中華人民共和國公司法（第三次修正）

Company Law of the People's Republic of China (3rd 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《關于修改〈中華人民共和國公司法〉的決定》第一次修正；根據2004年8月28日第十屆全國人民代表大會常務委員會第十一次會議《關于修改〈中華人民共和國公司法〉的決定》第二次修正；2005年10月27日第十屆全國人民代表大會常務委員會第十八次會議第三次修訂，自2006年1月1日起施行。） 

(Adopted at the 5th Session of the Standing Committee of the 8th National People's Congress on December 29, 1993; first amendment made by the Decision on Amending the Company Law of the PRC at the 13th Session of the Standing Committee of the 9th National People's Congress on  December 25, 1999; second amendment made by the Decision on Amending the Company Law of the PRC at the 11th Session of the Standing Committee of the 10th National People's Congress on August 28, 2004; third amendment adopted at the 18th Session of the Standing Committee of the 10th National People's Congress and promulgated on October 27, 2005, and effective as of  January 1, 2006. )

第一章 總則

PART ONE: GENERAL PROVISIONS

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

Article 1: This Law has been enacted in order to standardize the organization and activities of companies, protect the lawful rights and interests of companies, shareholders and creditors, safeguard the social and economic order and promote the development of the socialist market economy.

第二條 本法所稱公司是指依照本法在中國境內設立的有限責任公司和股份有限公司。 

Article 2: For the purposes of this Law, the term "companies" shall mean limited liability companies and companies limited by shares established in China pursuant to this Law.

第三條 公司是企業(yè)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, has independent corporate property and enjoys corporate property rights. A company shall be liable for its debts to the extent of all of its property. 

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。

A shareholder of a limited liability company shall be liable to the company to the extent of the capital contribution it subscribes. A shareholder of a company limited by shares shall be liable to the company to the extent of the shares it subscribes.

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: The shareholders of a company shall enjoy such rights as gains on assets, participation in major decision making and selection of management personnel according to law.

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

Article 5: When engaging in business activities, a company must abide by laws and administrative regulations, observe social morality and business ethics, act in good faith, accept supervision by the government and the public, and bear social responsibilities.

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(guī)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(guī)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 registration of establishment shall be filed with the company registration authority according to law. If the conditions of establishment specified herein are met, the applicant shall be registered by the company registration authority as a limited liability company or a company limited by shares. If the conditions for establishment specified herein are not met, it may not be registered as a limited liability company or a company limited by shares.

法律、行政法規(guī)規(guī)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(xù)。 

If laws or administrative regulations provide that the establishment of a company is subject to approval, approval procedures shall be carried out according to law prior to the company’s registration.

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 the company registration authority for inquiring the registered particulars of a company, and the company registration authority shall facilitate such inquiry.

第七條 依法設立的公司，由公司登記機關發(fā)給公司營業(yè)執(zhí)照。公司營業(yè)執(zhí)照簽發(fā)日期為公司成立日期。

Article 7: A company established according to law shall be issued a company business license by the company registration authority. The date of issue of the company business license shall be the date of establishment of the company. 

公司營業(yè)執(zhí)照應當載明公司的名稱、住所、注冊資本、實收資本、經營范圍、法定代表人姓名等事項。

The company business license shall contain the name, address, registered capital, paid-up capital, scope of business and the name of the legal representative of the company, and so forth. 

公司營業(yè)執(zhí)照記載的事項發(fā)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(fā)營業(yè)執(zhí)照。 

In the event of any change to any item recorded in the company business license, the company shall carry out formalities for change registration and a new business license shall be issued by the company registration authority.

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: The name of a limited liability company established in accordance with this Law must contain the words "limited liability company" or “company limited”. 

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。 

The name of a company limited by shares established in accordance with this Law must contain the words "company limited by shares" 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(guī)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(guī)定的有限責任公司的條件。

Article 9: If a limited liability company intends to be converted into a company limited by shares, the conditions with respect to companies limited by shares set forth herein shall be satisfied. If a company limited by shares intends to be converted into a limited liability company, the conditions with respect to limited liability companies set forth herein shall be satisfied. 

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、債務由變更后的公司承繼。 

If a limited liability company is converted into a company limited by shares, or if a company limited by shares is converted into a limited liability company, the claims and debts of the company that have arisen prior to the conversion shall be succeeded to by the company after the conversion.

第十條 公司以其主要辦事機構所在地為住所。 

Article 10: The domicile of a company shall be the place where its principal office 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(jiān)事、高級管理人員具有約束力。 

Article 11: To establish a company, the articles of association must be formulated according to law. A company's articles of association shall be binding upon the company, shareholders, directors, supervisors and senior management personnel. 

第十二條 公司的經營范圍由公司章程規(guī)定，并依法登記。公司可以修改公司章程，改變經營范圍，但是應當辦理變更登記。 

Article 12: The scope of business of a company shall be specified in the articles of association of the company and shall be registered according to law. A company may amend its articles of association and change the scope of business, provided that it shall carry out change registration. 

公司的經營范圍中屬于法律、行政法規(guī)規(guī)定須經批準的項目，應當依法經過批準。 

If any item in the scope of business of a company is subject to approval as required by laws or administrative regulations, such item shall be approved according to law. 

第十三條 公司法定代表人依照公司章程的規(guī)定，由董事長、執(zhí)行董事或者經理擔任，并依法登記。公司法定代表人變更，應當辦理變更登記。 

Article 13: The chairman of the board, the executive director or the manager of the company shall act as the legal representative of a company pursuant to the articles of association of the company and the same shall be registered according to law. In the event of any change in the legal representative of the company, formalities shall be carried out for registration change. 

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(yè)執(zhí)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 establish branches. To establish a branch, application shall be made to the company registration authority for registration and a business licence shall be obtained. A branch does not have the status of a legal person and its civil liability 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. A subsidiary has the status of a legal person and independently bears civil liability according to law.

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

Article 15: A company may invest in other enterprises, provided that unless otherwise provided by law, it may not become an investor that bears joint and several liability for the debts of the enterprise in which it invests.

第十六條 公司向其他企業(yè)投資或者為他人提供擔保，依照公司章程的規(guī)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(guī)定的，不得超過規(guī)定的限額。

Article 16: If a company invests in another enterprise or provides security for another party, a resolution shall be adopted by the board of directors or by the shareholders’ meeting or shareholders’ general meeting according to the provisions of the articles of association of the company. If the articles of association of the company have specified a limit on the total amount of investment or security and the amount of a single investment or security, the specified limit may 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。

If a company provides security for a shareholder or the de facto controlling person of the company, a resolution of the shareholders’ meeting or shareholders’ general meeting must be passed.

前款規(guī)定的股東或者受前款規(guī)定的實際控制人支配的股東，不得參加前款規(guī)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。 

Any shareholder set forth in the preceding paragraph or controlled by a de facto controlling person set forth in the preceding paragraph may not participate in voting on any resolution specified in the preceding paragraph. Such resolution shall be adopted by the other shareholders that are present at the meeting and represent more than half of the voting rights.

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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(xiàn)安全生產。 

Article 17: A company must protect the lawful rights and interests of its employees, and enter into labor contracts with its employees, contribute social insurance premiums, strengthen labor protection and ensure production safety according to law.

公司應當采用多種形式，加強公司職工的職業(yè)教育和崗位培訓，提高職工素質。

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

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(wèi)生等事項依法與公司簽訂集體合同。 

Article 18: The employees of a company shall organize a labor union and conduct labor union activities in accordance with the Labor Union Law of the People's Republic of China to protect the lawful rights and interests of the employees. The company shall provide its labor union with conditions necessary for conducting its activities. 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 health of the employees according to law.

公司依照憲法和有關法律的規(guī)定，通過職工代表大會或者其他形式，實行民主管理。 

A company shall implement democratic management through the employees' representative congress or other channels 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(guī)章制度時，應當聽取公司工會的意見，并通過職工代表大會或者其他形式聽取職工的意見和建議。 

When a company discusses and decides on restructuring and major issues concerning its business operation or formulates major rules, regulations and policies, it shall solicit opinions from the labor union of the company, as well as opinions and suggestions from its employees through the employees' representative congress or other channels.

第十九條 在公司中，根據中國共產黨章程的規(guī)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: In a company, an organization of the Communist Party of China shall be established to carry out the activities of the party in accordance with the charter of the Communist Party of China. The company shall provide the necessary conditions for the activities of the party organization.

第二十條 公司股東應當遵守法律、行政法規(guī)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: The shareholders of a company shall abide by laws, administrative regulations and the articles of association of the company and exercise shareholder’s rights according to law, and may not abuse shareholder’s rights to harm the interests of the company or other shareholders, or abuse the independent status of the company legal person and the limited liability of shareholders to harm 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。 

If a shareholder of the company abuses its shareholder’s rights, thereby causing losses to the company or other shareholders, the shareholder shall be liable for compensation according to 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。 

If a shareholder of the company abuses the independent status of the company legal person and the limited liability of shareholders to evade debts and seriously harms the interests of the creditors of the company, it shall bear joint and several liability for the debts of the company.

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

Article 21: The controlling shareholder, de facto controlling person, directors, supervisors and senior management personnel of a company may not use their affiliation to harm the interests of the company. 

違反前款規(guī)定，給公司造成損失的，應當承擔賠償責任。 

Anyone that 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(guī)的無效。 

Article 22: A resolution of the shareholders’ meeting or shareholders’ general meeting or the board of directors of a company shall be void if its contents are in violation of laws or administrative regulations.

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(guī)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 procedure for convening the shareholders’ meeting or shareholders’ general meeting or the meeting of the board of directors, or the method of voting violates laws, administrative regulations or the articles of association of the company, or if the contents of a resolution violate the articles of association of the company, a shareholder may, within 60 days of the adoption of the resolution, petition to a people’s court for cancellation of resolution.

股東依照前款規(guī)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。 

If the shareholder institutes proceedings pursuant to the preceding paragraph, the people’s court may, at the request of the company, require the shareholder to provide a corresponding security.

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后，公司應當向公司登記機關申請撤銷變更登記。 

If the company has carried out change registration in accordance with the resolution of the shareholders’ meeting or shareholders’ general meeting or the board of directors, the company shall apply to the company registration authority for cancellation of the change registration after the people’s court declares the resolution invalid or cancels the resolution. 

第二章 有限責任公司的設立和組織機構

PART TWO: ESTABLISHMENT AND ORGANIZATIONAL STRUCTURE OF LIMITED LIABILITY COMPANIES

第一節(jié) 設立 

Section One: Establishment 

第二十三條 設立有限責任公司，應當具備下列條件： 

Article 23: The following conditions shall be fulfilled for the establishment of a limited liability company:

（一） 股東符合法定人數； 

the number of shareholders conforms to the statutory number; 

（二） 股東出資達到法定資本最低限額； 

the capital contribution of the shareholders reach the minimum amount of statutory capital; 

（三） 股東共同制定公司章程； 

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；  

the company has a name and an organizational structure established in conformity with the requirements for limited liability companies; and 

（五） 有公司住所。 

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 invested in and established by no more than 50 shareholders. 

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 limited liability companies shall ,specify the following particulars:

（一） 公司名稱和住所； 

the name and domicile of the company; 

（二） 公司經營范圍； 

the scope of business of the company; 

（三） 公司注冊資本； 

the registered capital of the company; 

（四） 股東的姓名或者名稱； 

the names of shareholders; 

（五） 股東的出資方式、出資額和出資時間； 

the method, amount and time of capital contribution by the shareholders; 

（六） 公司的機構及其產生辦法、職權、議事規(guī)則； 

the organization of the company and its methods of establishment, functions and powers, and rules of procedure; 

（七） 公司法定代表人； 

the legal representative of the company; and 

（八） 股東會會議認為需要規(guī)定的其他事項。 

other matters that the shareholders deem necessary to be specified.  

股東應當在公司章程上簽名、蓋章。

Shareholders shall sign and affix their seals to the company’s articles of association.

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。公司全體股東的首次出資額不得低于注冊資本的百分之二十，也不得低于法定的注冊資本最低限額，其余部分由股東自公司成立之日起兩年內繳足；其中，投資公司可以在五年內繳足。

Article 26: The registered capital of a limited liability company shall be the capital contributions subscribed by all shareholders as registered with the company registration authority. The amount of the initial capital contribution of all shareholders of the company may not be less than 20% of the registered capital or less than the statutory minimum registered capital, and the rest of the registered capital shall be fully paid by the shareholders within two years of the date of establishment of the company. In the case of an investment company, it may be paid in full within five years.

有限責任公司注冊資本的最低限額為人民幣三萬元。法律、行政法規(guī)對有限責任公司注冊資本的最低限額有較高規(guī)定的，從其規(guī)定。 

The minimum registered capital of a limited liability company is RMB 30,000. Where laws or administrative regulations stipulate a higher amount for the minimum registered capital of a limited liability company, such stipulation 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并可以依法轉讓的非貨幣財產作價出資；但是，法律、行政法規(guī)規(guī)定不得作為出資的財產除外。 

Article 27: Shareholders may make capital contribution in currency or in non-currency property that may be valued in currency and transferable according to law such as physical objects, intellectual property and land use rights, except for property that may not be used as capital contribution according to laws or administrative regulations.

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(guī)對評估作價有規(guī)定的，從其規(guī)定。 

Non-currency property contributed as capital shall be valued and verified, and shall not be over-valued or under-valued. Where laws or administrative regulations have provisions on valuation, such provisions shall prevail.

全體股東的貨幣出資金額不得低于有限責任公司注冊資本的百分之三十。 

The amount of capital contribution in currency by all shareholders shall not be less than 30% of the registered capital of the limited liability company.

第二十八條 股東應當按期足額繳納公司章程中規(guī)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(xù)。

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

股東不按照前款規(guī)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。 

If a shareholder fails to make capital contribution in accordance with the preceding paragraph, it shall, in addition to making capital contribution in full to the company, be liable for breach of contract to the shareholders that have made their capital contributions on time and in full.

第二十九條 股東繳納出資后，必須經依法設立的驗資機構驗資并出具證明。 

Article 29: After a shareholder has made its capital contribution, such contribution must be verified by a statutory capital verification institution, which shall issue a certificate.

第三十條 股東的首次出資經依法設立的驗資機構驗資后，由全體股東指定的代表或者共同委托的代理人向公司登記機關報送公司登記申請書、公司章程、驗資證明等文件，申請設立登記。 

Article 30: After the initial capital contribution of the shareholders have been verified by a legally established capital verification institution, a representative designated by all shareholders or an agent jointly appointed by them shall submit a company registration application and documents such as the company’s articles of association and the capital verification certificate to the company registration authority to apply for registration of establishment.

第三十一條 有限責任公司成立后，發(fā)現(xiàn)作為設立公司出資的非貨幣財產的實際價額顯著低于公司章程所定價額的，應當由交付該出資的股東補足其差額；公司設立時的其他股東承擔連帶責任。 

Article 31: If, after establishment of a limited liability company, it is discovered that the actual value of the non-currency property contributed as capital for the establishment of the company is markedly lower than the value specified in the articles of association of the company, the shareholder that made such contribution shall make up for the difference. The other shareholders as at the time of the company's establishment shall bear joint and several liability for such difference.

第三十二條 有限責任公司成立后，應當向股東簽發(fā)出資證明書。 

Article 32: A limited liability company shall issue capital contribution certificates to its shareholders after it is established.

出資證明書應當載明下列事項： 

The capital contribution certificate shall specify the following particulars:

（一） 公司名稱； 

the name of the company; 

（二） 公司成立日期； 

the date of establishment of the company; 

（三） 公司注冊資本； 

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； 

the name of the shareholder, the amount of its capital contribution made and the date of capital contribution; and 

（五） 出資證明書的編號和核發(fā)日期。 

the serial number and date of issuance of the capital contribution certificate. 

出資證明書由公司蓋章。 

The capital contribution certificate shall be affixed with the seal of the company.

第三十三條　有限責任公司應當置備股東名冊，記載下列事項： 

Article 33: A limited liability company shall establish a register of shareholders to record the following items:

（一） 股東的姓名或者名稱及住所； 

the names and domiciles of the shareholders; 

（二） 股東的出資額； 

the amounts of capital contribution of the shareholders; and 

（三） 出資證明書編號。 

the serial numbers of the capital verification certificates. 

記載于股東名冊的股東，可以依股東名冊主張行使股東權利。 

The shareholders on the register of shareholders may claim and exercise shareholder’s rights on the basis of the register of shareholders.

公司應當將股東的姓名或者名稱及其出資額向公司登記機關登記；登記事項發(fā)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。 

The company shall register the names of its shareholders and the amounts of their capital contribution with the company registration authority. If there is a change in the registered items, change registration shall be carried out. Anyone that fails to complete registration or change registration may not resist the claims of a third person.

第三十四條　股東有權查閱、復制公司章程、股東會會議記錄、董事會會議決議、監(jiān)事會會議決議和財務會計報告。 

Article 34: Shareholders shall have the right to examine and reproduce the articles of association of the company, the minutes of the shareholders' meetings, the resolutions of the meetings of the board of directors, the resolutions of the meetings of the supervisory board and the financial and accounting 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，并應當自股東提出書面請求之日起十五日內書面答復股東并說明理由。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。 

Shareholders may request to examine the account books of the company. If a shareholder requests to examine the account books of the company, it shall make a written request to the company stating the purpose thereof. If the company has reasonable basis to believe that the purpose of the examination of the account books by the shareholder is improper and that such examination may harm the lawful rights and interests of the company, the company may refuse to provide the books for examination, and shall reply to the shareholder in writing and state the reason for the refusal within 15 days of the written request of the shareholder. If the company refuses to provide the account books for examination, the shareholder may petition to the people’s court to request the company to provide the account books for examination.

第三十五條　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(yōu)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(yōu)先認繳出資的除外。 

Article 35: A shareholder shall receive dividends in proportion to its paid-up capital contribution. When the company increases its capital, the shareholder shall have the priority right to subscribe for capital contribution in proportion to its paid-up capital contribution, except where all shareholders agree not to receive dividends in proportion to the paid-up capital contribution or not to exercise priority right to subscribe for capital contribution in proportion to the paid-up capital contribution.

第三十六條　公司成立后，股東不得抽逃出資。 

Article 36: After a company is established, its shareholders may not withdraw their capital contribution. 

第二節(jié)　組織機構

Section Two: Organizational Structure

第三十七條　有限責任公司股東會由全體股東組成。股東會是公司的權力機構，依照本法行使職權。 

Article 37: The shareholders’ meeting of a limited liability company shall be composed of all the shareholders. The shareholders' meeting shall be the organ of authority of the company and shall exercise its functions and powers pursuant to this Law.

第三十八條　股東會行使下列職權： 

Article 38: The shareholders’ meeting shall exercise the following functions and powers:

（一） 決定公司的經營方針和投資計劃； 

to decide on the business policies and investment plans of the company;

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

to elect and replace directors and supervisors that are not appointed from representatives of staff and workers, and to decide on matters concerning the remuneration of directors and supervisors; 

（三） 審議批準董事會的報告； 

to consider and approve reports of the board of directors; 

（四） 審議批準監(jiān)事會或者監(jiān)事的報告；  

to consider 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； 

to consider 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； 

to consider and approve the company's profit distribution plans and plans for making up losses; 

（七） 對公司增加或者減少注冊資本作出決議； 

to pass resolutions on the increase or reduction of the company's registered capital; 

（八） 對發(fā)行公司債券作出決議； 

to pass resolutions on the issuance of corporate bonds; 

（九） 對公司合并、分立、解散、清算或者變更公司形式作出決議； 

to pass resolutions on matters such as the merger, division, dissolution, liquidation or change of the corporate form of the company; 

（十） 修改公司章程； 

to amend the articles of association of the company; and 

（十一） 公司章程規(guī)定的其他職權。 

other functions and powers specified 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，并由全體股東在決定文件上簽名、蓋章。

If the shareholders unanimously express consent to a matter set out in the preceding paragraph in writing, the shareholders’ meeting is not required to be convened, and the decision may be made directly with a document of the decision signed and affixed with the seals of all shareholders. 

第三十九條　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(guī)定行使職權。

Article 39: The first shareholders' meeting shall be convened and presided over by the shareholder that made the largest capital contribution, and shall exercise its functions and powers pursuant to the provisions hereof.

第四十條　股東會會議分為定期會議和臨時會議。

Article 40: Shareholders' meetings shall be divided into regular meetings and extraordinary meetings. 

定期會議應當依照公司章程的規(guī)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(jiān)事會或者不設監(jiān)事會的公司的監(jiān)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, or by one-third or more of the directors or the supervisory board or, in the case of a company without a supervisory board, the supervisor(s).

第四十一條　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 41: If a limited liability company has established a board of directors, the shareholders' meeting shall be convened by the board of directors and presided over by the chairman of the board. If the chairman of the board is unable to or does not perform his duty, the meeting shall be presided over by the vice-chairman of the board. If the vice-chairman of the board is unable to or does not perform his duty, the meeting shall be presided over by a director designated jointly by more than half of the directors.

有限責任公司不設董事會的，股東會會議由執(zhí)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(s).

董事會或者執(zhí)行董事不能履行或者不履行召集股東會會議職責的，由監(jiān)事會或者不設監(jiān)事會的公司的監(jiān)事召集和主持；監(jiān)事會或者監(jiān)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。 

If the board of directors or the executive director(s) cannot or do not perform the duty of convening the shareholders’ meeting, the meeting shall be convened and presided over by the supervisory board or, in the case of a company without a supervisory board, the supervisor(s). If the supervisory board or the supervisors do not convene and preside over the meeting, the meeting may be convened and presided by the shareholders representing one-tenth or more of the voting rights.

第四十二條　召開股東會會議，應當于會議召開十五日前通知全體股東；但是，公司章程另有規(guī)定或者全體股東另有約定的除外。 

Article 42: If a shareholders’ meeting is to be convened, all shareholders shall be notified 15 days before the meeting is held, unless otherwise stipulated in the articles of association of the company or 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 the decisions on the matters under its consideration. The shareholders present at the meeting shall sign the minutes of the meeting.

第四十三條　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(guī)定的除外。 

Article 43: Shareholders shall exercise voting rights at shareholders' meetings in proportion to their capital contribution, unless otherwise stipulated in the articles of association of the company.

第四十四條　股東會的議事方式和表決程序，除本法有規(guī)定的外，由公司章程規(guī)定。 

Article 44: The method of deliberation and voting procedures of the shareholders' meeting shall be specified in the articles of association of the company, except where stipulated herein.

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，以及公司合并、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 shareholders’ meeting on the amendment of the articles of association of the company, increase or reduction of the registered capital, and merger, division, dissolution or change of corporate form must be adopted by shareholders representing two-thirds or more of the voting rights.

第四十五條　有限責任公司設董事會，其成員為三人至十三人；但是，本法第五十一條另有規(guī)定的除外。

Article 45: A limited liability company shall have a board of directors of three to 13 members, unless otherwise stipulated in Article 51 hereof. 

兩個以上的國有企業(yè)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。

In a limited liability company invested in and established by two or more State-owned enterprises or two or more other State-owned investment entities, the members of the board of directors shall include representatives of the staff and workers of the company. In other limited liability companies, the members of the board of directors may include representatives of the staff and workers of the company. Representatives of staff and workers on the board of directors shall be democratically elected by the staff and workers of the company through the staff and workers’ congress, the staff and workers’ general meeting or other means. 

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(guī)定。

A board of directors shall have one chairman of the board and may have vice-chairmen of the board. The method of appointment of the chairman and vice-chairman (or vice-chairmen) of the board shall be specified in the articles of association of the company. 

第四十六條　董事任期由公司章程規(guī)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 46: The term of office of directors shall be specified in the articles of association of the company but each term may not exceed three years. If re-elected upon expiration of his term of office, a director may serve consecutive terms. 

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

If no new director is elected in time upon expiration of the term of office of a director, or if a director resigns during his term of office, resulting in the number of members of the board of directors falling below the statutory number, the original director shall perform his duties as director according to the provisions of laws, administrative regulations and the articles of association of the company before a newly elected director takes office. 

第四十七條　董事會對股東會負責，行使下列職權：

,Article 47: The board of directors shall be accountable to the shareholders' meeting, and shall exercise the following functions and powers:

（一） 召集股東會會議，并向股東會報告工作； 

to convene the shareholders' meeting and to report on its work to the shareholders' meeting; 

（二） 執(zhí)行股東會的決議； 

to implement the resolutions of the shareholders' meeting; 

（三） 決定公司的經營計劃和投資方案； 

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； 

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； 

to formulate the company’s profit distribution plans and plans for making up losses; 

（六） 制訂公司增加或者減少注冊資本以及發(fā)行公司債券的方案； 

to formulate plans for the company’s increase or reduction of the registered capital or for the issuance of corporate bonds; 

（七） 制訂公司合并、分立、解散或者變更公司形式的方案； 

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； 

to decide on the establishment of the company's internal management organization; 

（九） 決定聘任或者解聘公司經理及其報酬事項，并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； 

to decide on the employment or dismissal of the manager of the company and his remuneration, and to decide on the employment 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； 

to formulate the basic management system of the company; and 

（十一） 公司章程規(guī)定的其他職權。 

other functions and powers specified in the articles of association of the company.

第四十八條　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 48: Meetings of the board of directors shall be convened and presided over by the chairman of the board. If the chairman of the board is unable to or does not perform his duty, the meeting shall be convened and presided over by the vice-chairman of the board. If the vice-chairman of the board is unable to or does not perform his duty, the meeting shall be convened and presided over by a director designated jointly by more than half of the directors.

第四十九條　董事會的議事方式和表決程序，除本法有規(guī)定的外，由公司章程規(guī)定。 

Article 49: The method of deliberation and voting procedures of the board of directors shall be specified in the articles of association of the company, except where stipulated herein.

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

董事會決議的表決，實行一人一票。 

When voting on a resolution of the board of directors, each member shall have one vote.

第五十條　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 50: A limited liability company may have a manager, who shall be employed or dismissed by the board of directors. The manager shall be accountable to the board of directors and shall exercise the following functions and powers:

（一） 主持公司的生產經營管理工作，組織實施董事會決議； 

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； 

to organize the implementation of the annual business plans and investment plans of the company; 

（三） 擬訂公司內部管理機構設置方案； 

to draft the plan for the establishment of the company's internal management organization; 

（四） 擬訂公司的基本管理制度； 

to draft the basic management system of the company; 

（五） 制定公司的具體規(guī)章； 

to formulate the specific rules and regulations of the company; 

（六） 提請聘任或者解聘公司副經理、財務負責人； 

to request the employment or dismissal of the deputy manager(s) and person(s) in charge of financial affairs of the company; 

（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； 

to decide on the employment or dismissal of management personnel other than those to be employed or dismissed by the board of directors; and 

（八） 董事會授予的其他職權。 

other functions and powers delegated by the board of directors. 

公司章程對經理職權另有規(guī)定的，從其規(guī)定。

Where the articles of association of the company have other provisions on the functions and powers of the manager, such provisions shall prevail. 

經理列席董事會會議。 

The manager shall attend meetings of the board of directors as a non-voting attendee. 

第五十一條　股東人數較少或者規(guī)模較小的有限責任公司，可以設一名執(zhí)行董事，不設董事會。執(zhí)行董事可以兼任公司經理。 

Article 51: A limited liability company with comparatively few shareholders or comparatively small in scale may have one executive director instead of a board of directors. The executive director may concurrently serve as the manager of the company.

執(zhí)行董事的職權由公司章程規(guī)定。 

The functions and powers of the executive director shall be specified in the articles of association of the company.

第五十二條　有限責任公司設監(jiān)事會，其成員不得少于三人。股東人數較少或者規(guī)模較小的有限責任公司，可以設一至二名監(jiān)事，不設監(jiān)事會。

Article 52: A limited liability company shall have a supervisory board, which shall have no fewer than three members. A limited liability company with comparatively few shareholders and comparatively small in scale may have one to two supervisors instead of a supervisory board.

監(jiān)事會應當包括股東代表和適當比例的公司職工代表，其中職工代表的比例不得低于三分之一，具體比例由公司章程規(guī)定。監(jiān)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 supervisory board shall include the representatives of the shareholders and an appropriate ratio of representatives of the company's staff and workers, in which the ratio of the staff and workers’ representatives shall not be lower than one-third. The specific ratio shall be specified in the articles of association of the company. The staff and workers' representatives on the supervisory board shall be democratically elected through the staff and workers’ congress, the staff and workers’ general meeting or other means. 

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

The supervisory board shall have a chairman that shall be elected by more than half of all supervisors. The chairman of the supervisory board shall convene and preside over the meeting of the supervisory board. If the chairman of the supervisory board is unable to or does not perform his duty, the meeting of the supervisory board shall be convened and presided over by a supervisor designated jointly by more than half of the supervisors. 

董事、高級管理人員不得兼任監(jiān)事。 

Directors and senior management personnel may not concurrently serve as supervisors.

第五十三條　監(jiān)事的任期每屆為三年。監(jiān)事任期屆滿，連選可以連任。 

Article 53: The term of office of a supervisor shall be three years. If re-elected upon expiration of his term of office, a supervisor may serve consecutive terms.

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

If no new supervisor is elected in time upon expiration of the term of office of a supervisor, or if a supervisor resigns during his term of office, resulting in the number of members of the supervisory board falling below the statutory number, the original supervisor shall perform his duties as supervisor according to the provisions of laws, administrative regulations and the articles of association of the company before a newly elected supervisor takes office. 

第五十四條　監(jiān)事會、不設監(jiān)事會的公司的監(jiān)事行使下列職權： 

Article 54: The supervisory board or, in the case of a company without a supervisory board, the supervisor shall exercise the following functions and powers:

（一） 檢查公司財務； 

to examine the company's financial affairs; 

（二） 對董事、高級管理人員執(zhí)行公司職務的行為進行監(jiān)督，對違反法律、行政法規(guī)、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； 

to supervise the execution of company duties by the directors and the senior management personnel and to recommend the removal of directors and senior management personnel that violate laws, administrative regulations, the articles of association of the company or the resolutions of the shareholders’ meeting; 

（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； 

when an act of a director or senior management personnel is harmful to the company's interests, to require the director or senior management personnel to rectify such act; 

（四） 提議召開臨時股東會會議，在董事會不履行本法規(guī)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； 

to propose the convening of extraordinary shareholders’ meetings and to convene and preside over the shareholders’ meeting when the board of directors fails to perform the duties of convening and presiding over the shareholders’ meeting as stipulated herein; 

（五） 向股東會會議提出提案； 

to give proposals to the shareholders’ meeting; 

（六） 依照本法第一百五十二條的規(guī)定，對董事、高級管理人員提起訴訟； 

to institute proceedings against the directors and senior management personnel according to Article 152 hereof; and 

（七） 公司章程規(guī)定的其他職權。 

other functions and powers specified in the articles of association of the company. 

第五十五條　監(jiān)事可以列席董事會會議，并對董事會決議事項提出質詢或者建議。

Article 55: Supervisors may attend meetings of the board of directors as non-voting attendees and may make inquiries or suggestions to the matters to be resolved by the board of directors.

監(jiān)事會、不設監(jiān)事會的公司的監(jiān)事發(fā)現(xiàn)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(xié)助其工作，費用由公司承擔。 

If the supervisory board or, in the case of a company without a supervisory board, a supervisor discovers irregularities in the operation of the company, it may conduct investigation. If necessary, an accounting firm may be engaged to assist in its or his work. The fees shall be borne by the company.

第五十六條　監(jiān)事會每年度至少召開一次會議，監(jiān)事可以提議召開臨時監(jiān)事會會議。 

Article 56: The supervisory board shall convene at least one meeting each year. Supervisors may propose to convene an extraordinary meeting of the supervisory board.

監(jiān)事會的議事方式和表決程序，除本法有規(guī)定的外，由公司章程規(guī)定。 

The method of deliberation and voting procedures of the supervisory board shall be specified in the articles of association of the company, except where stipulated herein.

監(jiān)事會決議應當經半數以上監(jiān)事通過。

Resolutions of the supervisory board shall be adopted by more than half of the supervisors. 

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

The supervisory board 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.

第五十七條　監(jiān)事會、不設監(jiān)事會的公司的監(jiān)事行使職權所必需的費用，由公司承擔。 

Article 57: The costs and expenses necessary for the supervisory board or, in the case of a company without a supervisory board, the supervisor to exercise their functions and powers shall be borne by the company. 

第三節(jié)　一人有限責任公司的特別規(guī)定

Section Three: Special Provisions on One-person Limited Liability Companies

第五十八條　一人有限責任公司的設立和組織機構，適用本節(jié)規(guī)定；本節(jié)沒有規(guī)定的，適用本章第一節(jié)、第二節(jié)的規(guī)定。 

Article 58: The provisions of this Section shall apply to the establishment and the organizational structure of one-person limited liability companies. Where a matter is not provided for in this Section, the provisions of Section One and Section Two of this Part 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。 

For the purposes of this Law, the term “one-person limited liability company” shall mean a limited liability company that has only one natural person shareholder or one legal person shareholder.

第五十九條　一人有限責任公司的注冊資本最低限額為人民幣十萬元。股東應當一次足額繳納公司章程規(guī)定的出資額。 

Article 59: The minimum registered capital of a one-person limited liability company is RMB 100,000. Shareholders shall pay the amount of capital contribution specified in the articles of association of the company in full in one lump sum.

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。 

A natural person may invest in and establish only one one-person limited liability company. Such one-person limited liability company may not invest in and establish a new one-person limited liability company.

第六十條　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，并在公司營業(yè)執(zhí)照中載明。 

Article 60: A one-person limited liability company shall indicate whether it is wholly owned by a natural person or wholly owned by a legal person in the company registration, and specify the same in the business licence of the company.

第六十一條　一人有限責任公司章程由股東制定。 

Article 61: The articles of association of a one-person limited liability company shall be formulated by the shareholder. 

第六十二條　一人有限責任公司不設股東會。股東作出本法第三十八條第一款所列決定時，應當采用書面形式，并由股東簽名后置備于公司。 

Article 62: A one-person limited liability company shall not have a shareholders’ meeting. When the shareholder makes a decision that falls under Paragraph One of Article 38 hereof, it shall be in writing and be kept in the company after it is signed by the shareholder.

第六十三條　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，并經會計師事務所審計。 

Article 63: A one-person limited liability company shall prepare, at the end of each fiscal year, a financial and accounting report that is audited by an accounting firm.

第六十四條　一人有限責任公司的股東不能證明公司財產獨立于股東自己的財產的，應當對公司債務承擔連帶責任。 

Article 64: 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, the shareholder shall bear joint and several liability for the debts of the company. 

第四節(jié)　國有獨資公司的特別規(guī)定

Section Four: Special Provisions on Wholly State-owned Companies

第六十五條　國有獨資公司的設立和組織機構，適用本節(jié)規(guī)定；本節(jié)沒有規(guī)定的，適用本章第一節(jié)、第二節(jié)的規(guī)定。 

Article 65: The provisions of this Section shall apply to the establishment and the organizational structure of wholly State-owned companies. Where a matter is not provided for in this Section, the provisions of Section One and Section Two of this Part 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(jiān)督管理機構履行出資人職責的有限責任公司。 

For the purposes of this Law, the term "wholly State-owned company" shall mean a limited liability company of which the State is the sole investor and the State Council or a local people’s government authorizes a State-owned assets supervision and administration authority of the people’s government at the same level to perform the responsibilities of the investor.

第六十六條　國有獨資公司章程由國有資產監(jiān)督管理機構制定，或者由董事會制訂報國有資產監(jiān)督管理機構批準。 

Article 66: The articles of association of a wholly State-owned company shall be formulated by the State-owned assets supervision and administration authority or drafted by the board of directors and submitted to the State-owned assets supervision and administration authority for approval.

第六十七條　國有獨資公司不設股東會，由國有資產監(jiān)督管理機構行使股東會職權。國有資產監(jiān)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，但公司的合并、分立、解散、增加或者減少注冊資本和發(fā)行公司債券，必須由國有資產監(jiān)督管理機構決定；其中，重要的國有獨資公司合并、分立、解散、申請破產的，應當由國有資產監(jiān)督管理機構審核后，報本級人民政府批準。

Article 67: A wholly State-owned company shall not have a shareholders' meeting. The functions and powers of the shareholders’ meeting shall be exercised by the State-owned assets supervision and administration authority. The State-owned assets supervision and administration authority may authorize the company's board of directors to exercise part of the functions and powers of the shareholders' meeting and to decide on the major matters of the company. However, merger, division, dissolution, increase or reduction of registered capital and issuance of corporate bonds of the company must be decided by the State-owned assets supervision and administration authority. Merger, division, dissolution or bankruptcy application of important wholly State-owned companies shall, after examination and verification by the State-owned assets supervision and administration authority, 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(guī)定確定。 

The “important wholly State-owned companies” referred to in the preceding paragraph shall be determined in accordance with the provisions of the State Council. 

第六十八條　國有獨資公司設董事會，依照本法第四十七條、第六十七條的規(guī)定行使職權。董事每屆任期不得超過三年。董事會成員中應當有公司職工代表。董事會成員由國有資產監(jiān)督管理機構委派；但是，董事會成員中的職工代表由公司職工代表大會選舉產生。董事會設董事長一人，可以設副董事長。董事長、副董事長由國有資產監(jiān)督管理機構從董事會成員中指定。 

Article 68: A wholly State-owned company shall have a board of directors, which shall exercise functions and powers in accordance with Articles 47 and 67 hereof. The term of office of directors shall not exceed three years. The members of the board of directors shall include representatives of the staff and workers. The members of the board of directors 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 directors shall be elected by the staff and workers’ congress of the company. The board of directors shall have one chairman of the board, and may have a vice-chairman of the board. The chairman of the board and vice-chairman of the board shall be designated by the State-owned assets supervision and administration authority from among the members of the board of directors. 

第六十九條　國有獨資公司設經理，由董事會聘任或者解聘。經理依照本法第五十條規(guī)定行使職權。

Article 69: A wholly State-owned company shall have a manager, who shall be engaged or dismissed by the board of directors. The manager shall exercise functions and powers in accordance with Article 50 hereof. 

經國有資產監(jiān)督管理機構同意，董事會成員可以兼任經理。 

Subject to approval by the State-owned assets supervision and administration authority, a member of the board of directors may serve concurrently as manager. 

第七十條　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(jiān)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 70: The chairman of the board, vice-chairman of the board, directors or senior management personnel of a wholly State-owned company may not concurrently serve in another limited liability company, company limited by shares or other business organization without the approval of the State-owned assets supervision and administration authority.

第七十一條　國有獨資公司監(jiān)事會成員不得少于五人，其中職工代表的比例不得低于三分之一，具體比例由公司章程規(guī)定。 

Article 71: The supervisory board of a wholly State-owned company shall have no fewer than five members, among which the ratio of representatives of staff and workers shall not be lower than one-third. The specific ratio shall be specified in the articles of association of the company.

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

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

監(jiān)事會行使本法第五十四條第（一）項至第（三）項規(guī)定的職權和國務院規(guī)定的其他職權。

The supervisory board shall exercise the functions and powers stipulated in Items (1) to (3) of Article 54 hereof and other functions and powers stipulated by the State Council.

第三章　有限責任公司的股權轉讓

PART THREE: TRANSFER OF EQUITY INTERESTS IN LIMITED LIABILITY COMPANIES

第七十二條　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 72: The shareholders of a limited liability company may transfer all or part of their equity interests among them. 

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復的，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。

Where a shareholder transfers its equity interests to a person other than a shareholder, it 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 of receipt of the written notice, they shall be deemed to consent to the transfer. If more than half of the other shareholders do not consent to the transfer, the dissenting shareholders shall purchase the equity interests to be transferred. If they do not purchase the equity interests, they shall be deemed to consent to the transfer. 

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

Provided all conditions are equal, the other shareholders shall have the priority purchase right for the equity interests the transfer of which has been consented by the shareholders. If two or more shareholders exercise the priority purchase right, they shall determine their respective purchase ratio upon consultation. If consultation fails, they shall exercise the priority purchase right in proportion to their respective ratio of capital contribution at the time of the transfer.

公司章程對股權轉讓另有規(guī)定的，從其規(guī)定。 

Where the articles of association of the company have other provisions on transfer of equity interests, such provisions shall prevail.

第七十三條　人民法院依照法律規(guī)定的強制執(zhí)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(yōu)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(yōu)先購買權的，視為放棄優(yōu)先購買權。 

Article 73: When a people’s court transfers the equity interests of a shareholder pursuant to the enforcement procedures stipulated in law, it shall notify the company and all shareholders, and the other shareholders shall have the priority purchase right under equal conditions. Where the other shareholders fail to exercise the priority purchase right within 20 days of the date of notice of the people’s court, they shall be deemed to waive their priority purchase right.

第七十四條　依照本法第七十二條、第七十三條轉讓股權后，公司應當注銷原股東的出資證明書，向新股東簽發(fā)出資證明書，并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 74: After an equity interest is transferred pursuant to Article 72 or Article 73 hereof, the company shall cancel the capital contribution certificate of the original shareholder, issue a capital contribution certificate to the new shareholder and amend the records of the relevant shareholder and its capital contribution in the articles of association and the register of shareholders of the company. Such amendment to the articles of association of the company does not require a resolution by the shareholders’ meeting.

第七十五條　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 75: In any of the following circumstances, a shareholder that votes against the resolution of the shareholders’ meeting may request the company to purchase its equity interests at a reasonable price:

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

the company has not distributed its profits to the shareholders for five consecutive years, while the company has been profitable for five consecutive years and meets the conditions for distribution of profit stipulated herein; 

（二） 公司合并、分立、轉讓主要財產的； 

the company is merged or divided, or transfers its major property; or 

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

the term of operation specified in the articles of association of the company expires or any other reason for dissolution specified in the articles of association arises, and the shareholders’ meeting has adopted a resolution to amend the articles of association to allow the continual existence of the company. 

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(xié)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。

If the shareholder and the company fail to reach an agreement on the purchase of equity interests within 60 days of the adoption of the resolution of the shareholders’ meeting, the shareholder may institute proceedings in a people’s court within 90 days of the adoption of the resolution of the shareholders’ meeting.

第七十六條　自然人股東死亡后，其合法繼承人可以繼承股東資格；但是，公司章程另有規(guī)定的除外。 

Article 76: After a natural person shareholder dies, his legal heir may inherit his shareholder status, except where the articles of association of the company stipulate otherwise.

第四章 股份有限公司的設立和組織機構

PART FOUR: ESTABLISHMENT AND ORGANIZATIONAL STRUCTURE OF COMPANIES LIMITED BY SHARES

第一節(jié)　設立

Section One: Establishment

第七十七條　設立股份有限公司，應當具備下列條件： 

Article 77: The following conditions must be fulfilled for the establishment of a company limited by shares:

（一） 發(fā)起人符合法定人數； 

the number of promoters conforms to the statutory number; 

（二） 發(fā)起人認購和募集的股本達到法定資本最低限額； 

the share capital subscribed for by the promoters and raised reaches the minimum amount of statutory capital; 

（三） 股份發(fā)行、籌辦事項符合法律規(guī)定； 

the share issue and preparation matters conform to laws and regulations; 

（四） 發(fā)起人制訂公司章程，采用募集方式設立的經創(chuàng)立大會通過； 

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； 

the company has a name, and an organizational structure established in accordance with the requirements for companies limited by shares; and 

（六） 有公司住所。 

the company has a domicile.  

第七十八條　股份有限公司的設立，可以采取發(fā)起設立或者募集設立的方式。 

Article 78: Companies limited by shares may be established by means of promotion or by means of share offer.

發(fā)起設立，是指由發(fā)起人認購公司應發(fā)行的全部股份而設立公司。 

The term “establishment by means of promotion” means establishment of a company by means of subscription by the promoters for all the shares to be issued by the company.

募集設立，是指由發(fā)起人認購公司應發(fā)行股份的一部分，其余股份向社會公開募集或者向特定對象募集而設立公司。 

The term “establishment by means of share offer” means establishment of a company by means of subscription by the promoters for a portion of the shares to be issued by the company, and offer of the balance to the public or to specified targets.

第七十九條　設立股份有限公司，應當有二人以上二百人以下為發(fā)起人，其中須有半數以上的發(fā)起人在中國境內有住所。 

Article 79: For the establishment of a company limited by shares, there shall be more than two and less than 200 promoters, of which more than half shall have their domicile in the PRC. 

第八十條　股份有限公司發(fā)起人承擔公司籌辦事務。

Article 80: The promoters of a company limited by shares shall undertake the matters concerning preparation of the establishment of the company. 

發(fā)起人應當簽訂發(fā)起人協(xié)議，明確各自在公司設立過程中的權利和義務。 

They shall conclude a promoters’ agreement that stipulates the rights and obligations of each party during the process of establishment of the company. 

第八十一條　股份有限公司采取發(fā)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(fā)起人認購的股本總額。公司全體發(fā)起人的首次出資額不得低于注冊資本的百分之二十，其余部分由發(fā)起人自公司成立之日起兩年內繳足；其中，投資公司可以在五年內繳足。在繳足前，不得向他人募集股份。 

Article 81: Where a company limited by shares is established by means of promotion, the registered capital shall be the total share capital subscribed for by all promoters as registered with the company registration authority. The amount of the first capital contribution of all promoters of the company shall not be less than 20% of the registered capital, and the balance shall be paid in full by the promoters within two years of the date of establishment of the company, or in the case of an investment company, be paid within five years. Before the capital is 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。

Where a company limited by shares is established by means of share offer, the registered capital shall be the total paid-up share capital as registered with the company registration authority. 

股份有限公司注冊資本的最低限額為人民幣五百萬元。法律、行政法規(guī)對股份有限公司注冊資本的最低限額有較高規(guī)定的，從其規(guī)定。 

The minimum registered capital of companies limited by shares shall be RMB 5 million. Where laws and administrative regulations stipulate a higher amount on the minimum registered capital of companies limited by shares, such stipulations shall prevail. 

第八十二條　股份有限公司章程應當載明下列事項： 

Article 82: The articles of association of a company limited by shares shall specify the following particulars:

（一） 公司名稱和住所； 

the name and domicile of the company; 

（二） 公司經營范圍； 

the scope of business of the company; 

（三） 公司設立方式； 

the method of establishment of the company; 

（四） 公司股份總數、每股金額和注冊資本； 

the total number of shares of the company, the price per share and the registered capital; 

（五） 發(fā)起人的姓名或者名稱、認購的股份數、出資方式和出資時間； 

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(guī)則； 

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

（七） 公司法定代表人； 

the legal representative of the company; 

（八） 監(jiān)事會的組成、職權和議事規(guī)則； 

the composition, functions and powers and rules of procedure of the supervisory board; 

（九） 公司利潤分配辦法； 

the method of distribution of company profit; 

（十） 公司的解散事由與清算辦法； 

the reasons for dissolution of the company and method of liquidation; 

（十一） 公司的通知和公告辦法； 

methods for notices and announcements of the company; and 

（十二） 股東大會會議認為需要規(guī)定的其他事項。 

other matters that the shareholders’ general meeting considers necessary to be specified. 

第八十三條　發(fā)起人的出資方式，適用本法第二十七條的規(guī)定。

Article 83: The methods of capital contribution of promoters shall be governed by Article 27 hereof. 

第八十四條　以發(fā)起設立方式設立股份有限公司的，發(fā)起人應當書面認足公司章程規(guī)定其認購的股份；一次繳納的，應即繳納全部出資；分期繳納的，應即繳納首期出資。以非貨幣財產出資的，應當依法辦理其財產權的轉移手續(xù)。

Article 84: Where a company limited by shares is established by means of promotion, the promoters shall subscribe in writing for all the shares for which they subscribe as specified in the company’s articles of association. Where capital contribution is paid in a lump sum, the promoters shall pay all the capital contribution in full. Where capital contribution is made in instalments, they shall make the initial capital contribution. Where capital contribution is made in non-currency property, procedures for transfer of their property rights shall be handled according to law. 

發(fā)起人不依照前款規(guī)定繳納出資的，應當按照發(fā)起人協(xié)議承擔違約責任。 

Where a promoter does not make capital contribution according to the provisions in the preceding paragraph, it shall be liable for breach of contract according to the promoters’ agreement. 

發(fā)起人首次繳納出資后，應當選舉董事會和監(jiān)事會，由董事會向公司登記機關報送公司章程、由依法設立的驗資機構出具的驗資證明以及法律、行政法規(guī)規(guī)定的其他文件，申請設立登記。 

After the promoters have made their first capital contribution, they shall elect the board of directors and supervisory board. The board of directors shall submit to the company registration authority the company’s articles of association, capital verification certificate issued by a capital verification institution established according to law, as well as other documents specified in laws and administrative regulations, and apply for registration of establishment. 

第八十五條　以募集設立方式設立股份有限公司的，發(fā)起人認購的股份不得少于公司股份總數的百分之三十五；但是，法律、行政法規(guī)另有規(guī)定的，從其規(guī)定。 

Article 85: If a company limited by shares is established by means of share offer, the shares subscribed for by the promoters may not be less than 35% of the total number of company shares, unless where there are other stipulations in laws and administrative regulations, such stipulations shall prevail.

第八十六條　發(fā)起人向社會公開募集股份，必須公告招股說明書，并制作認股書。認股書應當載明本法第八十七條所列事項，由認股人填寫認購股數、金額、住所，并簽名、蓋章。認股人按照所認購股數繳納股款。 

Article 86: When promoters offer shares to the public, they must publish the share prospectus and prepare subscription forms. The subscription forms shall specify the particulars listed in Article 87 hereof. The subscribers shall enter the number and amount of shares subscribed for and their domiciles on the forms, and shall sign and seal such forms. Subscribers shall pay subscription monies in accordance with the number of shares they subscribed for. 

第八十七條　招股說明書應當附有發(fā)起人制訂的公司章程，并載明下列事項： 

Article 87: A share prospectus shall have the company's articles of association formulated by the promoters attached, and shall specify the following particulars:

（一） 發(fā)起人認購的股份數； 

the number of shares subscribed for by the promoters; 

（二） 每股的票面金額和發(fā)行價格； 

the face value and issue price of each share; 

（三） 無記名股票的發(fā)行總數； 

the total number of bearer shares issued; 

（四） 募集資金的用途； 

the purpose of the funds raised; 

（五） 認股人的權利、義務； 

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。 

the opening and closing dates 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.  

第八十八條　發(fā)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(xié)議。 

Article 88: When promoters offer shares to the public, the shares shall be distributed by a securities company established according to law, with which a distribution agreement shall be concluded.

第八十九條　發(fā)起人向社會公開募集股份，應當同銀行簽訂代收股款協(xié)議。

Article 89: If promoters are to offer shares to the public, they shall conclude an agreement with a bank on the collection of subscription monies on behalf of the company.

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

The bank accepting subscription monies on behalf of the company shall accept and keep the subscription monies on behalf of the company in accordance with the agreement, and issue receipts to subscribers paying their subscription monies. In addition, the bank shall assume an obligation to issue certification of receipt of subscription monies to the relevant authority.

第九十條　發(fā)行股份的股款繳足后，必須經依法設立的驗資機構驗資并出具證明。發(fā)起人應當自股款繳足之日起三十日內主持召開公司創(chuàng)立大會。創(chuàng)立大會由發(fā)起人、認股人組成。 

Article 90: After full payment of the subscription monies for a share issue, capital verification shall be carried out by a capital verification institution established according to law, which shall issue certificates. The promoters shall convene and preside over the inaugural meeting of the company within 30 days after full payment of subscription monies. The inaugural meeting shall be composed of the promoters and subscribers.

發(fā)行的股份超過招股說明書規(guī)定的截止期限尚未募足的，或者發(fā)行股份的股款繳足后，發(fā)起人在三十日內未召開創(chuàng)立大會的，認股人可以按照所繳股款并加算銀行同期存款利息，要求發(fā)起人返還。 

If the shares issued are not fully taken up by the cut off time specified in the share prospectus or if the promoters fail to convene the inaugural meeting within 30 days after full payment of the subscription monies for the share issue, the subscribers may claim a refund from the promoters according to the subscription monies paid plus bank deposit interest calculated for the same period.

第九十一條　發(fā)起人應當在創(chuàng)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(chuàng)立大會應有代表股份總數過半數的發(fā)起人、認股人出席，方可舉行。 

Article 91: The promoters shall notify all subscribers or make an announcement 15 days prior to convening the inaugural meeting. The inaugural meeting may be held only if attended by the promoters and subscribers representing more than half of the total number of shares.

創(chuàng)立大會行使下列職權： 

The following functions and powers shall be exercised at an inaugural meeting:

（一） 審議發(fā)起人關于公司籌辦情況的報告； 

to deliberate the promoters’ report concerning preparation of the establishment of the company; 

（二） 通過公司章程； 

to approve the articles of association of the company; 

（三） 選舉董事會成員； 

to elect the members of the board of directors; 

（四） 選舉監(jiān)事會成員； 

to elect the members of the supervisory board; 

（五） 對公司的設立費用進行審核； 

to examine and approve the establishment fees of the company; 

（六） 對發(fā)起人用于抵作股款的財產的作價進行審核； 

to examine and approve the value at which promoters substituted property for subscription monies; and 

（七） 發(fā)生不可抗力或者經營條件發(fā)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。 

if an event of force majeure or a major change in business conditions occurs that directly affects the establishment of the company, a resolution of not establishing the company may be passed.  

創(chuàng)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。 

For the inaugural meeting to pass resolutions concerning the matters stated in the preceding paragraph, they must be adopted by subscribers present at the meeting representing more than half of the voting rights.

第九十二條　發(fā)起人、認股人繳納股款或者交付抵作股款的出資后，除未按期募足股份、發(fā)起人未按期召開創(chuàng)立大會或者創(chuàng)立大會決議不設立公司的情形外，不得抽回其股本。 

Article 92: After promoters and subscribers pay their subscription monies or make their capital contributions as substitutes for subscription monies, they may not withdraw their share capital, except where the shares are not fully taken up on time, the promoters fail to convene the inaugural meeting on time or a resolution not to establish the company is adopted at the inaugural meeting.

第九十三條　董事會應于創(chuàng)立大會結束后三十日內，向公司登記機關報送下列文件，申請設立登記： 

Article 93: The board of directors shall, within 30 days after the end of the inaugural meeting, submit the following documents and apply for registration of establishment to the company registration:

（一） 公司登記申請書； 

the application for company registration; 

（二） 創(chuàng)立大會的會議記錄； 

the minutes of the inaugural meeting; 

（三） 公司章程； 

the articles of association of the company; 

（四） 驗資證明； 

the capital verification certificates; 

（五） 法定代表人、董事、監(jiān)事的任職文件及其身份證明； 

the employment documents for the legal representative,  directors and supervisors, and their proof of identity; 

（六） 發(fā)起人的法人資格證明或者自然人身份證明； 

the proof of legal person status of the promoters or the proof of identity of natural persons; and 

（七） 公司住所證明。 

the proof of domicile of the company.  

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

Where the company limited by shares that is established by means of share offer issues shares to the public, it shall also submit the verification and approval document of the State Council’s securities regulatory authority to the company registration authority. 

第九十四條　股份有限公司成立后，發(fā)起人未按照公司章程的規(guī)定繳足出資的，應當補繳；其他發(fā)起人承擔連帶責任。 

Article 94: Where a promoter fails to make his capital contribution in full according to the stipulations of the company’s articles of association after the company limited by shares is established, he shall make up the outstanding sum, and the other promoters shall bear joint and several liability. 

股份有限公司成立后，發(fā)現(xiàn)作為設立公司出資的非貨幣財產的實際價額顯著低于公司章程所定價額的，應當由交付該出資的發(fā)起人補足其差額；其他發(fā)起人承擔連帶責任。 

Where, after the company limited by shares is established, it is discovered that the actual price of the non-currency property contributed as capital for establishment of company is markedly lower than the price specified in the company’s articles of association, the discrepancy shall be made up by the promoter that delivered the capital contribution. Other promoters shall bear joint and several liability. 

第九十五條　股份有限公司的發(fā)起人應當承擔下列責任： 

Article 95: The promoters of a company limited by shares shall bear the following liabilities:

（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； 

if the company cannot be established, joint and several liability for the debts and expenses occasioned during the establishment activities; 

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

if the company cannot be established, joint and several liability for refunding the subscription monies already paid by subscribers plus bank deposit interest calculated for the same period; and 

（三） 在公司設立過程中，由于發(fā)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。 

if during the course of establishment of the company, the company's interests are harmed due to the fault of the promoters, liability towards the company for compensation.  

第九十六條　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于公司凈資產額。有限責任公司變更為股份有限公司，為增加資本公開發(fā)行股份時，應當依法辦理。 

Article 96: When a limited liability company is converted into a company limited by shares, the total amount of paid-up share capital converted shall not exceed the amount of net assets of the company. When a limited liability company that is converted into a company limited by shares offers shares to the public in order to increase its capital, such issue shall be carried out according to law.

第九十七條　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(jiān)事會會議記錄、財務會計報告置備于本公司。

Article 97: Companies limited by shares shall keep at their office the company’s articles of association, register of shareholders, counterfoil of corporate bonds, minutes of shareholders’ general meetings, minutes of the meetings of the board of directors, minutes of the meetings of the supervisory board, and financial and accounting reports.

第九十八條　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(jiān)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 98: Shareholders shall have the right to examine the articles of association of the company, register of shareholders, counterfoil of corporate bonds, minutes of shareholders’ general meetings, minutes of the meetings of the board of directors, minutes of the meetings of the supervisory board, and financial and accounting reports, and to give suggestions for or inquire about the operation of the company. 

第二節(jié) 股東大會

Section Two: Shareholders’ General Meeting

第九十九條 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 99: The shareholders’ general meeting of a company limited by shares shall be composed of all shareholders. The shareholders’ general meeting shall be the organ of authority of the company and shall exercise its functions and powers in accordance with this Law.

第一百條 本法第三十八條第一款關于有限責任公司股東會職權的規(guī)定，適用于股份有限公司股東大會。

Article 100: The provisions of Paragraph One of Article 38 hereof on the functions and powers of the shareholders’ meeting of limited liability companies shall apply to the shareholders’ general meeting of companies limited by shares.

第一百零一條 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 101: The annual general meeting of the shareholders' general meeting shall be held once every year. An extraordinary shareholders' general meeting shall be convened within two months of the occurrence of any of the following circumstances:

（一） 董事人數不足本法規(guī)定人數或者公司章程所定人數的三分之二時； 

the number of directors is less than the number stipulated herein or less than two-thirds of the number specified in the articles of association of the company; 

（二） 公司未彌補的虧損達實收股本總額三分之一時； 

the losses of the company that have not been made up 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； 

it is requested by a shareholder that independently holds, or by the shareholders that hold in aggregate, 10% or more of the company's shares; 

（四） 董事會認為必要時； 

it is considered necessary by the board of directors; 

（五） 監(jiān)事會提議召開時； 

it is proposed by the supervisory board; or 

（六） 公司章程規(guī)定的其他情形。 

other circumstances specified by the articles of association of the company. 

第一百零二條　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 102: The shareholders' general meeting shall be convened by the board of directors and presided over by the chairman of the board. If the chairman of the board is unable to or does not perform his duty, the meeting shall be presided over by the vice-chairman of the board. If the vice-chairman of the board is unable to or does not perform his duty, the meeting shall be presided over by a director designated jointly by more than half of the directors. 

董事會不能履行或者不履行召集股東大會會議職責的，監(jiān)事會應當及時召集和主持；監(jiān)事會不召集和主持的，連續(xù)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。 

If the board of directors is unable to or does not perform the duty of convening the shareholders’ general meeting, the meeting shall be convened and presided over by the supervisory board in a timely manner. If the supervisory board does not convene and preside over the meeting, a shareholder that has independently held, or the shareholders that have held in aggregate, 10% or more of the shares of the company for 90 or more consecutive days may themselves convene and preside over the meeting. 

第一百零三條　召開股東大會會議，應當將會議召開的時間、地點和審議的事項于會議召開二十日前通知各股東；臨時股東大會應當于會議召開十五日前通知各股東；發(fā)行無記名股票的，應當于會議召開三十日前公告會議召開的時間、地點和審議事項。 

Article 103: If a shareholders’ general meeting is to be convened, all shareholders shall be notified of the time and venue of the meeting and the matters to be considered at the meeting 20 days before the meeting is held. In the case of an extraordinary shareholders’ general meeting, the shareholders shall be notified 15 days before the meeting is held. If bearer shares are to be issued, the time and venue of the meeting and the matters to be considered at the meeting shall be announced 30 days before the meeting is held.

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并書面提交董事會；董事會應當在收到提案后二日內通知其他股東，并將該臨時提案提交股東大會審議。臨時提案的內容應當屬于股東大會職權范圍，并有明確議題和具體決議事項。

A shareholder that independently holds, or the shareholders that hold in aggregate, 3% or more of the shares of the company may submit an extraordinary resolution in writing to the board of directors at least 10 days before a shareholders’ general meeting is held. The board of directors shall notify the other shareholders within two days of receipt of the resolution and submit the extraordinary resolution to the shareholders’ general meeting for consideration. The contents of the extraordinary resolution shall be within the scope of authority of the shareholders’ general meeting and shall have a clear subject and specific matters for resolution. 

股東大會不得對前兩款通知中未列明的事項作出決議。

No resolution may be adopted by a shareholders’ general meeting on any matter not included in the notices specified in the preceding two paragraphs. 

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

Holders of bearer shares that intend to attend a shareholders' general meeting shall deposit their share certificates with the company for a period beginning from five days before the meeting is held to the adjournment of the meeting. 

第一百零四條　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 104: Shareholders present at a shareholders' general meeting shall have the right to one vote for each share held. However, there shall be no voting right for the shares of the company held by the company itself.

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，以及公司合并、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 must be adopted by more than half of the voting rights held by the shareholders present at the meeting. However, resolutions of a shareholders' general meeting to amend the company’s articles of association, to increase or reduce the registered capital, or on merger, division, dissolution or change of the corporate form of the company must be adopted by two-thirds or more of the voting rights held by the shareholders present at the meeting. 

第一百零五條　本法和公司章程規(guī)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 105: If it is stipulated in this Law and the articles of association of the company that a resolution must be adopted by the shareholders’ general meeting on matters such as transfer of major assets by or to the company or provision of security for an external party, the board of directors shall promptly convene a shareholders’ general meeting, and the shareholders’ general meeting shall vote on such matters.

第一百零六條　股東大會選舉董事、監(jiān)事，可以依照公司章程的規(guī)定或者股東大會的決議，實行累積投票制。

Article 106: In the case of election of directors and supervisors of a shareholders’ general meeting, the cumulative voting system may be implemented in accordance with the provisions of the articles of association of the company or the 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(jiān)事時，每一股份擁有與應選董事或者監(jiān)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 purposes of this Law, the term “cumulative voting system” shall mean that when a shareholders’ general meeting elects a director or supervisor, the number of voting rights attached to each share is the same as the number of directors or supervisors to be elected, and that the voting rights held by a shareholder may be exercised collectively. 

第一百零七條　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，并在授權范圍內行使表決權。 

Article 107: A shareholder may appoint a proxy to attend a shareholders' general meeting on his behalf. The proxy shall submit the shareholder's power of attorney to the company and exercise voting rights within the scope of authorization. 

第一百零八條　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并保存。 

Article 108: The shareholders' general meeting shall keep minutes of the decisions on the matters under its consideration, and the presiding person and the directors present at the meeting shall sign the minutes of 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(jié)　董事會、經理

Section Three: Board of Directors, and Manager

第一百零九條　股份有限公司設董事會，其成員為五人至十九人。 

Article 109: A company limited by shares shall have a board of directors of 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 members of the board of directors may include representatives of the staff and workers of the company. The representatives of the staff and workers among the members of the board of directors shall be democratically elected by the staff and workers of the company through the staff and workers’ congress, the staff and workers’ general meeting or other means.

本法第四十六條關于有限責任公司董事任期的規(guī)定，適用于股份有限公司董事。 

The provisions of Article 46 hereof on the term of office of the directors of limited liability companies shall apply to the directors of companies limited by shares.

本法第四十七條關于有限責任公司董事會職權的規(guī)定，適用于股份有限公司董事會。 

The provisions of Article 47 hereof on the functions and powers of the board of directors of limited liability companies shall apply to the board of directors of companies limited by shares.

第一百一十條　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 110: The board of directors shall have one chairman of the board and may have a vice-chairman (or vice-chairmen) of the board. The chairman and vice-chairman (or vice-chairmen) of the board shall be elected by more than half 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(xié)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 shall convene and preside over the meetings of the board of directors and inspect the implementation of the resolutions of the board of directors. The vice-chairman of the board shall assist the chairman of the board in his work. Where the chairman of the board is unable to or does not perform his duties, his duties shall be performed by the vice-chairman. If the vice-chairman is unable to or does not perform his duties, his duties shall be performed by a director designated jointly by more than half of the directors.

第一百一十一條　董事會每年度至少召開兩次會議，每次會議應當于會議召開十日前通知全體董事和監(jiān)事。

Article 111: The board of directors shall convene at least two meetings each year. All directors and supervisors shall be notified 10 days before each meeting is held.

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(jiān)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后十日內，召集和主持董事會會議。

An extraordinary meeting of the board of directors may be proposed by shareholders representing 10% or more of the voting rights or one-third or more of the directors or the supervisory board. The chairman of the board shall convene and preside over the meeting of the board of directors within 10 days of receipt of the proposal. 

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 extraordinary meetings of the board of directors may be decided separately. 

第一百一十二條　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 112: Meetings of the board of directors may be held only if attended by more than half of the directors. Resolutions of the board of directors must be adopted by more than half of all directors.

董事會決議的表決，實行一人一票。 

When voting on a resolution of the board of directors, each member shall have one vote.

第一百一十三條　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范圍。 

Article 113: Meetings of the board of directors shall be attended by the directors in person. If a director for any reason is unable to attend the meeting, he may appoint another director in writing to attend the meeting on his behalf, and the power of attorney shall specify the scope of authorization.

董事會應當對會議所議事項的決定作成會議記錄，出席會議的董事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, and the directors present at the meeting shall sign the minutes of the 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(guī)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并記載于會議記錄的，該董事可以免除責任。 

The directors shall bear liability for the resolutions of the board of directors. If a resolution of the board of directors violates any law or administrative regulation, or the company's articles of association or a resolution of the shareholders’ general meeting, thereby causing the company to incur serious losses, the directors that took part in such resolution shall be liable to the company for compensation. However, if a director is proved to have expressed his objection to the resolution at the time of voting and the objection is recorded in the minutes of the meeting, such director may be released from such liability. 

第一百一十四條　股份有限公司設經理，由董事會決定聘任或者解聘。 

Article 114: A company limited by shares shall have a manager, who shall be engaged or dismissed by the board of directors.

本法第五十條關于有限責任公司經理職權的規(guī)定，適用于股份有限公司經理。 

The provisions of Article 50 hereof on the functions and powers of the manager of limited liability companies shall apply to the manager of companies limited by shares.

第一百一十五條　公司董事會可以決定由董事會成員兼任經理。 

Article 115: The board of directors of a company may decide that a member of the board of directors shall serve concurrently as the manager.

第一百一十六條　公司不得直接或者通過子公司向董事、監(jiān)事、高級管理人員提供借款。 

Article 116: A company shall not directly or through a subsidiary provide any loan to its directors, supervisors or senior management personnel.

第一百一十七條　公司應當定期向股東披露董事、監(jiān)事、高級管理人員從公司獲得報酬的情況。 

Article 117: A company shall periodically disclose to its shareholders the remuneration received by its directors, supervisors and senior management personnel from the company. 

第四節(jié)　監(jiān)事會

Section Four: Supervisory Board

第一百一十八條　股份有限公司設監(jiān)事會，其成員不得少于三人。 

Article 118: A company limited by shares shall have a supervisory board of no fewer than three members.

監(jiān)事會應當包括股東代表和適當比例的公司職工代表，其中職工代表的比例不得低于三分之一，具體比例由公司章程規(guī)定。監(jiān)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 supervisory board shall include representatives of the shareholders and an appropriate ratio of the representatives of the company's staff and workers, where the ratio of the staff and workers’ representatives shall not be less than one-third. The specific ratio shall be specified in the articles of association of the company. The staff and workers' representatives on the supervisory board shall be democratically elected through the staff and workers’ congress, the staff and workers’ general meeting or other means. 

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

The supervisory board shall have a chairman and may have a vice-chairman (or chairmen). The chairman and vice-chairman of the supervisory board shall be elected by more than half of all supervisors. The chairman of the supervisory board shall convene and preside over the meetings of the supervisory board. If the chairman of the supervisory board is unable to or does not perform his duty, the meetings of the supervisory board shall be convened and presided over by the vice-chairman of the supervisory board. If the vice-chairman of the supervisory board is unable to or does not perform his duty, the meetings of the supervisory board shall be convened and presided over by a supervisor designated jointly by more than half of the supervisors. 

董事、高級管理人員不得兼任監(jiān)事。 

Directors and senior management personnel may not concurrently serve as supervisors.

本法第五十三條關于有限責任公司監(jiān)事任期的規(guī)定，適用于股份有限公司監(jiān)事。 

The provisions of Article 53 hereof on the term of office of the supervisors of limited liability companies shall apply to the supervisors of companies limited by shares.

第一百一十九條　本法第五十四條、第五十五條關于有限責任公司監(jiān)事會職權的規(guī)定，適用于股份有限公司監(jiān)事會。 

Article 119: The provisions of Articles 54 and 55 hereof on the functions and powers of the supervisory board of limited liability companies shall apply to the supervisory board of companies limited by shares.

監(jiān)事會行使職權所必需的費用，由公司承擔。 

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

第一百二十條　監(jiān)事會每六個月至少召開一次會議。監(jiān)事可以提議召開臨時監(jiān)事會會議。 

Article 120: The supervisory board shall convene at least one meeting every six months. The supervisors may propose to convene an extraordinary meeting of the supervisory board.

監(jiān)事會的議事方式和表決程序，除本法有規(guī)定的外，由公司章程規(guī)定。 

The method of deliberation and the voting procedures of the supervisory board shall be specified in the articles of association of the company, except where stipulated herein. 

監(jiān)事會決議應當經半數以上監(jiān)事通過。

Resolutions of the supervisory board shall be adopted by more than half of the supervisors. 

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

The supervisory board 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(jié)　上市公司組織機構的特別規(guī)定

Section Five: Special Provisions on the Organizational Structure of Listed Companies

第一百二十一條　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 121: For the purposes of this Law, the term “l(fā)isted company” shall mean a company limited by shares whose shares are listed and traded on a stock exchange.

第一百二十二條　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，并經出席會議的股東所持表決權的三分之二以上通過。

Article 122: If the amount of the major assets purchased or sold or the amount of security provided by a listed company within one year exceeds 30% of the total assets of the company, a resolution shall be passed by the shareholders’ general meeting and adopted by two-thirds or more of the voting rights held by the shareholders present at the meeting.

第一百二十三條　上市公司設獨立董事，具體辦法由國務院規(guī)定。 

Article 123: A listed company shall have independent directors. The specific procedures thereon shall be stipulated by the State Council.

第一百二十四條　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 124: A listed company shall have a secretary to the board of directors to be in charge of matters such as the preparation of the shareholders’ general meetings and the meetings of the board of directors of the company, the safekeeping of documents as well as the administration of the shareholders' information of the company and the handling of information disclosure.

第一百二十五條　上市公司董事與董事會會議決議事項所涉及的企業(yè)有關聯(lián)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(lián)關系董事出席即可舉行，董事會會議所作決議須經無關聯(lián)關系董事過半數通過。出席董事會的無關聯(lián)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 125: If a director of a listed company is affiliated with an enterprise involved in a resolution matter of the meeting of the board of directors, he may not exercise his voting right on such resolution or the voting right of any other director as proxy. Such meeting of the board of directors may be held if attended by more than half of the directors without such affiliation, and the resolution of the meeting of the board of directors must be adopted by more than half of the directors without such affiliation. If the number of directors without such affiliation present at the meeting of the board of directors is less than three, the matter shall be submitted to the shareholders’ general meeting of the listed company for consideration. 

第五章　股份有限公司的股份發(fā)行和轉讓

PART FIVE: ISSUE AND TRANSFER OF SHARES OF COMPANIES LIMITED BY SHARES

第一節(jié)　股份發(fā)行

Section One: Issue of Shares

第一百二十六條　股份有限公司的資本劃分為股份，每一股的金額相等。

Article 126: The capital of companies limited by shares shall be divided into shares of equal amount.

公司的股份采取股票的形式。股票是公司簽發(fā)的證明股東所持股份的憑證。 

The shares of companies shall take the form of share certificates. Share certificates shall be the vouchers issued by companies evidencing the shares held by their shareholders.

第一百二十七條　股份的發(fā)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 127: Shares shall be issued in accordance with the principles of equitability and fairness. Each share of the same type shall carry the same rights and benefits.

同次發(fā)行的同種類股票，每股的發(fā)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。 

Shares of the same type in the same issue shall be issued on the same conditions and at the same price. The same price shall be payable for each of the shares subscribed for by any work unit or individual.

第一百二十八條　股票發(fā)行價格可以按票面金額，也可以超過票面金額，但不得低于票面金額。 

Article 128: Shares may be issued at or above par but not below par.

第一百二十九條　股票采用紙面形式或者國務院證券監(jiān)督管理機構規(guī)定的其他形式。 

Article 129: Share certificates shall be of paper or in such other form as determined by the State Council’s securities regulatory authority.

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； 

the name of the company; 

（二） 公司成立日期； 

the date of establishment of the company; 

（三） 股票種類、票面金額及代表的股份數； 

the class and face value of the share certificate and the number of shares it represents; and 

（四） 股票的編號。 

the serial number of the share certificate.  

股票由法定代表人簽名，公司蓋章。 

Share certificates shall be signed by the legal representative and sealed by the company.

發(fā)起人的股票，應當標明發(fā)起人股票字樣。 

The words “promoters’ share certificate” shall be clearly indicated on share certificates of promoters.

第一百三十條　公司發(fā)行的股票，可以為記名股票，也可以為無記名股票。公司向發(fā)起人、法人發(fā)行的股票，應當為記名股票，并應當記載該發(fā)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。 

Article 130: Shares issued by a company may be registered shares and may also be bearer shares. Shares issued by a company to a promoter or a legal person shall be registered shares and shall bear the name of such promoter or legal person. No separate account with a different name may be opened for such shares, nor may such shares be registered in the name of a representative.

第一百三十一條　公司發(fā)行記名股票的，應當置備股東名冊，記載下列事項： 

Article 131: Companies that issue registered shares shall establish share registers, in which the following particulars shall be recorded:

（一） 股東的姓名或者名稱及住所； 

the names and domiciles of the shareholders; 

（二） 各股東所持股份數； 

the number of shares held by each shareholder; 

（三） 各股東所持股票的編號； 

the serial numbers of the share certificates held by each shareholder; and 

（四） 各股東取得股份的日期。 

the date on which each shareholder obtained the shares.  

發(fā)行無記名股票的，公司應當記載其股票數量、編號及發(fā)行日期。 

Companies that issue bearer shares shall record the number, serial numbers and issue date of the share certificates.

第一百三十二條　國務院可以對公司發(fā)行本法規(guī)定以外的其他種類的股份，另行作出規(guī)定。 

Article 132: The State Council may formulate separate regulations for the issue by companies of shares of types other than those provided for in this Law.

第一百三十三條　股份有限公司成立后，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 133: Companies limited by shares shall formally deliver the share certificates to their shareholders immediately upon establishment. Companies may not deliver share certificates to their shareholders prior to establishment.

第一百三十四條　公司發(fā)行新股，股東大會應當對下列事項作出決議： 

Article 134: When a company issues new shares, resolutions in respect of the following matters shall be adopted by the shareholders’ general meeting:

（一） 新股種類及數額； 

the class and amount of the new shares; 

（二） 新股發(fā)行價格； 

the issue price of the new shares; 

（三） 新股發(fā)行的起止日期； 

the opening and closing dates of the new share issue; and 

（四） 向原有股東發(fā)行新股的種類及數額。 

the class and amount of new shares issued to existing shareholders.  

第一百三十五條　公司經國務院證券監(jiān)督管理機構核準公開發(fā)行新股時，必須公告新股招股說明書和財務會計報告，并制作認股書。 

Article 135: When a company issues new shares to the public upon verification and approval by the State Council’s securities regulatory authority, it must announce a prospectus for the new shares and financial and accounting reports, and prepare subscription forms. 

本法第八十八條、第八十九條的規(guī)定適用于公司公開發(fā)行新股。 

The provisions of Articles 88 and 89 hereof shall apply to the issue of new shares to the public by companies. 

第一百三十六條　公司發(fā)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 136: The pricing proposal for new shares to be issued by a company may be determined on the basis of its operation and financial status.

第一百三十七條　公司發(fā)行新股募足股款后，必須向公司登記機關辦理變更登記，并公告。 

Article 137: After a company has raised the full amount of subscription monies from a new share issue, it must register the change with the company registration authority and make an announcement.

第二節(jié)　股份轉讓

Section Two: Transfer of Shares

第一百三十八條　股東持有的股份可以依法轉讓。 

Article 138: Shares held by shareholders may be transferred according to law.

第一百三十九條　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(guī)定的其他方式進行。 

Article 139: Transfer of shares by shareholders shall be conducted at a securities trading place established according to law or by other means as stipulated by the State Council.

第一百四十條　記名股票，由股東以背書方式或者法律、行政法規(guī)規(guī)定的其他方式轉讓；轉讓后由公司將受讓人的姓名或者名稱及住所記載于股東名冊。

Article 140: Registered shares shall be transferred by means of endorsement by the shareholder or by other means stipulated in laws and administrative regulations. After the transfer, the company shall record the name and domicile of the transferee in the register of shareholders. 

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(guī)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(guī)定的，從其規(guī)定。 

No change registration shall be carried out in respect of the register of shareholders specified in the preceding paragraph within 20 days prior to convening a shareholders' general meeting or within five days prior to the reference date determined by the company for the distribution of dividends. However, where the law has stipulated otherwise on the change registration of the register of shareholders of listed companies, such stipulations shall prevail. 

第一百四十一條　無記名股票的轉讓，由股東將該股票交付給受讓人后即發(fā)生轉讓的效力。 

Article 141: A transfer of bearer shares shall become effective immediately upon delivery of the shares by the shareholder to the transferee.

第一百四十二條　發(fā)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(fā)行股份前已發(fā)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 142: Shares held by the promoters in the company promoted may not be transferred within one year of the date of establishment of the company. Shares issued by a company prior to the public offer of its shares may not be transferred within one year of the date of listing of its shares on a stock exchange.

公司董事、監(jiān)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。上述人員離職后半年內，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(jiān)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(guī)定。

A director, supervisor or senior management personnel of a company shall declare to the company the number of shares in the company held by him and any change thereof, and may not transfer more than 25% of the shares in the company held by him each year during his term of office. The shares held by him may not be transferred within one year of the date of listing of the company’s shares. The aforementioned person may not transfer the shares in the company he holds within six months after he leaves office. The articles of association of the company may specify other restrictive provisions on the transfer of the company’s shares held by the directors, supervisors and senior management personnel of the company.

第一百四十三條　公司不得收購本公司股份。但是，有下列情形之一的除外： 

Article 143: A company may not purchase its own shares except in any of the following circumstances:

（一） 減少公司注冊資本； 

to reduce the registered capital of the company; 

（二） 與持有本公司股份的其他公司合并； 

to merge with another company (companies) that hold(s) its shares; 

（三） 將股份獎勵給本公司職工； 

to reward the staff and workers of the company with shares; or 

（四） 股東因對股東大會作出的公司合并、分立決議持異議，要求公司收購其股份的。 

a shareholder requests the company to purchase the shares held by him since he objects to a resolution of the shareholders’ general meeting on the merger or division of the company. 

公司因前款第（一）項至第（三）項的原因收購本公司股份的，應當經股東大會決議。公司依照前款規(guī)定收購本公司股份后，屬于第（一）項情形的，應當自收購之日起十日內注銷；屬于第（二）項、第（四）項情形的，應當在六個月內轉讓或者注銷。 

Where a company purchases its own shares for reasons specified in Items (1) to (3) of the preceding paragraph, a resolution of the shareholders’ general meeting shall be adopted. Shares purchased by the company pursuant to the preceding paragraph shall be cancelled within 10 days of the date of purchase if the circumstances fall under Item (1), or transferred or cancelled within six months if the circumstances fall under Item (2) or (4).

公司依照第一款第（三）項規(guī)定收購的本公司股份，不得超過本公司已發(fā)行股份總額的百分之五；用于收購的資金應當從公司的稅后利潤中支出；所收購的股份應當在一年內轉讓給職工。 

A company’s own shares purchased by the company pursuant to Item (3) of Paragraph One shall not exceed 5% of the total issued shares of the company. The funds used for the purchase shall be taken from the after-tax profits of the company, and the shares purchased shall be transferred to the staff and workers within one year.

公司不得接受本公司的股票作為質押權的標的。 

A company may not accept its own shares as the subject matter of a pledge.

第一百四十四條　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(guī)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后，股東可以向公司申請補發(fā)股票。 

Article 144: If a registered share certificate is stolen, lost or destroyed, the shareholder may petition to a people's court to declare the certificate void in accordance with the procedures for public invitation to assert claims as specified in the PRC, Civil Procedure Law. After the people’s court has declared such share certificate void, the shareholder may apply to the company for a new share certificate.

第一百四十五條　上市公司的股票，依照有關法律、行政法規(guī)及證券交易所交易規(guī)則上市交易。 

Article 145: Shares of a listed company shall be listed and traded in accordance with the relevant laws, administrative regulations and the trading rules of stock exchanges.

第一百四十六條　上市公司必須依照法律、行政法規(guī)的規(guī)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 146: A listed company must disclose its financial status, business condition an,d major litigation according to the provisions of laws and administrative regulations, and must publish a financial and accounting report once every six months in each fiscal year.