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Xiamen's Rules on Management of Shares and Bonds&n
双击自动滚屏 文章来源:网上转载   发布者:admin   发布时间:2001-7-28   阅读:9333

 

1986.09.01
XIAMEN SPECIAL ECONOMIC ZONE
XIAMEN'S RULES ON MANAGEMENT OF SHARES AND BONDS
(Issued by Xiamen Municipal Government on September 1, 1986)
CONTENTS
CHAPTER I GENERAL PROVISIONS
CHAPTER II SHARES
CHAPTER III BONDS
CHAPTER IV MANAGEMENT, ISSUANCE AND PURCHASING OF SHARES AND BONDS
CHAPTER V PROCEDURES OF OWNERSHIP TRANSFER OF SHARES AND BONDS
CHAPTER VI SUPPLEMENTARY ARTICLES
CHAPTER I GENERAL PROVISIONS
  @@  Article   1.  The  present  regulations  are  specially
formulated  to strengthen financial management and to make better use
of shares, bonds to raise more public funds to promote the horizontal
economic relations among enterprises and the development of the Xiamen
Special Economic Zone.
  @@  Article  2.  State-owned,  collectively-owned,  domestic
associated enterprises,  as well as enterprises involving foreign
investment (i.e. joint venture, cooperative and wholly foreign-owned
enterprises) desiring to raise capital through the issuance of shares
and bonds shall be governed by the present Regulations.
CHAPTER II SHARES
 @@  Article  3. A share certificate is a proof of the amount of
capital invested  in  a joint stock enterprise. The holder of a share
certificate is a  shareholder  of  the enterprise. In compliance
with  the  articles of association of the enterprise, a shareholder
is entitled to participate in or supervise over the management of
the operation of the enterprise, draw interest  on  the  share,
receive  dividends  as well as bear the economic liability which is
being  limited  to the share capital the holder has contributed and
the risk of bankruptcy of the enterprise.
 @@  Article  4.  All  small state-owned enterprises, urban and
rural collectively  owned enterprises, joint enterprises of various
economic forms and  enterprises involving foreign investment which
are economic entities enjoying the status of a legal person are
allowed  to  issue shares for subscription by other enterprises,
institutions and individuals.
 @@  Article 5. The value of the shares to be issued, in the case
of old enterprises, shall not exceed the net worth of its existing
assets (i.e. the  total  value  of  fixed  assets and circulating
capital after deducting depreciation and borrowed capital).
 In  the  case of a newly inaugurated joint stock enterprise issuing
shares, the  initiator  of  the flotation shall subscribe no less
than 30% of the total amount of the shares of the enterprise.
 @@  Article  6.  A  registered share is a share certificate issued
under the name  of  its  subscriber, the withdrawal of which is
generally  not allowed. However,  under  certain  conditions,  an
enterprise  is  allowed  to issue fixed-term share certificates. A
fixed-term share certificate holder, with the only exception that he
is  not  allowed  to participate in the management of  business
operations  of the enterprise, enjoys the same rights and benefits
and  bears  the  same  responsibility  in  accordance  with the
stipulations in Article 3 of the present Regulations.
 @@  Article  7.  Shares  are  divided into two kinds: collective
shares and individual shares. Shares subscribed by enterprises and
institutions  are  collective  shares  and  those  subscribed  by
individuals  are individual shares. Both kinds of shares enjoy the
same  rights  and benefits and bear the  same responsibility in
accordance  with  the  stipulations in Article 3 of the present
Regulations.
 @@  Article  8. Distribution of share profit can be of two patterns:
sharing out dividends and interest or sharing out dividends but paying
no interest. A joint stock enterprise can choose either one of the two
patterns.
 A.  Sharing  out  dividends according to the profit situation
of  the enterprise:  An  enterprise  can  set  up  its dividend
distribution account provided  that  it can guarantee paying its
taxes in accordance with the Chinese tax laws and it has made the
arrangement  for  any  special reserve funds.  Dividends must be
distributed in proportion to the amounts of shares held by individual
shareholders.  The  maximum amount of dividends an enterprise can
distribute  shall  not  exceed  15% of its share capital. However,
in  case  of  good economic returns, the percentage can exceed 15%
after  the  decision  has  been approved by the municipal People's
Bank of China.
 B.  Paying  interest  and sharing out dividend: The annual interest
paid out by  an  enterprise  on its shares can be listed as a cost
item. The interest rate on collective shares shall not be higher than
that offered by banks on fixed deposits of enterprises. The interest
rate on individual shares shall not 

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