上海外资金融机构、中外合资金融机构管理办法 MEASURES FOR THE ADMINISTRATION OF FOREIGN-CAPITAL FINANCIAL INSTITUTIONS AND

and financial status of a foreign-capital financial institution or of a Chinese-foreign equity joint financial institution.

　　Chapter VII Dissolution and Liquidation

　　Article 40 If a foreign-capital financial institution or a Chinese-foreign equity joint financial institution is to terminate voluntarily its business activities， it shall， 30 days p

rior to the date of termination there of， submit an application in writing to the People's Bank of China and shall， after such termination is approved by the People's Bank of China， effect its disolution and liquidation.

　　Article 41 In the event that a foreign-capital financial institution or a Chinese-foreign equity joint financial institution should become insolvent， the People's Bank of China shall order it to suspend its business and shall set a deadline for it to clear its liabilities. If such an institution wishes to resume its business after recovering its solvency within the prescribed period of time for the clearing of its liabilities， it shall apply to the People's Bank of China for approval.

　　Article 42 With respect to a foreign-capital financial institution or a Chinese-foreign equity joint financial institution which is to terminate voluntarily its business activities or which has been ordered to suspend its business in accordance with the law， its dissolution and liquidation shall be effected in accordance with the relevant provisions of the People's Republic of China.

　　Article 43 A foreign-capital financial institution or a Chinese-foreign equity joint financial institution which is still in the process of clearing its liabilities may redeem the capital stock and pay dividends only after it has paid in full all the taxes and liabilities.

　　Article 44 Upon completion of liquidation， a foreign-capital financial institution or a Chinese-foreign equity joint financial institution shall， within the prescribed period of time， undertake the procedures with the original registration authority to nullify its registration.

　　Chapter VIII Provisions of Penalties

　　Article 45 If， in violation of the provisions in Chapter II of these Measures， a foreign-capital financial institution or a Chinese-foreign equity joint financial institution is set up without authorization， the People's Bank of China shall have the right to order it to suspend its business， confiscate its illegal earnings， and impose a fine in foreign exchange equivalent to 50，000 to 100，00 Renminbi yuan.

　　Article 46 If， in violation of the provisions in Chapter IV of these Measures， a foreign-capital financial institution or a Chinese-foreign equity joint financial institution engages in business operations beyond the authorizeds cope， the People's Bank of China and its Shanghai Branch shall have the right to order it to suspend these unauthorized business activities， confiscate in accordance with the law the illegal earnings derived there form， and impose a fine in foreignexchange equivalent to 10，000 to 50，000 Renminbi yuan.

　　Article 47 If a foreign-capital financial institution or a Chinese-foreign equity joint financial institution violates the provisions in Chapter V of these Measures， the People's Bank of China and its Shanghai Branch shall have the right to order it to make corrections and adjustments or make up the deficiency and shall， in accordance with the seriousness of the case， impose a fine in forein exchange equivalent to 5，000 to 30，000 Renminbi yuan.

　　Article 48 If， in violation of the provisions in Chapter VI of these Measures， a foreign-capital financial institution or a Chinese-foreign equity joint financial institution fails to submit the statements required within the prescribed period of time or defies supervision and examination， the People's Bank of China and its Shanghai Branch shall， in accordance with the seriousness of the case， give a warning， circulate a notice of reprimand， or impose a fine in foreign exchange equivalent to 3，000 to 10，000 Renminbi yuan.

　　Article 49 If a foreign-capital financial institution or a Chinese-foreign equity joint financial institution violates these Measures， to a serious extent， the People's Bank of China shall order it to suspend its business activities and shall， in an extreme case， order it to disband.

　　Chapter IX Supplementary Provisions

　　Article 50 Financial institution with overseas-Chinese capital and financial institutions with capital from the regions encompassing Hong Kong， Macao and Taiwan shall be governed with reference to these Measures.

　　Article 51 Any foreign branch bank already established in the Shanghai Municipality prior to the promulgation of these Measures shall， in accordance with these Measures， make up for the establishment and registration procedures. With respect to a foreign branch bank which fails to conform to the relevant provisions of these Measures， the Shanghai Branch of the People's Bank of China shall st a deadline for it to make adjustments.

　　Article 52 The People's Bank of China shall be responsible for the interpretation of these Measures and shall formulate specific provisions in accordance with these Measures.

　　Article 53 These Measures shall go into effect as of the date of promulgation

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