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STANDARDIZEDCOMPANYARTICLESOFASSOCIATION(DRAFT:MAY10,2000)Chapter1.Chapter2.Chapter3.Chapter4.Chapter5.Chapter6.Chapter7.Chapter8.Chapter9.Chapter10.Chapter11.Chapter12.Chapter13.STANDARDIZEDCOMPANYARTICLESOFASSOCIATIONTABLEOFCONTENTSGeneralProvisionsPurposeandScopeofBusinessSharesShareholdersandtheGeneralMeetingofShareholdersBoardofDirectorsGeneralManagerSupervisoryBoardFinancialAffairs,AccountingandAuditingLaborManagement,LaborUnionandEmployeeBenefitsDisputeResolutionNotificationandAnnouncementMerger,Division,DissolutionandLiquidationAmendmentofArticlesofAssociationChapter14.SupplementaryProvisionsCHAPTER1.GENERALPROVISIONSArticle1TheseArticlesofAssociationareformulatedaccordingtotheChinaCompanyLaw,theInstructionregardingArticlesofAssociationforListedCompanies,andotherrelevantregulationsforthepurposesofmaintainingthelegitimatebenefitfortheCompany,shareholdersandcreditors,andsoastostandardizetheorganizationandbehavioroftheCompany.Article2ThisCompanyisajointstocklimitedliabilitycompanyestablishedaccordingtotheCompanyLawandotherrelevantregulations.TheCompanyisestablishedwiththemodeofincorporationbymeansofshareoffer,asapprovedbyDecreeNo._of2000oftheStateEconomicandTradeCommission,andregisteredintheStateAdministrationforIndustryandCommercesoastoobtainabusinesslicense.Article3TheCompanyinitiallyissuedmillionRMBcommonsharestothepublicon,2000bytheapprovaloftheChinaSecuritiesRegulatoryCommission.ThosesharesincludedmilliondomesticsharessubscribedinRMBformissuedtodomesticinvestors.TheCompanywaslistedontheStockExchangeon,2000.(OPTIONAL(IFRELEVANT)-Thosesharesalsoincludedmillionforeigncapitalsharessubscribedinforeigncurrencyformissuedtoforeigninvestorsandlistedonthedomesticstockexchange.)Article4ThenameoftheCompanyis:(Chinese)(English)Article5ThedomicileoftheCompanyis:No.,Road,PostCode:Article6TheregisteredcapitaloftheCompanyisbillionRMB.Article7TheCompanyisaperpetualjointstocklimitedliabilitycompany.Article8TheChairmanoftheBoardofDirectorsisthelegalrepresentativeoftheCompany.Article9TheentireassetsoftheCompanyisdividedintoanequalnumberofshares.EachshareholdershallassumeliabilitytotheextentofhisshareholdingintheCompany.TheCompanyshallassumeliabilityforitsdebttotheextentofitsentireassets.Article10Fromthedatethatittakeseffect,theseArticlesofAssociationshallbecomeabindinglegaldocumenttostandardizetheorganizationandbehavioroftheCompany,andtosettherightsandobligationsbetweentheCompanyanditsshareholdersandfortheshareholderswitheachother.Article11Othersuperior/topmanagersreferredtointheseArticlesofAssociationaretheSecretaryoftheBoardofDirectorsandthepersoninchargeoffinancialaffairs.Article12TheCompanyhastherighttoraisefundsthroughvariouslegalsources,including,butnotlimitedto,loansandtheissuanceofbonds.However,suchfundsmayberaisedonlyafterpreconditionsaremetwhicharesetbyrelevantlaws,administrativerulesandregulations,andbytheprovisionsoftheseArticlesofAssociation.TheCompanyalsohastherighttoprovideaguaranteetoanythirdparty.Article13TheCompanyisanindependentlegalperson,allofwhosebehaviorshallabidebyChinalawsandregulationsandshallprotectthelegitimateinterestsandrightsofshareholders.TheCompanyshallbegovernedandprotectedbyChinalaws,administrativerulesandotherregulationsissuedbytheGovernment.Article14TheCompanymayinvestinotherlimitedliabilitycompaniesandjointstocklimitedliabilitycompanies.Itshallassumeliabilityinsuchcasestotheextentofitsinvestmentinsuchcompanies.TheaggregateamountofsuchinvestmentsshallnotexceedthelimitssetbyArticle12oftheCompanyLaw,thatis50%ofnetassets,andberelatedtotherequirementsforoperationandmanagementoftheCompany.Article15TheCompanyshallnotbeanunlimitedliabilityshareholderofanyothereconomicorganization.CHAPTER2.PURPOSEANDSCOPEOFBUSINESSArticle16ThepurposeoftheCompanyistoconstruct,developandoperateahighclassroadinapositivemannerwhichhasalargepotentialtrafficvolumeandastablerevenue.Theroadshallimprovetheroadnetworkinitsareaofoperationandforadjacentareas,andpromoteregionaleconomicdevelopment.Itshallsatisfyitsshareholderswithareasonablerateofreturnontheirinvestment.Article17ThescopeofbusinessoftheCompany,asapprovedbytheRegistrationAuthority,istoinvestinthedevelopment,constructionandoperationofatollroad,torepairvehicles,toleasevehiclesandmachineryequipment,andtoprovideconsultingservices.CHAPTER3.SHARESSection1.IssuanceofSharesArticle18ThesharesoftheCompanyareintheformofstock.Article19AllsharesissuedbytheCompanyarecommonshares.Article20ThesharesoftheCompanyshallbeissuedbasedupontheprincipleofopenness,fairnessandimpartiality.Thuseachshareshallhavethesamerightsandeachshareshallreceivethesameprofit.Article21ThenominalpriceofthestockissuedbytheCompanyshallbeindicatedinRMB.Article22ThedomesticsharesissuedbytheCompanyshallbeinthecentralizedtrusteeshipoftheStock(Exchange)RegistrationLimitedCompany.(OPTIONAL(IFRELEVANT)-TheforeigncapitalshareslistedinthedomesticstockexchangeshallalsobeinthecentralizedtrusteeshipoftheStock(Exchange)RegistrationLimitedCompany.)Article23ThetotalnumberofcommonsharesissuedbytheCompanyafterapprovalarebillionshares.Uponitsestablishment,theCompanyissuedcommonsharestothefollowingsponsors,whichaccountto%ofthetotalamountofcommonshares:(%)(_%)(_%)Article24TheequitystructureoftheCompanyisbillioncommonshares,amongwhichmillionsharesareheldbythesponsors.Theothermillionsharesareheldmillionbydomesticshareholdersandmillionbyforeignshareholders,alllistedonthedomesticStockExchange.(OPTIONAL(IFRELEVANT)-_millionsharesareheldbyforeignshareholders,alllistedonthedomesticStockExchange.)Article25TheCompanyoritssubsidiarycompanies(includingaffiliatedenterprises)shallnotprovideanyfinancialassistancetopersonswhopurchaseorproposetopurchasetheCompanyssharesthroughsuchformsasgrants,advances,guarantees,compensationorloans.SuchpersonsshallincludeanypersonwhoassumesdirectorindirectliabilityresultingfromthepurchaseofCompanyshares.Inaddition,theCompanyoritssubsidiarycompanies(includingaffiliatedenterprises)shallnot,inanyform,provideanyfinancialassistancetotheabove-mentionedpersonsforthepurposeofreducingortakingovertheobligationsofthatperson.Section2.Increasein,ReductionofandRepurchaseofSharesArticle26Forthepurposeofoperationanddevelopment,andaccordingtolawsandregulationsandtoresolutionsmadebytheBoardofDirectors,theCompanyshalladoptthefollowingmethodsforincreasingitscapital:1. issuesharestothepublic;2. restrictsalesofstocktothepresentshareholders;3. allotbonussharestothepresentshareholders;4. increasecapitalusingcommonreservefunds;and5. othermethods/modesapprovedbylawsandregulationsandbytheSecuritiesAdministrationDepartmentintheStateCouncil.Article27TheCompanymayreduceitsregisteredcapitalaccordingtotheregulationssetintheseArticlesofAssociation.ItshallalsofollowtheproceduressetintheCompanyLawandinotherregulations.Wheresuchreductionofcapitaloccurs,theCompanyshallprepareabalancesheetandinventoryofassets.TheCompanyshallinformitscreditorsofthereductionofregisteredcapitalwithinten(10)daysfollowingthedateonwhichthereductionresolutionisadopted,andmakeatleastthreeannouncementsregardingthereductioninanewspaperwithinthirty(30)days.ThecreditorsshallhavetherighttoclaimfullrepaymentoftheirdebtsorhavetheprovisionofacorrespondingguaranteefromtheCompanywithinthirty(30)daysfromthedateofreceiptofsuchnotice,orwithinninety(90)daysfromthedateofthefirstpublicannouncementforthosecreditorswhodidnotreceiveanoticedirectly.Afterthereduction,theregisteredcapitaloftheCompanyshallnotbelessthanthestatutoryminimumlimit.Article28TheCompanyshallrepurchaseitssharesinthefollowingcases,aftertheapprovaloftherelevantGovernmentadministrativedepartments:1. cancellationofthesharestoreducetheCompanyscapital;and2. mergerwithothercompanieswhichhavesharesintheCompany.TheCompanyshallnotbuyorsellitssharesexceptintheabovecases.Article29WheretheCompanyrepurchasesitsshares,suchrepurchaseshallbeconductedinoneofthefollowingmethods:1. anofferofrepurchaseofsharesismadetoallshareholdersaccordingtotheproportionofstockthattheyown;2. repurchasethroughopentransaction;and3. othermethods/modesasapprovedbylawandregulationsandbytheSecuritiesAdministrationDepartmentintheStateCouncil.Article30TheCompanyshallcanceledtherepurchasedshareswithinten(10)daysoftheirrepurchase.ItshallapplytotheIndustrialandCommercialAdministrationBureauforachangeinitsregisteredcapital.Section3.TransferofSharesArticle31ThesharesoftheCompanymaybetransferredaccordingtolaw.Article32TheCompanyshallnotacceptitsownsharesasaformofhypothecation.Article33Sharesheldbysponsorsshallnotbetransferredwithinthree(3)yearsoftheestablishmentoftheCompany.Directors,thegeneralmanagerandothersuperiormanagersoftheCompanyshalleachdeclarethenumberofshareshe(orshe)possessesduringtheperiodofhisemployment.He(orshe)shallnottransferhissharesduringthatperiodandwithinsix(6)monthsafterleavingthatposition.Article34Whereshareholderswhopossessatleast5%ofvotingrightssharesselltheirshareswithinsix(6)monthsaftertheyarepurchased,orbuysuchsharesagainwithinsix(6)monthsaftersellingthem,thentheprofitsreceivedshallbeowned/takenbytheCompany.Theprecedingparagraphisapplicabletodirectors,supervisorypersonnel,thegeneralmanagerandothersuperiormanagerswhoarelegalpersonshareholderspossessing5%votingrightsshares.CHAPTER4.SHAREHOLDERSANDTHEGENERALMEETINGOFSHAREHOLDERSSection1.ShareholdersArticle35ShareholdersarethepersonswhoholdsharesoftheCompanylegitimately,andwhosenamesareregisteredintheshareholdersregister.Shareholdersshallenjoyrightsandassumeobligationsaccordingtothedifferenttypesofsharesheld.Shareholderswhohavethesametypeofsharesshallenjoythesamerightsandassumethesameobligations.Article36TheshareholdersregisterissufficientevidencetoprovethatshareholdersholdtheCompanysshares,.exceptwherethereisevidencetothecontrary.Article37TheCompanyshallestablishtheshareholdersregisterbaseduponevidenceprovidedbytheSecuritiesRegistrationAuthority.Theregistershalllistthefollowinginformation:1. name(title),address(domicile),job/vocationorownershipofeachshareholder;2. typeandnumberofsharesheldbyeachshareholder;3. whetherthesharesheldbyeachshareholderhavebeenpaidfororarestillpayable;4. theserialnumbersofthesharesheldbyeachshareholder;5. thedateofregistrationofeachshareholderasashareholder;and6. thedateofterminationofeachshareholderasashareholder.TheCompanyshallsignacentralizedtrusteeagreementwiththeSecuritiesRegistrationAuthoritytochecktheinformationregardingmajorshareholdersandtokeeptrackofthechange(includingpledgingofshares)oftheholdingsofmajorshareholdersperiodicallysothatitssharestructureiskeptup-to-date.Article38Eachpartoftheshareholdersregistershallnotoverlapwithanother.Thetransferofsharesregisteredinacertainpartofthatregistershallnotalsoberegisteredinotherpartsoftheshareholdersregisterduringtheregistrationperiod.Amendmentorchangeoftheshareholdersregistershallbeconductedaccordingtotherelevantlaw.Article39WhentheCompanyconvenesashareholdersgeneralmeeting,allocatesasharedividend,makesclearance(?)orconductsotheractionswheresharerightsarerequiredtobeidentified,thentheBoardofDirectorsshallsetonedayassharerightsregistrationday.ShareholderswhoarerecordedbeforethecompletionofregistrationshallthenbeconsideredshareholdersoftheCompany.Article40Achangeofregistrationofshareholdersshallnotoccurduetoatransferofshareswithinthirty(30)daysoftheconveningofashareholdersgeneralmeetingorwithinfive(5)dayspriortothedatesetforallocationofsharedividends.Article41Whereanyshareholderrequirestheregistrationofhisname(ortitle)ontheshareholdersregisterorthecancellationofhisname(ortitle)fromtheshareholdersregisterduetoanobjectiontowhatiscontainedintheshareholdersregister,thenhemayapplytothecourtwhichhasjurisdictionforachangeintheshareholdersregister.Article42Whereanyshareholderwhoisregisteredintheshareholdersregister,orisrequiredtoregisterhisname(ortitle)intheshareholdersregister,loseshisoriginalshares,thenhemayapplytotheCompanyfortheissuanceofnewsharesonthebasisoftherelevantoriginalshares.Whereshareholdersholdingdomesticsharesapplyforsuchreissuance,thenArticle150oftheCompanyLawshallbeapplicable.AfterthereissuanceofnewsharesbytheCompanyaccordingtotheseArticlesofAssociation,thename(ortitle)ofbonafidepurchaserswhoholdtheabove-mentionednewsharesorofshareholderswhoareregisteredastheownersofsuchshares(asabonafidepurchaser)shallnotbecanceledfromtheshareholdersregister.Article43TheCompanyhasnoobligationtoindemnifyanypersondamagedbythecancellationoforiginalsharesorbythereissuanceofnewshares,exceptwhereapartycanprovethattheCompanyhasactedfraudulently.Article44TheshareholdersoftheCompanyshallenjoythefollowingrights:1. toobtainsharedividendsandothertypesofbenefitallocationtotheextentoftheirnumberofshares;2. toattend,orentrustaproxyonhisbehalftoattend,theshareholdersgeneralmeeting;3. toexercisevotingrightsaccordingtotheirnumberofshares;4. tosupervisetheoperationsofthecompany,andmakerecommendationsandinquiriesregardingsuchoperations;5. totransfer,bestow/donateorpledgetheirsharesaccordingtolaws,regulationsandarticlesofassociation;6. toobtainthefollowinginformationaccordingtolawsandthesearticlesofassociation:1. thearticlesofassociation,afterpaymentofthecostofcopying;2. therighttorequestandreceiveacopyafterpayingareasonablefeeof:A.informationconcerningtheirshareholding;B. arecordoftheshareholdersgeneralmeeting;C. theinterimreportandannualreport;andD. thetotalamountofequityandtheequitystructure.7. wheretheCompanyterminatesorliquidates,toparticipateintheallocationoftheresiduaryassetsoftheCompanyaccordingtotheirnumberofshares;and8. otherrightsentrustedtothembylaws,regulationsandbytheseArticlesofAssociationoftheCompany.Article45WhereshareholdersrequestthecheckingofrelevantinformationoraskformaterialslistedintheprecedingArticle,thentheyshallprovidewrittendocumentswhichproofthetypeandnumberoftheirshares.TheCompanyshallchecktheirstatusandprovidethematerialsrequested.Article46Wherearesolutionispassedbytheshareholdersgeneralmeetingandtheboardofdirectorsviolateslawsandregulationsandinfringesonlegitimatebenefitsofshareholders,thentheshareholdershavetherighttofilesuittostopsuchillegalactionsandprejudicialactsinthePeoplesCourtconcerned.Article47Shareholdersshallperformthefollowingobligations:1. obeytheArticlesofAssociation;2. renderequityaccordingtothesharestheysubscribedandthetypeofadmission;(?)3. notretireshares,exceptinthecasesregulatedbylawsandregulations;4. otherobligationsasstipulatedbylawsandregulations,andbytheseArticlesofAssociation.Article48Whereshareholderswhopossess5%ormoreofthesharesoftheCompanypledgetheirshares,thentheyshallreporttotheCompanyinwritingwithinthree(3)workingdaysfromthedatethatsuchpledgeoccurred.Article49Wheretheholding/dominantshareholderexerciseshisvotingrights,heshallnotmakedecisionswhichimpairthelegitimatebenefitoftheCompanyandofothershareholders.Article50Theholding/dominantshareholder,asreferredtointheseArticlesofAssociation,istheshareholderwhohasoneofthefollowingcharacteristics:1. hehimself,orbytakingconcertedactionwithotherpersons,canselectmorethanone-halfoftheCompanydirectors;2. hehimself,orbytakingconcertedactionwithotherpersons,canexercisemorethan30%ofthevotingrightsorcancontroltheexerciseofmorethan30%ofthevotingrights;3. hehimself,orbytakingconcertedactiontogetherwithotherpersons,possessesmorethan30%ofthesharesoftheCompany;and4. hehimself,orbytakingconcertedactiontogetherwithotherpersons,cancontroltheCompanyinrealitythroughothermethods.Theconcertedactionreferredtoaboverelatestotheagreementoftwoormorepersons(whetheroralorwritten)thatoneofthosepersonshasthevotingrightstocontrolorstabilizethecontroloftheCompany.Section2.ShareholdersGeneralMeetingArticle51TheshareholdersgeneralmeetingdecidestheimportantissuesregardingtheCompany.Itshallexercisethefollowingfunctionsandpowersaccordingtolaw:1. todecidethebusinessoperationandinvestmentplansfortheCompany;2. toelectandreplacemembersoftheboardofdirectors,andtodecideuponmattersrelatedtotheremunerationofthedirectors;3. toelectandreplacethesupervisorswhoarerepresentedbyshareholdersandtodecideuponmattersconcerningtheremunerationofsuchsupervisors;4. toexamineandapprovethereportoftheBoardofDirectors;5. toexamineandapprovethereportofthesupervisoryboard;6. toexamineandapprovetheCompanysfiscalbudgetanditsfinalaccounts;7. toexamineandapproveplansfortheCompanysprofitdistributionandforthemakingupofitslosses;8. toadoptresolutionsontheincreaseorreductionoftheregisteredcapitaloftheCompany;9. toadoptresolutionsregardingtheissuanceofCompanybonds;10. toadoptresolutionsonmatterssuchasmerger,division,dissolutionandliquidationoftheCompany;11. toamendtheArticlesofAssociation;12. toadoptresolutionsonthehiringorfiringofanaccountingfirm;13. toexamineandapproveproposalsmadebyshareholderswhorepresentmorethan5%ofthetotalshareswithvotingrightswhichareissuedtothepublic;and14. toexamineandapproveothermatterswhichshallbedeterminedbytheshareholdersgeneralmeeting,baseduponlaws,regulationsandtheseArticlesofAssociation.Article52Therearetwotypesofshareholdersgeneralmeeting,namelytheannualmeetingandthespecial/periodicmeeting.Theannualmeetingshallbeconvenedonceayearwithinsix(6)monthsaftertheendoftheprecedingfiscalyear.Article53Aspecialshareholdersgeneralmeetingshallbeconvenedwithintwo(2)monthsifoneofthefollowingsituationsoccurs:1. ifthenumberofdirectorsislessthantheminimumnumbersetbytheCompanyLaw,orlessthantwo-thirdsofthenumberrequiredbytheseArticlesofAssociation;2.iftheamountoftheCompanyslossesthathavenotbeenmadeupreachone-thirdofitstotalsharecapital;3. ifshareholdersholdingtenpercent(10%)ormoreoftheCompanysshares,eitherindividuallyorjointly(notincludingproxyrights)requestinwritingtheconveningofashareholdersmeeting;4. iftheboardofdirectorsdeemsitnecessary;5. ifthesupervisoryboardproposestoconvene:and6. othersituations,asstipulatedintheseArticlesofAssociation.Theholdingofsharesbyshareholdersforitem3shallbecalculatedasofthedateofthewrittenrequest.Article54Aspecialshareholdersgeneralmeetingmayadoptresolutionsonlyuponthematterslistedinthenoticeofmeeting.Article55AshareholdersgeneralmeetingshallbeconvenedbytheBoardofDirectorsinaccordancewithlawandpresidedoverbytheChairmanoftheBoard.WheretheChairmanisunabletoperformhisdutiesduetospecialreasons,thentheViceChairman,orotherdirectordesignatedbytheChairman,maypresideoversuchmeetings.WheretheChairmanandViceChairmanandanyothercandidatesdesignatedbytheChairmanareunabletoattendthemeeting,thenashareholdervotedbyamajorityofallshareholdersattendingthemeetingmaypreside.Wheresuchshareholderisunabletopresideoverthemeetingduetoanyreason,thenthemeetingshallbepresidedoverbytheshareholder(orhisproxy)whoattendsthemeetingandholdsthemostvotingrights.Article56WhentheCompanyplanstoconveneashareholdersgeneralmeeting,thentheBoardofDirectorsshallnotifyallshareholdersforty-five(45)dayspriortothemeeting.TheshareholderswhoaregoingtoattendthemeetingshallgiveawrittenreplythattheywillattendtotheCompanytwenty(20)dayspriortothemeeting.Incalculatingtheforty-five(45)daysnotice,thedateoftheissuanceofnotificationshallnotbeincluded.Article57TheCompanyshallcalculatethenumberofshareswithvotingrightsbaseduponthewrittenreplyreceivedtwenty(20)dayspriortotheshareholdersgeneralmeeting.Wherethenumberofvotingrightssharesheldbyshareholderswhoaregoingtoattendthemeetingreachesone-half(1/2)ofthetotalofshareswithvotingrightsoftheCompany,thenthegeneralmeetingcanbeheld.Otherwise,theCompanyshallinformtheshareholdersagain,usingtheformofanannouncementaboutthematterstobediscussedinthemeeting,ofthedateandlocationofameetingtobeheldwithinfive(5)days.TheCompanymayconvenesuchashareholdersgeneralmeetingaftersuchannouncementhasbeenmade.Article58Thenoticeforashareholdersge
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