不足额出资股东的对外责任
戴洪斌
公司作为市场经济中重要的经济组织，在经济生活中，开展大量的生产经营活动，必将与其他的市场主体发生经济往来，产生各种债权债务。公司违约或侵权，依法应承担相应民事责任。但在公司资产不足以清偿债务时，出资不足的股东就要承担相应责任。这里再对股东对公司债务的责任问题，作一分析。
一、公司股东的有限责任制
公司是企业法人，有独立的法人财产，享有法人财产权。公司以其全部财产对公司的债务承担责任。有限责任公司的股东以其认缴的出资额为限对公司承担责任。公司法第三条明确了公司也包括了有限责任公司的法人地位，明确了有限责任公司股东的有限责任制。有限责任公司这一词组由“有限责任（或有限）”、“公司”两个词构成，其“公司”即是公司法意义上的公司，明示的是公司的法人地位。其“有限责任（有限）”即是对股东有限责任的宣示。对于股东来说，只要按照法律规定和公司章程，履行了对于有限责任公司的足额出资义务，就不再承担其他责任，也不再对公司的对外债务承担责任。其有限责任体现为只在认缴出资额内，超过出资额的公司债务股东不再承担责任。公司法确立的公司法人地位和股东有限责任制，是市场经济的基石，构建起了现代市场经济大厦和体系，规范着公司的组织和行为，保护公司、股东和债权人的合法权益，维护社会经济秩序，促进市场经济的发展。
二、股东不足额出资的责任
股东负有对公司严格的出资义务，应当按期足额缴纳公司章程中规定的各自所认缴的出资额。以货币出资的，应当将货币出资足额存入有限责任公司在银行开设的账户；以非货币财产出资的，应当依法办理其财产权的转移手续。足额出资后，也不得抽逃出资。公司法第二十八条规定了股东不履行好出资义务时的违约：股东不按照规定缴纳出资的，除应当向公司足额缴纳外，还应当向已按期足额缴纳出资的股东承担违约责任。这是从股东不履行好出资义务，应对其他股东承担的违约责任。对于出资问题股东对公司的对外债务责任问题，应固定在公司法第二十条中。规定了：“公司股东应当遵守法律、行政法规和公司章程，依法行使股东权利，不得滥用公司法人独立地位和股东有限责任损害公司债权人的利益。公司股东滥用公司法人独立地位和股东有限责任，逃避债务，严重损害公司债权人利益的，应当对公司债务承担连带责任。”这条规定的范围较广，这里只就公司股东出资问题承担公司债务这一情形作出分析，其他的情形则不予涉及。当公司股东不遵守法律、行政法规和公司章程，不履行股东足额出资义务，也即是在对公司的出资上滥用公司法人独立地位和股东有限责任，逃避债务，严重损害公司债权人利益的，该股东应当对公司债务承担连带责任。对这个法律条款作出这一推演，用于确定公司股东不履行足额出资义务，应对公司对外债务承担责任，具有法律和现实意义。从此，不再只是从法理上寻找责令公司出资问题股东对外承担公司债务的理论依据，也不再只是以“刺破公司面纱”来寻找面纱后股东责任的理由，而直接有了可以引用的公司法条文，以确定不足额出资股东的责任。
三、出资问题股东承担公司债务的性质
公司股东不履行足额出资义务，在法律看来，就是股东滥用公司法人独立地位和股东有限责任、逃避债务、严重损害公司债权人利益的行为。不足额出资股东对公司债务承担的责任，其性质究竟是什么？
1、出资为公司内部关系。
公司是一个组织，其内部结构十分复杂。公司、股东、股东大会、股东代表大会、董事会、监事、经理以及公司聘用的行政、业务工作人员等，这些都是公司的内部机构及相关人员，涉及的是内部的法律关系。公司股东对公司的首要的义务是履行好足额出资义务。公司因公司股东的足额出资以对公司对外债务作出保证，以公司股东出资作为公司自己的财产承担对外债务，开展生产经营业务。公司股东对公司的出资义务及其相应责任，也属于公司的内部关系。
2、公司债务的外部关系。
公司因生产经营活动或其他的侵权行为而产生对外债务，由于公司具有法人地位，当然应由公司以其自身财产来承担相应责任，或者是违约责任或者是赔偿责任。这是公司的外部关系。
3、内外两个关系的合并。
如果公司财产足以完全清偿这些对外债务，则不涉及到公司股东的出资是否到位问题，不要求出资问题股东对公司债务承担责任。有时，由于公司自身的财产不足以清偿对外债务，公司债权人的债权不能得到充分保护和足额清偿，那么就要按照相关法律规定，确定由出资不到位的股东承担连带责任。一方面，公司股东出资公司是公司的内部关系。另一方面，公司的对外债务却属于公司的外部关系。在公司不能清偿债务时，出资不到位股东则直接承担这公司的对外债务，公司股东的这个责任，穿越了公司的内部关系和外部关系，将其合在了一起。出资问题股东承担公司债务，是将股东对公司的出资义务责任和公司对债权人的违约、侵权责任作了合并，是两个法律关系的合并，也是两个法律责任的合并，由此确立起一种新型的法律责任，以保证出资问题股东清偿公司债务。
4、出资问题股东承担公司债务的性质。
出资问题股东承担公司债务，应是赔偿责任，还是违约责任？公司法表述的是，该股东应当对公司债务承担连带责任。连带责任只是责任的承担方式，而未明确说明责任的性质。公司法第二十八条规定，一个股东不按照规定缴纳出资的，除应当向公司足额缴纳外，还应当向已按期足额缴纳出资的股东承担违约责任。该股东负了两个责任，一个是该股东对公司继续履行出资的责任，一个是该股东对其他股东的违约责任。该股东与其他股东的关系是合同关系，他因出资问题而对其他股东所负的责任当然就是违约责任。还应该明确，该股东对公司并无合同关系，其与其他股东订立合同、制定公司章程，而由此设立公司，该股东也是公司的一份子。该股东对公司的出资义务及相应责任性质又是如何？如果单纯从平等主体的角度来分析股东就出资与公司的关系及责任性质，则不太容易说清楚。因为股东作为公司的一个成员，其与公司之间本来就没有合同关系，也没有一般民事关系上的平等性。有的说股东权是一种社员权，这种说法有一定道理。其实股东权本身就可以成为一种独立的权利形式，相关责任也应成为一种独立的与之配套的责任。股东权为独立民事权利形式、股东责任为独立民事责任的认识，由此应该这样来看，股东是基于其足额出资责任而应承担公司的对外违约、侵权责任，对内不足额出资责任是因，对外承担责任是果。
关于设立外商投资股份有限公司若干问题的暂行规定(附英文)
对外贸易经济合作部
关于设立外商投资股份有限公司若干问题的暂行规定(附英文)
1995年1月10日，对外贸易经济合作部
第一条 为进一步扩大国际经济技术合作和交流，引进外资，促进社会主义商品经济的发展，外国的公司、企业和其他经济组织或个人（以下简称外国股东），按照平等互利的原则，可与中国的公司、企业或其他经济组织（以下简称中国股东）在中国境内，共同举办外商投资股份有限公司（以下简称公司）。
第二条 本规定所称的外商投资股份有限公司是指依本规定设立的，全部资本由等额股份构成，股东以其所认购的股份对公司承担责任，公司以全部财产对公司债务承担责任，中外股东共同持有公司股份。外国股东购买并持有的股份占公司注册资本25％以上的企业法人。
第三条 公司为外商投资企业的一种形式，适用国家法律、法规对于外商投资企业的有关规定。
第四条 设立公司应符合国家有关外商投资企业产业政策的规定。国家鼓励设立技术先进的生产型公司。
第五条 公司可采取发起方式或者募集方式设立。
第六条 以发起方式设立的公司，除应符合公司法规定的发起人的条件外，其中至少有一个发起人应为外国股东。
以募集方式设立的公司，除应符合前款条件外，其中至少有一个发起人还应有募集股份前3年连续盈利的记录，该发起人为中国股东时，应提供其近3年经过中国注册会计师审计的财务会计报告；该发起人为外国股东时，应提供该外国股东居所所在地注册会计师审计的财务报告。
第七条 公司的注册资本应为在登记注册机关登记注册的实收股本总额，公司注册资本的最低限额为人民币3千万元。其中外国股东购买并持有的股份应不低于公司注册资本的25％。
第八条 股东认购的股份的转让应符合本规定第七条所规定的条件。发起人股份的转让，须在公司设立登记3年后进行，并经公司原审批机关批准。
第九条 发起人达成设立公司协议后，可共同委托一发起人办理设立公司的申请手续。具体程序是：
（一）申请人向其省、自治区、直辖市及计划单列市政府主管部门（以下称主管部门）提交设立公司的申请书、可行性研究报告、资产评估报告等文件。
以募集方式设立公司的，申请人还须提交招股说明书。
（二）上述文件经主管部门审查同意后，由主管部门转报省、自治区、直辖市及计划单列市对外经贸部门。上述文件经省、自治区、直辖市及计划单列市对外经贸部门核准后，发起人正式签定设立公司的协议、章程。
（三）发起人签定设立公司的协议、章程，报省、自治区、直辖市对外经贸部门审查同意后，报对外贸易经济合作部审查批准。对外贸易经济合作部在45日内决定批准或不批准。
第十条 发起人提交的各项文件必须用中文书写。在发起人各方认为需要时，可商定再用一种外文书写，但以审批生效的中文文本为准。
第十一条 设立公司的申请书应概要说明：
（一）发起人的名称、住所、法定代表人；
（二）组建公司的名称、住所及宗旨；
（三）公司设立方式、股本总额、类别、每股面值、发起人认购比例、股份募集范围和途径；
（四）发起人的生产经营情况，包括近3年生产经营、资产与负债、利润等情况（限于以募集方式设立公司的发起人）；
（五）公司的资金投向及经营范围；
（六）提出申请的时间，发起人的法定代表签名并加盖发起人单位公章；
（七）其他需要说明的事项。
第十二条 发起人协议应包括以下主要内容：
（一）发起人的名称、住所、法定代表人的姓名、国籍、住所、职务；
（二）组建公司的名称、住所；
（三）公司的宗旨、经营范围；
（四）公司设立的方式、组织形式；
（五）公司注册资本、股份总额、类别、发起人认购股份的数额、形式及期限；
（六）发起人的权利和义务；
（七）违约责任；
（八）适用法律及争议的解决；
（九）协议的生效与终止；
（十）订立协议的时间、地点，发起人签字；
（十一）其他需要载明的事项。
第十三条 发起人设立公司的协议、章程经对外贸易经济合作部批准后，发起人应在30日内凭对外贸易经济合作部颁发的批准证书到银行开立专用帐户。发起人应自批准证书签发之日起90日内一次缴足其认购的股份。发起人在公司发行的股份缴足之前应承担连带认缴责任。公司不能设立时，发起人为设立行为所发生的费用和债务负连带责任。
第十四条 以发起方式设立公司的，发起人按本规定第十一条的规定缴足其认购的股份后，应当选举董事会和监事会，由董事会向公司登记机关报送设立公司的批准文件、公司章程、验资证明等文件，申请设立登记。
以募集方式设立公司的，发行股份的股数缴足后，必须经法定的验资机构验资并出具证明。发起人应当在30日内主持召开公司创立大会，并选举董事会、监事会，董事会应于创立大会结束后30日内，向公司登记机关报送设立公司的批准文件、公司章程、验资证明、创立大会的会议记录等文件，申请设立登记。
公司登记机关自接到全部登记文件之日起30天内完成登记注册手续，并颁发营业执照。
第十五条 已设立中外合资经营企业、中外合作经营企业、外资企业（以下简称外商投资企业），如申请转变为公司的，应有最近连续3年的盈利记录。由原外商投资企业的投资者作为公司的发起人（或与其他发起人）签定设立公司的协议、章程，报原外商投资企业所在地的审批机关初审同意后转报对外贸易经济合作部审批。
申请转变应报送下列文件：
（一）原外商投资企业的合同、章程；
（二）原外商投资企业董事会关于企业改组的决议；
（三）原外商投资企业投资者关于终止原合同、章程的决议；
（四）原外商投资企业资产评估报告；
（五）发起人（包括但不限于原外商投资企业投资者）协议；
（六）公司章程；
（七）原外商投资企业的营业执照、批准证书，最近连续3年的财务报告；
（八）设立公司的申请书；
（九）发起人的资信证明；
（十）可行性研究报告。
第十六条 上述申请经对外贸易经济合作部批准后，发起人应自批准证书签发并缴足其认购的股本金后向公司登记机关办理变更登记手续。
第十七条 外商投资企业变更登记为公司后，原外商投资企业的一切权利、义务全部转由公司承担。
外商投资企业的中外投资者在原外商投资企业合同、章程中承诺的义务，应列入发起人协议及章程，同样适用所设立的公司。
第十八条 国有企业、集体所有制企业如申请转变为公司的，除符合本规定其他条款的规定外，还须符合以下条件：
（一）该企业至少营业5年并有最近连续3年的盈利记录；
（二）外国股东以可自由兑换的外币购买并持有该企业的股份占该企业注册资本的25％以上；
（三）企业的经营范围符合外商投资企业产业政策。
中外股东作为发起人签定设立公司的协议、章程，报企业所在地审批机关初审同意后转报对外贸易经济合作部审批。
申请转变应报送下列文件：
（一）原企业资产评估报告；
（二）设立公司的申请书；
（三）可行性研究报告；
（四）发起人协议；
（五）公司章程；
（六）原企业的营业执照、最近连续3年的资产负债表；
（七）发起人的资信证明；
（八）其他必要的文件。
第十九条 上述申请经对外贸易经济合作部批准后，发起人应自批准证书签发并缴足其认购的股本金后向公司登记机关办理变更登记手续。
第二十条 股份有限公司申请转变为公司的，除符合本规定其他条款的规定外，还须符合以下条件：
（一）该股份有限公司是经国家正式批准设立的；
（二）外国股东以可自由兑换的外币购买并持有该股份有限公司的股份占公司注册资本的25％以上；
（三）股份有限公司的经营范围符合外商投资企业产业政策。
第二十一条 股份有限公司通过向社会公开发行人民币特种股票（Ｂ股），申请转变为公司的，应报送如下文件：
（一）股东大会对转变为公司的决议；
（二）原股份有限公司资产评估报告；
（三）申请转变为公司的报告；
（四）原股份有限公司章程的补充、修改协议；
（五）证券管理部门批准公开发行人民币特种股票（Ｂ股）的文件；
（六）其它必要的文件。
第二十二条 股份有限公司通过增资扩股或转股发行外国股东持有的股份，申请转变为公司的，除报送前条第（一）、（二）、（三）、（四）款规定的文件外，还应报送股份有限公司与定向购股人的购股协议等其他必要的文件。
第二十三条 股份有限公司在境外发行境外上市外资股（包括但不限于Ｈ股和Ｎ股）并在境外上市申请转变为公司的，除报送第二十一条第（一）、（二）、（三）、（四）款规定的文件外还应报送如下文件：
（一）证券管理部门批准境外上市的文件；
（二）境外证券机构批准原股份有限公司股票上市的文件；
（三）境外上市的原股份有限公司股票交易情况。
第二十四条 上述申请经对外贸易经济合作部批准后，原股份有限公司应持批准证书和公司的募股证明向工商行政管理机关办理变更登记手续。
第二十五条 本暂行规定未规定的公司的其它事宜，按《公司法》、“国务院关于股份有限公司境外募集股份及上市的特别规定”及有关规定办理。
第二十六条 凡属外商投资企业改组成公司的，其减免税等优惠期限，不再重新计算。
第二十七条 香港、澳门、台湾地区的公司、企业、其它经济组织或个人，在大陆投资设立公司的，准用此暂行规定。
第二十八条 本暂行规定由对外贸易经济合作部负责解释。
Provisional Regulations of the Ministry of Foreign Trade andEconomic Cooperation on Certain Issues Concerning the Establishment ofCompanies Limited by Shares with Foreign Investment
(Promulgated on January 10, 1995)
Whole document
Provisional Regulations of the Ministry of Foreign Trade and Economic
Cooperation on Certain Issues Concerning the Establishment of
Companies Limited by Shares with Foreign Investment
(Promulgated on January 10, 1995)
Article 1
In order to further expand international economic co-operation and
technological exchange, to absorb foreign investment and to promote the
development of socialist market economy, foreign companies, enterprises
and other economic organizations or individuals (hereinafter referred to
as foreign shareholders) may incorporate themselves into a company limited
by shares with foreign investment (hereinafter referred to as the company)
with Chinese companies, enterprises or other economic organizations
(hereinafter referred to as Chinese shareholders) within Chinese territory
on the principle of equality and mutual benefit.
Article 2
In these Regulations, the term "a company limited by shares with
foreign investment" refers to an enterprise legal person established in
accordance with these Regulations, with the entire capital being divided
into shares of equal value, where the shareholders bear responsibilities
to the company to the extent of the number of the shares they hold and the
company bears responsibilities for its debts with all its assets, and
where the Chinese and foreign shareholders jointly hold the company's
stock, with the shares subscribed and held by foreign shareholders being
more than twenty-five per cent of the company's registered capital.
Article 3
The company is one of the forms of enterprises with foreign investment
and shall be governed by the relevant laws and regulations of the state
concerning enterprises with foreign investment.
Article 4
The establishment of such company shall be in conformity with the
state industrial policies concerning foreign investment. The state
encourages the establishment of production-oriented enterprises using
advanced technologies.
Article 5
The company may be established by means of promotion or offer.
Article 6
The company set up by means of promotion shall meet the conditions as
provided for in the Company Law on promoters, with at least one of the
promoters being a foreign shareholder.
The company established by means of offer shall meet the requirements
as provided for in the preceding paragraph, with at least one of the
promoters having records of continuously making profits in the recent
three consecutive years prior to the offer. In case the aforementioned
promoter is a Chinese shareholder, the last three years' financial
statements audited by a Chinese certified public accountant should be
furnished. In case the aforementioned promoter is a foreign shareholder,
the financial statements audited by a certified public accountant
registered in its country of residence should be furnished.
Article 7
The registered capital of the company shall be the total share capital
registered with the registration authority and actually paid in. The
minimum amount of the registered capital of the company shall be RMB 30
million, with the shares subscribed and held by foreign shareholders being
no less than twenty-five per cent of the registered capital.
Article 8
The transfer of the shares subscribed by the shareholders shall meet
the conditions stipulated in Article 7 of these Regulations. The
promoters' shares may be transferred after three years from the date of
registration of the company, subject to the approval by the original
examination and approval authority.
Article 9
After the promoters conclude an agreement to establish the company,
they may jointly entrust one of them to handle all matters regarding the
application for setting up the company. The detailed procedures are as
follows:
(1) the applicant shall submit an application for the setting up of
the company, feasibility study report, asset evaluation report, etc. to
the competent departments of the provinces, autonomous regions,
municipalities directly under Central Government and cities with
independent planning (hereinafter referred to as the competent
departments) where the applicant is located. Prospectus shall also be
submitted for the application of establishing a company through offer of
shares.
(2) the aforementioned documents, upon examination by and with the
consent of the competent departments, shall be submitted, through the
competent departments, to the foreign economic and trade departments of
the same provinces, autonomous regions, municipalities directly under
Central Government and cities with independent planning. Upon approval of
the documents by foreign economic and trade departments, the promoters
shall officially sign an agreement for the establishment of the company
and its articles of association. And
(3) the agreement for the establishment of the company and the
articles of association signed by the promoters shall, upon examination by
and with consent of the foreign economic and trade departments of the
provinces, autonomous regions, municipalities directly under the Central
Government and cities with independent planning, be submitted to the
Ministry of Foreign Trade and Economic cooperation for examination and
approval. The Ministry of Foreign Trade and Economic Cooperation shall
decide to approve or disapprove it within 45 days.
Article 10
All kinds of documents provided by the promoters shall be written in
the Chinese language. Where all promoters consider it necessary, a foreign
language agreed upon by all the promoters can be used simultaneously.
However, the examined, approved and effectuated Chinese version shall be
authentic.
Article 11
The application for establishing a company shall lay down the
following:
(1) names, domiciles and the legal representative of the promoters;
(2) name, domicile and aims of the company to be established;
(3) method to establish the company, total value of shares, share
category, value per share, proportion of the shares subscribed by
promoters and the scope and means of the offer;
(4) the production and management situations of the promoters,
including information about production and management, assets and
liabilities and profitabilities in the recent three years (only applicable
to promoters who establish a company by means of offer);
(5) the fields of capital investment and business scope of the
company;
(6) time of the application, signature of the legal representative of
the promoters and official stamp of the promoters' unit; and.
(7) other matters that need to be elaborated.
Article 12
The promoters' agreement shall include the following main contents:
(1) names and domiciles of the promoters; name, nationality, domicile
and post of the legal representative;
(2) name and domicile of the company to be established;
(3) objectives and business scope of the company;
(4) means of establishment and structure of the company;
(5) the company's registered capital, total shares, share category
and the number, form and subscription period of the shares subscribed by
promoters;
(6) rights and obligations of the promoters;
(7) liability for breach of agreement;
(8) application of law and settlement of disputes;
(9) effectiveness and termination of the agreement;
(10) time and place of signature of the agreement, signature of the
promoters; and
(11) other matters that need to be notified.
Article 13
After the promoters' agreement to establish the company and the
articles of association are approved by the Ministry of Foreign Trade and
Economic Cooperation, the promoters shall, within 30 days, open a
special-purpose bank account with a bank by presenting the certificate of
approval issued by the Ministry of Foreign Trade and Economic Cooperation.
The promoters shall make full payment in one installment of all the shares
subscribed within 90 days from the date of issue of the certificate of
approval. The promoters shall undertake the joint and several liability
for the subscription before all the capital subscribed to the company by
themselves is paid. The promoters are also jointly liable for the debts
and expenses arising from actions to establish the company if the company
fails to be established.
Article 14
Where the company is established by means of promotion, after the
promoters have made full payment for shares subscribed in accordance with
the provisions of Article 11, an election for the board of directors and
the board of supervisors shall be made. The board of directors shall
submit the document of approval to establish the company, articles of
association, certificate of capital verification, etc. to the
registration authority and apply for the registration.
Where the company is established by means of offer, after the full
payment has been made for the shares issued, it must be verified and given
certificate by an authorized investment verification organization. The
promoters shall within 30 days, hold the founding meeting of the company
and elect the board of directors and the board of supervisors. The board
of directors shall submit document of approval, the company's articles of
association, certificate of capital verification, memorandum of the
founding meeting, etc. to the registration authority to apply for the
registration.
The registration authority shall complete the registration formalities
and issue the business licence within 30 days after it receives all
documents for registration.
Article 15
Where existing Chinese-foreign equity joint ventures, Chinese-foreign
cooperative joint ventures and wholly foreign-owned enterprises
(hereinafter referred to as "enterprises with foreign investment") apply
to reorganize themselves into a company, the enterprises with foreign
investment must have a record of making profits for the recent 3
consecutive years. The investors of the original foreign investment
enterprises shall act as the promoters (or together with other promoters)
to sign the agreement for the set up of the company and the articles of
association and then submit them to the original examination and approval
authority in the location of the original foreign investment enterprise
for preliminary examination and approval and onward submission to the
Ministry of Foreign Trade and Economic Cooperation for final approval.
The following documents shall be submitted where an enterprise with
foreign investment applies for such reorganization:
(1) contract, articles of association of the original enterprise with
foreign investment;
(2) decision of the board of directors of the original enterprise with
foreign investment on the reorganization of the enterprise;
(3) agreement of the investors of the original foreign investment
enterprise on the termination of the original contract and articles of
association;
(4) asset evaluation report of the original enterprise with foreign
investment;
(5) the promoter's (including but not limited to the investors of the
original enterprise with foreign investment) agreement;
(6) articles of association of the company;
(7) business licence, certificate of approval, and the financial
report of the recent 3 consecutive years;
(8) application letter for the establishment of the company;
(9) the promoters' credit references; and
(10) feasibility study report.
Article 16
After the foregoing applications are approved by the Ministry of
Foreign Trade and Economic Cooperation, the promoters shall go through the
procedure of alteration of registration after the issuance of approval
certificate and full payment of the capital shares subscribed.
Article 17
Upon the completion of the formalities for the alteration of
registration, all the rights and obligations of the original enterprise
with foreign investment shall be fully assumed by the company.
The obligations committed by the Chinese and foreign investors of the
enterprise with foreign investment in the original contract and articles
of association should be specified in the promoter's agreement and
articles of association and made applicable to the company to be
established.
Article 18
A state-owned enterprise or a collectively-owned enterprise which
applies for reorganizing itself into a company shall meet the following
requirements in addition to other provisions as provided for in these
Regulations:
(1) the enterprise shall have an operational period of no less than
five years, and have records of taking profits in the recent three
consecutive years;
(2) shares of the enterprise as subscribed with freely convertible
foreign currencies and held by foreign shareholders shall take more than
twenty-five per cent of the registered capital of the enterprise; and
(3) the business scope of the enterprise shall be in line with the
state's industrial policies for enterprises with foreign investment.
The agreement for the setting up of the company and the articles of
association signed by Chinese and foreign shareholders as promoters shall
be submitted to the local examination and approval authority for
preliminary examination and approval and onward submission to the Ministry
of Foreign Trade and Economic Cooperation for final approval.
The following documents shall be submitted in order to apply for the
reorganization:
(1) asset evaluation report of the enterprise;
(2) application letter for the establishment of the company;
(3) feasibility study report;
(4) promoters' agreement;
(5) the company's articles of association;
(6) business license and balance sheets for the recent three
consecutive years of the enterprises;
(7) credit references of the promoters; and
(8) other necessary documents.
Article 19
Upon the approval by the Ministry of Foreign Trade and Economic
Cooperation for the above mentioned application, the promoters shall,
after the issuance of the approval certificate and full payment of the
share capital subscribed, apply to the registration authority for the
alteration of registration.
Article 20
A company limited by shares applying for reorganizing itself into the
company shall meet the following requirements in addition to other
provisions as provided for in these Regulations:
(1) the establishment of the company limited by shares was duly
approved by the State;
(2) the shares subscribed with freely convertible foreign currencies
and held by Foreign Shareholders shall take more than twenty-five per cent
of the company's registered capital; and
(3) the business scope of the company limited by shares shall be in
line with the industrial policies for enterprises with foreign investment.
Article 21
Where a company limited by shares applies to reorganize itself into a
company by means of issuing Renminbi Special Shares (B Shares) to the
public, the following documents shall be submitted:
(1) the decision of the shareholders' meeting on reorganizing itself
into a company;
(2) asset evaluation report of the original company limited by shares;
(3) application report on the reorganizing itself into the company;
(4) agreement on the additions and amendments to the articles of
association of the original company limited by shares;
(5) approval document from the security administration authority on
the public offer of Renminbi Special Shares (B Shares); and
(6) other necessary documents.
Article 22
Where a company limited by shares applies to reorganize itself into a
company by increasing capital and making public offer of new shares or
reverting to offering shares to be held by foreign shareholders, it shall
submit, in addition to the documents set out in item (1), (2), (3) and (4)
in the preceding article, the share subscribing agreement entered into
between the company limited by shares and the specifically-targeted
subscriber (s) as well as other necessary documents.
Article 23
A company limited by shares, which is listed and makes public offer of
shares outside the Chinese territory to foreign investors (including but
not limited to H shares and N shares) and applies for the reorganization
into the company, should submit the following documents in addition to
documents set out in item (1), (2), (3) and (4) of Article 21:
(1) approval document from the security administration authority on
the overseas listing;
(2) approval document from the security administration authority
outside the Chinese territory on the public listing of the original
company limited by shares; and
(3) transaction records of the overseas listed shares of the original
company limited by shares.
Article 24
Upon approval by the Ministry of Foreign Trade and Economic
Cooperation on the above mentioned application, the original company
limited by shares shall apply for the alteration of registration by
presenting the approval document and the public offering certificate to
the administration authority for industry and commerce.
Article 25
Other matters relating to the company that are not provided for in
these Provisional Regulations shall be handled in accordance with the
Company Law and Special Regulations of the State Council on Offer and
Listing of Shares Outside the Territory by Companies Limited by Shares.
Article 26
The tax holidays for tax exemption and reduction etc. shall not be
recalculated for a company reorganized by an enterprise with foreign
investment.
Article 27
These Provisional Regulations are applicable to the companies
established with investment by companies, enterprises, and other economic
organizations or individuals from the regions of Hong Kong, Macao and
Taiwan.
Article 28
The Ministry of Foreign Trade and Economic Cooperation shall take
charge of the interpretation of these Provisional Regulations.
