Article 150 Where any director, supervisor or senior manager violates any law, administrative regulation, or the bylaw during the course of performing his duties, if any loss is caused to the company, he shall be liable for compensation.
第一百五十条 【高级职员对公司的赔偿责任】董事、监事、高级管理人员执行公司职务时违反法律、行政法规或者公司章程的规定，给公司造成损失的，应当承担赔偿责任。
Article 151 If the shareholder’s meeting or shareholders’ assembly demands a director, supervisor or senior manager to attend the meeting as a non-voting representative, he shall do so and shall answer the shareholders’ inquiries.
The directors and senior managers shall faithfully offer relevant information and materials to the board of supervisors or the supervisor of a limited liability company that does not have a board of supervisors, none of them may impede the board of supervisors or supervisor from exercising their powers.
Article 152 Where a director or senior manager is under the circumstance as mentioned in Article 150 of this Law, the shareholder(s) of the limited liability company or joint stock limited company separately or aggregately holding 1% or more of the total shares of the company for 180 consecutive days or more may request in writing the board of supervisors or the supervisor of the limited liability company with no board of supervisors to initiate a lawsuit in the people’s court. If the supervisor is under the circumstance as mentioned in Article 150 of this Law, the aforesaid shareholder(s) may request in writing the board of directors or the acting director of the limited liability company with no board of directors to lodge an action in the people’s court. If the board of supervisors, or supervisor of a limited liability company with no board of supervisors, or board of directors or acting director refuses to lodge a lawsuit after receiving a written request as mentioned in the preceding paragraph, or if they fail to initiate a lawsuit within 30 days after receiving the request, or if, in an emergency, the failure to lodge an action immediately will cause unrecoverable damages to the interests of the company, the
shareholder(s) as listed in the preceding paragraph may, on their own behalf, directly lodge a lawsuit in the people’s court.
If the legitimate rights and interests of a company are impaired and any losses are caused to the company, the shareholders as mentioned in the preceding paragraph may initiate a lawsuit in the people’s court according to the provisions of the preceding two paragraphs.
第一百五十一条 【高级职员对股东会及监事会行使知情权的配合】股东会或者股东大会要求董事、监事、高级管理人员列席会议的，董事、监事、高级管理人员应当列席并接受股东的质询。 董事、高级管理人员应当如实向监事会或者不设监事会的有限责任公司的监事提供有关情况和资料，不得妨碍监事会或者监事行使职权。 第一百五十二条 【股东维护公司利益的起诉权】董事、高级管理人员有本法第一百五十条规定的情形的，有限责任公司的股东、股份有限公司连续一百八十日以上单独或者合计持有公司百分之一以上股份的股东，可以书面请求监事会或者不设监事会的有限责任公司的监事向人民法院提起诉讼；监事有本法第一百五十条规定的情形的，前述股东可以书面请求董事会或者不设董事会的有限责任公司的执行董事向人民法院提起诉讼。
监事会、不设监事会的有限责任公司的监事，或者董事会、执行董事收到前款规定的股东书面请求后拒绝提起诉讼，或者自收到请求之日起三十日内未提起诉讼，或者情况紧急、不立即提起诉讼将会使公司利益受到难以弥补的损害的，前款规定的股东有权为了公司的利益以自己的名义直接向人民法院提起诉讼。
他人侵犯公司合法权益，给公司造成损失的，本条第一款规定的股东可以依照前两款的规定向人民法院提起诉讼。
Article 153 If any director or senior manager damages the shareholders’ interests by violating any law, administrative regulation, or the bylaw, the shareholders may lodge a lawsuit in the people’s court.
第一百五十三条 【股东与监事维护个人利益的起诉权】董事、高级管理人员违反法律、行政法规或者公司章程的规定，损害股东利益的，股东可以向人民法院提起诉讼。
Chapter VII Corporate Bonds
第七章 公司债券
Article 154 The term \instruments that are issued by a company under the statutory procedures with guaranteed payment of the principal plus interest by a specified future date. To issue corporate bonds, a company shall satisfy the issuance requirements of the Securities Law of the People’s Republic of China.
Article 155 After an application for issuing corporate bonds has been approved by the
department authorized by the State Council, the company shall publish its bond issuance plan, which shall mainly state: (1) the company’s name;
(2) the purposes of use of the corporate bonds;
(3) the total amount of corporate bonds and par value thereof; (4) the method for determining the interest rate of the bonds; (5) the time limit and method for paying the principal plus interest;
第一百五十四条 【公司债券的定义及发行条件】本法所称公司债券，是指公司依照法定程序发行、约定在一定期限还本付息的有价证券。 公司发行公司债券应当符合《中华人民共和国证券法》规定的发行条件。
第一百五十五条 【公司债券募集的核准和公告】发行公司债券的申请经国务院授权的部门核准后，应当公告公司债券募集办法。
公司债券募集办法中应当载明下列主要事项： （一）公司名称；
（二）债券募集资金的用途； （三）债券总额和债券的票面金额； （四）债券利率的确定方式；
(6) guaranty of the bonds;
(7) issuing price of the bonds, beginning and ending dates of the issuance; (8) net assets of the company;
(9) total amount of corporate bonds having been issued but not yet due; and (10) underwriters of the corporate bonds.
（五）还本付息的期限和方式； （六）债券担保情况；
（七）债券的发行价格、发行的起止日期； （八）公司净资产额；
（九）已发行的尚未到期的公司债券总额； （十）公司债券的承销机构。
Article 156 The physical bonds issued by a company shall state the company’s name, par value, interest rate, time limit for repayment, etc., and shall bear the signature of legal representative and seal of the company.
第一百五十六条 【公司债券票面必须载明的事项】公司以实物券方式发行公司债券的，必须在债券上载明公司名称、债券票面金额、利率、偿还期限等事项，并由法定代表人签名，公司盖章。
Article 157 The corporate bonds may be registered or unregistered bonds.
第一百五十七条 【债券的种类】公司债券，可以为记名债券，也可以为无记名债券。 第一百五十八条 【债券存根簿的置备及其应载明的事项】公司发行公司债券应当置备公司债券存根簿。
发行记名公司债券的，应当在公司债券存根簿上载明下列事项：
（一）债券持有人的姓名或者名称及住所； （二）债券持有人取得债券的日期及债券的编号；
（三）债券总额，债券的票面金额、利率、还本付息的期限和方式； （四）债券的发行日期。
发行无记名公司债券的，应当在公司债券存根簿上载明债券总额、利率、偿还期限和方式、发行日期及债券的编号。
Article 158 A company shall prepare and keep the stubs of corporate bonds. If the company issues registered corporate bonds, the stubs thereof shall state: (1) the name and domicile of the bondholders;
(2) the dates on which the bondholder acquires the bonds and the serial number of the bonds; (3) the total amount of the bonds, par value, interest rate, time limit and method for repayment of principal plus interest; and
(4) the date on which the bonds are issued.
If the company issues unregistered corporate bonds, the stubs thereof shall state the total amount of the bonds, interest rate, time limit and method for repayment, issuance date and serial numbers of the bonds.
Article 159 The registration and settlement institution of registered corporate bonds shall establish bylaws on the registration, preservation, interest payment and acceptance of bonds.
第一百五十九条 【债券登记结算机构的制度要求】记名公司债券的登记结算机构应当建立债券登记、存管、付息、兑付等相关制度。
Article 160 The corporate bonds may be transferred. The transfer price shall be negotiated between the transferor and transferee.
The transfer of any corporate bonds, which get listed and are traded in a stock exchange, shall follow the trading rules of the stock exchange.
第一百六十条 【公司债券的转让场所与转让价格】公司债券可以转让，转让价格由转让人与受让人约定。
公司债券在证券交易所上市交易的，按照证券交易所的交易规则转让。
Article 161 Registered corporate bonds may be assigned by the bondholders’ endorsement or by other methods prescribed by the relevant laws and administrative regulations.
In the case of transfer of registered bonds, the company shall record the transferee’s name and domicile in the stub of corporate bonds.
The transfer of unregistered corporate bonds becomes effective as soon as the bondholder delivers the bonds to the transferee.
第一百六十一条 【公司债券的转让方式】记名公司债券，由债券持有人以背书方式或者法律、行政法规规定的其他方式转让；转让后由公司将受让人的姓名或者名称及住所记载于公司债券存根簿。
无记名公司债券的转让，由债券持有人将该债券交付给受让人后即发生转让的效力。
Article 162 A listed company may, upon a resolution of the shareholders’ assembly, issue corporate bonds that may be converted into stocks and shall work out concrete conversion measures in the corporate bond issuance plan. To issue corporate bonds that may be converted into stocks, a listed company shall file an application with the securities regulatory institution for examination and approval. The corporate bonds that may be converted into stocks shall be marked with the words \convertible company bonds shall be specified in the company’s record of bondholders.
第一百六十二条 【可转换债券的发行及载明事项】上市公司经股东大会决议可以发行可转换为股票的公司债券，并在公司债券募集办法中规定具体的转换办法。上市公司发行可转换为股票的公司债券，应当报国务院证券监督管理机构核准。 发行可转换为股票的公司债券，应当在债券上标明可转换公司债券字样，并在公司债券存根簿上
载明可转换公司债券的数额。
Article 163 Where any convertible company bonds are issued, the company shall exchange its stocks for the bonds held by the bondholders in the prescribed method of conversion, provided that the bondholders have the option on whether or not to convert their bonds.
第一百六十三条 【可转换债券的转换】发行可转换为股票的公司债券的，公司应当按照其转换办法向债券持有人换发股票，但债券持有人对转换股票或者不转换股票有选择权。
Chapter VIII Financial Affairs and Accounting of A Company
第八章 公司财务、会计
Article 164 A company shall establish its own financial and accounting bylaws according to the laws, administrative regulations, and provisions of the treasury department of the State Council.
第一百六十四条 【公司财务、会计制度的建立】公司应当依照法律、行政法规和国务院财政部门的规定建立本公司的财务、会计制度。
Article 165 A company shall, after the end of each fiscal year, formulate a financial report and shall have it audited by an accounting firm. The financial report shall be work out according to the laws, administrative regulations, and provisions of the treasury department of the State Council.
第一百六十五条 【财务会计报告的制作和年审制】公司应当在每一会计年度终了时编制财务会计报告，并依法经会计师事务所审计。
财务会计报告应当依照法律、行政法规和国务院财政部门的规定制作。
Article 166 A limited liability company shall submit the financial report to each shareholder within the time limit as prescribed in the bylaw. The financial report of a joint stock limited company shall be ready for the consultation of the shareholders at the company 20 days before the annual meeting of the shareholders’ assembly is held. A joint stock limited company of public offer stocks shall make a public announcement about its financial report.
第一百六十六条 【财务会计报告送交股东及公告】有限责任公司应当依照公司章程规定的期限将财务会计报告送交各股东。
股份有限公司的财务会计报告应当在召开股东大会年会的二十日前置备于本公司，供股东查阅；公开发行股票的股份有限公司必须公告其财务会计报告。
Article 167 Where a company distributes its after-tax profits of the current year, it shall draw 10 percent of the profits as the company’s statutory common reserve. The company may stop drawing the profits if the aggregate balance of the common reserve has already accounted for over 50 percent of the company’s registered capital.
If the aggregate balance of the company’s statutory common reserve is not enough to make up for the losses of the company of the previous year, the current year’s profits shall first be used for making up the losses before the statutory common reserve is drawn according to the provisions of the preceding paragraph.
After the company has drawn statutory common reserve from the after-tax profits, it may, upon a resolution made by the shareholders’ assembly, draw a discretionary common reserve from the after-tax profits. After the losses have been made up and common reserves have been drawn, the remaining profits shall be distributed to shareholders according to Article 35 of this Law in the case of a limited liability company and according to the number of shares held by shareholders as in the case of a joint stock company limited.
If the shareholders’ meeting, shareholders’ assembly or board of directors distributes the profits by violating the provisions of the preceding paragraph before the losses are made up and the statutory common reserves are drawn, the profits distributed must be refunded to the company. No profit may be distributed for the company’s shares held by this company.
第一百六十七条 【公司税后利润的分配】公司分配当年税后利润时，应当提取利润的百分之十列入公司法定公积金。公司法定公积金累计额为公司注册资本的百分之五十以上的，可以不再提取。 公司的法定公积金不足以弥补以前年度亏损的，在依照前款规定提取法定公积金之前，应当先用当年利润弥补亏损。
公司从税后利润中提取法定公积金后，经股东会或者股东大会决议，还可以从税后利润中提取任意公积金。
公司弥补亏损和提取公积金后所余税后利润，有限责任公司依照本法第三十五条的规定分配；股份有限公司按照股东持有的股份比例分配，但股份有限公司章程规定不按持股比例分配的除外。 股东会、股东大会或者董事会违反前款规定，在公司弥补亏损和提取法定公积金之前向股东分配利润的，股东必须将违反规定分配的利润退还公司。
公司持有的本公司股份不得分配利润。
Article 168 The premium of a joint stock limited company from the issuance of stocks at a price above the par value of the stocks, and other incomes listed in the capital reserve under provisions of the treasury department of the State Council shall be listed as the company’s capital reserve.
Article 169 The company’s common reserves shall be used for making up losses, expanding the production and business scale or increasing the registered capital of the company, but the
第一百六十八条 【资本公积金】股份有限公司以超过股票票面金额的发行价格发行股份所得的溢价款以及国务院财政部门规定列入资本公积金的其他收入，应当列为公司资本公积金。
第一百六十九条 【公积金的用途及限制】公司的公积金用于弥补公司的亏损、扩大公司生产经
capital common reserve shall not be used for making up the company’s losses.
When the statutory common reserve is changed to capital, the remainder of the common reserve shall not be less than 25 % of the registered capital prior to the increase.
营或者转为增加公司资本。但是，资本公积金不得用于弥补公司的亏损。
法定公积金转为资本时，所留存的该项公积金不得少于转增前公司注册资本的百分之二十五。
Article 170 Where a company plans to hire or dismiss any accounting firms to undertake the auditing of the company, a resolution shall be made by the shareholders’ meeting, the shareholders’ assembly, or the board of directors according to the provisions of the bylaw. When the shareholders’ meeting, the shareholders’ assembly, or the board of directors carries out a vote to dismiss an accounting firm, the accounting firm shall be allowed to state its own opinions.
第一百七十条 【公司对会计师事务所的聘用及解聘】公司聘用、解聘承办公司审计业务的会计师事务所，依照公司章程的规定，由股东会、股东大会或者董事会决定。
公司股东会、股东大会或者董事会就解聘会计师事务所进行表决时，应当允许会计师事务所陈述意见。
Article 171 A company shall provide the accounting firm it hires with truthful and complete accounting vouchers, accounting books, financial and accounting statements, and other accounting materials, and shall not refuse to do so, conceal any of these materials, or make any false statements.
Article 172 Except for the statutory account books, no company may set up other accounting books.
No company asset may be deposited into any individual’s account.
第一百七十一条 【公司对会计师事务所的诚实义务】公司应当向聘用的会计师事务所提供真实、完整的会计凭证、会计账簿、财务会计报告及其他会计资料，不得拒绝、隐匿、谎报。 第一百七十二条 【禁止另立账簿及开立个人帐户】公司除法定的会计账簿外，不得另立会计账簿。
对公司资产，不得以任何个人名义开立账户存储。
Chapter IX Merger and Split-up of Company; Increase and Deduction of Registered Capital
第九章 公司合并、分立、增资、减资
Article 173 The mergers of companies may take the form of mergers by absorption or mergers by new establishment.
In the case of mergers by absorption, a company absorbs other companies and the absorbed company is dissolved. In the case of mergers by new establishment, two or more companies combine together for the establishment of a new one, and the pre-merger companies are dissolved.
Article 174 To carry out a corporate merger, both parties to the merger shall conclude an agreement with each other and formulate balance sheets and checklists of properties. The companies involved shall, within ten days after making the decision of merger, notify the creditors, and shall make a public announcement on a newspaper within 30 days. The creditors may, within 30 days after receiving the notice or within 45 days after the issuance of the public announcement if it fails to receive a notice, demand the company to clear off its debts or to provide corresponding guaranties.
Article 175 To carry out a merger, the credits and debts of the companies involved shall be succeeded by the company that survives the merger or by the newly established company.
第一百七十三条 【公司合并的种类】公司合并可以采取吸收合并或者新设合并。
一个公司吸收其他公司为吸收合并，被吸收的公司解散。两个以上公司合并设立一个新的公司为新设合并，合并各方解散。
第一百七十四条 【公司合并程序和债权人异议权】公司合并，应当由合并各方签订合并协议，并编制资产负债表及财产清单。公司应当自作出合并决议之日起十日内通知债权人，并于三十日内在报纸上公告。债权人自接到通知书之日起三十日内，未接到通知书的自公告之日起四十五日内，可以要求公司清偿债务或者提供相应的担保。 第一百七十五条 【公司合并的债权债务承继】公司合并时，合并各方的债权、债务，应当由合并后存续的公司或者新设的公司承继。
Article 176 To split a company, the properties thereof shall be divided accordingly. To split the company, balance sheets and checklists of properties shall be worked out. The company shall, within 10 days after the decision of split-up is made, inform the creditors and make a public announcement on a newspaper within 30 days.
第一百七十六条 【公司分立的通知义务】公司分立，其财产作相应的分割。
公司分立，应当编制资产负债表及财产清单。公司应当自作出分立决议之日起十日内通知债权人，并于三十日内在报纸上公告。
Article 177 The post-split companies shall bear several and joint liabilities for the debts of the company before its split unless it is otherwise prescribed in a written agreement reached by the company and the creditors before the split regarding the debt pay-off.
第一百七十七条 【公司分立的债务承继】公司分立前的债务由分立后的公司承担连带责任。但是，公司在分立前与债权人就债务清偿达成的书面
协议另有约定的除外。
Article 178 Where a company finds it necessary to reduce its registered capital, it must work out balance sheets and checklists of properties.
The company shall, within ten days after the decision of reducing registered capital, notify the creditors and make a public announcement on a newspaper within 30 days. The creditors shall, within 30 days after receiving the notice or within 45 days after the issuance of the public announcement if it fails to receive the notice, be entitled to demand the company to pay off the debts or to provide respective guaranties.
The registered capital of the company after reducing its registered capital shall not be lower than the minimum amount required by laws.
第一百七十八条 【减少注册资本的程序要求及限制】公司需要减少注册资本时，必须编制资产负债表及财产清单。
公司应当自作出减少注册资本决议之日起十日内通知债权人，并于三十日内在报纸上公告。债权人自接到通知书之日起三十日内，未接到通知书的自公告之日起四十五日内，有权要求公司清偿债务或者提供相应的担保。
公司减资后的注册资本不得低于法定的最低限额。
Article 179 Where a limited liability company increases its registered capital, the capital contributions of the shareholders for the increased amount shall be governed by the relevant provisions of this Law regarding the capital contribution for the establishment of a limited liability company.
Where a joint stock limited company issues new stocks for increasing its registered capital, the subscription to new stocks by shareholders shall be governed by the relevant provisions of the present Law regarding the payment of stock premium for the establishment of a joint stock limited company.
Article 180 Where, in the process of company merger or split, any of the registered items is changed, the companies shall go through modification registration with the company
registration authority. Where a company is dissolved, it shall be deregistered according to law. If a new company is established, it shall go through the procedures for company establishment according to law.
In the case of increasing or reducing its registered capital, a company shall go through modification registration with the company registration authority according to law. Chapter X Dissolution and Liquidation of Company
第一百七十九条 【增加注册资本的规定】有限责任公司增加注册资本时，股东认缴新增资本的出资，依照本法设立有限责任公司缴纳出资的有关规定执行。
股份有限公司为增加注册资本发行新股时，股东认购新股，依照本法设立股份有限公司缴纳股款的有关规定执行。
第一百八十条 【公司合并、分立、增资、减资的登记要求】公司合并或者分立，登记事项发生变更的，应当依法向公司登记机关办理变更登记；公司解散的，应当依法办理公司注销登记；设立新公司的，应当依法办理公司设立登记。
公司增加或者减少注册资本，应当依法向公司登记机关办理变更登记。
第十章 公司解散和清算
Article 181 A company may be dissolved under one of the following circumstances:
(1) the term of business operation as prescribed by the bylaw expires or any of the situations for dissolution prescribed in the company’s bylaw occurs;
(2) the shareholders’ meeting or the shareholders’ assembly decides to dissolve the company; (3) it is necessary to be dissolved due to merger or split of the company;
(4) the business license is canceled, or it is ordered to close down or to be dissolved according to laws; or
(5) it is decided by the people’s court to be dissolved according to Article 183 of this Law.
第一百八十一条 【公司解散的原因】公司因下列原因解散：
（一）公司章程规定的营业期限届满或者公司章程规定的其他解散事由出现；
（二）股东会或者股东大会决议解散； （三）因公司合并或者分立需要解散； （四）依法被吊销营业执照、责令关闭或者被撤销；
（五）人民法院依照本法第一百八十三条的规定予以解散。
Article 182 Where any of the circumstances as prescribed in Article 181 (1) of this Law occurs, a company may continue to exist by amending its bylaw.
To amend its bylaw according to the provisions of the preceding paragraph, the consent of the shareholders who hold two thirds or more of the voting rights shall be obtained if it is a limited liability company, and the consent of two thirds or more of the voting rights the shareholders who attend the meeting of the shareholders assembly shall be obtained if it is a joint stock limited company.
Article 183 Where any company meets any serious difficulty in its operations or management so that the interests of the shareholders will face heavy loss if the company continues to exist and the difficulty cannot be solved by any other means, the shareholders who hold ten percent
第一百八十二条 【为使公司存续而修改章程的议事规则】公司有本法第一百八十一条第（一）项情形的，可以通过修改公司章程而存续。 依照前款规定修改公司章程，有限责任公司须经持有三分之二以上表决权的股东通过，股份有限公司须经出席股东大会会议的股东所持表决权的三分之二以上通过。
第一百八十三条 【股东请求法院解散公司的情形】公司经营管理发生严重困难，继续存续会使股东利益受到重大损失，通过其他途径不能解决