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

nstitution that has been shut down; and

　　3. other property of the financial institution that has been shut down.

　　Deliberate or covert transfer of property by the financial institution that has been shut down before the date on which the decision to shut down becomes effective shall be void. The property so transferred or covertly transferred shall be recovered by the liquidation committee, and shall be included in the liquidated property.

　　Article 19　When listing the property of the financial institution that has been shut down, the liquidation committee shall estimate its actual value in accordance with the law. Where there is a loss on the property, the amount of loss shall be verified.

　　Article 20　The liquidation committee may sell off in accordance with the law the valid assets of the financial institution that has been shut down. The reserve price of valid assets of the financial institution that has been shut down which are auctioned off shall be set in accordance with the estimate issued by a qualified asset valuation intermediary institution.

　　"Valid assets" as referred to in the previous paragraph shall be the property of the financial institution being shut down that is ascertained to have real value after listing and verification.

　　Article 21　The listing and disposal of the property of the financial institution that has been shut down shall be exempt from tax and administrative charges.

　　Article 22　Once the property of the financial institution that has been shut down has been listed and verified, the liquidation committee shall formulate a liquidation plan.

　　The liquidation plan shall include details of creditors, size of debts, amount of property to be liquidated, amount of capital and legal interest to be repaid to individual depositors, repayment of other debts, etc. It shall have appended to it materials such as balance sheets, property inventory and asset valuation report.

　　Once the liquidation plan has been negotiated between the liquidation committee and the creditors, it shall be reported to the People's Bank of China for confirmati

on.

　　PART FOUR　REPAYMENT OF DEBT

　　Article 23　The liquidated property of the financial institution that has been shut down shall be used to repay the capital and legal interest of individual depositors first.

　　Article 24　Property remaining from the liquidated property of the financial institution that has been shut down after the capital and legal interest of individual depositors has been repaid shall be used to repay debts to legal persons and other organizations.

　　Article 25　Property remaining from the liquidated property of the financial institution that has been shut down after its debts have been repaid shall be allocated in accordance with the ratio of capital contributions by shareholders or the ratio of shares held.

　　PART FIVE　DEREGISTRATION

　　Article 26　After the completion of liquidation, the liquidation committee shall draw up a liquidation report, a report of revenue and expenditure during the liquidation period, and other accounts books and submit them to the People's Bank of China for confirmation.

　　Article 27　After the completion of liquidation, the liquidation committee shall complete the deregistration procedure with the administration authority for industry and commerce. Termination of the shareholding status of the financial institution that has been shut down, and its dissolution, shall be announced by the People's Bank of China.

　　Article 28　All materials such as the accounts vouchers, accounts books and accounts statements of the financial institution that has been shut down, and important documents concerning its operations and liquidation shall, after its deregistration, be deposited with an institution designated by the People's Bank of China.

　　Article 29　An auditing organization shall audit the responsible persons of the financial institution that has been shut down.

　　PART SIX　LEGAL LIABILITY

　　Article 30　Where the senior management or other relevant personnel of the financial institution that has been shut down takes advantage of his position to accept the property of others, to issue loans illegally, to issue financial instruments illegally, or practise graft, so causing the shutting down of the financial institution, his criminal liability shall be pursued in accordance with the relevant provisions of the criminal law on the crime of accepting bribes, illegally issuing loans, illegally issuing financial instruments, causing bankruptcy and incurring losses through practising graft or other crimes. If the offence is not serious enough for the imposition of criminal penalties, he shall be subjected to disciplinary sanctions ranging from removal from his post to dismissal, and shall be banned for life from holding a senior management position or one equivalent to his original position in any financial institution.

　　Article 31　If a People's Bank of China personnel illegally examines and approves a financial institution, fails to supervise or regulate a financial institution in accordance with the law, or fails to investigate and prosecute illegal activities in accordance with the law, where the circumstances are serious, leading to the shutting down of the financial institution, his criminal liability shall be pursued in accordance with the relevant provisions of the criminal law on the crime of abuse of authority, dereliction of duties or other crimes. If the offence is not serious enough for the imposition of criminal penalties, he shall be subjected to administrative penalties such as the recording of a major demerit, demotion or removal from his post.

　　Article 32　If any personnel working for a State authority illegally interferes with the normal operations of a financial institution and becomes directly responsible for the shutting down of that financial institution, his criminal liability shall be pursued in accordance with the relevant provisions of the criminal law on the crime of abu

se of authority or other crimes. If the offence is not serious enough for the imposition of criminal penalties, he shall be subjected to administrative penalties such as the recording of a major demerit, demotion or removal from his post.

　　Article 33　If a personnel of a financial institution that has been shut down commits any of the following acts during the process of shutting down and liquidation, his criminal liability shall be pursued in accordance with the relevant provisions of the criminal law on the crime of jeopardizing public affairs, jeopardizing liquidation, or other crimes. If the offence is not serious enough for the imposition of criminal penalties, he shall be subjected to disciplinary sanctions ranging from removal from his post to dismissal:

　　1. obstruction of the liquidation committee in carrying out its duties in accordance with the law;

　　2. refusal to provide information or the provision of false information;

　　3. removal of funds, concealment of property or debt evasion; or

　　4. deliberate or covert transfer of the property of the financial institution that has been shut down.

　　Article 34　If a financial institution that has been shut down operates illegally once the decision to shut down becomes effective, it shall be banned by the People's Bank of China in accordance with the Banning of Illegal Financial Institutions and Illegal Financial Business Activities Procedures, and the criminal liability shall be pursued in accordance with the relevant provisions of the criminal law on the crime of illegally taking deposits from the public or other crimes. If the offence is not serious enough for the imposition of criminal penalties, it shall be subjected to administrative penalties.

　　Article 35　Where a personnel of liquidation committees in the course of liquidation abuses his authority, derelict in his duties or practises graft, causing loss of property or damage to creditors' interests, his criminal liability shall be pursued in accordance with the relevant provisions of the criminal law on the crime of abuse of authority, dereliction of duty or other crimes. If the offence is not serious enough for the imposition of criminal penalties, he shall be subjected to administrative penalties or disciplinary sanctions ranging from demotion to dismissal.

　　Article 36　In the case of a disclosure of State secrets or trade secrets by a personnel of the People's Bank of China or other relevant personnel in the course of his duties in accordance with these Regulations, criminal liability shall be pursued in accordance with the relevant provisions of the criminal law on the crime of disclosure of State secrets, infringement on trade secrets or other crimes. If the offence is not serious enough for the imposition of criminal penalties, he shall be subjected to administrative penalties or disciplinary sanctions ranging from demotion to dismissal.

　　Article 37　Entrusted Institutions that fail to carry out their duties and cause loss of property of the financial institution that has been shut down shall bear civil liability in accordance with the law. Those in charge who are responsible and other directly responsible persons shall be subjected to disciplinary sanctions in accordance with the law.

　　PART SEVEN　SUPPLEMENTARY PROVISIONS

　　Article 38　These Regulations shall be effective as of 15 December 2001

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