金融机构撤销条例 Shutting Down of Financial Institutions Regulations

国务院令第324号
(Issued by the State Council on 23 November 2001, and effective as of 15 December 2001.)
颁布日期：20011123 　实施日期：20011215 　颁布单位：国务院

　　PART ONE　GENERAL PROVISIONS

　　Article 1　These Regulations are formulated in order to strengthen the supervision and administration of financial activity, to safeguard the financial order, and to protect the interests of the State and of society and the public.

　　Article 2　The People's Bank of China shall follow these Regulations when shutting down financial institutions.

　　The term "shutting down" as used in these Regulations shall refer to the adoption of administrative enforcement measures by the People's Bank of China in accordance with the law towards financial institutions with the status of legal persons, the establishment of which it has approved, in order to terminate their operations and dissolve them.

　　Article 3　The People's Bank of China, its staff, and other relevant personnel shall carry out their duties in accordance with these Regulations and shall maintain confidentiality in accordance with the law with regard to financial institutions that have been shut down.

　　Article 4　The local people's government of the place in which financial institutions being shut down are located shall organize the relevant departments to carry out properly work related to their shutting down.

　　PART TWO　DECISION ON SHUTTING DOWN

　　Article 5　Financial institutions that operate in violation of laws and regulations, or which are poorly managed, and that will if not shut down seriously harm the financial order or the interests of society and the public, shall be shut down in accordance with the law.

　　Article 6　When the People's Bank of China decides to shut down a financial institution, it shall draw up a written decision to shut down.

　　The decision to shut down shall be effective from the date of promulgation by the People's Bank of China.

　　The decision to shut down shall be published in newspapers and posted in the place of operation of the financial institution that is being shut down.

　　Article 7　The financial institution that has been shut down must cease operations immediately from the date on which the decision to shut down becomes effective and hand in its permit for a financial institution legal person and the business licences of its branches. Its senior management personnel, board of directors and shareholders' general meeting must immediately cease to carry out their duties.

　　PART THREE　LIQUIDATION ON SHUTTING DOWN

　　Article 8　The People's Bank of China shall set up a liquidation committee for commercial banks that have been shut down in accordance with the law. The People's Bank of China or the relevant local people's government entrusted by the People's Bank of China shall set up a liquidation committee for non-banking financial institutions that have been shut down in accordance with the law. Liquidation shall begin as of the date on which the decision to shut down becomes effective. The liquidation committee shall be responsible to and report to the People's Bank of China.

　　The liquidation committee shall be composed of representatives from the People's Bank of China, the relevant financial and auditing departments and the local people's government, representatives of the shareholders of the financial institution that has been shut down, and relevant professionals. The head and members of the liquidation committee shall be designated by or agreed by the People's Bank of China.

　　During liquidation, the liquidation committee shall exercise administrative power over the financial institution that has been shut down. The head of the liquidation committee shall act as the statutory representative of the financial institution that has been shut down.

　　Article 9　Once the liquidation committee is established, the statut

ory representatives and the relevant responsible persons of the financial institution that has been shut down shall hand over to the liquidation committee all chops, account books, letters of credit, negotiable instruments, documents, materials, etc. of the financial institution that has been shut down, and shall assist the liquidation committee in carrying out the liquidation.

　　Article 10　During liquidation, the statutory representatives, board of directors, members of the supervisory board, senior managers, financial personnel and other relevant personnel at levels above the department heads of the financial institution that has been shut down shall work in accordance with the requirements of the liquidation committee, and shall not desert their posts or leave the country without authorization.

　　Article 11　During liquidation, the liquidation committee shall carry out the following duties:

　　1. custody and inventory of the property of the financial institution that has been shut down, and preparing of balance sheets and detailed lists of property;

　　2. notification and publication of depositors and other creditors, and confirmation of financial claims;

　　3. handling and settlement of the outstanding business of the financial institution that has been shut down;

　　4. inventory of financial claims and debts, calling in of financial claims, and disposal of assets;

　　5. drawing up of liquidation plan and repayment of debts in accordance with the approved liquidation plan;

　　6. settlement of tax owed;

　　7. disposal of property remaining of the financial institution that has been shut down after the repayment of the debts;

　　8. representation of the financial institution that has been shut down in litigation and arbitration;

　　9. proposal to the relevant departments to pursue the legal liability of the senior management personnel directly responsible and other relevant personnel of the financial institution that has been shut down; and

　　10. other liquidation matters.

　　Article 12　During liquidation, the liquidation committee may appoint a financial institution designated by the People's Bank of China (Entrusted Institution(s)) to deal with the liquidation.

　　The Entrusted Institution shall not take on the debts of the financial institution that has been shut down, shall not finance it, and shall not be responsible for finding placements for the personnel of the financial institution that has been shut down. Entrustment expenses shall be included in the liquidation expenses of the financial institution that has been shut down.

　　Article 13　The local people's government of the place in which the financial institution that has been shut down is located shall set up a small leading group for shutting down, which shall be headed by a senior official of the local people's government.

　　The small leading group for shutting down shall support and coordinate with the calling in of financial claims and other liquidation matters by the liquidation committee, and shall organize the relevant departments to safeguard social order, deal with issues that suddenly arise, investigate and prosecute illegal acts, and pursue the legal liability of the relevant responsible persons in accordance with the law.

　　Article 14　The liquidation committee shall within 10 days of its establishment notify creditors in writing to submit their financial claims, and shall publish such notification in newspapers at least three times within 60 days.

　　Creditors shall, within 30 days of the date of receipt of notification, submit their financial claims to the liquidation committee. Those who have not received notification shall submit their financial claims within 90 days of the date of the first publication.

　　The liquidation committee may decide that depositors of small amounts need not submit a financial claim and

that the liquidation committee shall recognize and register these deposits on the basis of the account books and relevant vouchers of the financial institution that has been shut down.

　　Article 15　Creditors submitting financial claims shall state the nature of the claim, the amount, and the time it occurred, and shall provide the related proof. The liquidation committee shall investigate the proof of claims submitted, confirm whether the claim is secured by property and the amount of the security, and register secured and unsecured claims separately.

　　Article 16　Creditors who fail to submit claims within the stipulated time limit shall be handled as follows:

　　1. the claims of those already known shall be included in the liquidation; and

　　2. in the case of claims by creditors not already known, the creditors may ask for repayment before the liquidated property of the financial institution being shut down is distributed; once the liquidated property of the financial institution being shut down has been distributed, they shall not be repaid.

　　Article 17　The debts of the financial institution that has been shut down shall cease to accrue interests from the date on which the decision to shut down becomes effective.

　　Article 18　The following property of the financial institution that has been shut down shall be liquidated property for repayment of debts:

　　1. all the property held by the financial institution that has been shut down on the date liquidation commences, including capital contributions and other rights and interests of shareholders, the property of wholly-owned subsidiaries of the institution, and the shares in which it has invested;

　　2. property acquired in accordance with the law during the liquidation by the financial i

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