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

administrators who are directly in charge and the other persons who are directly responsible from working in the banking industry for a certain period of time or even for the rest of their lives.

　　“If the act committed by a commercial bank is not serious enough t

o constitute a crime， disciplinary warning shall be given to the director or senior administrator directly in charge or the other person directly responsible， and a fine of not less than 50，000 yuan but not more than 500，000 yuan shall be imposed.”

　　35 Article 86 is changed to be Article 90， which is revised to read， “If a commercial bank or its employees disagree with a decision on a punishment made by the banking regulatory authority under state council， or the people's Bank of china， they may institute proceedings with a people's court in accordance with the provisions of the Administrative procedure law of the people's Republic of china.”

　　36 Article 88 is changed to be Article 92， which is revised to read， “the provisions of this law shall be applicable to foreign-invested commercial banks， commercial banks of Chinese-foreign equity joint venture and branches of foreign commercial banks， and where other laws and administrative regulations provide otherwise， the provisions of those laws and administrative regulations shall prevail.”

　　37.article 90 is changed to be Article 94， which is revised to read， “the relevant provisions of this law shall be applicable to postal enterprises in handling relevant business of commercial banks.” this Decision shall be implemented as of February 1，2004.

　　The law of the people's Republic of china on commercial Banks shall be repromulgated after the revisions are made according to this Decision and the order of the articles rearranged accordingly.

　　Appendix：

　　Law of the people's Republic of china on commercial Banks

　　（Adopted at the 13th meeting of the standing committee of the Eighth National people's congress on May 10 1995， and amended in accordance with 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 sixth Meeting of the standing committee of the tenth national people's congress on December 27，2003）

　　contents

　　Chapter I General provisions

　　Chapter II Establishment and organizational structure of commercial banks

　　Chapter III Protection of Depositors

　　Chapter IV Basic Rules for Loans and Other Business Operations

　　Chapter V Financial Affairs and Accounting

　　Chapter VI Supervision and control

　　Chapter VII Assumption of control and termination

　　Chapter VIII Legal responsibility

　　Chapter IX supplementary provisions

　　Chapter I

　　General provisions

　　Article 1 this law is enacted in order to protect the lawful rights and interests of commercial banks， depositors and other clients， to standardize the behavior of commercial banks， to ensure the stable and sound operation of commercial banks， to maintain financial order and to promote the development of the socialist market economy.

　　Article 2 For the purposes of this law， the term “commercial banks ”means enterprise legal persons that are established in conformity with this law and the company law of the people's republic of china and that take in deposits from the general public， grant loans， handle settlements， etc.

　　Article 3 commercial banks may engage in some or all of the following business operations：

　　（1）taking in deposits from the general public；

　　（2）granting short-term medium-term and long-term loans；

　　（3）handling domestic and foreign settlements；

　　（4）handling the acceptance and discounting of negotiable instruments；

　　（5）issuing financial bonds；

　　（6）acting as an agent for the issue， honoring and underwriting of government bonds；

　　（7）buying and selling government bonds and financial binds；

　　（8）engaging in interbank lending；

　　（9）buying and selling foreign exchange and acting as an agent for the purchase and sale of foreign exchange；

　　（10） engagi

ng in the business of bank cards；

　　（11） providing letter of credit services and guaranty；

　　（12） acting as agent for the receipt and payment of money and acting as an insurance agent；

　　（13） providing safe deposit box services； and

　　（14） other business operations as approved by the banking regulatory authority under the state council.

　　The scope of business shall be specified in the articles of association of the commercial bank， and submitted to the banking regulatory authority under the state council for approval.

　　Upon approval of the people's Bank of china， commercial banks may engage in the business of the settlement and sale of foreign exchange.

　　Article 4 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.

　　Commercial banks shall， pursuant to law， conduct business operations without interference from any unit or individual.

　　Commercial banks shall independently assume civil liability with their entire legal person property.

　　Article 5 commercial banks shall adhere to the principles of equality， voluntariness， fairness and good faith in business dealings with their clients.

　　Article 6 commercial bands shall safeguard the lawful rights and interests of depositors against infringement by any unit or individual.

　　Article 7 In credit transactions， commercial banks shall strictly examine the credit-worthiness of a borrower and implement the system of guaranty in order to ensure that the loan is recovered on schedule.

　　Commercial banks shall be protected by law when they recover the principal of loans that have become due and the interest thereon from the borrowers in accordance with legal provisions.

　　Article 8 In business transactions， commercial banks shall abide by the relevant provisions of laws and administrative rules and regulations and may not harm the interests of the state or of the public.

　　Article 9 In business transactions commercial banks shall abide by the principle of fair competition and may not engage in illegitimate competition.

　　Article 10 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.

　　Chapter II

　　Establishment and organizational structure of commercial Banks

　　Article 11 the establishment of commercial banks shall be subject to examination and approval by the regulatory authority under the state council.

　　No unit or individual may engage in commercial banking business such as taking in deposits from the general public and no unit may use the word “bank” in its name， without approval of the banking regulatory authority under the state council.

　　Article 12 A commercial bank shall meet the following requirements for establishment：

　　（1）having articles of association that conform to this law and the company law of the people's republic of china；

　　（2）having the minimum amount of registered capital as specified in this law；

　　（3）having directors and other senior administrators with the expertise and experience in work commensurate with the positions they are holding；

　　（4）having a sound organizational structure and management system； and

　　（5）having the required place of business， security and precautionary measures and other facilities relevant to it business operations.

　　The establishment of a commercial bank shall in addition， meet othe

r requirements of qrudence.

　　Article 13 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 required for the establishment of an urban commercial bank shall be 100 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.

　　Article 14 to establish a commercial bank， the applicant shall provide the following documents and information to the banking regulatory authority under the state council：

　　（1）a written application， in which the name， location， registered capital， scope of business， etc. of the proposed commercial bank are clearly stated；

　　（2）a feasibility study； and

　　（3）other documents and information to be provided as specified by the banking regulatory authority under the state council.

　　Article 15 if an application for establishing a commercial bank is found， after examination， to be in conformity with the provisions of article 14 of this law， the applicant shall complete an official app

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