Article 86 Securities administration of the State Council
shall
approve the application on public offer which
meets the conditions prescribed in this law. If the application
does not comply with the conditions prescribed in this law, no
approval is
granted.
If, after approval is given, the application is found not to
meet the conditions prescribed by this law, the approval shall be
revoked. If shares have not been offered, the offer will not be
carried out. If shares have already been offered, the
subscribers may demand the promoters to refund their payments for
shares with interests at the bank's deposit rate of the same term.
Article 87 The prospectus should have the articles of
association
attached and define the followings:
1. Number of shares subscribed to by promoters;
2. Par value and issue price of each share;
3. Total number of non-registered shares issued;
4. Rights and obligations of subscribers;
5. The time limit for the public offer and the notification
that
subscribers may revoke their subscription to share if the
offer is under-subscribed at the close of the offer.
Article 88 The promoters shall publish prospectus and
prepare
application forms during public offers. In the application
forms, the items listed in the preceding article should be set
out and the subscribers shall fill in the number of shares
subscribed to total amount of payment, address and sign or
seal the forms. Subscribers shall make payment for the
shares they have
subscribed.
Article 89 Public offers of shares shall be underwritten
by
securities institution established according to law
and an underwriting agreement shall be entered.
Article 90 In a public offer of shares the promoters shall
enter
into an agreement with the receiving banker.
The receiving banker shall receive and hold as agent the
payments for shares according to the provisions of the agreement,
produce receipts to subscribers who have made the payments and
shall be obliged to produce evidence of receipt of payments
to relevant
departments.
Article 91 After full payments have been made to the
share issued, an authorized investment verification
organization mustverify the investments and issue investment
verification certificate. The promoters shall convene a meeting for
founding the company within 30 days. The meeting shall be attended
by all share
subscribers.
If the shares issued are not fully subscribed after the
closing date as prescribed in the prospectus or the promoters fail
to call the meeting for founding the company within 30 days,
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