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
or more of the voting rights of all the shareholders of the company may plead the people’s court to dissolve the company.
Article 184 Where any company is dissolved according to the provisions of Article 181 (1), (2), (4), or (5) of this Law, a liquidation group shall be formed within fifteen days after the
occurrence of the cause of dissolution so as to carry out a liquidation. The liquidation group of a limited liability company shall be composed of the shareholders, while that of a joint stock limited company shall be composed of the directors or any other people as determined by the shareholders’ assembly. Where no liquidation group is formed within the time limit, the creditors may plead the people’s court to designate relevant persons to form a liquidation group. The people’s court shall accept such request and form a liquidation group so as to carry out the liquidation in a timely manner.
的，持有公司全部股东表决权百分之十以上的股东，可以请求人民法院解散公司。
第一百八十四条 【清算组的成立与组成】公司因本法第一百八十一条第（一）项、第（二）项、第（四）项、第（五）项规定而解散的，应当在解散事由出现之日起十五日内成立清算组，开始清算。有限责任公司的清算组由股东组成，股份有限公司的清算组由董事或者股东大会确定的人员组成。逾期不成立清算组进行清算的，债权人可以申请人民法院指定有关人员组成清算组进行清算。人民法院应当受理该申请，并及时组织清算组进行清算。
Article 185 The liquidation group may exercise the following functions during the process of liquidation:
(1) liquidating the properties of the company, producing balance sheets and asset checklists; (2) notifying creditors by mail or public announcement;
(3) handling and liquidating the unfinished business of the company;
(4) paying off the outstanding taxes and the taxes incurred in the process of liquidation; (5) claiming credits and paying off debts;
(6) disposing the remaining properties after all the debates being paid off; and (7) participating in the civil proceedings of the company.
第一百八十五条 【清算组的职权】清算组在清算期间行使下列职权：
（一）清理公司财产，分别编制资产负债表和财产清单；
（二）通知、公告债权人；
（三）处理与清算有关的公司未了结的业务； （四）清缴所欠税款以及清算过程中产生的税款；
（五）清理债权、债务；
（六）处理公司清偿债务后的剩余财产； （七）代表公司参与民事诉讼活动。
Article 186 The liquidation group shall, notify the creditors within ten days after its formation and make a public announcement on newspapers within 60 days after its formation. The creditors shall, within thirty days after receiving the notice or within 45 days after the issuance of the public announcement in the case of failing to receiving a notice, declare their credits before the liquidation group.
To declare credits, a creditor shall describe the relevant matters and provide relevant evidential materials.
The liquidation group shall record the declared credits and may not pay off any debts to any creditors during the period of credit declaration.
Article 187 The liquidation group shall, after liquidating the properties of the company and producing balance sheets and checklists of properties, make a plan of liquidation and report the report to the shareholders’ meeting, the shareholders’ assembly, or the people’s court for confirmation.
After paying off the liquidation expenses, wages of employees, social insurance premiums and legal indemnities, the outstanding taxes and the debts of the company, the remaining properties may, in the case of a limited liability company, be distributed according to the proportion of capital contribution of the shareholders, or, in the case of a joint stock limited company, distributed according to the proportion of stocks held by the shareholders. During the liquidation, the company continues to exist but may not carry out any business operation that has nothing to do with liquidation. None of the properties of the company may be distributed to any shareholder before they are used for debate payoff as described in the preceding paragraph.
Article 188 If the liquidation group finds that the properties of the company is not sufficient for paying off the debts after liquidating the properties of the company and producing balance sheets and checklists of properties, it shall file an application to the people’s court for bankruptcy.
Once the people’s court makes a ruling declaring the company bankrupt, the liquidation group
第一百八十六条 【清算期间的债权申报】清算组应当自成立之日起十日内通知债权人，并于六十日内在报纸上公告。债权人应当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，向清算组申报其债权。
债权人申报债权，应当说明债权的有关事项，并提供证明材料。清算组应当对债权进行登记。 在申报债权期间，清算组不得对债权人进行清偿。
第一百八十七条 【清算方案的制定与公司财产的处理】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、股东大会或者人民法院确认。
公司财产在分别支付清算费用、职工的工资、社会保险费用和法定补偿金，缴纳所欠税款，清偿公司债务后的剩余财产，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，公司存续，但不得开展与清算无关的经营活动。公司财产在未依照前款规定清偿前，不得分配给股东。
第一百八十八条 【宣告破产】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，应当依法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
shall hand over the liquidation matters to the people’s court. 将清算事务移交给人民法院。
Article 189 After the liquidation of the company is completed, the liquidation group shall made a liquidation report and submit the report to the shareholders’ meeting, the shareholders’ assembly, the people’s court for confirmation, and the company registration authority to deregister the company. The liquidation group shall also make a public announcement regarding the cease of the company.
Article 190 The members of the liquidation group shall devote themselves to their duties and perform their obligations of liquidation according to law.
None of the members of the liquidation group may take advantage of his position to take any bribe or any other illegal proceeds, nor may he misappropriate any of the properties of the company.
Where any of the members of the liquidation group causes any loss to the company or any creditor by intention or due to gross negligence, he shall make respective compensations. Article 191 Where a company is declared bankrupt according to law, it shall carry out a bankruptcy liquidation according to the legal provisions concerning bankruptcy liquidation.
第一百八十九条 【清算报告的报送及公司注销登记】公司清算结束后，清算组应当制作清算报告，报股东会、股东大会或者人民法院确认，并报送公司登记机关，申请注销公司登记，公告公司终止。
第一百九十条 【清算组成员的义务】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。
第一百九十一条 【破产清算的法律依据】公司被依法宣告破产的，依照有关企业破产的法律实施破产清算。
Chapter XI Branches of Foreign Companies
第十一章 外国公司的分支机构
Article 192 The term \established beyond the territory of China according to any foreign law.
第一百九十二条 【外国公司的定义】本法所称外国公司是指依照外国法律在中国境外设立的公司。
Article 193 A foreign company which plans to establish any branch within the territory of China shall submit an application to the competent authority of China and other relevant documents such as the articles of incorporation, the company registration certificate issued by the country where the foreign company was established. After the application is approved, the foreign company shall go through registration formalities with the company registration authority according to law and obtain a business license.
The measures for the examination and approval of the branches of foreign companies shall be separately formulated by the State Council.
Article 194 Where a foreign company establishes any branch within the territory of China, it must designate a representative or agent within the territory of China to take charge of the branch, and shall allocate to the branch funds which are in match with the business activities it is engaged in.
第一百九十三条 【外国公司分支机构的设立申请及审批】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。
第一百九十四条 【外国公司分支机构的设立及资金要求】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。
Article 195 The branch of a foreign company shall indicate in its name the nationality and the form of liability of the foreign company concerned.
The branch of a foreign company shall keep a copy of the bylaw of the foreign company at its office.
第一百九十五条 【外国公司分支机构的名称要求及章程置备】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。
Article 196 The branch of a foreign company established within the territory of China does not have the status of a legal person.
A foreign company shall bear civil liabilities for the business operations of its branches carried out within the territory of China.
第一百九十六条 【外国公司分支机构不具有中国法人资格】外国公司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。
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