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

lication form and provide the following documents and information：

　　（1）a draft of the articles of association；

　　（2）the qualification certificates of the director or other senior administrator who is to hold office；

　　（3）an investment verification certificate issued by a statutory investment verification organization；

　　（4）a list of the names， capital contributions and shares of shareholders；

　　（5）credit-worthiness certificates and relevant information concerning the shareholders that hold five percent or more of the registered capital each；

　　（6）business policies and plans；

　　（7）information concerning the place of business， security and precautionary measures and other facilities relevant to business operations； and

　　（8）other documents and information as specified by the banking regulatory authority under the state council.

　　Article 16 A commercial bank the establishment of which has been approved shall be issued a permit for operation by the banking regulatory authority under the state council and， on the strength of such permit， register with the administrative department of industry and commerce and obtain a business license from it.

　　Article 17 the organizational form and structure of commercial banks shall be governed by the company law of the people's republic of china.

　　Commercial banks， established prior to the implementation of this law， that to entirely conform to the provisions of the company law of the people's republic of china in organizational form and structure may continue to be governed by previous regulations. The date on which the preceding paragraph shall apply to such commercial banks shall be specified by the state council.

　　Article 18 A board of supervisors shall be established in a wholly state-owned commercial bank. Measures for forming the board of supervisors shall be formulated by the state council.

　　The board of supervisors shall exercise supervision over the quality of credit assets of the wholly state-owned commercial bank， its assets-liabilities ratios and maintenance of and increase in the value of state-owned assets， and over the senior the senior administrators of the commercial bank to see whether they violate any laws， administrative rules and regulations or the articles of association or commit any which harm the interests of the bank.

　　Article 19 commercial banks may establish branches within a

nd outside the people's republic of china， in light of their needs in business operations. The establishment of such a branch shall be subject to examination and approval by the banking regulatory authority under the state council. The establishment of branches within the people's republic of china shall not be restricted by the administrative division of regions.

　　When a commercial bank establishes a branch within the people's republic of china， it shall allocate operating funds in keeping with the scale of its business， in accordance with regulations. The sum total of operating funds allocated to all the branches may not exceed 60 percent of the total amount of the capital of the head office.

　　Article 20 To establish a branch of a commercial bank， the applicant shall submit the following documents and information to the banking regulatory authority under the state council：

　　（1）a written application， in which the name， amount of operating funds and scope of business of business of the proposed branch， the location of the head office and the branch， etc. are clearly stated；

　　（2）the applicant's financial and accounting reports of the preceding two years；

　　（3）the qualification certificates of the senior administrators who are to hold office；

　　（4）business policies and plans；

　　（5）information concerning the place of business， security and precautionary measures and other facilities relevant to business operations； and

　　（6）other documents and information as specified by the banking regulatory authority under the state council.

　　Article 21 A commercial bank's branch the establishment of which has been approved shall be issued a permit for operation by the banking regulatory authority under the state council and， on the strength of such permit， register with the administrative department of industry and commerce and obtain a business license from it.

　　Article 22 with respect to their branches， commercial shall apply across the board a financial system of centralized accounting and centralized movement of funds， and of management at different levels.

　　Branches of commercial banks shall not have the status of a legal person and shall lawfully conduct their business operations within the scope authorized by their head offices， and their civil liability shall be assumed by their head offices.

　　Article 23 the banking regulatory authority under the state council shall announce its approval of the establishment of commercial banks and their branches.

　　If a commercial bank or branch thereof fails， without good reason， to commence business more than six months after the sate of obtaining its business license or， after commencing business， suspends business without authorization for six months or more in succession， the banking regulatory authority under the state council shall revoke its permit for operation and make it known to the public.

　　Article 24 A commercial bank shall obtain the approval of the banking regulatory authority under the state council for making any of the following changes：

　　（1）change of name；

　　（2）change in the registered capital；

　　（3）change of location of the head office or a branch；

　　（4）adjustment of the scope of business；

　　（5）change of shareholders that hold five percent or more of the total amount of capital or shares each；

　　（6）revision of the articles of association； or

　　（7）changes in other matters as are governed by the regulations of the banking regulatory authority under the state council.

　　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.

　　Article 25 Division and merger of commercial banks shall be governed by the provisions of the company law of the pe

ople's republic of china.

　　Division and merger of commercial banks shall be subject to examination and approval by the banking regulatory authority under the state council.

　　Article 26 commercial banks shall use their permits for operation in accordance with the provisions of laws and administrative rules and regulations， forging， alteration assigning， leasing out or lending of such permits prohibited.

　　Article 27 None of the following persons may serve as a director or a senior administrator of a commercial bank：

　　（1）persons who have been sentenced to criminal punishment for the crime of embezzlement， bribery， seizure or misappropriation of property or disruption of the public and economic order， or persons who have been deprived of their political rights for committing a crime；

　　（2）directors of companies or enterprises or factory directors or managers who have been subjected to bankruptcy liquidation due to mismanagement， and who bear personal liability for the bankruptcy；

　　（3）legal representatives of companies or enterprises that had their business licenses revoked for breaking law， who bear personal liability therefor； and

　　（4）persons with comparatively large amounts of overdue personal debts.

　　Article 28 purchase by any unit or individual of five percent or more of the total amount of the shares of a commercial bank shall be subject to prior approval by the people's Bank of china.

　　Chapter III

　　Protection of Depositors

　　Article 29 in handling savings deposits for individuals， commercial bands shall adhere to the principles of voluntary deposit， unimpeded withdrawal， interest payment on deposits and confidentiality for the depositors.

　　Commercial banks shall have the right to refuse to answer the inquiries into and to refuse to freeze， deduct or transfer an individual's savings deposits-as made or requested by any unit or individual except where otherwise provided for bylaw.

　　Article 30 commercial banks shall have the right to refuse to answer the inquiries into a unit's deposits by any other unit or individual， except where otherwise provided for by laws and administrative rules and regulations， and shall have the right to refuse to freeze， deduct or transfer a unit's deposits as requested by any other unit or individual except where otherwise provided for by law.

　　Article 31 commercial banks shall determine the interest rates on deposits in accordance with the upper and lower limits interest rates on deposits specified by the people's Bank of china and made them known to the public.

　　Article 32 commercial banks shall place a deposit reserve with the people's bank of china and maintain sufficient provision for payment， in accordance with the regulation of the people's Bank of china.

　　Article 33 commercial banks shall guaranty， and may not delay or refuse， payment or the principal of deposits and the interest thereon.

　　Chapter IV

　　Basic Rules for loans and other business operations

　　Article 34 commercial banks shall conduct their business of lending in accordance with the needs of the national economic and social development and under the guidance of the industrial policies of the state.

　　

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