境内机构对外担保管理办法实施细则 Administration of the Provision of Security to Foreign Entities by Domestic Institu

rity for an obligation without delivering possession of such property. If the debtor fails to perform its obligation, the Beneficiary shall be entitled to repayment on a priority basis by evaluating the property in terms of money or through the proceeds of the aucti

on or selling off of the property, in accordance with the Security Law.

　　The debtor or the third party mentioned in the preceding paragraph shall be the mortgagor, the Beneficiary shall be the mortgagee and the property provided for mortgage shall be the property mortgaged.

　　Article 24　The following property may be mortgaged to foreign parties:

　　1. premises and other attachments to land owned by the mortgagor;

　　2. machinery, means of communications and transportation and other property owned by the mortgagor;

　　3. State-owned leaseholds, premises and other attachments to land of which the mortgage is legally entitled to dispose;

　　4. leaseholds to wasteland such as barren hills, barren gullies, barren mounds, barren beaches, etc. which have been lawfully contracted for by the mortgagor, provided that the party which contracted out the same consents to the mortgage;

　　5. State-owned machinery, means of communications and transportation and other property of which the mortgagor is legally entitled to dispose;

　　6. other property that may be mortgaged according to law.

　　The mortgagor may mortgage items of property set forth in the preceding paragraph together.

　　Article 25　The obligation secured by the mortgagor to a foreign party may not exceed the value of the property mortgaged.

　　After property is mortgaged, such property may be mortgaged again for, but not in excess of, the balance of its value that exceeds the obligation secured.

　　Article 26　Property mortgaged to a foreign party shall undergo appraisal of its present value by a domestic valuation and appraisal organization.

　　Article 27　Where a mortgagor mortgages its own property to a foreign party as security for its own obligation, it shall not be required to obtain prior approval from the Administration of Foreign Exchange, but must only carry out procedures for registration of the provision of security to a foreign party with the Administration of Foreign Exchange in accordance with these Rules.

　　If the mortgagor mentioned in the preceding paragraph is a domestic investment enterprise, it shall, when carrying out procedures for registration of the provision of security to a foreign party, provide documentary evidence of the approval of its foreign debt by the Administration of Foreign Exchange.

　　If the mortgagor's own property mentioned in the first paragraph is property for which the Security Law specifies a corresponding authority for mortgaged property registration, the mortgagor shall, after having carried out procedures for registration of the provision of security to a foreign party, also carry out mortgaged property registration with the corresponding authority.

　　Article 28　If a mortgagor, as a third party, mortgages to a foreign party property for which no mortgage registration authority is specified in the Security Law, the mortgagor shall carry out mortgage approval and mortgaged property registration procedures directly with the Administration of Foreign Exchange.

　　Article 29　If a mortgagor, as a third party, mortgages to a foreign party property for which the Security Law specifies a corresponding authority for mortgaged property registration, the mortgagor shall first obtain the approval of the Administration of Foreign Exchange and then carry out registration procedures with the corresponding authority for mortgaged property registration in accordance with the Security Law.

　　Article 30　If a mortgagor provides a mortgage to a Beneficiary as security for another person's obligation, the balance of the obligation secured may not exceed its foreign exchange revenue of the preceding year.

　　PART FOUR　PROVISION OF PLEDGES TO FOREIGN PARTIES

　　Article 31　For the purposes of the Procedures, 'pledges to foreign parties' are divided into pledges of movable property to foreign parties and pledges o

f rights to foreign parties.

　　Article 32　'Pledges of movable property to foreign parties' shall mean the delivery by the debtor or a third party of possession of its movable property to the creditor, and the use of such movable property as security for an obligation. If the debtor fails to perform its repayment obligation, the creditor shall be entitled to repayment on a priority basis by evaluating the property in terms of money or through the proceeds of the auction or selling off of the property, in accordance with the Security Law.

　　Article 33　'Pledges of rights to foreign parties' shall mean pledges to foreign parties of the following rights:

　　1. bills of exchange, promissory notes, cheques, bonds, deposit certificates, warehouse receipts, bills of lading;

　　2. shares and share certificates that may be transferred according to law;

　　3. exclusive rights to use a trademark, patent rights, and property rights among copyrights, where the same may be transferred according to law;

　　4. other entitlements that may be pledged according to law.

　　Article 34　In a pledge to a foreign party, the debtor or the third party is the pledgor, the creditor is the pledgee and the movable property or right pledged is the thing pledged.

　　Article 35　Where a pledgor pledges its own movable property or right to a foreign party as security for its own obligation, it shall not be required to obtain prior approval from the Administration of Foreign Exchange, but must only subsequently carry out procedures for registration of the provision of security to a foreign party with the Administration of Foreign Exchange in accordance with these Rules.

　　If the pledgor mentioned in the preceding paragraph is a domestic investment enterprise, it shall, when carrying out procedures for registration of the provision of security to a foreign party, provide documentary evidence of the approval of its foreign debt by the Administration of Foreign Exchange.

　　When a foreign investment enterprise that is a limited liability company registers the pledge of an equity interest, it shall obtain prior authorization from its board of directors. If the said enterprise that registers the pledge of an equity interest is a wholly foreign-owned enterprise, it shall also obtain the approval of its original examination and approval authority.

　　Article 36　If a pledgor, as a third party, pledges to a foreign party an item which is able to be pledged pursuant to the Security Law, the pledgor shall carry out pledge approval and registration procedures directly with the Administration of Foreign Exchange.

　　If a pledgor pledges to a foreign party an item which is able to be pursuant to either pledged specified as such in Item Two or Three of Article 33 hereof, the pledgor shall also carry out procedures for registration of the thing pledged with the corresponding competent department as specified in the Security Law.

　　Article 37　If a pledgor provides a pledge to a Beneficiary as security for another person's obligation, the balance of the obligation secured may not exceed its foreign exchange revenue of the preceding year.

　　Article 38　When providing a pledge to a foreign party, the pledgor may deliver possession to the creditor of the thing pledged only after the requirements set forth above have been satisfied.

　　PART FIVE　SUPPLEMENTARY PROVISIONS

　　Article 39　After a Security Provider has provided security to a foreign party, it shall carry out security registration procedures with the Administration of Foreign Exchange of the place where it is located.

　　1. Non-financial enterprise legal persons shall be subject to case-by-case registration. Within 15 days of the date of conclusion of a contract of security, the Security Provider shall complete a Registration Form for Security Provided to Foreign Parties at, and obtain a Registration Certi

ficate for Security Provided to Foreign Parties from, the Administration of Foreign Exchange of the place where it is located. Upon completion of the implementation of the contract of security, the security documents shall automatically become void and the Security Provider shall hand in the Registration Certificate for Security Provided to Foreign Parties to the authority that originally issued the same, for cancellation.

　　2. Financial institutions shall be subject to regular registration on a monthly basis. Within 15 days after the end of each month, they shall complete a Registration Form for Security Provided to Foreign Parties and a Feedback Form for Security Provided to Foreign Parties, and report details of the security provided during the preceding month to the Administration of Foreign Exchange of the place where they are located.

　　Article 40　The performance by a Security Provider of its security obligation to a foreign party shall be subject to examination and approval by the Administration of Foreign Exchange of the place where it is located. Financial institutions engaged in foreign exchange business shall carry out the procedures for sale and payment of foreign exchange in connection with the performance of security provided to a foreign party on the strength of the approval certificate of the Administration of Foreign Exchange. All branches of the State Administration of Foreign Exchange shall additionally send copies of their reports on examination and approval of the performance of such security to the Stat

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