Measures
of Shenzhen Municipality on Transaction of Titles of State-owned
and Collective Enterprises
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Chapter
I General Provisions
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Article
1 In
order to establish the withdraw mechanism for state-owned and
collective economy, standardize
title transaction acts of
enterprises, avoid losing of state-owned and collective assets,
these
measures are hereby formulated.
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Article
2
These measures shall be applicable to the following
circumstances:
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(1)
Those activities that are undertaken by non-listed companies of
state-owned and companies solely
owned by collective of all
levels of Shenzhen Municipality to transfer titles integrallty
or partly;
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(2)
Those activities that are undertaken by the companies which
majority of shares controlled by
or invest in by non-listed
companies of state-owned and collective companies of all levels
of Shenzhen
Municipality to transfer state-owned and collective
titles; and
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(3)
Those activities that are undertaken by the companies whose
majority of shares controlled by
or invest in by listed
companies of all levels of Shenzhen Municipality to transfer
state-owned
and collective titles.
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Article
3
The transaction of titles of non-listed state-owned and
collective companies shall be undertaken
with legally
established title transaction institution, any curb exchange
shall be prohibited,
unless as otherwise stipulated by laws and regulations.
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Article
4
The transaction of titles shall abide by the principles of
voluntariness and good faith, equal
competition, equal value and
mutual benefit, justice and fairness.
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Article
5
The parties to the title transaction shall safeguard the legal
rights and interests of the employees
according to law. The
settlement of the employees shall abide by relevant regulations
of the state.
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Article
6
Any title transaction shall not do harm
to any third party' s interests and the public interests. There
shall be agreement between
the parties on the assumption of
credit and debt of the transferor in the contract of title
transaction.
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Article
7
The municipal state-owned assets administrative authority, which
is in charge of formulating policies
for transaction of titles
of state-owned and collective, shall implement direction,
inspection
and supervision over the activities involving in
those transaction of titles and the transaction institutes.
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Chapter
II Title Transaction Institution
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Article
8 A
title transaction institution is an agency of services which
established after being approved
by the Municipal Government and
registered according to the law.
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In
the case of providing services in the transaction of titles of
state-owned and collective, any
title transaction institution
shall not be with the purpose of seeking profits.
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Article
9
The business scope of a title transaction institution shall be
as the follows:
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(1)
providing location for transaction of titles;
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(2)
providing title transaction information and consultation
services;
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(3)
examining and supervising the authenticity of activities
involving in the transaction of titles;
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(4)
providing certification for activities involving in the
transaction of titles;
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(5)
reporting important matters of title transaction to relevant
governmental authoritys according
to the law;
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(6)
carrying on registration and annual inspection over state-owned
assets of enterprises via entrusting;
and
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(7)
other business as approved by the municipal government.
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Article
10
A title transaction institution may put associate system and
trader system into practice.
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Article
11
A title transaction institution shall formulate constitution of
its institution and rules for title
transaction according to
these measures and put them into force after being approved by
the municipal
government.
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Chapter
III Manners for Transaction of Titles
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Article
12
The transaction of titles may be carried out by means of
invitation for transaction, auction,
invitation to bid and other means which approved by the
municipal government. The specific
manners of transaction are to
be agreed upon by the transferor.
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The
relevant state rules shall be applicable in case the
transactions carried out by means of auction
and invitation to
bid.
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Article
13
In these measures, invitation for transaction referred to the
transaction manner that upon the
expiration of period for public
listing of title to be transferred with the title transaction
institution,
the transferor or its agency invites those
qualified potential purchasers, through prudent investigation
and negotiation, determining candidates list which will be
submitted to the assessment commission for
preferential
negotiation, and then determines the transferee in the end.
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Article
14 The
assessed net assets value shall be the reference price for title
transaction price, while the
audit result shall be the reference
price in case such net assets value exempted from assessing by
the state-owned assets administrative authority. In case the
purchase price is lower than the reference price,
such
transaction shall be reported to the state-owned assets
administrative authority for approval.
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Chapter
IV Procedure for Transaction of titles
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Article
15
Any title transaction shall abide by the following procedure:
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(1)
submitting materials and going through authorization procedure
for title transaction;
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(2)
listing publicly;
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(3)
asking for purchase;
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(4)
trading;
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(5)
concluding contract of title transaction; and
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(6)
handling authentication procedure for title transaction.
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Article
16
In the case of applying for transaction with the institution,
the transferor of the title transaction
shall submit to the
title transaction institution the following documents: its
qualification certificate,
certificate for property right,
certificate for approval of title transaction, situation of the
object to be transferred and other relevant materials.
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Article
17 The
application of transfer of state-owned title shall be adopted by
the state-owned assets administrative
authority in advance;
while the application of transfer of collective title shall be
adopted when
affirmative votes achieves more than half of total
votes cast by the employees' meeting and reported to
collective assets administrative authority for record in
advance.
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Article
18
In the case of transfer of state-owned and collective title,
assessment of title and presentation
of assessment report, which
shall be approved or recorded by relevant authority as well, by
legal
assets assessment institution in advance are required. Any
title having not been assessed and reported for approval
or
record shall not be transferred.
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Articles
19
The title transaction institution shall go through those
materials submitted by the transferor
and transferee and make a
decision on approval or disapproval of transaction within 3 days
upon
the date receiving full copy of those materials.
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Article
20
A title transaction institution shall list in public those
titles approved for transaction and
issue title transaction
information through the internet, the press and other medias
termly.
The period of listing shall be no less than 20 working days from
the date listing in public.
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Article
21
In the case of applying for transaction in the institution, the
title purchaser shall submit to
the title transaction
institution the materials such as its qualification certificate,
credit certificate
and document of purchase intention, etc..
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Article
22 The
transaction of title to merchants of overseas, Hong Kong, Macao
and Taiwan shall be in compliance
with rules and industrial
guideline catalog for foreign investment of the state and
Shenzhen Municipality.
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Article
23 To
purchase those titles with monopolization, traded under
exclusive right and other franchise rights,
the purchaser shall
have obtained corresponding qualifications and met corresponding
requirements
according to relevant rules.
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Article
24
The title transaction institution may, within or after
expiration of the period of list, provide
services for the
enterprises involving in the title transaction and help to bring
about deals between
the enterprises through organizing
negotiation or providing consultation.
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Article
25 After
expiration of the period of list, the title transaction
institution shall organize transaction
according to the manner
of transfer which determined by the transferor.
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Article
26
After conclusion of the transaction, the parties to the
transaction may conclude a contract of
title transaction with a
reference to the model contract which provided by the title
transaction
institution.
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Article
27 The
contents of a contract of title transaction shall include:
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(1)
Name, domicile and name of legal representative of the
transferor and transferee;
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(2)
Transaction object, price, cost and means and time for the
payment;
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(3)
Guarantee for authenticity and validity of the title to be
transferred which provided by the
transferor;
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(4)
Disposal of creditor' s
rights, debts, profit and loss of the transferor;
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(5)
Matters concerning title transaction of the transferor;
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(6)
Assumption of relevant tax and cost incurred in the transaction;
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(7)
Conditions for alteration and cancellation of contract;
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(8)
Liabilities for breaching of contract and manners for solution
of disputes; and
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(9)
Other contents as the parties considered necessary to be agreed
upon.
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Article
28
Any title transaction shall not damage the rights and interests
of other creditors. In the case
that the creditor' s
rights and debts of the transferor are to be transferred with
the title, such matters shall be
agreed upon by the parties to
the contract of title transaction.
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Article
29
After conclusion of the transaction, the parties to the
transaction shall present full copy of
materials of information
related to the title transaction and the contract of title
transaction
for authentication by the title transaction
institution.
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Article
30
After receiving full copy of required materials and contract of
title transaction, the title transaction
institution shall go
through and authenticate the authenticity of the following
matters:
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(1)
Qualification of the transferor and transferee of the title
transaction;
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(2)
Information concerning the title transaction and its relevancy
with the transferor;
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(3)
Price for transaction;
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(4)
Procedures for transaction; and
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(5)
Essential contract clauses and conditions for transaction.
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Article
31
The parties to the title transaction shall handle relevant
modification procedures before the authorities
in charge of
state-owned assets, taxation, foreign trade and economy
cooperation, industry and
commerce, bank, land, labor, social
safeguard, public security and public utility with presentation
of contract of title transaction which authenticated by the
title transaction institution. The relevant authorities
shall
deal with and finish the procedures within stipulated time
limit.
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Article
32
The following titles shall not be transferred:
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(1)
Unidentified or disputed titles;
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(2)
Mortgaged titles which having not been approved to be
transferred by the mortgagee;
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(3)
Titles having been preserved in litigation or compulsory
enforced which having not been approved
by the competent people' s
court to be transferred;
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(4)
Titles that are prohibited to be transferred by laws,
regulations and government; and
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(5)
Under other circumstances that titles having been restricted of
right of disposing.
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Article
33
In case the transaction of title involves national safety,
national defense, sophisticated technique
and national secret,
the title shall be transferred in accordance with relevant state
rules.
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Article
34
The title transaction shall be suspended if it falls into the
following circumstances:
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(1)
Any third party lodges an objection against the title to be
transferred during the transaction,
and the dispute has not yet
been ruled;
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(2)
The transactions can not be carried on due to irresistible
force;
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(3)
Other circumstances that the transaction shall be suspended
according to law.
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Article
35
The title transaction shall be terminated in case it falls into
the following circumstances:
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(1)
Where new situation comes forth, the state-owned assets
administrative authority affirms that
the transferor has no
right to transfer the title and issues written notice of
termination of transaction;
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(2)
The title lost naturally due to irresistible force; and
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(3)
Other circumstances that the transaction shall be terminated
according to law.
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Article
36
The title transaction institution shall establish file database
for registration of transaction
of titles and formulate rules
for preservation and inquiry of the database.
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Chapter
V Legal Responsibilities
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Article
37
In case the parties to the title transaction fail to handle the
transaction of title of state-owned
and collective in public as
stipulated, the title transaction institution shall report to
relevant
authority, which shall investigate and fix
administrative liability upon relevant unit or person liable and
shall turn over them to the judicial authorities if their acts
constitute a crime.
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Article
38
Where the parties to the transaction submit certification
documents involving false, gross mistake
or seriously mislead
contents, which results in detriment to others, they shall be
liable for compensation.
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Article
39 In
case the parties to the transaction commit the following acts,
the title transaction institution
shall report to relevant
authority, which shall investigate and fix administrative
liability upon
relevant unit or person liable and shall turn
over them to the judicial authorities if their acts constitute a
crime:
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(1)
The transferor transferring title of state-owned and collective
without authorization, which
results in loss of state-owned
assets;
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(2)
The parties to the transaction of title collaborating
maliciously and stooping to deception,
which results in
detriment to interests of the state, collective and others;
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(3)
Depressing or excessively bidding up transaction price or
improve conditions for transaction
intentionally, which
seriously hampers the transaction of title;
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(4)
Violating rules for title transaction;
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(5)
Other acts as prohibited by laws and regulations.
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Article
40 In
case any authentication personnel colludes with the parties
involving in the title transaction,
which results in detriment
to benefits of the state, collective and any third party, they
shall
bear civil liability or be prosecuted for criminal
liability in case they commit a crime.
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Article
41
In case the title transaction institution stoops to deception
and abuses power for personal gain,
which results in detriment
to legal rights and interests of the parties to the transaction,
it
shall be punished by warning, fine, shutout respectively
according to the circumstances of violation by relevant
governmental authority.
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Article
42
In case the state-owned assets administrative authority carries
out examine and approve procedure
against rules, the persons
directly liable shall be investigated for liabilities.
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Article
43
In case relevant governmental authority illegally handles or
refuses to handle title alteration
procedure, the persons
directly liable shall be investigated for liabilities.
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Article
44 In
case any agencies such as finance advisor institution,
accountants firm, law office and assets
assessment institution,
when handling and providing statement, report and certificate
which required
by title transaction institution, collaborates
with parties to the transaction and issues false documents, they
shall be punished by relevant authority with assistance of the
title transaction institution according
to the law; while they
shall be liable for compensation in case incurs detriment to
others; in
case their acts constitute a crime, they shall be
prosecuted for criminal liability.
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Chapter
VI Supplementary Provisions
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Article
45
Title transaction institution may collect a certain amount of
fees when handling transaction of
titles. The charging standard
shall be checked and ratified by municipal administrative
authority
for prices in the presence of municipal state-owned
assets administrative authority.
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Article
46
These measures shall take effect as of April 1, 2003.
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