Article 218 If a liquidation group fails to submit
its
liquidation report to the company registration
department as provided for by this law or concealed
important facts or missed important items, it shall be ordered to
correct.
If a member of a liquidation group is found to have abused
his (her) power to seek personal gains by resorting to deception,
or peculated the company's property, he (her) shall be ordered
to return the property to the company, have the illegal
proceeds confiscated and be imposed a fine one time to five
times the amount of the illegal proceeds. If the case is
serious enough to constitute a crime, criminal responsibility
shall be affixed according to law.
Article 219 If an organization undertaking assets or
investment
appraisal or inspection is found to have
provided false certificates, the illegal proceeds shall be
confiscated and a fine one time to five times the illegal
proceeds shall be imposed and the organization shall be ordered by
department in charge to stop operation. Qualification
certificate(s) to the person(s) directly in charge shall be
revoked. If the case is serious enough to constitute a crime,
criminal responsibility shall be affixed according to law.
If an organization undertaking assets or investment
appraisal or inspection is found to have provided reports with
major omissions due to negligence, it shall be ordered to correct
and if the case is fairly serious, a fine one time to three
times the income shall be imposed and the organization shall be
ordered to stop operation by department in charge according
to law. The qualification certificate(s) of the person(s)
directly in charge shall be revoked.
Article 220 If the department in charge authorized by the
State
Council is found to have granted the approval to
applications for establishing a company which fails to meet the
requirements as provided for by this law or granted approval to
applications for issuing stocks falling short of the requirements,
administrative punishments shall be meted out to people in
charge and other persons directly responsible if the case is
serious. If the case is serious enough to constitute a crime,
criminal responsibility shall be affixed according to law.
Article 221 If the securities administration department of the
State
Council is found to have granted approval to application
for public offers of shares, a stock listing or issue of bonds
which does not conform to the prescribed conditions, people in
charge and other persons directly responsible shall be
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