Decision of the standing committee of the National peoples congress on Amending the law of the peopl

（Adopted at the 6th Meeting or the standing committee of the tenth National people's congress on December 27，2003）

颁布日期：20031227 　实施日期：20040201 　颁布单位：全国人大常委会

　　Order of the president of the people's Republic of China No 13

　　The Decision of the standing committee of the National people's congress on Amending the Law of the people's Republic of china on commercial Banks， adopted at the 6th Meeting of the standing committee of the tenth National people's congress of the people's republic of china on December 27， 2003， is hereby promulgated and shall go into effect as of February 1，2004.

　　Hu Jintao president of the people's Republic of china December27，2003

　　At its 6th meeting the standing committee of the tenth National people's congress decided to amend law of the people's Republic of china on commercial banks as follows：

　　1 subparagraph （4）in the first paragraph of article 3 is revised to read， “handling the acceptance and discounting of negotiable instruments；” subparagraph（7）is revised to read， “buying and selling government bonds；” and one subparagraph is added as subparagraph （10），which reads， “engaging in the business of band cards.”

　　One paragraph is added as the third paragraph， which reads， “Upon approval of the people's bank of china， commercial banks may engage in the business of the settlement and sale of foreign exchange.”

　　2 the first paragraph of article 4 is remised to rend， “the business operations of commercial banks shall be governed by the principles of safety， liquidity and efficiency. commercial banks shall make their own decisions regarding their business operations， take responsibility for their own risks， assume sole responsibility for their profits and losses and exercise self -restriction.”

　　3 article 10 is revised to read， “commercial banks shall， in accordance with law， accept supervision and control of the banking regulatory authority under the state council， but where laws provide that their relevant business operations shall be subject to supervision and control of other regulatory departments or bodies， such provisions shall prevail. ”and， accordingly， “the people's Bank of china ”in article 3，11，14，15，16，19，20，21，and 23 the first paragraph of Article 24， and Article 25，39，56，62，64，and 65 and Article 67 through Article 71 is revised to be “the banking regulatory authority under the state council.”

　　4 subparagraph （3）in the first paragraph of article 12 is revised to read， “having directors and other senior administrators with the expertise and experience in work commensurate with the positions they are holding.”

　　The second paragraph is revised to read， “the establishment of commercial bank shall， in addition meet other requirements of prudence.”

　　5 article 13 is revised to read， “the minimum amount of registered capital required for the establishment of a national commercial bank shall be RMB one billion yuan. The minimum amount of registered capital requited for the establishment of an urban commercial bank shall be100 million yuan， and the minimum amount of registered capital required for the establishment of a rural commercial bank shall be 50 million yuan. registered capital shall be paid -up capital.

　　The banking regulatory authority under the state council may readjust the minimum amount of registered capital on the basis of the requirements of prudent supervision and control， however， the readjusted amount may not be lower than the amount specified in the preceding paragraph.“

　　6 subparagraph （2） of article 15 is revised to read， “the qualification certificates of the director or other senior administrator who is to hold office； ”and subparagraph （5）is revised to read， “credit-worthiness certificates and relevant information concerning the shareholders that hold five percent or the registered capital each.”

　　7 the first

paragraph of article 18 is revised to read， “A board of supervisors shall be established in s wholly state-owned commercial bank， Measures for forming the board of supervisors shall be formulated by the state council.”

　　8 subparagraph （5）in the first paragraph of article 24 is revised to read， “change of shareholders that hold five percent or more of more of the total amount of capital or shares each.”

　　The second paragraph is revised to read， “when a director or a senior administrator is to be replaced， the qualifications of the substitute for the position shall be submitted to the banking regulatory authority under the state council for examination.”

　　9 the wording of “none of the following persons may serve as a senior administrator of a commercial bank ”in article 27 is revised to read， “None of the following persons may serve as a director or a senior administrator of a commercial bank.”

　　10 article 28 is revised to read， “purchase by any unit or individual of 5 percent or more of the total amount of the shares of a commercial bank shall be subject to prior approval by the banking regulatory authority under the state council.”

　　11 the second paragraph of article 41 is deleted.

　　12 the second paragraph of article 42 is revised to read： “if a borrower fails to repay a secured loan upon maturity， the commercial bank shall lawfully have the right to require the surety to repay the loan principal and the interest thereon or the right to preferential compensation in respect of the collateral . Immovable property or stock rights obtained by a commercial bank through the exercise of the right of the right of mortgage or the right of pledge shall be disposed of by it within two years from the date it obtains the same.”

　　13.article 43 is revised to read， “No commercial banks may ， within the territory of the people's Republic of china， engage in trust investment or securities business， or invest in immovable property which is not for private use， in non-banking financial institutions or in enterprises， except where other otherwise provided for in the regulations of the state.”

　　14.the first paragraph of article 46 is revised to read： “Inter-bank lending shall be carried out in adherence to the regulations of the people's Bank of china. It is forbidden to use such loans for granting fixed assets loans or making investment.”

　　15. article 50 is revised to read， “in carrying out business operations and providing services， commercial banks shall charge commissions in accordance with relevant regulations. The items and rates for such commissions shall be specified by the banking regulatory authority under the state council and the people's Bank of china based on their divisions of responsibilities， in conjunction with department of pricing under the state council respectively.”

　　16. Article 54 is revised to read， “commercial banks shall establish and perfect their own financial and accounting systems in accordance with laws， the uniform accounting system of the state and the relevant regulations of the banking regulatory authority under the state council.”

　　17 Article 55 is revised to read， “Commercial banks shall， in accordance with relevant state regulations， truthfully record and give a complete account of their business activities and financial positions， draw up annual financial and accounting reports and， without delay， submit them to the banking regulatory authority under the state council， the people's Bank of china the department of finance under the state council. commercial banks may not establish any account books in addition to statutory account books.”

　　18 Article 59 is revised to read， “commercial banks shall， in accordance with relevant regulations formulate their own operating rules， and establish and perfect their systems for risk management and internal control.”

　　19 Article 61 is revised to read， “comme

rcial banks shall， in accordance with relevant regulations， submit to the banking regulatory authority under the state council and the people's Bank of china their balance sheets， profit accounts and other financial， accounting and statistical statements and information.”

　　20 One paragraph is added to article 62 as the second paragraph， which reads， “the people's bank of china shall have the power to inspect and supervise the commercial banks in accordance with the provisions of article 32 and 34 of the law of the people's Republic of china on people's bank of china.”

　　21 one paragraph is added to article 73 as the second paragraph， which reads， “If a commercial bank commits of the specified in the preceding paragraph， it shall be instructed by the banking regulatory authority under the council to rectify and its unlawful gains shall be confiscated； if the unlawful gains exceed 50，000yuan， it shall， in addition， be fined not less than the amount of such gains but not more than five times that amount， and if there are no unlawful gains or such gains are less than 50，000 yuan， it shall be fined not less than 50，000 yuan but not more than 500，000 yuan.”

　　22 Article 74 is revised to read， “If a commercial bank commits one of the following acts， it shall be instructed by the banking regulatory authority under the state council to rectify； if there are unlawful gains， such gains shall be confiscated， if the unlawful gains exceed 500，000 yuan， it shall， in addition， be fined not less than the amount of such gains but not more than five times that amount； if there are no unlawful gains or such gains are less than 500，000 yuan， it shall be fined not less than 500，000 yuan but not more than 2，000，000 yuan； if the circumstances are particularly serious， or if the bank fails to rectify at the expiration of the time limit， the ba

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