Saturday, December 15, 2007

Chinesepod - Provisions Concerning the Administration of Foreign-funded

Business-starting Investment Enterprises

BIZCHINA / Company laws

Provisions Concerning the Administration of Foreign-funded
Business-starting Investment Enterprises

Updated: 2006-04-17 10:37

Article20 The administrative departments shall regularly report the
following to the joint management committee and the board of directors:
(1) significant investments under authorization;
(2) metaphase & annual performance reports and financial statements;
(3) other matters as provided in laws and regulations;
(4) relevant matters as stipulated in the contract and in the articles of
association of the FBIE.

Article21 The joint management committee and the board of directors may
grant the power of routine administration to a business-investment
management enterprise or another FBIE rather than establish
administrative departments. The business-investment management enterprise
may be a domestically-funded business-starting investment enterprise or a
foreign-funded one or an overseas enterprise. In this case, the
business-starting investment enterprise and the business-starting
investment management enterprise shall conclude a managerial contract,
stipulating respective rights and interests. Such a contract shall not
come into effect until it has been agreed by all the investors and has
been approved by the examination and approval organ.

Article22 The investors of an FBIE may, by reference to the international
practices, stipulate interior system for income allocations and incentive
mechanism in the business-starting investment contract.

Chapter V Business-Starting Investment Management Enterprise

Article23 An entrusted business-starting investment management enterprise
shall meet the following conditions:
(1) To accept the entrustment of the FBIEs and to manage the investments
made by them shall be its main business;
(2) It shall have at least 3 professional managerial persons who have at
least three years of practical experience in business-starting investment;
(3) Its registered capital or its total investments shall not be less
than 1, 000, 000 yuan or equivalent foreign exchange;
(4) It shall have a perfect interior control system.

Article24 A business-starting investment management enterprise is allowed
to take the form of the corporate organization or the partnership
organization.

Article25 A business-starting investment management enterprise may be
entrusted to manage different FBIEs.

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