regulation shall prevail. 五；但是，法律、行政法规另有规定的，从其规定。
Article 86 For the public offer shares, the promoters shall publish a prospectus and prepare share subscription forms. The share subscription form shall contain the items listed in Article 87, and a subscriber shall fill in the number and amount of shares he subscribes to and his domicile, and shall affix his signature or seal thereto. A subscriber shall pay the shares according to the number of shares he has subscribed to.
第八十六条 【募集股份公告和认股书内容】发起人向社会公开募集股份，必须公告招股说明书，并制作认股书。认股书应当载明本法第八十七条所列事项，由认股人填写认购股数、金额、住所，并签名、盖章。认股人按照所认购股数缴纳股款。
Article 87 The prospectus shall be accompanied by the bylaw formulated by the promoters and shall state the following:
(1)The number of shares subscribed to by the promoters; (2)The par value and issuing price of each share; (3)The total number of unregistered stocks issued; (4)The purposes for the fund raising;
(5)The rights and obligations of the subscribers; and
(6)The beginning and ending dates for the public offering and a statement to indicate that the subscribers may revoke their subscriptions if the offered stocks cannot be fully subscribed at the closing time of the public offering.
Article 88 The public offer shares shall be underwritten by a lawfully established securities company and an underwriting agreement shall be concluded.
第八十七条 【招股说明书的主要内容】招股说明书应当附有发起人制订的公司章程，并载明下列事项：
（一）发起人认购的股份数； （二）每股的票面金额和发行价格； （三）无记名股票的发行总数； （四）募集资金的用途； （五）认股人的权利、义务；
（六）本次募股的起止期限及逾期未募足时认股人可以撤回所认股份的说明。
第八十八条 【发起人向社会募集股份的方式】发起人向社会公开募集股份，应当由依法设立的证券公司承销，签订承销协议。
Article 89 For the public offer shares, the promoters shall sign an agreement with the bank receiving the funds to purchase the shares.
The receiving bank shall receive and hold as agent the payments for shares according to the agreement, produce receipts to subscribers who have made the payments, and shall be obliged to produce evidence of receipt of payments to the relevant departments.
Article 90 After full payments have been made for the public offer shares, they shall be verified by a lawfully established capital verification institution and a certification shall be issued thereby. The promoters shall hold a company establishment meeting within 30 days, which shall be composed of the subscribers. If the public offer shares are not fully subscribed to at the expiration of the time limit prescribed in the prospectus, or if the promoters fail to hold an establishment meeting within 30 days after full payment for the public offer shares is made, the subscribers may demand the promoters to make repayments for the public offer shares plus an interest calculated at the bank deposit interest rate for the same period.
第八十九条 【缴纳股款方式】发起人向社会公开募集股份，应当同银行签订代收股款协议。 代收股款的银行应当按照协议代收和保存股款，向缴纳股款的认股人出具收款单据，并负有向有关部门出具收款证明的义务。
第九十条 【发起人召开公司创立大会的义务】发行股份的股款缴足后，必须经依法设立的验资机构验资并出具证明。发起人应当自股款缴足之日起三十日内主持召开公司创立大会。创立大会由发起人、认股人组成。
发行的股份超过招股说明书规定的截止期限尚未募足的，或者发行股份的股款缴足后，发起人在三十日内未召开创立大会的，认股人可以按照所缴股款并加算银行同期存款利息，要求发起人返还。
Article 91 The promoters shall notify each subscriber of the date of the establishment meeting or make a public announcement about the meeting 15 days in advance. The establishment meeting may not be held unless subscribers representing at least half of the shares appear. The establishment meeting shall exercise the following powers:
(1) Deliberating the report on the pre-establishment activities prepared by the sponsors; (2) Adopting the bylaw;
(3)Electing members of the board of directors; (4)Electing members of the board of supervisors;
(5)Verifying expenses incurred for the establishment of the company;
(6) Verifying the value of the assets contributed by the promoters in lieu of pecuniary payment for the shares;
(7)Where the force majeure or a material change of the operational conditions makes the establishment of a company impossible, the promoters may decide not to establish the company.
第九十一条 【创立大会的召集职权和表决程序】发起人应当在创立大会召开十五日前将会议日期通知各认股人或者予以公告。创立大会应有代表股份总数过半数的发起人、认股人出席，方可举行。
创立大会行使下列职权：
（一）审议发起人关于公司筹办情况的报告； （二）通过公司章程； （三）选举董事会成员； （四）选举监事会成员；
（五）对公司的设立费用进行审核； （六）对发起人用于抵作股款的财产的作价进行审核；
（七）发生不可抗力或者经营条件发生重大变
A resolution adopted at the establishment meeting on any of the matters as mentioned in the previous paragraph requires affirmative votes by subscribers representing more than half of the votes of those attending the meeting.
化直接影响公司设立的，可以作出不设立公司的决议。
创立大会对前款所列事项作出决议，必须经出席会议的认股人所持表决权过半数通过。
Article 92 The promoters and subscribers shall not withdraw their share capital after making payments for the shares they have subscribed to or after making capital contributions by using non-monetary properties, unless the public offer shares have not been fully subscribed within the time limit, the promoters fail to convene the establishment meeting within the time limit, or the establishment meeting has decided not to set up the company.
Article 93 The board of directors shall, within 30 days after the establishment meeting ends, file a registration application with the company registration authority and submit thereto the following documents:
(1)A company registration application; (2)The minutes of the establishment meeting; (3)The bylaw;
(4)A capital verification certification;
(5)The appointment documents and identity certificates of the legal representative, directors, supervisors;
(6)The promoters’ certifications of the legal person or the identifications of natural persons, and (7)The certification for the domicile of the company.
For a joint stock limited company established by stock floatation that makes public stock offerings, besides the aforementioned documents, it shall submit to the company registration authority the approval documents issued by the securities regulatory institution of the State Council.
Article 94 After the establishment of a joint stock limited company, if any of the promoters fail to make full payments for the capital contributions as stipulated in the bylaw, they shall make up the arrears and the other promoters shall bear several and joint liabilities.
After the establishment of a joint stock limited company, if it is found that the actual value of the non-monetary properties used as capital contributions for the establishment of the company is obviously lower than as the value stipulated in the bylaw, the promoter who made such a capital contribution shall make up the difference and the other promoters shall bear several and joint liabilities.
Article 95 The promoters of a joint stock limited company shall bear the following liabilities: (1) In the event of failure to establish the company, being jointly and severally liable for the debts and expenses incurred from the activities related to the company establishment; (2) In the event of failure to establish the company, being jointly and severally liable for refunding the subscribers with their paid capital plus the interests calculated according to the bank interest rate for the same period of time; and
(3) If the company’s interest is injured in the course of its establishment due to the negligence of the promoters, being liable for making compensations to the company.
第九十二条 【股本抽回的限制】发起人、认股人缴纳股款或者交付抵作股款的出资后，除未按期募足股份、发起人未按期召开创立大会或者创立大会决议不设立公司的情形外，不得抽回其股本。
第九十三条 【申请设立登记文件】董事会应于创立大会结束后三十日内，向公司登记机关报送下列文件，申请设立登记： （一）公司登记申请书； （二）创立大会的会议记录； （三）公司章程； （四）验资证明；
（五）法定代表人、董事、监事的任职文件及其身份证明；
（六）发起人的法人资格证明或者自然人身份证明；
（七）公司住所证明。
以募集方式设立股份有限公司公开发行股票的，还应当向公司登记机关报送国务院证券监督管理机构的核准文件。
第九十四条 【发起人的出资补缴责任】股份有限公司成立后，发起人未按照公司章程的规定缴足出资的，应当补缴；其他发起人承担连带责任。 股份有限公司成立后，发现作为设立公司出资的非货币财产的实际价额显著低于公司章程所定价额的，应当由交付该出资的发起人补足其差额；其他发起人承担连带责任。
第九十五条 【公司设立过程中的发起人责任】股份有限公司的发起人应当承担下列责任： （一）公司不能成立时，对设立行为所产生的债务和费用负连带责任；
（二）公司不能成立时，对认股人已缴纳的股款，负返还股款并加算银行同期存款利息的连带责任；
（三）在公司设立过程中，由于发起人的过失致使公司利益受到损害的，应当对公司承担赔偿责任。
Article 96 Where a limited liability company is changed into a joint stock limited company, the total amount of the paid capital shall not be less than the total amount of the net assets. Where a limited liability company is changed into a joint stock limited company, the public offer stocks issued for the purpose of increasing the capital shall comply with the law.
第九十六条 【有限责任公司变更为股份有限公司的资产额要求及募股要求】有限责任公司变更为股份有限公司时，折合的实收股本总额不得高于公司净资产额。有限责任公司变更为股份有限公司，为增加资本公开发行股份时，应当依法办理。
Article 97 A joint stock limited company shall make and keep the bylaw, the register of the shareholders, the stubs of corporate bonds, the minutes of the shareholders’ assembly
第九十七条 【重要资料的置备】股份有限公司应当将公司章程、股东名册、公司债券存根、股
meetings, the minutes of the meetings of the board of directors, the minutes of the meetings of the board of supervisors, and the financial reports in the company.
Article 98 The shareholders shall be entitled to review the bylaw, the register of the shareholders, the stubs of corporate bonds, the minutes of the shareholders’ assembly meetings, the minutes of the meetings of the board of directors, the minutes of the meetings of the board of supervisors, and the financial reports, and may put forward proposals or raise questions about the business operations of the company. Section 2 Shareholders’ Assembly
东大会会议记录、董事会会议记录、监事会会议记录、财务会计报告置备于本公司。
第九十八条 【股东的查阅权与建议质询权】股东有权查阅公司章程、股东名册、公司债券存根、股东大会会议记录、董事会会议决议、监事会会议决议、财务会计报告，对公司的经营提出建议或者质询。
第二节 股东大会
Article 99 The shareholders’ assembly of a joint stock limited company shall be composed of all the shareholders. It is the company’s organ of power, which shall exercise its powers according to this law.
Article 100 The provisions regarding the powers of the shareholders’ assembly of a limited liability company as prescribed in the first paragraph of Article 38 of this Law shall apply to the shareholders’ assembly of a joint stock limited company.
Article 101 An annual session of the shareholders’ assembly shall be held each year. Under any of the following circumstances, an interim shareholders’ assembly session shall be held within 2 months:
(1) The number of directors is less than two-thirds of the number of directors as required by this Law or the number of directors as specified in the bylaw;
(2) The un-recovered losses of the company reach one-third of the total pain-in capital; (3) At the request of the shareholders separately or aggregately holding 10% or more of the company’s shares;
(4) The board of directors deems it necessary; (5) At the request of the board of supervisors; and (6) Other circumstances as specified in the bylaw.
第九十九条 【股东大会的地位与组成】股份有限公司股东大会由全体股东组成。股东大会是公司的权力机构，依照本法行使职权。
第一百条 【股东大会的职权】本法第三十八条第一款关于有限责任公司股东会职权的规定，适用于股份有限公司股东大会。
第一百零一条 【股东大会及临时股东大会的召开】股东大会应当每年召开一次年会。有下列情形之一的，应当在两个月内召开临时股东大会： （一）董事人数不足本法规定人数或者公司章程所定人数的三分之二时；
（二）公司未弥补的亏损达实收股本总额三分之一时；
（三）单独或者合计持有公司百分之十以上股份的股东请求时；
（四）董事会认为必要时； （五）监事会提议召开时； （六）公司章程规定的其他情形。
Article 102 A session of the shareholders’ assembly shall be convened by the board of directors and shall be presided over by the chairman of the board of directors. If the chairman is unable or fails to perform his duties, the meetings thereof shall be presided over by the deputy chairman of the board of directors. If the deputy chairman of the board of directors is unable or fails to perform his duties, the meetings shall be presided over by a director jointly recommended by half or more of the directors.
If the board of directors or the acting director is unable or fails to fulfill the obligation of convening the meetings of the shareholders’ assembly, the board of supervisors shall convene and preside over such meetings. If the board of supervisors does not convene or preside over such meetings, the shareholders separately or aggregately holding 1/10 or more of the shares may convene and preside over such meetings on their own initiative.
Article 103 For a shareholders’ assembly meeting to be held, a notice shall be given to each shareholder 20 days in advance, which shall state the time and place of the meeting, and the matters to be deliberated at the meeting. For an interim meeting of the shareholders’ assembly, a notice shall be given to each shareholder 15 days in advance. For the issue of unregistered stocks, the time and place of the meeting and the matters to be deliberated at the meeting shall be announced 30 days in advance.
The shareholders separately or aggregately holding 3% or more of the shares of the company may put forward a written interim proposal to the board of directors 10 days before a shareholders’ assembly is held. The board of directors may notify other shareholders within 2 days and submit the interim proposal to the meeting of the shareholders’ assembly for
第一百零二条 【股东大会的召集】股东大会会议由董事会召集，董事长主持；董事长不能履行职务或者不履行职务的，由副董事长主持；副董事长不能履行职务或者不履行职务的，由半数以上董事共同推举一名董事主持。
董事会不能履行或者不履行召集股东大会会议职责的，监事会应当及时召集和主持；监事会不召集和主持的，连续九十日以上单独或者合计持有公司百分之十以上股份的股东可以自行召集和主持。
第一百零三条 【股东大会的通知期限、临时议案和股票交存制度】召开股东大会会议，应当将会议召开的时间、地点和审议的事项于会议召开二十日前通知各股东；临时股东大会应当于会议召开十五日前通知各股东；发行无记名股票的，应当于会议召开三十日前公告会议召开的时间、地点和审议事项。
单独或者合计持有公司百分之三以上股份的股东，可以在股东大会召开十日前提出临时提案并书面提交董事会；董事会应当在收到提案后二日内通
deliberation. The contents of an interim proposal shall fall within the scope to be decided by the shareholders’ assembly, and the interim proposal shall have a clear topic for discussion and matters to be decided.
The shareholders’ assembly shall not make any decision on any matter not listed in the notice as mentioned in the preceding two paragraphs. If the holders of unregistered stocks attend the shareholders’ assembly, they shall have their stocks preserved in the company during the period from 5 days before the meeting is held to the day when the shareholders’ assembly is closed.
Article 104 When a shareholder attends a meeting of the shareholders’ assembly, he shall have one voting right for each share he holds. However, the company has no voting right for its own shares it holds. When any resolution is to be made by the shareholders’ assembly, it shall be adopted by shareholders representing more than half of the voting rights of the shareholders in presence. However, when the shareholders’ assembly makes a decision to modify the bylaw, or to increase or reduce the registered capital, or a resolution about the merger, split-up, dissolution or change of the company form, such a decision shall be adopted by shareholders representing 2/3 or more of the voting rights of the shareholders in presence.
知其他股东，并将该临时提案提交股东大会审议。临时提案的内容应当属于股东大会职权范围，并有明确议题和具体决议事项。
股东大会不得对前两款通知中未列明的事项作出决议。
无记名股票持有人出席股东大会会议的，应当于会议召开五日前至股东大会闭会时将股票交存于公司。
第一百零四条 【表决权与股东大会议事规则】股东出席股东大会会议，所持每一股份有一表决权。但是，公司持有的本公司股份没有表决权。 股东大会作出决议，必须经出席会议的股东所持表决权过半数通过。但是，股东大会作出修改公司章程、增加或者减少注册资本的决议，以及公司合并、分立、解散或者变更公司形式的决议，必须经出席会议的股东所持表决权的三分之二以上通过。
Article 105 The important matters, such as the company to transfer or accept any significant asset or to provide a guaranty for any other person shall be decided by the shareholders’ assembly according to this Law and the bylaw, the board of directors shall timely call a shareholders’ assembly to vote on these matters.
第一百零五条 【股东大会的法定召集及表决事项】本法和公司章程规定公司转让、受让重大资产或者对外提供担保等事项必须经股东大会作出决议的，董事会应当及时召集股东大会会议，由股东大会就上述事项进行表决。
Article 106 A shareholders’ assembly may adopt a cumulative voting system to elect the directors or supervisors according to the bylaw or its resolutions.
The term \shareholders for the election of directors or supervisors at a meeting of the shareholders’ assembly in which the shareholder can multiply his voting rights by the number of candidates and vote them all for one candidate for director or supervisor.
第一百零六条 【累积投票制】股东大会选举董事、监事，可以依照公司章程的规定或者股东大会的决议，实行累积投票制。
本法所称累积投票制，是指股东大会选举董事或者监事时，每一股份拥有与应选董事或者监事人数相同的表决权，股东拥有的表决权可以集中使用。
Article 107 A shareholder may entrust an agent to attend a shareholders’ assembly. The agent shall present a proxy issued by the shareholder to the company and shall exercise his voting rights within the authorization scope.
第一百零七条 【表决权的代理行使】股东可以委托代理人出席股东大会会议，代理人应当向公司提交股东授权委托书，并在授权范围内行使表决权。
Article 108 The shareholders’ assembly shall scribe the minutes for the decisions about the matters discussed at the assembly. The chair of the meeting and the directors in presence shall affix their signatures to the minutes, which shall be preserved together with the book of signatures of the shareholders in presence as well as the power of attorney thereof.
第一百零八条 【股东大会的会议记录】股东大会应当对所议事项的决定作成会议记录，主持人、出席会议的董事应当在会议记录上签名。会议记录应当与出席股东的签名册及代理出席的委托书一并保存。
Section 3 The Board of Directors and Manager
第三节 董事会、经理
Article 109 A joint stock limited company shall set up a board of directors, which shall be composed of 5-19 persons.
The board of directors may include representatives of the company’s employees. The
representatives of the employees who serve as board directors shall be democratically elected through the assembly of the representatives of the employees, the assembly of employees, or other methods.
The provisions in Article 46 of this Law on the term of office of the directors of a limited liability company shall apply to the director of a joint stock limited company.
第一百零九条 【董事会设立及其职权】股份有限公司设董事会，其成员为五人至十九人。 董事会成员中可以有公司职工代表。董事会中的职工代表由公司职工通过职工代表大会、职工大会或者其他形式民主选举产生。
本法第四十六条关于有限责任公司董事任期的规定，适用于股份有限公司董事。
本法第四十七条关于有限责任公司董事会职权
The provisions in Article 47 of this Law on the functions of the board of directors of a limited liability company shall apply to the board of directors of a joint stock limited company. Article 110 The board of directors shall have one chairman and may have a deputy chairman. The chairman and deputy chairmen shall be elected by more than half of all the directors. The chairman of the board of directors shall call and preside over the meetings of the board of directors and check the implementation of the resolutions of the board of directors. The deputy chairman shall assist the chairman to work. If the chairman is unable or fails to perform his duties, the deputy chairman shall perform such duties. If the deputy chairman of the board of directors is unable or fails to perform his duties, a director who is jointly recommended by half or more of the directors shall perform such duties.
Article 111 The board of directors shall convene at least two meetings every year and shall give a notice to all directors and supervisors 10 days before it holds a meeting.
The shareholders representing 1/10 or more of the voting rights, or 1/3 of the directors, or the board of supervisors may put forward a proposal to hold an interim meeting of the board of directors. The chairman of the board of directors shall, within 10 days after he receives such a proposal, call and preside over a meeting of the board of directors. If the board of directors holds an interim meeting, it may separately decide the method and time limit for the notification about convening meetings of the board of directors.
的规定，适用于股份有限公司董事会。
第一百一十条 【董事会的组成】董事会设董事长一人，可以设副董事长。董事长和副董事长由董事会以全体董事的过半数选举产生。
董事长召集和主持董事会会议，检查董事会决议的实施情况。副董事长协助董事长工作，董事长不能履行职务或者不履行职务的，由副董事长履行职务；副董事长不能履行职务或者不履行职务的，由半数以上董事共同推举一名董事履行职务。 第一百一十一条 【董事会的召开】董事会每年度至少召开两次会议，每次会议应当于会议召开十日前通知全体董事和监事。
代表十分之一以上表决权的股东、三分之一以上董事或者监事会，可以提议召开董事会临时会议。董事长应当自接到提议后十日内，召集和主持董事会会议。
董事会召开临时会议，可以另定召集董事会的通知方式和通知时限。
Article 112 No meeting of the board of directors may be held unless more than half of the directors are present. When the board of directors makes a resolution, it shall be adopted by more than half of all the directors.
For the voting on a resolution of the board of directors, each director shall have one vote only. Article 113 The meetings of the board of directors shall be attended by the directors in person. Where any director is unable to attend the meeting for a certain reason, he may, by issuing a written proxy, entrust another director to attend the meeting on his behalf, and the proxy shall state the scope of authorization.
The board of directors shall prepare minutes regarding the resolutions on the matters discussed at the meeting, which shall be signed by the directors in presence. The directors shall be responsible for the resolutions of the board of directors. Where a resolution of the board of directors is in violation of any law, administrative regulation, bylaw, or resolution of the shareholders’ assembly and causes any serious loss to the company, the directors who participate in adopting the resolution shall make compensation. However, if a director is proven to have expressed his objection to the vote on such resolution and his objection was recorded in the minutes, then the director may be exempted from liability.
Article 114 A joint stock limited company may have a manager whom may be hired or dismissed by the board of directors.
The provisions of Article 50 of this Law on the powers of the manager of a limited liability company shall apply to the manager of a joint stock limited company.
Article 115 The board of directors of a company may decide to appoint a member of the board of directors to concurrently take up the post of the manager.
Article 116 No company may, directly or via its subsidiary, lend money to any of its directors, supervisors, or senior managers.
第一百一十二条 【董事会的议事规则】董事会会议应有过半数的董事出席方可举行。董事会作出决议，必须经全体董事的过半数通过。 董事会决议的表决，实行一人一票。 第一百一十三条 【董事会的出席与代理出席、会议记录与责任承担】董事会会议，应由董事本人出席；董事因故不能出席，可以书面委托其他董事代为出席，委托书中应载明授权范围。 董事会应当对会议所议事项的决定作成会议记录，出席会议的董事应当在会议记录上签名。 董事应当对董事会的决议承担责任。董事会的决议违反法律、行政法规或者公司章程、股东大会决议，致使公司遭受严重损失的，参与决议的董事对公司负赔偿责任。但经证明在表决时曾表明异议并记载于会议记录的，该董事可以免除责任。
第一百一十四条 【经理及其职权】股份有限公司设经理，由董事会决定聘任或者解聘。 本法第五十条关于有限责任公司经理职权的规定，适用于股份有限公司经理。
第一百一十五条 【董事会成员兼任经理】公司董事会可以决定由董事会成员兼任经理。 第一百一十六条 【禁止向高级职员提供借款】公司不得直接或者通过子公司向董事、监事、高级管理人员提供借款。
Article 117 A Company shall regularly disclose to its shareholders with the information about remunerations received by the directors, supervisors and senior managers from the company.
第一百一十七条 【定期披露高级职员报酬】公司应当定期向股东披露董事、监事、高级管理人