Decision of the Standing Committee of the National People's Congress on Amending the Law of the People's Republic of China on Commercial Banks
Decision of the Standing Committee of the National People's Congress on Amending the Law of the People's Republic of China on Commercial Banks
Decision of the Standing Committee of the National People's Congress on Amending the Law of the People's Republic of China on Commercial Banks
Order of the President of the People's Republic of China [2003] No.13
December 27, 2003
Adopted at the 6th session of the Standing Committee of the Tenth National People's Congress on December 27, 2003, the Decision of the Standing Committee of the National People's Congress on Amending the Law of the People's Republic of China on Commercial Banks is hereby promulgated and implemented as of February 1, 2004.
Hu Jintao, President of the People's Republic of China
Decision of the Standing Committee of the National People's Congress on Amending the Law of the People's Republic of China on Commercial Banks
Adopted at the 6th session of the Standing Committee of the Tenth National People's Congress on December 27, 2003
I. Sub-paragraph 4 of Paragraph 1 of Article 3 is revised to read: "Handling acceptance and discount of negotiable instruments;" Sub-paragraph 7 thereof is revised to read: "Buying and selling government bonds or financial bonds;" and a new Sub-paragraph 10 is added to read: "Engaging in bank card business;".
A new Paragraph 3 is added to read: "A commercial bank may engage in foreign exchange settlement and sale businesses with the approval of the People's Bank of China."
II. Paragraph 1 of Article 4 is revised to read: "Commercial banks shall work under the principles of security, liquidity and efficiency, with full autonomy and assume sole responsibility for their own risks, profits and losses, and with self-restraint."
III. Article 10 is revised to read: "Commercial banks shall be subject to the supervision of the banking regulatory organ of the State Council according to law, unless otherwise the law prescribes that the relevant business thereof shall be subject to the supervision of any other regulatory department or organ, the provisions shall prevail." And the term "the People's Bank of China" is revised as "the banking regulatory organ of the State Council" accordingly in Article 3, Article 11, Article 14 to Article 16, Article 19 to Article 21, Article 23, Paragraph 1 of Article 24, Article 25, Article 39, Article 56, Article 62, Article 64, Article 65, and Article 67 to Article 71.
IV. Subparagraph 3 of Paragraph 1 of Article 12 is revised to read: "Having directors and senior management personnel with professional knowledge in holding the post and work experiences".
Paragraph 2 thereof is revised to read: "Other prudential conditions shall also be met for the establishment of a commercial bank."
V. Article 13 is revised to read: "The minimum amount of registered capital for establishing a national commercial bank shall be CNY1 billion. The minimum amount of registered capital for establishing a city commercial bank shall be CNY100 million, and for a rural commercial bank the minimum amount of registered capital shall be CNY50 million. The registered capital shall be paid-in capital.
The banking regulatory organ of the State Council may adjust the minimum amount of registered capital as required for prudential supervision, but the amounts thereof shall be no less than the amount as prescribed in the preceding paragraph."
VI. Sub-paragraph 2 of Article 15 is revised to read: "Qualification certificates of the directors and senior management personnel to assume the posts;" and Sub-paragraph 5 is revised to read: "Certificates of credibility and relevant documents of the shareholders who hold more than 5% of the registered capital".
VII. Paragraph 1 of Article 18 is revised to read: "A wholly state-owned commercial bank shall set up a board of supervisors, and the measures for its formation shall be prescribed by the State Council."
VIII. Sub-paragraph 5 of Paragraph 1 of Article 24 is revised to read: "Alteration of shareholders who hold more than 5% of the total amount of capital or shares".
Paragraph 2 thereof is revised to read: "In case of replacing any director or senior management personnel, a commercial bank shall report to the banking regulatory organ of the State Council for examination on their qualifications for assuming the posts."
IX.
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Order of the President of the People's Republic of China [2003] No.13
December 27, 2003
Adopted at the 6th session of the Standing Committee of the Tenth National People's Congress on December 27, 2003, the Decision of the Standing Committee of the National People's Congress on Amending the Law of the People's Republic of China on Commercial Banks is hereby promulgated and implemented as of February 1, 2004.
Hu Jintao, President of the People's Republic of China
Decision of the Standing Committee of the National People's Congress on Amending the Law of the People's Republic of China on Commercial Banks
Adopted at the 6th session of the Standing Committee of the Tenth National People's Congress on December 27, 2003
I. Sub-paragraph 4 of Paragraph 1 of Article 3 is revised to read: "Handling acceptance and discount of negotiable instruments;" Sub-paragraph 7 thereof is revised to read: "Buying and selling government bonds or financial bonds;" and a new Sub-paragraph 10 is added to read: "Engaging in bank card business;".
A new Paragraph 3 is added to read: "A commercial bank may engage in foreign exchange settlement and sale businesses with the approval of the People's Bank of China."
II. Paragraph 1 of Article 4 is revised to read: "Commercial banks shall work under the principles of security, liquidity and efficiency, with full autonomy and assume sole responsibility for their own risks, profits and losses, and with self-restraint."
III. Article 10 is revised to read: "Commercial banks shall be subject to the supervision of the banking regulatory organ of the State Council according to law, unless otherwise the law prescribes that the relevant business thereof shall be subject to the supervision of any other regulatory department or organ, the provisions shall prevail." And the term "the People's Bank of China" is revised as "the banking regulatory organ of the State Council" accordingly in Article 3, Article 11, Article 14 to Article 16, Article 19 to Article 21, Article 23, Paragraph 1 of Article 24, Article 25, Article 39, Article 56, Article 62, Article 64, Article 65, and Article 67 to Article 71.
IV. Subparagraph 3 of Paragraph 1 of Article 12 is revised to read: "Having directors and senior management personnel with professional knowledge in holding the post and work experiences".
Paragraph 2 thereof is revised to read: "Other prudential conditions shall also be met for the establishment of a commercial bank."
V. Article 13 is revised to read: "The minimum amount of registered capital for establishing a national commercial bank shall be CNY1 billion. The minimum amount of registered capital for establishing a city commercial bank shall be CNY100 million, and for a rural commercial bank the minimum amount of registered capital shall be CNY50 million. The registered capital shall be paid-in capital.
The banking regulatory organ of the State Council may adjust the minimum amount of registered capital as required for prudential supervision, but the amounts thereof shall be no less than the amount as prescribed in the preceding paragraph."
VI. Sub-paragraph 2 of Article 15 is revised to read: "Qualification certificates of the directors and senior management personnel to assume the posts;" and Sub-paragraph 5 is revised to read: "Certificates of credibility and relevant documents of the shareholders who hold more than 5% of the registered capital".
VII. Paragraph 1 of Article 18 is revised to read: "A wholly state-owned commercial bank shall set up a board of supervisors, and the measures for its formation shall be prescribed by the State Council."
VIII. Sub-paragraph 5 of Paragraph 1 of Article 24 is revised to read: "Alteration of shareholders who hold more than 5% of the total amount of capital or shares".
Paragraph 2 thereof is revised to read: "In case of replacing any director or senior management personnel, a commercial bank shall report to the banking regulatory organ of the State Council for examination on their qualifications for assuming the posts."
IX.
......