第一百九十五条 清算组在清理公司财产、编制资产负债表和财产清单后， 应当制定清算方案，并报股东会或者有关主管机关确认。 公司财产能够清偿公司债务的，分别支付清算费用、职工工资和劳动保险费 用，缴纳所欠税款，清偿公司债务。 公司财产按前款规定清偿后的剩余财产，有限责任公司按照股东的出资比例 分配，股份有限公司按照股东持有的股份比例分配。 清算期间，公司不得开展新的经营活动。公司财产在未按第二款的规定清偿 前，不得分配给股东。 第一百九十六条 因公司解散而清算，清算组在清理公司财产、编制资产负 债表和财产清单后，发现公司财产不足清偿债务的，应当立即向人民法院申请宣 告破产。 公司经人民法院裁定宣告破产后，清算组应当将清算事务移交给人民法院。 第一百九十七条 公司清算结束后，清算组应当制作清算报告，报股东会或 者有关主管机关确认，并报送公司登记机关，申请注销公司登记，公告公司终止。 不申请注销公司登记的，由公司登记机关吊销其公司营业执照，并予以公告。 第一百九十八条 清算组成员应当忠于职守，依法履行清算义务。 清算组成员不得利用职权收受贿赂或者其他非法收入，不得侵占公司财产。 清算组成员因故意或者重大过失给公司或者债权人造成损失的，应当承担赔 偿责任。 第九章 外国公司的分支机构 第一百九十九条 外国公司依照本法规定可以在中国境内设立分支机构，从 事生产经营活动。 本法所称外国公司是指依照外国法律在中国境外登记成立的公司。 第二百条 外国公司在中国境内设立分支机构，必须向中国主管机关提出申 请，并提交其公司章程、所属国的公司登记证书等有关文件，经批准后，向公司 登记机关依法办理登记，领取营业执照。 外国公司分支机构的审批办法由国务院另行规定。 第二百零一条 外国公司在中国境内设立分支机构，必须在中国境内指定负 责该分支机构的代表人或者代理人，并向该分支机构拨付与其所从事的经营活动 相适应的资金。 对外国公司分支机构的经营资金需要规定最低限额的，由国务院另行规定。 第二百零二条 外国公司的分支机构应当在其名称中标明该外国公司的国籍 及责任形式。 外国公司的分支机构应当在本机构中置备该外国公司章程。 第二百零三条 外国公司属于外国法人，其在中国境内设立的分支机构不具 有中国法人资格。 外国公司对其分支机构在中国境内进行经营活动承担民事责任。 第二百零四条 经批准设立的外国公司分支机构，在中国境内从事业务活动， 必须遵守中国的法律，不得损害中国的社会公共利益，其合法权益受中国法律保 护。 第二百零五条 外国公司撤销其在中国境内的分支机构时，必须依法清偿债 务，按照本法有关公司清算程序的规定进行清算。未清偿债务之前，不得将其分 支机构的财产移至中国境外。 第十章 法律责任 第二百零六条 违反本法规定，办理公司登记时虚报注册资本、提交虚假证 明文件或者采取其他欺诈手段隐瞒重要事实取得公司登记的，责令改正，对虚报 注册资本的公司，处以虚报注册资本金额百分之五以上百分之十以下的罚款；对 提交虚假证明文件或者采取其他欺诈手段隐瞒重要事实的公司，处以一万元以上 十万元以下的罚款；情节严重的，撤销公司登记。构成犯罪的，依法追究刑事责 任。 第二百零七条 制作虚假的招股说明书、认股书、公司债券募集办法发行股 票或者公司债券的，责令停止发行，退还所募资金及其利息，处以非法募集资金 金额百分之一以上百分之五以下的罚款。构成犯罪的，依法追究刑事责任。 第二百零八条 公司的发起人、股东未交付货币、实物或者未转移财产权， 虚假出资，欺骗债权人和社会公众的，责令改正，处以虚假出资金额百分之五以 上百分之十以下的罚款。构成犯罪的，依法追究刑事责任。 第二百零九条 公司的发起人、股东在公司成立后，抽逃其出资的，责令改 正，处以所抽逃出资金额百分之五以上百分之十以下的罚款。构成犯罪的，依法 追究刑事责任。 第二百一十条 未经本法规定的有关主管部门的批准，擅自发行股票或者公 司债券的，责令停止发行，退还所募资金及其利息，处以非法所募资金金额百分 之一以上百分之五以下的罚款。构成犯罪的，依法追究刑事责任。 第二百一十一条 公司违反本法规定，在法定的会计帐册以外另立会计帐册 的，责令改正，处以一万元以上十万元以下的罚款。构成犯罪的，依法追究刑事 责任。 将公司资产以任何个人名义开立帐户存储的，没收违法所得，并处以违 法所得一倍以上五倍以下的罚款。构成犯罪的，依法追究刑事责任。 第二百一十二条 公司向股东和社会公众提供虚假的或者隐瞒重要事实的财 务会计报告的，对直接负责的主管人员和其他直接责任人员处以一万元以上十万 元以下的罚款。构成犯罪的，依法追究刑事责任。 第二百一十三条 违反本法规定，将国有资产低价折股、低价出售或者无偿 分给个人的，对直接负责的主管人员和其他直接责任人员依法给予行政处分。构 成犯罪的，依法追究刑事责任。 第二百一十四条 董事、监事、经理利用职权收受贿赂、其他非法收入或者 侵占公司财产的，没收违法所得，责令退还公司财产，由公司给予处分。构成犯 罪的，依法追究刑事责任。 董事、经理挪用公司资金或者将公司资金借贷给他人的，责令退还公司的资 金，由公司给予处分，将其所得收入归公司所有。构成犯罪的，依法追究刑事责 任。 董事、经理违反本法规定，以公司资产为本公司的股东或者其他个人债务提 供担保的，责令取消担保，并依法承担赔偿责任，将违法提供担保取得的收入归 公司所有。情节严重的，由公司给予处分。 第二百一十五条 董事、经理违反本法规定自营或者为他人经营与其所任职 公司同类的营业的，除将其所得收入归公司所有外，并可由公司给予处分。 第二百一十六条 公司不按照本法规定提取法定公积金、法定公益金的，责 令如数补足应当提取的金额，并可对公司处以一万元以上十万元以下的罚款。 第二百一十七条 公司在合并、分立、减少注册资本或者进行清算时，不按 照本法规定通知或者公告债权人的，责令改正，对公司处以一万元以上十万元以 下的罚款。 公司在进行清算时，隐匿财产，对资产负债表或者财产清单作虚伪记载或者 未清偿债务前分配公司财产的，责令改正，对公司处以隐匿财产或者未清偿债务 前分配公司财产金额百分之一以上百分之五以下的罚款。对直接负责的主管人员 和其他直接责任人员处以一万元以上十万元以下的罚款。构成犯罪的，依法追究 刑事责任。 第二百一十八条 清算组不按照本法规定向公司登记机关报送清算报告，或 者报送清算报告隐瞒重要事实或者有重大遗漏的，责令改正。 清算组成员利用职权徇私舞弊、谋取非法收入或者侵占公司财产的，责令退 还公司财产，没收违法所得，并可处以违法所得一倍以上五倍以下的罚款。构成 犯罪的，依法追究刑事责任。 第二百一十九条 承担资产评估、验资或者验证的机构提供虚假证明文件的， 没收违法所得，处以违法所得一倍以上五倍以下的罚款，并可由有关主管部门依 法责令该机构停业，吊销直接责任人员的资格证书。构成犯罪的，依法追究刑事 责任。 承担资产评估、验资或者验证的机构因过失提供有重大遗漏的报告的，责令 改正，情节较重的，处以所得收入一倍以上三倍以下的罚款，并可由有关主管部 门依法责令该机构停业，吊销直接责任人员的资格证书。 第二百二十条 国务院授权的有关主管部门，对不符合本法规定条件的设立 公司的申请予以批准，或者对不符合本法规定条件的股份发行的申请予以批准， 情节严重的，对直接负责的主管人员和其他直接责任人员，依法给予行政处分。 构成犯罪的，依法追究刑事责任。 第二百二十一条 国务院证券管理部门对不符合本法规定条件的募集股份、 股票上市和债券发行的申请予以批准，情节严重的，对直接负责的主管人员和其 他直接责任人员，依法给予行政处分。构成犯罪的，依法追究刑事责任。 第二百二十二条 公司登记机关对不符合本法规定条件的登记申请予以登记， 情节严重的，对直接负责的主管人员和其他直接责任人员，依法给予行政处分。 构成犯罪的，依法追究刑事责任。 第二百二十三条 公司登记机关的上级部门强令公司登记机关对不符合本法 规定条件的登记申请予以登记的，或者对违法登记进行包庇的，对直接负责的主 管人员和其他直接责任人员依法给予行政处分。构成犯罪的，依法追究刑事责任。 第二百二十四条 未依法登记为有限责任公司或者股份有限公司，而冒用有 限责任公司或者股份有限公司名义的，责令改正或者予以取缔，并可处以一万元 以上十万元以下的罚款。构成犯罪的，依法追究刑事责任。 第二百二十五条 公司成立后无正当理由超过六个月未开业的，或者开业后 自行停业连续六个月以上的，由公司登记机关吊销其公司营业执照。 公司登记事项发生变更时，未按照本法规定办理有关变更登记的，责令限期 登记，逾期不登记的，处以一万元以上十万元以下的罚款。 第二百二十六条 外国公司违反本法规定，擅自在中国境内设立分支机构的， 责令改正或者关闭，并可处以一万元以上十万元以下的罚款。 第二百二十七条 依照本法履行审批职责的有关主管部门，对符合法定条件 的申请，不予批准的，或者公司登记机关对符合法定条件的申请，不予登记的， 当事人可以依法申请复议或者提起行政诉讼。 第二百二十八条 公司违反本法规定，应当承担民事赔偿责任和缴纳罚款、 罚金的，其财产不足以支付时，先承担民事赔偿责任。 第十一章 附 则 第二百二十九条 本法施行前依照法律、行政法规、地方性法规和国务院有 关主管部门制定的《有限责任公司规范意见》、《股份有限公司规范意见》登记 成立的公司，继续保留，其中不完全具备本法规定的条件的，应当在规定的限期 内达到本法规定的条件。具体实施办法，由国务院另行规定。 第二百三十条 本法自１９９４年７月１日起施行。 Company Law of the People's Republic of China (Adopted at the Fifth session of the Standing Committee of theEig hth National People's Congress on December 29, 1993) Whole document Company Law of the People's Republic of China (Adopted at the Fifth session of the Standing Committee of the Eighth National People's Congress on December 29, 1993) Chapter 1 General Provisions Article 1 This Law is formulated in accordance with the Constitution in order to adapt to the needs to establish a modem enterprise system, standardize the organization and activities of companies, protect the legitimate rights and interests of companies, shareholders and creditors, safeguard social and economic order and promote the development of the socialist market economy. Article 2 In this Law, the term "company" refers to a limited liability company or a company limited by shares established within Chinese territory in accordance with this Law. Article 3 All limited liability companies and companies limited by shares are enterprise legal persons. In the case of a limited liability company, a shareholder is liable to the company to the extent of the amount of the shareholder's capital contribution. A limited liability company is liable for the debts of the company with all its assets. In the case of a company limited by shares, its entire capital is divided into shares of equal value and shareholders shall be liable to the company to the extent of the shares held by them. A company limited by shares is liable for the debts of the company with all its assets. Article 4 The shareholders of a company, as capital contributors, have the right to enjoy the benefits of the assets of the company, make major decisions, choose managers etc. in accordance with the amount of capital they have invested in the company. A company enjoys all legal person property rights constituted by the shareholders' investment, enjoys civil rights and assumes civil liabilities in accordance with law. Ownership of the State-owned assets in a company belongs to the state. Article 5 With respect to all its corporate property, a company conducts its business autonomously in accordance with law and is responsible for its own profits and losses. Under the state's macro regulation and control adjustment, a company organizes its production and operations autonomously according to market demand with the objectives of raising economic efficiency and labour productivity and preserving and increasing the value of assets. Article 6 A company implements an internal management structure with a clear division of rights and responsibilities, scientific management and combined incentives and restrictions. Article 7 A state owned enterprise which is being reorganized as a company shall replace its system of operation, gradually and systematically take inventory of its assets and verify its capital, determine property rights, clear creditors' rights and indebtedness, value assets and set up a standardized internal management structure in accordance with the law and conditions and requirements of administrative regulations. Article 8 The establishment of a limited liability company or a company limited by shares shall comply with the conditions set out in this Law. A company complying with the conditions of this Law is registered as a limited liability company or a company limited by shares. A Company which does not comply with the conditions set out in this Law shall not be registered as a limited liability company or a company limited by shares. Where the law or administrative regulations require that the establishment of a company be submitted for examination and approval, the procedures for such examination and approval are carried out before the company is registered. Article 9 A limited liability company established in accordance with this Law shall have the words "limited liability company" in its name. A company limited by shares established in accordance with this Law shall have the words "company limited by shares" in its name. Article 10 The domicile of a company is the place where its principal place of business is located. Article 11 In establishing a company, the company's articles of association shall prepared in accordance with this Law. The articles of association are binding on the company, the shareholders, directors, supervisors and managers. A company's business scope is specified in its articles of association and registered in accordance with the law. For items in a company's business scope which are restricted by law or administrative regulations, approval shall be obtained in accordance with the law. A company shall conduct business activities within its registered business scope. A company may change its business scope by amendments to its articles of association in accordance with procedures provided by law and after changing its registration with the company registration authority. Article 12 A company may invest in other limited liability companies or companies limited by shares and be liable to the companies which it has invested in to the extent of the amount of capital invested in such companies. Except for investment companies and holding companies specified by the State Council, where a company invests in other limited liability companies or companies limited by shares, the aggregate amount of investment shall not exceed fifty per cent of the net assets of the company, not including any increase in the capital of the other limited liability companies or companies limited by shares in which the company invests arising from any conversion of profits of these companies into capital following such investment. Article 13 A company may set up branches. Branches of a company do not have the status of enterprise legal persons and the company assumes the civil liabilities of its branches. A company may set up subsidiaries. Subsidiaries of a company have the status of enterprise legal persons and assume civil liabilities independently in accordance with the law. Article 14 In conducting its business activities, a company shall abide by the law and by business ethics, strengthen the construction of socialist spiritual civilization and accept the supervision of the government and the public. The legitimate rights and interests of a company are protected by law and shall not be infringed. Article 15 A company shall protect the legitimate rights and interests of its staff and workers, strengthen labour protection and bring about production safety. A company should use various means to enhance vocational education and on-the-job training for staff and workers to increase their work quality. Article 16 The staff and workers of a company organize a trade union in accordance with the law to carry out union activities and protect the lawful rights and interests of the staff and workers. A company shall provide the necessary conditions for activities of the trade union of the company. Limited liability companies established with investment by a wholly state-owned company and those established with investment by two or more state-owned enterprises or two or more other state-owned investment entities practice democratic management in accordance with the provisions of the Constitution and of relevant laws through the representative conferences of the staff and workers and otherwise. Article 17 The activities of the base-level organizations of the Communist Party of China in the company are dealt with in accordance with the Charter of the Communist Party of China. Article 18 The Law applies to limited liability companies with foreign investment. Where the laws on Sino-foreign equity joint venture enterprises, Sino-foreign co-operative joint venture enterprises and wholly-owned foreign enterprises otherwise provide, the provisions of such laws apply. Chapter 2 Establishment and Organizational Structure of A Limited Li ability Company Section 1 Establishment Article 19 Establishment of a limited liability company shall be subject to fulfillment of the following conditions; (1) the number of shareholders meets the requirements of the law; (2) the investment contributed by shareholders meets the minimum amount of capital required by law; (3) the company's articles of association are formulated jointly by the shareholders; (4) there is a company name, and an organizational structure complying with the requirements for establishing a limited liability company; and (5) there is a fixed site for production and operations and the necessary conditions for production and operations. Article 20 A limited liability company is established by capital contributions made jointly by at least two and no more than fifty shareholders. A state-authorized investment institution or a department authorized by the state may invest on its own to establish a wholly state-owned limited liability company. Article 21 A state-owned enterprise established before the implementation of this Law which fulfills the conditions for the establishment of a limited liability company under this Law may be reorganized as a wholly state-owned limited liability company in the case of an investment entity with a single investor, or as a limited liability company as provided in the first paragraph of the preceding Article in the case of an investment entity with many investors. Implementing procedures and specific means for the reorganization of state-owned enterprises into companies are specified by the State Council in separate provisions. Article 22 The articles of association of a limited liability company shall set out the following: (1) the company's name and domicile; (2) the company's business scope; (3) the company's registered capital; (4) shareholders' names or titles; (5) shareholders' rights and obligations; (6) the form and amount of shareholders' capital contributions; (7) conditions for shareholders' transfer of capital contributions; (8) the company's organs and the method of establishing them, their powers and rules of procedure for discussion; (9) the company's legal representative; (10) grounds for the dissolution of the company and method for its liquidation; and (11) other matters which the shareholders consider necessary to provide for. The shareholders shall sign and seal the company's articles of association. Article 23 A limited liability company's registered capital is the capital actually contributed by all the shareholders and registered with the company registration authorities. The registered capital of a limited liability company shall not be less than the following minimum amounts: (1) for a company engaging principally in production operations, RMB 500,000 yuan; (2) for a company engaging principally in wholesaling commodities, RMB 500,000 yuan; (3) for a company engaging principally in commercial retailing, RMB 300,000 yuan; (4) for a company engaging principally in technology development, consultancy and services, RMB 100,000 yuan. Requirements for the minimum amount of registered capital for a limited liability company in a particular line of business to be higher than the amount stated in the preceding paragraphs are provided for in separate laws or administrative regulations. Article 24 Shareholders may make capital contributions in currency, or may invest in kind, use industrial property, non-patented technology or land use rights to make capital contributions based on their appraised value. For investment in kind, industrial property, non-patented technology or land use rights which are capital contributions, a valuation shall be carried out and the property contributed verified, without overvaluation or undervaluation. The valuation of land use rights is to be dealt with in accordance with the provisions of laws and administrative regulations. The amount of industrial property or non-patented technology contributed as capital based on its appraised value shall not exceed twenty percent of the registered capital of a company, except as otherwise specified by the state for the use of the results of new and high technology. Article 25 Shareholders shall pay in full their respective subscribed capital contributions specified in the article of association. If a shareholder makes its contribution in currency, the currency contribution shall be deposited in full into a temporary account established with a bank by the proposed limited liability company; if the contribution is to be made in investment in kind, industrial property, non-patented technology or land use rights, procedures for transfer of the property rights shall be dealt with in accordance with the law. If a shareholder does not pay its subscribed capital contribution in accordance with the provisions of the preceding paragraph, such shareholder shall be liable for default to the other shareholders who have fully paid their capital contributions.