Article 66 of Questions and Answers on the Implementation Points of the New Company Law： Chapter 5： Shareholders’ Rights and Equity Transfer System

Chapter V Shareholders’ Rights and Equity Transfer System

47. When the equity of a limited liability company is transferred, when can the transferee claim to exercise the shareholders’ rights from the company?

The company has an important legal status in the equity transfer, and the company shall be notified of the equity transfer. The change of the shareholders’ register is a sufficient condition for the transferee to obtain the equity, and it is also an important certificate for the shareholders to claim to exercise their rights to the company. The company shall change the shareholders’ register in time after knowing the fact of the equity transfer. When the company completes the act of changing the register of shareholders, it means that the company has recognized the transferee to join the company as a new shareholder, and the transferee enjoys the corresponding shareholder rights.

Legal tip: Before the equity registration change is completed, the equity enjoyed by the transferee shall not be opposed to a bona fide third party. If the company refuses to change, resulting in the corresponding losses of the transferee, the company shall be liable for compensation, and the company may also pursue the legal liability for violating the fiduciary duty from the responsible directors and senior management.

Comparison between old and new laws:

The new company law, the original company law and related regulations

Article 86 Where a shareholder transfers his equity, he shall notify the company in writing and request to change the register of shareholders. Where it is necessary to go through the registration of change, and request the company to go through the registration of change with the company registration authority. If the company refuses or fails to reply within a reasonable period of time, the transferor and transferee may bring a lawsuit to the people’s court according to law.

In the case of equity transfer, the transferee may claim the exercise of shareholders’ rights from the time it is recorded in the register of shareholders.

Article 73 After the equity is transferred in accordance with Articles 71 and 72 of this Law, the company shall cancel the capital contribution certificate of the original shareholder, issue the capital contribution certificate to the new shareholder, and modify the records of shareholders and their capital contribution in the Articles of Association and the register of shareholders accordingly. This amendment to the Articles of Association does not need to be voted by the shareholders’ meeting.

48, after the implementation of the new "Company Law", the legitimate rights and interests of subsidiaries have been infringed, but the subsidiaries have not or are slow to safeguard their rights and interests, do the shareholders of the parent company have the right to bring a lawsuit in their own name?

Eligible shareholders may bring a lawsuit on behalf of the company if the board of directors and the board of supervisors fail or refuse to perform their duties; Shareholders of the parent company can also exercise the right to file a lawsuit on behalf of the wholly-owned subsidiary according to their shareholder relationship with the parent company and the shareholding structure of the parent company, and the litigation effect belongs to the subsidiary rather than the parent company. Just like the shareholder’s representative lawsuit, the shareholders of the parent company should perform the pre-procedure and exhaust internal remedies when they file a representative lawsuit, otherwise they have no right to file a representative lawsuit.

Legal Tip: The shareholding requirements of the qualified plaintiff in the shareholder’s dual representative lawsuit depend on the company type of the parent company, that is, when the parent company is a joint stock limited company, it must hold more than 1% of the shares of the parent company for more than 180 consecutive days, and the limited liability company can hold the shares of the parent company. When it becomes a shareholder of the parent company and the shareholding ratio will not affect the plaintiff’s subject qualification. In order to cooperate with the dual representative litigation, the shareholders of the parent company can exercise the right to know about the wholly-owned subsidiaries if they meet the conditions.

Comparison between old and new laws:

The new company law, the original company law and related regulations

Article 110 Shareholders have the right to consult and copy the company’s articles of association, shareholders’ register, minutes of shareholders’ meetings, resolutions of board meetings, resolutions of board meetings, and financial and accounting reports, and make suggestions or queries on the company’s operation.

Where shareholders who individually or collectively hold more than 3% of the company’s shares for more than 180 consecutive days request to consult the company’s accounting books and vouchers, the provisions of paragraphs 2, 3 and 4 of Article 57 of this Law shall apply. Where the articles of association have lower provisions on the shareholding ratio, such provisions shall prevail.

The provisions of the preceding two paragraphs shall apply to shareholders who request to consult and copy the relevant materials of wholly-owned subsidiaries of the company.

Shareholders of listed companies shall abide by the provisions of the Securities Law of People’s Republic of China (PRC) and other laws and administrative regulations when consulting and copying relevant materials.

Article 97 Shareholders have the right to consult the Articles of Association, the register of shareholders, corporate bond stubs, minutes of shareholders’ general meetings, resolutions of board meetings, resolutions of board meetings and financial and accounting reports, and make suggestions or queries on the operation of the company.

Article 189 Where a director or senior manager is in any of the circumstances specified in the preceding article, shareholders of a limited liability company or shareholders of a joint stock limited company who individually or collectively hold more than 1% of the company’s shares for more than 180 consecutive days may request the board of supervisors to file a lawsuit in a people’s court in writing; Where the supervisor is in any of the circumstances specified in the preceding article, the aforesaid shareholders may request the board of directors to bring a lawsuit to the people’s court in writing.

If the board of supervisors or the board of directors refuses to bring a lawsuit after receiving the written request of the shareholders specified in the preceding paragraph, or fails to bring a lawsuit within 30 days from the date of receiving the request, or the interests of the company will be irretrievably damaged if the case is urgent and the lawsuit is not brought immediately, the shareholders specified in the preceding paragraph have the right to bring a lawsuit directly to the people’s court in their own name for the interests of the company.

If others infringe upon the legitimate rights and interests of the company and cause losses to the company, the shareholders specified in the first paragraph of this article may bring a lawsuit to the people’s court in accordance with the provisions of the preceding two paragraphs.

Where the directors, supervisors and senior managers of a wholly-owned subsidiary of the company are in any of the circumstances specified in the preceding article, or others infringe upon the legitimate rights and interests of the wholly-owned subsidiary of the company and cause losses, shareholders of a limited liability company or shareholders of a joint stock limited company who individually or collectively hold more than one percent of the company’s shares for more than 180 consecutive days may, in accordance with the provisions of the preceding three paragraphs, request in writing the board of supervisors and the board of directors of the wholly-owned subsidiary to file a lawsuit in a people’s court or directly file a lawsuit in their own name.

Article 151 Where a director or senior manager has any of the circumstances specified in Article 149 of this Law, shareholders of a limited liability company or shareholders of a joint stock limited company who individually or collectively hold more than 1% of the company’s shares for more than 180 consecutive days may request in writing the board of supervisors or supervisors of a limited liability company without a board of supervisors to bring a lawsuit to the people’s court; Where the supervisor is in any of the circumstances specified in Article 149 of this Law, the aforementioned shareholders may request in writing the board of directors or the executive director of a limited liability company without a board of directors to bring a lawsuit to the people’s court.

Where the board of supervisors, supervisors of a limited liability company without a board of supervisors, or the board of directors and executive directors refuse to bring a lawsuit after receiving the written request from the shareholders specified in the preceding paragraph, or fail to bring a lawsuit within 30 days from the date of receiving the request, or the interests of the company will be irretrievably damaged if the case is urgent and the lawsuit is not brought immediately, the shareholders specified in the preceding paragraph have the right to bring a lawsuit directly to the people’s court in their own name for the benefit of the company.

49. Can the company refuse the request of shareholders to consult accounting books and accounting vouchers?

Shareholders’ right to know involves the balance of interests between the company and shareholders. While protecting shareholders’ rights, we should also take into account the overall interests of the company to prevent shareholders from abusing the right to know and harming the interests of the company. Accounting vouchers include original vouchers and accounting vouchers, which can directly reflect the dynamic economic business of enterprises. By consulting the company’s accounting vouchers, shareholders can more directly understand the company’s operation, which is conducive to reducing the negative impact of information asymmetry on the protection of shareholders’ legitimate rights and interests. Under normal circumstances, accounting vouchers are also the scope for shareholders to exercise their right to know. However, since the company’s accounting books and vouchers belong to the company’s sensitive information, if the company has evidence to prove that the shareholders have improper purposes, which may harm the company’s interests, it may refuse to consult the request and give a written reply to the shareholders within 15 days from the date of the shareholders’ written request and explain the reasons.

Legal tip: shareholders can only exercise their right to know accounting vouchers by "consulting" and have no right to copy them. Shareholders’ access to accounting vouchers should be related to the purpose of their written request, and shareholders have no right to access them beyond the scope of the purpose of access.

Comparison between old and new laws:

The new company law, the original company law and related regulations

Article 57 Shareholders have the right to consult and copy the Articles of Association, the register of shareholders, minutes of shareholders’ meetings, resolutions of board meetings, resolutions of board meetings and financial accounting reports.

Shareholders may request to consult the company’s accounting books and vouchers. Where a shareholder requests to consult the company’s accounting books and vouchers, he shall submit a written request to the company, explaining the purpose. If the company has reasonable grounds to believe that shareholders have improper purposes in consulting accounting books and accounting vouchers, which may harm the legitimate interests of the company, it may refuse to provide access, and shall give a written reply to shareholders within 15 days from the date of their written request and explain the reasons. If the company refuses to provide inspection, the shareholders may bring a lawsuit to the people’s court.

Shareholders may entrust accounting firms, law firms and other intermediaries to consult the materials specified in the preceding paragraph.

Shareholders and their entrusted accounting firms, law firms and other intermediaries shall abide by the provisions of laws and administrative regulations on the protection of state secrets, business secrets, personal privacy and personal information when consulting and copying relevant materials.

The provisions of the preceding four paragraphs shall apply to shareholders who request to consult and copy the relevant materials of wholly-owned subsidiaries of the company.

Article 33 Shareholders have the right to consult and copy the Articles of Association, minutes of shareholders’ meetings, resolutions of board meetings, resolutions of board meetings and financial and accounting reports.

Shareholders may request to consult the company’s accounting books. Where a shareholder requests to consult the company’s accounting books, he shall submit a written request to the company, explaining the purpose. If the company has reasonable grounds to believe that the shareholders’ access to the accounting books has improper purposes, which may harm the legitimate interests of the company, it may refuse to provide access, and shall give a written reply to the shareholders within 15 days from the date of the shareholders’ written request and explain the reasons. If the company refuses to provide inspection, the shareholders may request the people’s court to require the company to provide inspection.

The provisions of the preceding two paragraphs shall apply to shareholders who request to consult and copy the relevant materials of wholly-owned subsidiaries of the company.

50. Do shareholders need to state their purpose when exercising their right to know?

Shareholders’ right to know is the right for shareholders to obtain company information and understand the company’s situation, the premise for shareholders to participate in the decision-making on major issues of the company, and the basis for shareholders to exercise other rights smoothly. Therefore, when shareholders consult the articles of association, shareholders’ register, minutes of shareholders’ meeting, minutes of board meeting, minutes of board meeting and financial accounting report, it is unnecessary to state the purpose of consulting. Only when consulting accounting books and accounting vouchers, it should be based on legitimate and goodwill purposes and directly related to its status or interests as a shareholder. If the shareholders are not for the above-mentioned purposes, but have a substantial competitive business relationship with the company’s main business because they are self-employed or operate for others, or the company may damage the company’s interests in order to inform others of the relevant information, or the company has evidence to prove that the shareholders have informed others of the relevant information by exercising the right to know, it may be regarded as having an improper purpose, and the company may refuse the inquiry request.

Legal Tip: When exercising the right to know, shareholders should abide by laws and administrative regulations such as keeping state secrets, business secrets, personal privacy, personal information, etc. If shareholders and their assistants violate confidentiality obligations and cause damage to the company’s interests, they should bear relevant tort liability.

Comparison between old and new laws:

The new company law, the original company law and related regulations

Shareholders may request to consult the company’s accounting books and vouchers. Where a shareholder requests to consult the company’s accounting books and vouchers, he shall submit a written request to the company, stating the purpose. If the company has reasonable grounds to believe that shareholders have improper purposes in consulting accounting books and accounting vouchers, which may damage the legitimate rights and interests of the company, it may refuse to provide access, and shall give a written reply to shareholders within 15 days from the date of their written request and explain the reasons. If the company refuses to provide inspection, the shareholders bring a lawsuit to the people’s court.

Shareholders may entrust accounting firms, law firms and other intermediaries to consult the materials specified in the preceding paragraph.

The provisions of the preceding four paragraphs shall apply to shareholders who request to consult and copy the relevant materials of wholly-owned subsidiaries of the company.

Article 8 of Judicial Interpretation IV of the Company Law If a limited liability company has evidence to prove that its shareholders have any of the following circumstances, the people’s court shall determine that the shareholders have "improper purposes" as stipulated in the second paragraph of Article 33 of the Company Law:

(1) Where a shareholder runs a business that is substantially competitive with the company’s main business on his own account or for others, unless otherwise stipulated in the articles of association or agreed by all shareholders;

(2) Shareholders consult the company’s accounting books in order to inform others about relevant information, which may harm the legitimate interests of the company;

(3) Shareholders have informed others of relevant information by consulting the company’s accounting books within three years before the date of filing a request for consulting with the company, which has harmed the legitimate interests of the company;

(4) Other circumstances in which shareholders have improper purposes.

51. After the shareholders of a limited liability company transfer their shares to the outside world and other shareholders claim to exercise the preemptive right, can the transferring shareholders give up the transfer?

Shareholders’ property ownership is protected by law, and shareholders enjoy the right to dispose of their own property freely according to law. Before the transferring shareholder has not signed an agreement with the transferee, the transferring shareholder’s disposition of property ownership is not restricted. When it is not satisfied that it can transfer its equity to a specific transaction object selected by it, it has the right to give up the equity transfer and not sign an equity transfer contract with the intended transferee.

Legal tip: Protecting other shareholders’ preemptive right is the condition of equity transfer, but it doesn’t mean that shareholders have no right to refuse other shareholders to exercise their preemptive right. As long as shareholders give up the external transfer of equity, they can continue to hold equity.

Comparison between old and new laws:

The new company law, the original company law and related regulations

Article 84 Shareholders of a limited liability company may transfer all or part of their shares to each other.

Where a shareholder transfers his equity to a person other than a shareholder, he shall notify other shareholders in writing of the quantity, price, payment method and time limit of his equity transfer, and other shareholders shall have the preemptive right under the same conditions. If the shareholder fails to reply within 30 days from the date of receiving the written notice, it shall be deemed as giving up the preemptive right. Where two or more shareholders exercise the preemptive right, their respective purchase proportions shall be determined through consultation; If negotiation fails, the preemptive right shall be exercised in accordance with their respective investment proportions at the time of transfer.

Where there are other provisions on equity transfer in the articles of association, such provisions shall prevail.

Article 20 of Judicial Interpretation 4 of the Company Law, if the transferring shareholder of a limited liability company refuses to transfer the equity after other shareholders claim the preemptive right, the people’s court will not support the claim of the preemptive right of other shareholders, unless otherwise stipulated in the articles of association or agreed by all shareholders. If other shareholders claim that it is reasonable to transfer shareholders to compensate their losses, the people’s court shall support them.

52. How can the transferee seek relief if it is found that the capital contribution corresponding to the equity has escaped or is untrue after the equity is transferred?

After the capital contribution is withdrawn or the equity transfer with false capital contribution is made, the transferor and the transferee shall be jointly and severally liable within the scope of insufficient capital contribution, but if the transferee has evidence to prove that he did not know and should not have known of the above situation, the transferor shall be liable. If the transferee discovers it in time, he may exercise the right to terminate the contract or cancel it, etc. After assuming the responsibility for not finding it in time, you can recover from the transferor and ask him to bear the liability for breach of contract.

Legal tip: The transferee shall fulfill the corresponding due diligence obligation and carefully verify the capital contribution of the equity to be transferred. At the same time, it may stipulate in the contract the liability for withdrawing capital contribution or making false capital contribution and the transferor’s liability for breach of contract.

Comparison between old and new laws:

The new company law, the original company law and related regulations

Article 88 Where a shareholder transfers the equity that has subscribed for capital contribution but has not yet reached the deadline for capital contribution, the transferee shall bear the obligation to pay the capital contribution; If the transferee fails to pay the capital contribution in full and on time, the transferor shall bear supplementary responsibilities for the capital contribution that the transferee fails to pay on time.

If a shareholder fails to pay the capital contribution according to the date stipulated in the Articles of Association or the actual price of the non-monetary property as capital contribution is significantly lower than the subscribed capital contribution, the transferor and transferee shall bear joint liability within the scope of insufficient capital contribution; If the transferee does not know and should not know of the above situation, the transferor shall bear the responsibility. Article 18, paragraph 1, of Interpretation III of the Company Law, the shareholders of a limited liability company transfer their shares without fulfilling or fully fulfilling their capital contribution obligations, and the transferee knows or should know that if the company requests the shareholders to fulfill their capital contribution obligations and the transferee is jointly and severally liable for this, the people’s court shall support it; If the creditors of the company bring a lawsuit to the shareholder in accordance with the second paragraph of Article 13 of these Provisions, and at the same time request the transferee to bear joint and several liability for this, the people’s court shall support it.

53. The company has not made a resolution of shareholders’ meeting on profit distribution. Can shareholders sue for profit distribution?

Profit distribution right is an important right of shareholders, but whether and how much the company distributes profits is a matter of independent decision-making in principle, based on the business judgment made by the company. According to the company’s capital situation and future development plan, the company can make a decision to distribute profits, or not to distribute profits according to business needs. When the shareholders’ meeting fails to make a resolution on the distribution of profits, the people’s court generally does not support the shareholders’ lawsuit requesting the distribution of profits.

Legal Tip: Although the shareholders have no right to ask the company to distribute profits when the shareholders’ meeting of the company fails to make a resolution, unless the shareholders provide evidence to prove that the company does not distribute profits due to the abuse of shareholders’ rights in violation of the law, it will cause losses to other shareholders. The purpose of shareholders’ investment is to obtain investment income. If the company does not distribute profits to shareholders of the company for five consecutive years in line with the profit distribution, shareholders have the right to request the company to buy back their shares.

Comparison between old and new laws:

The new company law, the original company law and related regulations

Article 210 When distributing the after-tax profits of the current year, the company shall allocate 10% of the profits to the company’s statutory reserve fund. If the accumulated amount of the statutory common reserve fund of the company is more than 50% of the registered capital of the company, it may not be withdrawn.

If the statutory reserve fund of the company is insufficient to make up for the losses of the previous year, the profits of the current year shall be used to make up for the losses before the statutory reserve fund is withdrawn in accordance with the provisions of the preceding paragraph.

After the company withdraws the statutory reserve fund from the after-tax profit, it can also withdraw any reserve fund from the after-tax profit after the resolution of the shareholders’ meeting.

The after-tax profits of the company after making up the losses and withdrawing the common reserve fund shall be distributed by the limited liability company according to the proportion of the capital contribution actually paid by the shareholders, unless all the shareholders agree not to distribute the profits according to the proportion of the capital contribution; A joint stock limited company distributes profits according to the proportion of shares held by shareholders, unless otherwise stipulated in the articles of association.

The company’s shares held by the company shall not be distributed with profits.

Article 166 When distributing the after-tax profits of the current year, the company shall allocate 10% of the profits to the company’s statutory reserve fund. If the accumulated amount of the statutory common reserve fund of the company is more than 50% of the registered capital of the company, it may not be withdrawn.

After the company withdraws the statutory reserve fund from the after-tax profits, it may also withdraw any reserve fund from the after-tax profits upon the resolution of the shareholders’ meeting or shareholders’ meeting.

The after-tax profits of the company after making up the losses and withdrawing the provident fund shall be distributed by the limited liability company in accordance with the provisions of Article 34 of this Law; A joint stock limited company shall distribute shares according to the proportion of shares held by shareholders, unless the articles of association of a joint stock limited company stipulate that the shares shall not be distributed according to the proportion of shares held.

If the shareholders’ meeting, shareholders’ general meeting or the board of directors violates the provisions of the preceding paragraph and distributes profits to shareholders before the company makes up losses and withdraws the statutory reserve fund, the shareholders must return the profits distributed in violation of the provisions to the company.

The company’s shares held by the company shall not be distributed with profits.

54. After the implementation of the new Company Law, how can a joint stock limited company issue classified shares?

According to the company’s articles of association, a joint stock limited company may issue the following types of shares: shares with priority or inferior distribution of profits or residual property; Shares with more or less voting rights per share than ordinary shares; The transfer of restricted shares shall be subject to the consent of the company; Other types of units specified by the State Council. A company that publicly issues shares, except those that have been issued before the public offering, can only issue preferred shares or inferior shares in principle; In the election and replacement of supervisors or members of the audit committee, preferred shares or inferior shares enjoy the same voting rights as ordinary shares.

Legal tip: shareholders of classified shares are usually in a weak position in corporate governance, so companies that issue classified shares should specify measures to protect the rights and interests of minority shareholders in their articles of association, so as to prevent the issuance of classified shares from violating the concept of substantive equality of shareholders. The supervisor and the audit committee are supervision individuals of the company. Shareholders of preferred shares (inferior shares) and voting shares are required to keep the same number of voting rights as those of ordinary shareholders when the above members are elected and replaced, which can prevent them from improperly interfering with the exercise of the company’s supervision right by virtue of the selection of supervisors and damaging the legitimate rights of ordinary shareholders.

Comparison between old and new laws:

The new company law, the original company law and related regulations

Article 144 A company may, in accordance with the provisions of its articles of association, issue the following types of shares with rights different from those of ordinary shares:

(a) the priority or inferior distribution of profits or shares of surplus property;

(2) Shares with more or less voting rights per share than ordinary shares;

(3) The transfer of shares subject to restrictions such as the consent of the company;

(4) Other types of units specified by the State Council.

A company that publicly issues shares may not issue shares of the categories specified in Items 2 and 3 of the preceding paragraph; Except those that have been issued before the public offering.

Where the company issues the classified shares specified in Item 2 of Paragraph 1 of this Article, the number of voting rights of the classified shares is the same as that of the common shares for the election and replacement of the supervisors or members of the audit committee.

Article 145 A company that issues class shares shall specify the following items in its articles of association:

(1) The order in which the class shares distribute profits or surplus property;

(2) The number of voting rights of class shares;

(3) restrictions on the transfer of class shares;

(4) Measures to protect the rights and interests of minority shareholders;

(5) Other matters that the shareholders’ meeting deems necessary.

Article 131 the State Council may make separate regulations on the issuance of shares of companies other than those specified in this Law.

55. Is the stock holding behavior of listed companies prohibited?

As a public company, the ownership structure and actual control of listed companies must be open and transparent to ensure that investors can understand the company’s operating conditions and risks. Individuals or institutions should strictly abide by the provisions of laws and administrative regulations, such as the nominal holding system in Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect, and the settlement institution recorded in the register of shareholders of listed companies is the nominal holder. This kind of apparent holding is a legal institutional arrangement and should not be denied. However, if the consignment behavior affects the truthfulness, accuracy and completeness of the information disclosure of listed companies, causing investors to misjudge the listed companies and related situations, or even hiding criminal acts such as corruption and bribery, it is prohibited.

Legal Tip: Most of the regulations on the stock consignment behavior of listed companies focus on the rules and regulations of the CSRC. The core criterion is whether the consignment behavior seriously damages the financial security of the country or the management order in a specific field. If the departmental rules and regulations reflect the principled value orientation of financial management and financial security, violating the relevant regulations may lead to the behavior being invalid because it violates the principle of good faith or the principle of public order and good customs.

Comparison between old and new laws:

The new company law, the original company law and related regulations

Article 140th A listed company shall disclose the information of shareholders and actual controllers according to law, and the relevant information shall be true, accurate and complete.

It is forbidden to hold shares of listed companies in violation of laws and administrative regulations.

The information disclosed by the information disclosure obligor in the second paragraph of Article 78 of the Securities Law shall be true, accurate, complete, concise, clear and easy to understand, and there shall be no false records, misleading statements or major omissions.

56. Can a subsidiary of a listed company acquire the shares of the listed company?

A holding subsidiary of a listed company shall not directly or indirectly purchase or hold shares of the listed company. If it holds shares of the listed company due to company merger, pledge exercise and other reasons, it shall not only exercise the right to vote, but also dispose of the shares of the listed company in a timely manner. Cross-shareholding between listed companies and their holding subsidiaries is prohibited, so as to ensure that the relationship between them is transparent, fair and independent, prevent potential conflicts of interest and improper control, and safeguard the stability and fairness of the capital market.

Legal Tip: The holding subsidiary of a listed company should dispose of its shares in a timely manner. If the holding subsidiary of a listed company does hold shares for special reasons according to the Listing Rules of Shenzhen Stock Exchange, the situation should be eliminated within one year.

Comparison between old and new laws:

The new company law, the original company law and related regulations

Article 141 A holding subsidiary of a listed company shall not acquire shares of the listed company.

Where a holding subsidiary of a listed company holds shares of the listed company due to company merger, pledge exercise and other reasons, it shall not exercise the voting rights corresponding to the shares held, and shall dispose of the shares of the listed company in a timely manner.

To be continued.

Original title: "Article 66 Questions and Answers on the Implementation Points of the New Company Law" Part V: Shareholders’ Rights and Equity Transfer System "

Read the original text