或者有重大遺漏的，由公司登記機關責令改正。

Article 206 Any liquidation group that fails to submit a liquidation report to the company registration authority in accordance with the provisions of this Law or conceals or omits any important fact in or from the liquidation report shall be ordered by the company registration authority to remedy the defect.

清算組成員利用職權徇私舞弊、謀取非法收入或者侵占公司財產的，由公司登記機關責令退還公司財產，沒收違法所得，並可以處以違法所得一倍以上五倍以下的罰款。

Where any member of the liquidation group takes advantage of his authority to practice favoritism, seeks any illegal proceeds or seizes any asset of the company, the company registration organ shall order him to refund the company's asset, confiscate the illegal proceeds and may impose thereupon a fine of 1 time up to 5 times of the illegal proceeds.

第二百零七條   承擔資產評估、驗資或者驗證的機構提供虛假材料的，由公司登記機關沒收違法所得，處以違法所得一倍以上五倍以下的罰款，並可以由有關主管部門依法責令該機構停業、吊銷直接責任人員的資格證書，吊銷營業執照。

Article 207 If an institution in charge of asset assessment, asset verification or authentication provides any false material, the company registration organ shall confiscate the illegal proceeds and impose thereupon a fine of the mount of one time up to five times of the illegal proceeds. The relevant administrative department may order the said institution to stop its business, revoke the qualification certificate of the directly liable person and revoke the Business License.

承擔資產評估、驗資或者驗證的機構因過失提供有重大遺漏的報告的，由公司登記機關責令改正，情節較重的，處以所得收入一倍以上五倍以下的罰款，並可以由有關主管部門依法責令該機構停業、吊銷直接責任人員的資格證書，吊銷營業執照。

If an institution in charge of asset assessment, asset verification or authentication provides a report with any important omission, the company registration organ shall order it to make correction, and may, if the circumstance is serious, impose thereupon a fine of the mount of one time up to five times of the illegal proceeds. The relevant administrative department may order the said institution to close down its business, revoke the qualification certificate of the directly liable person and revoke the Business License.

承擔資產評估、驗資或者驗證的機構因其出具的評估結果、驗資或者驗證證明不實，給公司債權人造成損失的，除能夠證明自己沒有過錯的外，在其評估或者證明不實的金額範圍內承擔賠償責任。

Where the creditors of the company suffer damages due to an inaccurate valuation or capital verification issued by an asset valuation organisation or a capital verification organisation, the valuation organisation or capital verification organisation shall bear compensation liability within the scope of the inaccurate valuation or verification unless it is able to prove that it is not at fault.

第二百零八條   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，或者對符合本法規定條件的登記申請不予登記的，對直接負責的主管人員和其他直接責任人員，依法給予行政處分。

Article 208 Where the company registration authorities approve an application for registration which does not satisfy the criteria stipulated in this Law, or do not approve an application for registration which satisfies the criteria stipulated in this Law, the directly accountable person-in-charge and other directly accountable personnel shall be subject to administrative punishment pursuant to the law.

第二百零九條   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，或者對符合本法規定條件的登記申請不予登記的，或者對違法登記進行包庇的，對直接負責的主管人員和其他直接責任人員依法給予行政處分。

Article 209 Where the higher company registration authorities order the company registration authorities to grant registration to applicants which do not satisfy the criteria stipulated in this Law or to reject registration applications which satisfy the criteria stipulated in this Law or to cover up illegal registration, the person-in-charge and other personnel who are directly responsible shall be subject to administrative punishment in accordance with the provisions of the law.

第二百一十條   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，或者未依法登記為有限責任公司或者股份有限公司的分公司，而冒用有限責任公司或者股份有限公司的分公司名義的，由公司登記機關責令改正或者予以取締，可以並處十萬元以下的罰款。

Article 210. Companies which are not duly registered as a limited liability company or a company limited by shares but operated as a limited liability company or a company limited by shares or branches which are not duly registered as a branch of a limited liability company or a company limited by shares but operated as a branch of a limited liability company or a company limited by shares shall be ordered by the company registration authorities to make correction or be closed down and may be imposed a fine of not more than RMB100,000.

第二百一十一條   公司成立後無正當理由超過六個月未開業的，或者開業後自行停業連續六個月以上的，可以由公司登記機關吊銷營業執照。

Article 211 If a company fails to start the business after six months of its establishment without justifiable reasons or has ceased the business for more than six months in succession after it started the business, the company registration organ shall revoke its business license.

公司登記事項發生變更時，未依照本法規定辦理有關變更登記的，由公司登記機關責令限期登記；逾期不登記的，處以一萬元以上十萬元以下的罰款。

When the registered items of a company have altered, if the company fails to go through the alteration registration according to the provisions of this Law, it shall be ordered by the company registration authority to register the alteration within a time limit; if it fails to register the alteration within the time limit, it shall be fined not less than 10,000 yuan but not more than 100,000 yuan.

第二百一十二條   外國公司違反本法規定，擅自在中國境內設立分支機構的，由公司登記機關責令改正或者關閉，可以並處五萬元以上二十萬元以下的罰款。

Article 212 Any foreign company that unlawfully establishing any branch within China in violation of the Law shall be ordered by the company registration authority to remedy the defect or to close down the branch, and may be fined between CNY50,000 and CNY200,000.

第二百一十三條   利用公司名義從事危害國家安全、社會公共利益的嚴重違法行為的，吊銷營業執照。

Article 213 If anyone engages in serious illegal acts that may threaten the state security and social public interests by taking advantage of the title of the company, the Business License of the company shall be revoked.

第二百一十四條   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 214 A company which violates the provisions of this Law shall bear civil compensation liability and pay fines and penalties; where its assets are insufficient for payment, civil compensation shall take precedence.

第二百一十五條   違反本法規定，構成犯罪的，依法追究刑事責任。

Article 215 Where a violation of the provisions of this Law constitutes a criminal offence, criminal liability shall be pursued in accordance with the law.

第十三章 附 則

Chapter 13 Supplementary Provisions

第二百一十六條   本法下列用語的含義：

Article 216 Terms used in this Law are defined as follows:

（一）高級管理人員，是指公司的經理、副經理、財務負責人，上市公司董事會秘書和公司章程規定的其他人員。

(I) Senior management personnel shall mean the company's manager, deputy manager, person-in-charge of finance, the board secretary of the listed company and other personnel stipulated by the company's articles of association.

（二）控股股東，是指其出資額占有限責任公司資本總額百分之五十以上或者其持有的股份占股份有限公司股本總額百分之五十以上的股東；出資額或者持有股份的比例雖然不足百分之五十，但依其出資額或者持有的股份所享有的表決權已足以對股東會、股東大會的決議產生重大影響的股東。

(II) A "controlling shareholder" refers to a shareholder whose capital contribution accounts for 50% or more of the total capital of a limited liability company or a shareholder whose shareholding accounts for 50% or more of the total share capital of a joint stock limited company, or a shareholder whose capital contribution or shareholding is less than 50% but whose voting rights pursuant to such capital contribution or shareholding are sufficient to have a major impact on the resolutions of the board of shareholders or the general meeting.

（三）實際控制人，是指雖不是公司的股東，但通過投資關系、協議或者其他安排，能夠實際支配公司行為的人。

(III) The term "ultimate controller" refers to any person who is not a company shareholder but is in a position to exert control over the operation of the company through any investment, agreement or other arrangements.

（四）關聯關系，是指公司控股股東、實際控制人、董事、監事、高級管理人員與其直接或者間接控制的企業之間的關系，以及可能導致公司利益轉移的其他關系。但是，國家控股的企業之間不僅因為同受國家控股而具有關聯關系。

(IV) "Related-party relationships" refers to relationships between the controlling shareholder, actual controller, director, supervisor or senior officer of a company and the enterprise directly or indirectly controlled thereby and other relationships that may lead to the transfer of the interests of the company. However, enterprises controlled by the State shall not be deemed as related parties merely for being controlled by the State.

第二百一十七條   外商投資的有限責任公司和股份有限公司適用本法；有關外商投資的法律另有規定的，適用其規定。

Article 217 The provisions of this Law shall apply to foreign-invested limited liability companies and companies limited by shares; where the laws on foreign investment provide otherwise, such provisions shall prevail.

第二百一十八條   本法自2006年1月1日起施行。

Article 218 This Law shall go into effect as of January 1, 2006.