Facebook
Home Public Accountability

Public Accountability

PEOPLE’S BANK OF CHINA LAW

Law of the People’s Republic of China on the People’s Bank of China

(Adopted at the Third Session of the Eighth National People’s Congress on March 18, 1995, promulgated by Order No.
46 of the President of the People’s Republic of China on March 18, 1995, and amended in accordance with the Decision on Amending
the Law of the People’s Republic of China on the People’s Bank of China adopted at the 6th Meeting of the Standing Committee of the
Tenth National People’s Congress on December 27, 2003) 

Contents 

Chapter I     General Provisions 

Chapter II    Organization Structure  

Chapter III   The Renminbi 

Chapter IV    Business Operations  

Chapter V     Financial Supervision and Control 

Chapter VI    Financial Affairs and Accounting 

Chapter VII   Legal Responsibility 

Chapter VIII  Supplement Provisions 

Chapter I 

General Provisions 

Article 1   This Law is enacted in order to define the status and make clear the functions and responsibilities of the
People’s Bank of China, ensure the correct formulation and implementation of the monetary policies of the State, establish and perfect
a macro-control system through a central bank and maintain financial stability. 

Article 2   The People’s Bank of China is the central bank of the People’s Republic of China. 

The People’s Bank of China shall, under the leadership of the State Council, formulate and implement monetary policies, guard against
and eliminate financial risks, and maintain financial stability. 

Article 3   The aim of monetary policies shall be to maintain the stability of the value of the currency and thereby promote
economic growth. 

Article 4 The People’s Bank of China shall perform the following functions and responsibilities: 

(1)to promulgate and carry out the orders and regulations related to its functions and responsibilities; 

(2)to formulate and implement monetary policies in accordance with law; 

(3)to issue Renminbi ( RMB ) and control its circulation; 

(4)to supervise and administer the inter-bank lending market and the inter-bank  bond market; 

(5)to exercise control of foreign exchange and  supervise and administer the inter-bank foreign exchange market; 

(6)to supervise and administer the gold market; 

(7)to hold, administer and manage the State foreign exchange reserve and gold reserve; 

(8)to manage the State Treasury; 

(9)to maintain the normal operation of the system for making payments and settling accounts; 

(10)to guide and make plans for  the fight against money laundering in the banking industry, and to be responsible for monitoring
the use of the funds earmarked for the fight against money laundering; 

(11)to be responsible for statistics, investigation, analysis and forecasting concerning the banking industry; 

(12)to engage in relevant international banking operations in its capacity as the central bank of the State; and 

(13)other functions and responsibilities prescribed by the State Council. 

To implement monetary policies, the People’s Bank of China may carry out financial operations in accordance with the relevant provisions
of Chapter IV of this Law. 

Article 5  The People’s Bank of China shall report its decisions to the State Council for approval concerning the annual money
supply, interest rate, foreign exchange rates and other important matters specified by the State Council before they are implemented. 

The People’s Bank of China shall immediately implement decisions on monetary policies for matters other than those specified by the
State Council for the record. 

Article 6 The People’s Bank of China shall submit to the Standing Committee of the National People’s Congress work reports concerning
matters of monetary policies and the operations of the banking industry. 

Article 7 The People’s Bank of China shall, under the leadership of the State Council, implement monetary policies, perform its functions
and carry out its business operations independently according to law and be free from intervention by local governments, government
departments at various levels, public organizations or individuals. 

Article 8 All capital of the People’s Bank of China is invested by the State and owned by the State. 

Article 9 The State Council shall establish a coordinating mechanism for financial supervision and administration. The specific measures
therefor shall be formulated by the State Council. 

ChapterII 

Organizational Structure 

Article 10 The People’s Bank of China shall have a Governor and a certain number of Deputy Governors. 

The candidate for the Governor of the People’s Bank of China shall be nominated by the Premier of the State Council and decided by
the National People’s Congress; when the National People Congress is not in session, the Governor shall be decided by the Standing
Committee of the National People’s Congress and appointed or removed by the President of the People’s Republic of China. The Deputy
Governors of the People’s Bank of China shall be appointed or removed by the Premier of the State Council. 

Article11 The People’s Bank of China shall practice a system wherein the Governor shall assume overall responsibility. The Governor
shall direct the work of the People’s Bank of China, the Deputy Governors shall assist the Governor in his or her work. 

Article12 The People’s Bank of China shall establish a monetary policy committee, whose functions, composition and working procedures
shall be prescribed by the State Council and reported to the Standing Committee of the National People’s Congress for the record. 

The monetary policy committee of the People’s Bank of China shall play an important role in the State macro-control and the formulation
and adjustment of monetary policies. 

Article13 The People’s Bank of China shall establish branches as its representative organs in light of the need of performing its
functions and responsibilities and exercise unified leadership and administration with respect to its branches. 

The branches of the People’s Bank of China shall, as authorized by the People’s Bank of China, maintain financial stability in their
respective districts and handle relevant business operations. 

Article 14 The Governor, Deputy Governors and other staff members of the People’s Bank of China shall scrupulously abide by their
duties; they may not abuse their power or conduct malpractice for private ends and they may not assume concurrent positions in any
other banking institutions, enterprises or foundations. 

Article 15 The Governor, Deputy Governors and other staff members of the People’s Bank of China shall safeguard State Secrets according
to law and be obligated to safeguard the secrets of the banking institutions and parties concerned with their implementation of their
functions and responsibilities. 

Chapter III 

The Renminbi 

Article 16 The legal tender of the People’s Republic of China is the Renminbi (RMB). When Renminbi is used to repay all public or
private debts within the territory of the People’s Republic of China, no units or individuals may refuse to accept it. 

Article 17The unit of the Renminbi is the yuan and the units of the fractional currency of the Renminbi are the jiao and the fen. 

Article 18 The Renminbi shall be printed and issued solely ny the People’s Bank of China. 

When putting forth a new Renminbi issue, the People’s Bank of China shall make known to the public the issuing date, face values,
designs, patterns and specifications. 

Article 19 It is prohibited to counterfeit or alter Renminbi. It is prohibited to sell or purchase counterfeit or altered Renminbi.
It is prohibited to transport, hold or use counterfeit or altered Renminbi. It is prohibited to deliberately destroy or damage the
Renminbi. It is prohibited to illegally use the parttens of Renminbi in propaganda materials, publications or other commodities. 

Article 20 No units or individuals may print or sell promissory notes as substitutes for Renminbi to circulate on the market. 

Article 21The damaged or soiled Renminbi shall be exchanged in accordance with the regulations of the People’s Bank of China, which
shall also be responsible to recall and destroy such Renminbi. 

Article 22 The People’s Bank of China shall establish a Renminbi issue treasuries at its branches. The subsidiary issue treasuries
shall, in allocating Renminbi issue fund, act on the order of allocation from their superior treasury. No units or individuals may
use the issue fund in violation of regulations. 

Chapter IV 

Business Operations 

Article 23 To implement monetary policies, the People’s Bank of China may apply the following monetary policy instruments: 

(1) to require a financial institution of the banking industry to place a deposit reserve at a prescribed ratio; 

(2) to fix the base interest rates for the central bank; 

(3) to handle rediscount for financial institutions of the banking industry that have opened accounts in the People’s Bank of China; 

(4) to provide loans for commercial banks; 

(5) to deal in State bonds, other government bonds, and financial bonds and foreign exchange on the open market; and 

(6) other monetary policy instruments decided by the State Council. 

When applying the monetary policy instruments listed in the preceding paragraph to implement monetary policies, the People’s Bank
of China may work out specific requirements and procedures. 

Article 24The People’s Bank of China shall manage he State treasury in accordance with laws and administrative rules and regulations. 

Article 25 The People’s Bank of China may, on behalf of the financial department under the State Council, issue to financial institutions,
and honour State bonds and other government bonds. 

Article 26 The People’s Bank of China may open accounts for financial institutions of the banking industry as needed, but may not
allow them to overdraw.      

Article 27 The People’s Bank of China shall organize or assist in organizing a clearing system among financial institutions of the
banking industry, coordinate the efforts of such institutions in matters of clearing and provide services in this regard. The specific
measures therefor shall be formulated by the People’s Bank of China. 

The People’s Bank of China shall, in conjunction with the banking regulatory authority under the State Council, formulate regulations
on payment and clearing. 

Article 28  The People’s Bank of China may, as required by the implementation of monetary policies, determine the amounts, term,
interest rates and forms of loans extended to commercial banks, however, the maximum term of loans shall not exceed one year. 

Article 29 The People’s Bank of China may not make an overdraft for the government, and may not directly subscribe or underwrite
State bonds or other government bonds. 

Article 30 The People’s Bank of China may not provide loans to the local governments or government departments at various levels,
to non-banking institutions, other units or individuals, with the exception of the specific non-banking institutions as decided by
the State Council. 

The People’s Bank of China may not provide guaranty for any unit or individual. 

Chapter V 

Financial Supervision and Control 

Article 31 The People’s Bank of China shall, in accordance with law, monitor the operation of the financial markets, conduct macro-control
of such markets and promote their coordinated development. 

Article 32 The People’s Bank of China shall have the power to inspect and supervise the following activities of the financial institutions
and other units and individuals: 

(1) implementation of the regulations for control of deposit reserve; 

(2)activities related to the special loans of the People’s Bank of China; 

(3)implementation of the regulations for control of Renminbi; 

(4)implementation of the regulations for control of the inter-bank lending market and the inter-bank  bond market; 

(5)implementation of the regulations for control of foreign exchange; 

(6)implementation of the regulations for control of gold; 

(7)management of the State Treasury on behalf of the People’s Bank of China; 

(8)implementation of the regulations for control of clearing; and 

(9)implementation of the regulations against money laundering. 

The special loan mentioned in the preceding paragraph are loans  granted, upon decision by the State Council, by the People’s
Bank of China for special purposes. 

Article 33 The People’s Bank of China may, according to the need to implement monetary policies and maintain financial stability,
propose that the banking regulatory authority under the State Council inspect and supervise the financial institutions of the banking
industry. The said authority shall, within thirty days from the date it receives the proposal, make a reply. 

Article 34 When financial institutions of the banking industry have difficulties in making payment that may trigger off financial
risks, the People’s Bank of China shall, with a view to maintaining financial stability, have the power to inspect and supervise
the financial institutions of the banking industry with the approval of the State Council. 

Article 35 The People’s Bank of China shall, according to the need to fulfill its functions and responsibilities, have the power
to demand the financial institutions of the banking industry to submit the necessary balance sheets, statements of profit and other
financial and accounting reports, statistical reports and information. 

The People’s Bank of China, the banking regulatory authority under the State Council and the other financial regulatory institutions
under the State Council shall establish a mechanism to share supervisory information. 

Article 36 The People’s Bank of China shall be responsible for compiling unified statistics and accounting statements from the national
banking system and shall publish them in accordance with relevant regulations of the State. 

Article 37 The People’s Bank of China shall establish and perfect system for its own examination and inspection and strengthen its
own supervision and administration. 

Chapter VI 

Financial Affairs and Accounting 

Article 38 The People’s Bank of China shall exercise independent control over its financial budget. 

The budget of the People’s Bank of China shall be incorporated in the central budget after it has been examined and verified by the
financial department under the State Council and the implementation thereof shall be subject to supervision of the financial department
under the State Council. 

Article 39 The People’s Bank of China shall, after withdrawing funds for its general reserve at a proportion determined by the financial
department under the State Council, turn over to the State treasury the entire net profit remaining from its income in an accounting
year minus its expenditures in the same period. 

Losses sustained by the People’s Bank of China shall be made up by appropriations from the State treasury. 

Article 40 The financial receipts and payments and accounting affairs of the People’s Bank of China shall be governed by laws, administrative
regulations and unified State financial and accounting systems and be subject to the auditing and supervision conducted, in accordance
with law, separately by the audit institution and the financial department under the State Council. 

Article 41The People’s Bank of China shall, within three months after the end of every accounting year, compile balance sheets of
its assets, statements of profit and loss and relevant financial and accounting reports, prepare its annual report and publish them
in accordance with relevant regulations of the State. 

The fiscal year of the People’s Bank of China begins on the first day of January and ends on the thirty-first day of December of
the Gregorian calendar. 

Chapter VII 

Legal Responsibility 

Article 42 Anyone who counterfeits or alters Renminbi, sells counterfeit or altered Renminbi or knowingly transports counterfeit
or altered Renminbi, which is serious enough to constitute a crime, shall be investigated for criminal responsibility in accordance
with law; if the case is not serious enough to constitute a crime, he shall be put in detention for not more than 15 days and fined
not more than 10,000 yuan by a public security organ. 

Article 43 Anyone who buys counterfeit or altered Renminbi or knowingly holds or uses counterfeit or altered Renminbi, which is serious
enough to constitute a crime, shall be investigated for criminal responsibility in accordance with law; if the case is not serious
enough to constitute a crime, he shall be put in detention for not more than 15 days and fined not more than 10,000 yuan by a public
security organ. 

Article 44 If anyone illegally uses the patterns of Renminbi in propaganda materials, publications or other commodities, the People’s
Bank of China shall order him to set it right and shall destroy the illegally used patterns of Renminbi, confiscate the illegal gains
and impose a fine of not more than 50,000 yuan. 

Article 45 If anyone prints or sells promissory notes as substitutes for Renminbi to circulate on the market, the People’s Bank of
China shall order him to cease his illegal act and impose a fine of not more than 200,000 yuan. 

Article 46 Where in relevant laws and administrative regulations there are provisions governing punishment for violations in respect
of the activities as are listed in Article 32 of this Law, punishment shall be meted out in accordance with those provisions; where
in such laws and administrative regulations there are no provisions governing such punishment, the People’s Bank of China shall,
on the merits of each case, give a disciplinary warning, confiscate the unlawful gains, or if the unlawful gains exceed 500,000 yuan,
shall, in addition, impose a fine of not less than the amount of such gains but not more than five times that amount; if there are
no unlawful gains or if such gains are less than 500,000 yuan, it shall impose a fine of not less than 500,000 yuan but not more
than 2,000, 000 yuan. The director or senior manager who is directly in charge or any other person who is directly responsible shall
be given a disciplinary warning and be fined not less than 50,000 yuan but not more than 500,000 yuan. If a crime is constituted,
criminal responsibility shall be investigated in accordance with law. 

Article 47 If any party refuses to accept the administrative punishment, he may institute an administrative lawsuit in accordance
with the Administrative Procedure Law of the People’s Republic of China. 

Article 48 If the People’s Bank of China commits any of the following acts, the persons directly in charge and other persons directly
responsible for the offense shall be subject to administrative sanctions according to law; if the case constitutes a crime, the offenders
shall be investigated for criminal responsibility according to law: 

(1) to provide a loan in violation of the provisions in the first paragraph of Article 30; 

(2) to provide guaranty for a unit or individual; or 

(3) to use the issue fund without authorization. 

If any of the acts specified in the preceding paragraph results in losses, the persons directly in charge and other persons directly
responsible for the offense shall be partially or wholly liable for the losses. 

Article 49 If a local government or a government department at any level, a public organization or an individual forcibly demands
the People’s Bank of China or its staff member to provide a loan or a guaranty in violation of the provisions in Article 30, the
persons directly in charge and other persons who are directly responsible for the offense shall be subject to administrative sanctions
in accordance with the law; if the case constitutes a crime, the offenders shall be investigated for criminal responsibility according
to law; if losses are caused, the offenders shall be partially or wholly liable for the losses.    

Article 50 If any staff member of the People’s Bank of China divulges State secrets or the business secrets he knows, which is serious
enough to constitute a crime, he shall be investigated for criminal responsibility according to law; if the case is not serious enough
to constitute a crime, he shall be subject to administrative sanction according to law. 

Article 51  If any staff member of the People’s Bank of China commits embezzlement, accepts bribes, conducts malpractices for
personal ends, abuses his power or neglects his duty, which is serious enough to constitute a crime, he shall be investigated for
criminal responsibility according to law; if the case is not serious enough to constitute a crime, he shall be subject to administrative
sanction according to law. 

Chapter VIII 

Supplementary Provisions 

Article 52  For purposes of this law, the financial institutions of the banking industry are financial institutions established
within the territory of the People’s Republic of China that take in deposits from the general public, including, among others, commercial
banks, urban credit cooperatives and rural credit cooperatives, and policy banks. 

The provisions of this Law pertaining to financial institutions of the banking industry are applicable to the assets management companies,
trust and investment companies, financial companies and financial leasing companies established within the territory of the People’s
Republic of China and other financial institutions established with the approval of the banking regulatory authority under the State
Council. 

Article 53 This Law shall be effective on the date of promulgation.

Notice: All Rights Reserved to the Legislative Affairs Commission of the Standing Committee of the National People’s Congress.






THE INTERIM MEASURES FOR THE STOCK ISSUANCE AND LISTING RECOMMENDATION SYSTEM






China Securities Regulatory Commission

Order of the China Securities Regulatory Commission

No. 18

The Interim Measures for the Stock Issuance and Listing Recommendation System, which were deliberated and adopted at the 49th executive
meeting, are hereby promulgated and shall come into force as of February 1st, 2004.

Shang Fulin, Chairman of the China Securities Regulatory Commission

December 28th, 2003

The Interim Measures for the Stock Issuance and Listing Recommendation System

Chapter I General Provisions

Article 1

With a view to regulating the activities of listing and issuance of securities, to enhancing the quality of listed companies and the
practices of securities operating institutions, to protecting the legitimate rights and interests of investors and to promote the
sound development of securities market, the present Measures are formulated in accordance with the laws and administrative regulations.

Article 2

The present Measures shall apply to the join-stock limited companies’ initial public offer of stocks and the listed companies’ issuance
of new stocks and convertible corporate bonds.

Article 3

The securities operating institutions shall fulfill the recommendation duties, shall register as the recommendation institutions in
accordance with the present Measures.

Article 4

The recommendation institutions shall comply with the laws, administrative regulations, the rules of the China Securities Regulatory
Commission (hereinafter referred to as CSRC) and the bylaws of the securities industry, shall recommend the issuance and listing
of the issuers’ securities honestly, faithfully, diligently and devotedly, and shall continuously supervise and urge the issuers
to perform the relevant obligations.

When a recommendation institution performs the recommendation duties, it shall designate some recommendation representatives to take
charge of the specific recommendation work.

Article 5

The recommendation institutions shall be responsible for the main underwriting work of the issuance of securities, and shall check
the public offer financing documents according to the law, and shall give a recommendation advice to the CSRC.

The recommendation institutions shall ensure the authenticity, exactness and completeness of the documents issued by them.

Article 6

An issuer and its directors, supervisors, managers and other senior managerial persons (hereinafter referred to as the “senior managerial
persons”), the law firm, accounting firm, assets assessment institutions and other intermediary institutions that provide special
services to the issuer (hereinafter referred to as ” the intermediary institutions”) and the signer of the issuer shall, in accordance
with the laws, administrative regulations and the rules of the CSRC, bear the corresponding liabilities, and shall cooperate with
the recommendation institutions to fulfill the recommendation duties.

The recommendation institution and the recommendation representatives’ fulfillment of their duties cannot be deemed as a reason to
mitigate the liabilities of the issuer and its senior managerial persons, the intermediary institutions and its signer or to exonerate
them from their liabilities.

Article 7

The CSRC shall, according to the laws, administrative regulations and the present Measures, conduct supervision over and administration
of the pertinent activities of the recommendation institutions and their representatives, the issuers and their managerial persons,
the intermediary institutions and their signers.

The China Securities Association shall adopt self-disciplinary management to the recommendation institutions and the recommendation
representatives.

Chapter II Registration of Recommendation Institutions and Recommendation Representatives

Article 8

Any securities operating institution or individual that has been registered in the CSRC and is on the name list of the recommendation
institutions and the recommendation representatives (hereinafter referred to as the name list) may engage in the recommendation work
in accordance with the provisions of the present Measures. Any one who fails to be registered as a recommendation institution or
recommendation representative in the CSRC and to be on the name list may not engage in the recommendation work.

Article 9

Where a securities operating institution files an application for being registered as a recommendation institution, it shall be a
comprehensive securities company and shall submit to the CSRC a statement or commitments expressing its willingness to fulfill the
recommendation duties.

Article 10

Where a securities operating institution is under any of the following circumstances, it shall not be registered as a recommendation
institution:

(1)

There are less than 2 recommendation representatives;

(2)

There is any serious weakness in the company’s governance structure, the risk control system is imperfect or hasn’t been implemented
effectively;

(3)

It is removed from the name list of the CSRC because of violations of laws and regulations in the recent 24 months; or

(4)

Any other circumstance prescribed by the CSRC.

Article 11

Where an individual files an application for being registered as a recommendation representative, he/she shall file an application
to the CSRC via the recommendation institution in which he/she holds a position and submit the relevant evidential documents and
statement if he/she has acquired the professional qualifications of securities and the corresponding certificate. And he/she shall
meet the following conditions in addition:

(1)

Having experience in any investment bank as prescribed by the CSRC;

(2)

Having taken and passed the recommendation representatives’ competence examination acknowledged by the CSRC;

(3)

Having obtained a recommendation letter issued by the recommendation institution in which he/she holds a position and signed by the
chairman of the board of directors or the general manager;

(4)

Without any debt of considerably large amount that shall be paid off when it matures;

(5)

His/her name hasn’t been removed from the name list of the CSRC or he/she hasn’t been given any administrative punishment by the CSRC
because of violations of the law and regulations within the recent 36 months; and

(6)

Other conditions as prescribed by the CSRC.

Article 12

The securities operating institutions and individuals shall ensure that the registration application documents be authentic, exact
and complete. During the period of application, if there is any important change in the documents, the applicant shall submit new
materials to the CSRC within 5 working days as of the day when the change occurs.

Article 13

Where an applicant meets the conditions, the CSRC shall, within 20 working days as of the day when it accepts his/her registration
application, handle the registration formalities, list him/her in the name list and make an announcement. In case the applicant doesn’t
meet the conditions, the CSRC shall not handle the registration formalities and notify him/her of the reasons in writing.

Article 14

A recommendation institution shall, within 1 month as of the day when it or its recommendation representatives complete the registration
or as of the day when it has been 12 months since the previous archival filing is completed, submit the annual archival filing form
and the relevant materials to the CSRC so as to modify the registered information.

Article 15

Where there is any important change in the registered information of the recommendation institution or of its recommendation representatives,
the recommendation institution shall, within 5 working days as of the day when the change occurs, report to the CSRC.

Article 16

Where a recommendation institution is under any of the circumstances as prescribed in Article 10 of the present Measures, the CSRC
shall remove it and its recommendation representatives from the name list.

Article 17

Where a recommendation representative is under any of the following circumstances, the CSRC shall remove his/her name from the name
list:

(1)

His/her professional license has been cancelled or withdrawn;

(2)

Without experience in an investment bank as required by the CSRC;

(3)

The recommendation institution has withdrawn its recommendation letter;

(4)

He/She has been transferred from a recommendation institution or from the operating department of its investment bank;

(5)

He/She fails to clear off any mature debt of considerably large amount;

(6)

He/She is given any administrative punishment by the CSRC because of violations of the law and regulations or receives a criminal
punishment because of committing a crime; or

(7)

Other circumstances prescribed by the CSRC.

Article 18

Where a recommendation representative whose name has been removed from the name list meets the registration conditions, he/she may
re-file an application for being registered as a recommendation representative. Where it has been more than 6 months as of the day
when he/she is removed from the name list, he /she shall have the recommendation representatives’ competence examination once again.

Chapter III Duties of the Recommendation Institutions

Article 19

A recommendation institution shall dutifully recommend the issuance and listing of the securities of an issuer. After the listing
of the securities of an issuer, the recommendation institution shall continuously supervise and guide the issuer to fulfill the obligations
such as operating normatively, keeping its promise, and disclosing the information, etc..

Article 20

Before a recommendation institution recommends the initial public offer of stocks of an issuer, it shall give guidance to the issuer
according to the requirements of the CSRC.

Where the recommendation institution is to recommend the initial public offer of an issuer guided by any other institution, it shall,
prior to making the recommendation, re-provide guidance to the issuer for at least 6 months.

Article 21

The recommendation institution may not recommend an issuer to issue securities by way of listing, until it meets the following requirements
upon guidance:

(1)

It meets the requirements for the public issuance of securities and the relevant regulations and has the capability of sustainable
development;

(2)

It is independent of the promoters, big shareholders and the actual controller in the aspects of operations, assets, personnel, institution
and financial affairs. There is no intra-trade competition, obviously unfair connected transaction or any other act that may affect
the independent operation of the issuer;

(3)

There is no serious defect in the corporate governance, financial and accounting systems that may obstruct the sustained normative
operation;

(4)

The senior managerial persons have grasped the laws and administrative regulations and other related knowledge as required for entering
the securities market, have known the statutory obligations and responsibilities of a listed company and its senior managerial personnel,
are adequately honest and trustworthy, are capable of managing a listed company and have sufficient experiences; and

(5)

Other requirements prescribed by the CSRC.

Article 22

Where a recommendation institution recommends the issuance and listing of the securities of an issuer, it shall, in accordance with
the laws, administrative regulations and provisions of the CSRC, devotedly conduct investigations into and carefully examine the
issuer and its promoters, big shareholders and actual controller. It shall, upon the entrustment of the issuer, organize and make
the application documents and issue the recommendation documents.

Article 23

Among the issuer’s public financing documents, those not supported by any professional opinion of an intermediary institution and
its signer shall be fully, widely and properly investigated into by the recommendation institution, who shall then independently
make a judgment on the materials provided by the issuer and the information disclosed by it and shall have adequate reasons to affirm
that there is no material discrepancy between the judgment made by it and the issuer’s public financing documents.

Article 24

Among the issuer’s public financing documents, those containing the professional opinions issued by the intermediary institutions
and their signers shall be carefully checked and verified by the recommendation institution, who shall independently make a judgment
on the materials provided by the issuer and the information disclosed by it.

Where there is any important discrepancy between the judgment made by the recommendation institution and the professional opinion
of an intermediary institution, the related items shall be re-investigated and re-verified, and another intermediary institution
may be hired to provide professional services.

Article 25

A recommendation institution shall make the following commitments in its recommendation documents:

(1)

It has adequate reasons to believe that the issuer meets the requirements prescribed in Article 14 of the present Measures, and it
is proper for its securities to be listed and traded in the stock exchange;

(2)

It has adequate reasons to believe that there is no false information, misleading statement or serious omission in the issuer’s application
documents and the public financing documents;

(3)

It has adequate reasons to believe that the opinions of the issuer and its directors expressed in the public financing documents are
well-grounded;

(4)

It has adequate reasons to believe that there is no material discrepancy between its judgment and the opinions expressed by other
intermediary institutions;

(5)

It shall guarantee that the recommendation representatives assigned by it and the related personnel of this recommendation institution
has fulfilled their duties diligently, and have devotedly conducted investigations into and have carefully verified the application
documents of the issuer;

(6)

It shall guarantee that there is no false information, misleading statement or serious omission in the recommendation documents and
the other documents relating to the fulfillment of the recommendation duties;

(7)

It shall guarantee that the professional services and the professional opinions provided to the issuer are in line with the laws,
administrative regulations, the provisions of the CSRC and the bylaws of the securities industry;

(8)

It voluntarily accepts the supervision measures taken by the CSRC according to the present Measures; and

(9)

Other commitments as prescribed by the CSRC.

Article 26

The recommendation institution shall, after it has submitted the recommendation documents to the CSRC, shall actively help the CSRC
to examine the said documents, and undertake the following tasks:

(1)

To organize the issuer and its intermediary institutions to make replies to the opinions of the CSRC;

(2)

To devotedly investigate into or verify the special matters in relation to the current issuance and listing of securities according
to the requirements of the CSRC;

(3)

To assign the recommendation representatives to conduct professional communications with the CSRC; and

(4)

Other tasks prescribed by the CSRC.

Article 27

When recommending the listing of the securities of an issuer, the recommendation institution shall submit to the stock exchange a
recommendation letter and the pertinent documents as required in the listing rules in the stock exchange, and shall report them to
the CSRC for archival purposes.

A recommendation letter shall contain the commitments as prescribed in Article 25 of the present Measures, the arrangement in relation
to the continuous supervision over the issuer and other matters as required by the stock exchange.

Article 28

The recommendation institution shall determine the items and emphases of the continuous supervision and guidance according to the
actual situation of the issuer, and shall undertake the following tasks:

(1)

To supervise and guide the issuer to effectively implement and perfect the system in regard to the prevention of the big shareholders’
and other connected parties’ illegal use of the issuer’s resources;

(2)

To supervise and guide the issuer to effectively implement and perfect the internal control system in regard to the prevention of
the senior managerial personnel’s impairment to the interests of the issuer by taking the advantage of their positions;

(3)

To supervise and guide the issuer to effectively implement and perfect the system in regard to guarantee of the fairness and normativeness
of connected transactions, and to express its opinions on the connected transactions;

(4)

To supervise and guide the issuer to fulfill the obligation of information disclosure, to examine the information disclosure documents
and other documents submitted to the CSRC and the stock exchange;

(5)

To continuously pay attention to the issuer’ uses of the raised fund, the fulfillment of the investment project and other commitments;

(6)

To continuously pay attention to the issuer’s providing guaranties to others, and expressing its opinions; and

(7)

Other tasks as required by the CSRC and stipulated in the recommendation agreement.

Article 29

As for an issuer of initial public offer of stocks, the period of continuous supervision and guidance shall be the remaining time
of the current year of the listing of the securities and the following two full fiscal years. As for a listed company who issues
new stocks or convertible corporate bonds, the period of continuous supervision and guidance shall be the remaining time of the current
year of the listing of the securities and the following one full fiscal year. The period of continuous supervision and guidance shall
start as of the day of the listing of the securities.

Article 30

At the expiration of the period of the continuous supervision and guidance, if there is any uncompleted recommendation task, the recommendation
institution shall complete it continuously.

During the conscientious recommendation period or the continuous supervision and guidance period, if the recommendation institution
fails to fulfill its duties diligently and devotedly, it shall bear the corresponding liabilities after the expiration of the period
of continuous supervision and guidance.

Chapter IV Recommendation Procedures

Article 31

A recommendation institution shall establish and perfect the internal control system of the recommendation work.

Article 32

A recommendation institution shall establish and perfect the duty investigation system in regard to the issuance and listing of securities,
the internal examination system concerning the issuance and listing application documents and the system in regard to the continuous
supervision and guidance to the issuers after the listing of securities.

Article 33

A recommendation institution shall establish and perfect the system in regard to the continuous training of the recommendation representatives
and other personnel engaging in recommendation work.

Article 34

A recommendation institution shall establish and perfect the system in regard to the archival files. It shall establish separate archival
files for each recommendation project.

The recommendation archives shall be authentic, exact and complete, and shall be preserved for not less than 10 years.

Article 35

Where any of the following circumstances exists that may affect the impartial performance of duties of recommendation, a recommendation
institution may not recommend the issuance and listing of the securities of any issuer:

(1)

The aggregate shares of the recommendation institution, the actual controllers and the important connected parties exceed 7% of the
total shares of the issuer;

(2)

The issuer holds or controls 7% of the total shares of the recommendation institution;

(3)

Any of the recommendation institution’s recommendation representatives, directors, supervisors, managers and other senior managerial
personnel has an interest in the issuer, takes a position in the issuer or any other circumstance that may affect the impartial performance
of the recommendation duties; or

(4)

The recommendation institution, or any of its big shareholders, actual controllers and important connected parties provide guaranty
or financing services to the issuer.

Article 36

The recommendation institution and the issuer shall conclude a recommendation agreement so as to specify their respective rights and
obligations.

Article 37

The recommendation institution shall, in accordance with the bylaws of the securities industry and by consulting the issuer, determine
the relevant fees for the performance of the recommendation duties.

Article 38

Where a recommendation agreement is terminated prior to the publication of the public offer financing documents, the recommendation
institution and the issuer shall respectively report to the CSRC and give it explanations within 5 working days as of the day of
termination.

Article 39

After the publication of the public offer financing documents, the recommendation institution and the issuer shall not terminate the
recommendation agreement, except that the issuer hires another recommendation institution to apply for the issuance of new stocks
or convertible corporate bonds and that the recommendation institution has been removed from the name list by the CSRC.

Where a recommendation agreement is terminated, the recommendation institution and the issuer shall report to the CSRC and the stock
exchange and give them explanations within 5 working days as of the day of termination.

Article 40

Where the recommendation institution is removed from the name list of the CSRC during the period of continuous supervision and guidance,
the issuer shall hire another recommendation institution within one month.

Article 41

The other recommendation institution hired shall finish the supervision and guidance work uncompleted by the former one, and the supervision
and guidance period shall not be shorter than a full fiscal year.

The other recommendation institution hired shall carry out the recommendation work and bear the corresponding liabilities as of the
day when the recommendation agreement is concluded. The former recommendation institution shall bear the corresponding liabilities
during the period of the conscientious recommendation and the period of continuous supervision and guidance.

Article 42

A recommendation institution shall assign 2 recommendation representatives to take charge of the specific recommendation work of an
issuer, shall issue a special authorization signed by the chairman of the board of directors or by the general manager, and shall
ensure that the relevant departments and personnel of the recommendation institution efficiently cooperate with each other based
on division of labor.

In addition, the recommendation institution shall assign a project principal. A recommendation representative may take the position
of a project principal.

Article 43

After the issuance of the securities of an issuer, the recommendation institution shall not change the recommendation representatives,
except that they are removed from the name list by the CSRC because of being transferred from the recommendation institution or any
other circumstance.

Where the recommendation institution changes the recommendation representatives, it shall notify the issuer, and shall report and
give explanations to the CSRC and the stock exchange. The former recommendation representatives shall bear the corresponding liabilities
for the period during which they take charge of the specific recommendation work.

Article 44

The legal representative of the recommendation institution, the person-in-charge of the business department of the investment bank,
the person-in-charge of internal examination, the recommendation representatives and project principal shall affix their signatures
to the recommendation documents, and list their names in the issuer’s public financing documents.

Article 45

The recommendation institution shall in time notify the issuer of the opinions expressed for the performance of the recommendation
duties, shall keep them as its work archives, and may make an announcement according to the provisions of the present Measures and
report them to the CSRC and the stock exchange.

Article 46

The recommendation institution shall submit a “recommendation summary report” to the CSRC and the stock exchange within 10 working
days after completing the continuous supervision and guidance work.

Article 47

Where a recommendation representative engaging in recommendation work is interfered with by any unjustifiable factor, he/she shall
independently keep his/her professional opinions, which shall be recorded in the recommendation archives.

Article 48

Since all the recommendation representatives and other personnel engaging in recommendation work are the persons who know the inside
information, they shall abide by the laws, the administrative regulations and the provisions of the CSRC, shall not directly or indirectly
seek improper interests for themselves or for any other person by making use of the access to the inside information.

Chapter V The Coordination of Recommendation Work

Article 49

A recommendation institution may, when performing the recommendation duties, exercise the following rights to an issuer:

(1)

To ask the issuer to notify it of the information according to the provisions of the present Measures and in the form as stipulated
in the recommendation agreement;

(2)

To announce the illegal acts of the issuer in pursuance of information disclosure provisions of the CSRC and the stock exchange; and

(3)

To exercise other rights as provided by the CSRC or stipulated in the recommendation agreement.

Article 50

Where an issuer is under any of the following circumstances, it shall in time inform or consult the recommendation institution, and
shall, according to the stipulations in the agreement, submit the relevant documents to the recommendation institution:

(1)

Modifying its commitments in regard to the financing and investment project, etc.;

(2)

Making any connected transaction and providing guaranty to any other person, etc.;

(3)

Performing the information disclosure duties or reporting the relevant matters to the CSRC and the stock exchange;

(4)

Committing any illegal act or other serious acts; and

(5)

Other matters as prescribed by the CSRC or as stipulated in the recommendation agreement.

Article 51

Prior to the issuance of securities, in case the issuer fails to cooperate with the recommendation institution to perform the recommendation
duties, the recommendation institution shall express its reservations, and shall give explanations in the recommendation documents;
in case the circumstance is serious, it shall refuse to make recommendation or withdraw the recommendation that it has already completed.

Article 52

After the issuance of securities, in case the recommendation institution has adequate reasons to hold that the issuer may have illegal
acts or other improper acts, it shall supervise and urge the issuer to make explanations and order it to get right within a time
limit; in case the circumstance is serious, it shall report to the CSRC and the stock exchange.

Article 53

A recommendation institution shall organize and coordinate the relevant work of the intermediary institutions and their signers when
they participate in the issuance and listing of securities.

Article 54

Where a recommendation institution has any doubts about the professional opinions issued by an intermediary institution and its signer,
it shall actively negotiate with this intermediary institution and may ask it to make explanations or to present the basis.

Article 55

Where a recommendation institution has adequate reasons to ensure that the professional opinions issued by an intermediary institution
and its signer may have false information, misleading statement, serious omission or any other illegal or improper circumstance,
it shall in time express its opinions; in case the circumstance is serious, it shall report to the CSRC and the stock exchange.

Article 56

An intermediary institution and its signer shall keep professional independence, shall prudently make a new judgment on the doubts
or opinions raised by the recommendation institution, shall in time notify the recommendation institution and the issuer of its opinions,
and may report to the relevant departments, the CSRC and the stock exchange according to the law.

Chapter VI Supervisory Measures and Legal Liabilities

Article 57

The CSRC shall establish a recommendation credit-standing supervision system to conduct continuous and dynamic management in regard
to the registration of the recommendation institutions and recommendation representatives and to announce the records such as their
professional practices, illegal acts, other bad acts and the supervision measures taken against them.

Article 58

A recommendation institution and its recommendation representatives shall bear the corresponding liabilities as of the day when the
recommendation institution submits the recommendation documents to the CSRC.

Article 59

Where the application documents for the registration of a recommendation institution submitted by a securities operating institution
to the CSRC contain any false information, misleading statement or serious omission, the CSRC shall refuse to handle the registration,
or remove the recommendation institution from the name list if it has completed the registration.

Where the application documents for registration of a recommendation representative contain any false information, misleading statement
or serious omission, the CSRC shall refuse to handle the registration, or remove him/her from the name list if it has completed the
registration, and shall refuse to accept any application for the registration of recommendation representatives recommended by this
recommendation institution within 6 months as of the day of removal.

Article 60

Where any recommendation document submitted by a recommendation institution to the CSRC and the stock exchange contains any false
information, misleading statement or serious omission, or where the recommendation institution induces, or

CIRCULAR OF THE STATE ADMINISTRATION OF TAXATION ON AUDIT OF E-INFORMATION OF SPECIAL TAX RECEIPT OF EXPORTS

State Administration of Taxation

Circular of the State Administration of Taxation on Audit of E-information of Special Tax Receipt of Exports

No.1392 [2003] of State Administration of Taxation

December 30, 2003

The departments and offices of all the provinces, autonomous regions, municipalities directly under the Central Government, and cities
under separate State Planning:

In order to ensure the implement of the spirit of the provision promulgated on reform of the export refunds by the State Council and
to increase the efficiency of the audit of export refunds, the State Administration of Taxation decided to, on the base of the improvement
and stable functioning of the second phase of the Gold-tax project, cancel the audit of the E- information of the special tax warrant
of exports and the list of tax payment certificate (hereinafter referred to as special tax receipt )when the competent tax authorities
run the audit procedure of the export refunds of the exports declared at the custom after the date of January 1, 2004(subject to
the date signed in the Bill of Entry) except the items listed in the Article 2 of this circular. We hereby give our notice as follows
regarding the concerning matters:

1.

To the exports declared at the custom after January 1, 2004, the competent tax authorities shall, in the course of running the audit
procedure of export refunds, verify the exports bill of entry, the foreign exchange acceptance verification in export trade, VAT
invoice and other paper documents and the related E-information for export refunds and shall verify the paper documents of the special
tax receipt despite the E-information of it.

2.

To the following listed 3 sorts of exports, the competent export refunds authorities shall verify the special tax receipt declared
by the export units and the E-information from the State Administration of Taxation simultaneously. The procedures of export refunds
shall be run follow the current provisions after the verification.

(1)

The VAT invoice was made before August 1, 2003,

(2)

The VAT invoice or the normal invoice of purchasing is out of the scope of supervision system of the VAT control and audit

(3)

consumption tax deduct

3.

From January 1, 2004, the competent tax authorities charging the offering companies shall not type in the E-information of the special
tax receipt to the goods that the offering units make VAT invoice using VAT anti-forging and control system for the export units.
The competent tax authorities charging the offering companies shall type in and upload the E-information of the special tax receipt
of the VAT invoice, the normal invoice out of the scope of the supervision system of the VAT control and audit and the goods the
shall pay the consumption tax. The State Administration of Taxation will set out the E-information of the mentioned special tax receipt
monthly.

4.

The time of revoking the paper documents of special tax receipt shall be notified separately later.

 
State Administration of Taxation
2003-12-30

 



PROVISIONS OF THE CUSTOMS OF THE PEOPLE’S REPUBLIC OF CHINA ON EXECUTING THE RULES OF ORIGIN FOR TRADE IN GOODS UNDER THE MAINLAND AND HONG KONG CLOSER ECONOMIC PARTNERSHIP ARRANGEMENT

General Administration of Customs

Order of the General Administration of Customs of the People’s Republic of China

No.106

The Provisions of the Customs of the People’s Republic of China on Executing the Rules of Origin for Trade in Goods under the Mainland
and Hong Kong Closer Economic Partnership Arrangement, which were adopted at the executive meeting of this Administration on December
24, 2003, are hereby promulgated and shall come into force on January 1st, 2004.

Mou Xinsheng, the Director of the General Administration

December 30th, 2003

Provisions of the Customs of the People’s Republic of China on Executing the Rules of Origin for Trade in Goods under the Mainland
and Hong Kong Closer Economic Partnership Arrangement

Article 1

With a view to promoting the economic and trade activities between the Mainland and Hong Kong, and to correctly determining the origin
of the imported goods under the Mainland/Hong Kong Closer Economic Partnership Arrangement (hereinafter referred to as CEPA), the
present Provisions are formulated in accordance with the Customs Law and the CEPA.

Article 2

The present Provisions shall be applied to the goods imported from Hong Kong under the CEPA (see the Customs Import and Export Tariff
of the People’s Republic of China for details of the list of goods), however, the goods imported by the way of processing trade shall
be excluded.

Article 3

Where any goods is directly imported from Hong Kong under the CEPA, the origin thereof shall be determined according to the following
principles:

1)

The origin of any goods fully acquired in Hong Kong shall be Hong Kong; and

2)

For any goods not fully acquired in Hong Kong, the origin thereof may, only if such goods have gone through substantial processing
in Hong Kong, be determined as Hong Kong.

Article 4

The term “goods fully acquired in Hong Kong” used in Item 1) of Article 3 as mentioned in the present Provisions refers to:

1)

Mineral products exploited or extracted in Hong Kong;

2)

Plants or their products harvested or collected in Hong Kong;

3)

Live animals borne and bred in Hong Kong;

4)

Products obtained in Hong Kong from the animals mentioned in Item 3) of this Article;

5)

Products obtained from hunting or fishing in Hong Kong;

6)

The aquatic and other marine products obtained from the high sea by ships with the license of Hong Kong and hanging the regional flag
of the Hong Kong Special Administrative Region;

7)

Products obtained from processing of the products mention in Item 6) of this Article on the ships with the license of Hong Kong and
hanging the regional flag of the Hong Kong Special

Administrative Region;

8)

Discarded and waste materials collected in Hong Kong that are generated in the course of consumption in Hong Kong and that are fit
only for recycling of raw materials;

9)

Waste and piecemeal materials that are generated in the course of processing and manufacturing in Hong Kong and that are fit only
for the recycling of raw materials; and

10)

Products obtained from processing of the products mentioned in Items 1) through 9) of this Article.

Article 5

The following processing or disposal, no matter whether they are finished separately or conjunctly, shall all be deemed as minor processing
and disposal, and shall be disregarded in determining whether the goods are fully obtained:

1)

Processing or disposal conducted for the transport or storage of goods;

2)

Processing or disposal conducted for the convenience of the carriage of goods; and

3)

Processing or disposal, such as packing or display, etc., conducted for the sale of goods.

Article 6

The term “substantial processing” as used in Item 2) of Article 3 as mentioned in the present Provisions shall be determined by using
the criterion of “manufacturing or processing operation”, criterion of “change of tax code”, criterion of “ad valorem percentage”,
“other criteria” or “combined criteria”, and the determination shall be carried out in accordance with the Table of Criteria of Origin
for the Goods of Hong Kong Enpost_titled to Preferential Treatment for Trade in Goods. That table shall be part of the present Provisions
and be separately promulgated by the General Administration of Customs (GAC).

1)

“Manufacturing or processing operation” refers to the major operation that endows the goods obtained after the processing with the
basic characteristics. Where such an operation is finished in Hong Kong, the substantial processing shall be deemed as being conducted.

2)

“Change of tax code” refers to that where the materials of which the origins are not Hong Kong are processed within Hong Kong, the
four-figure tax category of the processed products in the Customs Import and Export Tariff of the People’s Republic of China has
changed, and such products are not to go through any production, processing or manufacturing that will change their four-figure tax
category in any country or region other than Hong Kong.

3)

“Ad valorem percentage” refers to the percentage that the total value of the raw materials, components, and labor obtained in Hong
Kong and the product development cost accounts for in the FOB price of the export products. Where such a percentage is 30% or more,
and the final manufacturing or processing operation of the products are finished within Hong Kong, the substantial processing shall
be deemed as being conducted. See the formula below:

(Value of raw materials + value of components + value of labor + cost for product development) / FOB price of the export product ￿￿0%

a.

“Product development” refers to the product development carried out within Hong Kong for producing or processing the relevant export
products. The cost for product development must be in relation to those export products, including the cost for development by the
producer or processor himself/itself, the sum paid for development by the entrusted natural person or legal person within Hong Kong,
and the sum paid for purchase of the design, patent, know-how, trademark right or copyright owned by any natural person or legal
person within Hong Kong. Such cost shall be able to be clearly determined in accordance with the generally accepted accounting standards
and relevant international practice.

b.

Calculation of the “ad valorem percentage” shall be in conformity with the generally accepted accounting standards and relevant international
practice.

4)

“Other criteria” refers to the methods other than the abovementioned criteria of “manufacturing and processing operation”, “change
of tax code” and “ad valorem percentage” for determining the origin that are agreed upon by both authorities of the Mainland and
Hong Kong.

5)

“Combined criteria” refers to two or more aforesaid criterias that are used at the same time in determining the origin.

Article 7

Simple dilution, mixing, packing, bottling, drying, assembling, classification or decoration shall not be deemed as substantial processing.

Any processing or pricing measure aiming to avoid the present Provisions shall not be deemed as substantial processing.

Article 8

The producing areas of the energy, plants, equipment, machines, and tools used in the manufacturing of the goods, as well as the producing
areas of the components not composing the goods and those of the materials of such components, shall be disregarded in determining
the origin of goods.

Article 9

The packages, package materials, and containers, as well as the attachments, spare parts, tools, and introductory materials, which
are declared for import together with the goods and which are included in the Customs Import and Export Tariff of the People’s Republic
of China shall be neglected in determining the origin of the goods.

Article 10

The goods imported under the CEPA shall be transported from Hong Kong directly to the ports of the Mainland.

Article 11

In customs declaration of the goods imported under the CEPA, the consignee shall voluntarily declare to the customs office that zero
tariff shall be applied to those goods, and shall submit the valid certificate of origin that are in conformity with the Procedures
for Issuing and Checking of the Certificate of Origin under the CEPA. Where the certificate of origin is valid upon network check,
the customs office shall handle the import formalities of those goods at zero tariff. Where certificate is invalid upon the check
and verification of the customs, zero tariffs shall not be applied.

Where the customs office of the place where the goods are declared can not make the network check because of certain reasons, and
the consignee require clearance of the goods, the customs office may release those goods after collecting a security of the value
equal to the amount of taxes payable at the rate applied to those goods if they were not under the CEPA, handle the import formalities
and make the customs statistics. The customs office of the place where the goods are declared shall, within 90 days from the day
of clearance of those goods, verify the validity of its certificate of origin, and refund the security or change the security to
tariff in accordance with the result of the verification, and shall modify the customs statistics data correspondingly.

Article 12

Where the customs office of the place where the goods are declared has doubt over the validity of the contents of the certificate
of origin, it may file a request through GAC or a customs office authorized thereby with the Hong Kong Customs for assistance in
the verification. During the period when the Hong Kong customs office makes the verification for confirmation of the relevant certificate
of origin, the customs office of the place where the goods are declared may release those goods after collecting a security of the
value equal to the amount of taxes payable at the rate applied to those goods if they were not under the CEPA, handle the import
formalities and make the customs statistics. After the Hong Kong Customs finishes the verification, the customs office of the place
where the goods are declared shall, in accordance with the result of the verification, immediately refund the security or change
the security to import tariff, and modify the customs statistics data correspondingly.

Article 13

The customs offices have the obligation to keep confidential the materials provided by the consignee of the import goods for verification
of the certificate of origin. Without the consent of the consignee, the customs office may not disclose those materials or use them
for any other purpose, however, except the laws, administrative regulations and relevant judicial interpretations have otherwise
provisions.

Article 14

The customs offices shall handle any act in violation of the present Provisions in accordance with the Customs Law of the People’s
Republic of China and the Implementing Rules of the Customs of the People’s Republic of China for Administrative Punishment. If any
crime has been constituted, the offenders shall be prosecuted for criminal liabilities.

Article 15

The responsibility to interpret the present Provisions shall remain with the GAC.

Article 16

The present Provisions shall come into force on January 1st, 2004.



 
General Administration of Customs
2003-12-30

 






CONSTITUTION ACT, 1982 – page 22

NOTES (1) The enacting clause was repealed by the Statute Law Revision Act, 1893, 56-57 Vict., c. 14 (U.K.). It read as...

CONSTITUTION ACT, 1982 – page 21

CONSTITUTION ACT, 1982 – page 20

CONSTITUTION ACT, 1982 – page 19

CONSTITUTION ACT, 1982 – page 18

Disclaimer: There is no confidential attorney-client relationship formed by using Laws.com website and information provided on this site is not legal advice. For legal advice, please contact your attorney. Attorneys listed on this website are not referred or endorsed by this website. By using Laws.com you agree to Laws.com Terms Of Use.
Facebook
© LAWS.COM NETWORK 2023-2024