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TABLE OF CONTENTS CHAPTER I GENERAL PROVISIONS CHAPTER II OPENING OF SETTLEMENT ACCOUNTS CHAPTER III USE OF THE SETTLEMENT ACCOUNT CHAPTER IV ALTERATION AND CANCELLATION OF A SETTLEMENT ACCOUNT CHAPTER V ADMINISTRATION OF THE SETTLEMENT ACCOUNT CHAPTER VI RULES FOR PUNISHMENT CHAPTER VII SUPPLEMENTARY PROVISIONS CHAPTER I GENERAL PROVISIONS Article 1. In order to regulate the opening and use of RMB bank settlement accounts (hereinafter referred to settlement accounts), to strengthen the administration of the settlement accounts and to maintain the stability of the economic and financial order, the present Measures are enacted in accordance with the Law of the People's Republic of China on the People's Bank of China and the Law of the People's Republic of China on Commercial Banks. Article 2. The present Measures shall apply to the settlement accounts opened by the depositors with the banks within China. The depositors mentioned in the present Measures shall refer to the state organs, organizations, enterprises, public institutions, and other organizations (hereinafter collectively referred to entities), and individual industrial and commercial households and natural persons. The banks mentioned in the present Measures shall refer to the policy-oriented banks, commercial banks (including solely foreign-funded banks, Chinese-foreign equity joint banks, and branches of foreign banks), urban credit cooperatives and rural credit cooperatives within China that have been approved by the People's Bank of China to operate settlement business. The settlement accounts mentioned in the present Measures shall refer to the current RMB deposit accounts the banks open for the depositors to handle the settlement of funds. Article 3. Settlement accounts are divided into entity settlement accounts and individual settlement accounts according to the different nature of the depositors: (1) A settlement account opened by the depositor in the name of an entity is an entity settlement account. Entity settlement accounts are divided into basic deposit accounts, general deposit accounts, special deposit accounts and temporary deposit accounts according to the different purpose of use of the accounts. The settlement account opened by an individual industrial and commercial household on the strength of the business license and in the name of the business or the operator shall be subject to the administration of the entity settlement accounts; and (2) A settlement account opened by the depositor on the strength of the individual identity card and in the name of a natural person shall be an individual settlement account. The account opened by a postal savings agency for bank card services shall be subject to the administration of the individual settlement accounts. Article 4. The depositor of an entity settlement account may open only one basic deposit account with the bank. Article 5. A depositor shall open the settlement account at the place of registration or the place of domicile, with exception of the settlement accounts opened at other places (other provinces, cities and counties) allowed by the present Measures. Article 6. The opening of basic settlement accounts and temporary deposit accounts by the depositors and the opening of special deposit accounts by budget entities shall be subject to the ratification system, the opening bank shall issue the opening registration certificate upon ratification of the People's Bank of China, however, with the exception of the opening of temporary deposit accounts by the depositors for registration capital verification. Article 7. A depositor may independently choose to open the settlement account with any bank. Except for there are otherwise provisions in laws, administrative regulations and rules the State Council, no entity or individual may force a depositor to open the settlement account with any designated bank. Article 8. The opening and use of settlement accounts shall be in compliance with laws and administrative regulations, and the settlement accounts may not be used to evade taxes, avoid debts, illegally procure cash or in any other illegal activities. Article 9. A bank shall keep the information of the settlement accounts of the depositors confidential to themselves. With respect to the deposits and relevant materials of the entity settlement accounts, the bank shall have the right to refuse the enquiry by any entity or individual, except there are otherwise provisions in laws and administrative regulations of the state. With respect to the deposits and relevant materials of the individual settlement accounts, the bank shall have the right to refuse the enquiry by any entity or individual, except there are otherwise provisions in laws of the state. Article 10. The People's Bank of China is the regulatory department of the settlement accounts. CHAPTER II OPENING OF SETTLEMENT ACCOUNTS Article 11. The basic deposit account is the settlement account opened by a depositor for the needs of handling the daily settlement by transferring accounts and the receipt and payment of cash. The following depositors may apply for opening a basic deposit account: (1) Enterprises qualified as corporation; (2) Non-corporation enterprises; (3) State organs and public institutions; (4) Military troops, armed police troops, as well as the military units (detachments) at the regiment level or above carrying out separate duties; (5) Social organizations; (6) Civil-run non-enterprise organizations; (7) Permanent agencies detached at other places; (8) Foreign agencies stationed in China; (9) Individual businesses; (10) Residential committees, villagers' committees and community committees; (11) Affiliated independent accounting agencies set up by the entities; and (12) Other organizations. Article 12. A general deposit account is a settlement account opened by a depositor with the bank agency other than the bank opening the basic deposit account for the needs of borrowing money or handling other settlement. Article 13. A special deposit account is the settlement account opened by a depositor for special management and use of its fund of certain usage in accordance with laws, administrative regulations and rules. A depositor may apply for opening a special deposit account for the management and use of the following funds: (1) Fund for infrastructure construction; (2) Fund for renovation and restructuring; (3) Extra budgetary fund; (4) Fund for purchase of food, cotton and oil; (5) Fund for securities transaction settlement; (6) Security deposit for futures transaction; (7) Trust fund; (8) Inter-institution fund deposited by financial institutions; (9) Policy-oriented real estate development fund; (10) Reserve fund for bank cards of the entities; (11) Housing fund; (12) Social insurance fund; (13) Collected income and business expenditure; (14) Fund of the organizations set up in the entities by the party, league and trade union; and (15) Other funds subject to special management and use. Handed-in income and business expenditure refer to the income and expenditure of the affiliated non-independent-accounting entities or detached agencies of the depositors of basic deposit accounts. The special deposit account opened for collected income and business expenditure shall be in the name of the entity to which the agency is affiliated. Article 14. The temporary deposit account is the settlement account that is opened by the depositor for temporary needs and that is used within the prescribed time limit. In any of the following situations, a depositor may apply for opening a temporary deposit account: (1) Establishment of a temporary agency; (2) Temporary business activities at other places; (3) Registration capital verification. Article 15. The individual settlement account is the settlement account opened by a natural person to handle the payment by settlement for investment, consumption and settlement. In either of the following situations, the natural person may apply for opening an individual settlement account: (1) Using credit instruments such as checks and credit cards; (2) Handling the settlement businesses such as exchange, fixed-term debit, fixed-term credit, and debit cards. A natural person may, according to the needs, apply for opening an individual settlement account, or select from the saving accounts already opened and apply to the opening bank for confirming one as the individual settlement account. Article 16. In any of the following situations, the depositor may open the relevant settlement account at other places: (1) The depositor needs to open the basic deposit account where the place of registration of the business license and the place of business are not at the same administration area (in different provinces, cities, or counties); (2) Where the depositor needs to open the general deposit account for borrowing money from other places and for other settlements; (3) Where the depositor needs to open the special deposit account for the collected income and business expenditure of the its affiliated non-independent-accounting entities or detached agencies; (4) Where the depositor needs to open the temporary deposit account for temporary business activities at other places; or (5) Where the natural person depositor needs to open an individual settlement account at other places. Article 17. A depositor shall present the following certifications to the bank for applying for opening a basic deposit account: (1) If the depositor is an enterprise qualified as corporation, it shall present the original of its business license; (2) If the depositor is a non-corporation enterprise, it shall present the original of its business license; (3) If the depositor is a state organ or public institution subject to budget administration, the depositor shall present the approval document or registration certificate issued by the government personnel department or establishment committee, and the certificate of approval for opening account issued by the finance department; if the depositor is a public institution not subject to budget administration, it shall present the approval document or registration certificate issued by the government personnel department or establishment committee; (4) If the depositor is an army troop, armed police entity at the regiment level or above, or the unit (detachment) carrying out separate duties, the depositor shall present the certificate of account opening issued by the finance department of the troop entity above the army level or by the finance department of the armed police forces; (5) If the depositor is a social organization, it shall present its registration certificate, in case of a religious organization, it shall also present the approval document or certificate issued by the department of religious affairs administration; (6) If the depositor is a civil-run non-enterprise organization, it shall present the registration certificate of civil-run non-enterprise organization; (7) If the depositor is a permanent agency stationed at other place, it shall present the approval document issued by the competent department of the government of the place where the agency is located; (8) If the depositor is a foreign agency stationed in China, it shall present the approval document or certificate issued by the relevant competent department of the state; if the depositor is a representative office or agency of foreign-funded enterprise stationed in China, it shall present the registration certificate issued by the registration department of the state; (9) If the depositor is an individual industrial and commercial household, it shall issue the original of its business license; (10) If the depositor is a residential committee, villagers' committee or community committee, the depositor shall present the approval document or certificate issued by the department in charge of it; (11) If the depositor is an affiliated independent accounting agency, it shall present the opening registration certificate of its basic deposit account or the approval document issued by the department in charge of it; and (12) If the depositor is any other organization, it shall present the approval document or certificate issued by the competent department of the government. Where the depositor mentioned in this Article is a taxpayer engaged in production and business activities, it shall also present the tax registration certificate issued by the taxation department. Article 18. A depositor applying for opening a general deposit account shall present to the bank the certifications required for the opening of its basic deposit account, the opening registration certificate of the basic deposit account, and the following certifications: (1) Where the depositor needs to borrow money from the bank, it shall present the borrowing contract; and (2) Where the depositor needs to handle other settlements, it shall present the relevant certifications. Article 19. A depositor applying for opening a special deposit account shall present to the bank the certifications required for the opening of its basic deposit account, the opening registration certificate of the basic deposit account, and the following certifications: (1) With respect to the fund for infrastructure construction, fund for renovation and reformation, fund for policy-oriented real estate development, housing fund, and social insurance fund, the depositor shall present the approval document issued by the competent department; (2) With respect to the extra budgetary fund, the depositor shall present the certificate issued by the fiscal department; (3) With respect to the fund for purchase of food, cotton or oil, the depositor shall present the approval document issued by the competent department; (4) With respect to the reserve fund for entity bank card, the depositor shall present the relevant certificates and materials pursuant to the rules on bank cards approved by the People's Bank of China; (5) With respect to the securities transaction settlement fund, the depositor shall present the certificate issued by the securities company or the department of securities administration; (6) With respect to the security deposit for futures transaction, the depositor shall present the certificate issued by the futures company or the department of futures administration; (7) With respect to the inter-institution fund deposited at any financial institution, the depositor shall present the certificate of the financial institution; (8) With respect to the collected income and business expenditure, the depositor shall present the relevant certificate of the depositor of the basic deposit account; (9) With respect to the fund of the organization set up in an entity by the party, league or trade union, the depositor shall present the approval document or certificate issued by that entity or the relevant department; and (10) With respect to other funds subject to special management and use provided, the depositor shall present the relevant regulations and rules or the relevant documents issued by the government department. Article 20. The RMB special account and RMB settlement account opened by a qualified foreign institutional investor for securities investment in China shall be subject to the administration of special deposit accounts. To open a RMB special account, the investor shall present the approval document issued by department of foreign exchange administration of the state, to open a RMB settlement account, the investor shall present the license for securities investment issued by the department of securities administration. Article 21. A depositor applying for opening a temporary deposit account shall present to the bank the following certifications: (1) To set up a temporary agency, the depositor shall present the approval document for setting up the temporary agency issued by the competent department of the place where the agency is to be located; (2) To carry out construction and installation at any other place, the depositor shall present the original of its business license or the original of the business license of the entity to which it is affiliated, as well as the permit issued by the department in charge of construction of the place where the construction and installation are to be carried out, or the construction and installation contract; (3) To carry out temporary business activities at any other place, the depositor shall present the original of its business license and the approval document issued by the department of industry and commerce administration of the place of temporary business activities; and (4) For the purpose of registration capital verification, the depositor shall present the notice for advance approval of enterprise names issued by the administration for industry and commerce. In the situations mentioned in Items (2) and (3) of this Article, the depositor shall also present the opening registration certificate of its basic deposit account. Article 22. A depositor applying for opening an individual settlement account shall present the following certifications to the bank: (1) A Chinese resident shall present the resident identity card or temporary identity card; (2) A soldier of the Chinese People's Liberation Army shall present the soldier's identity card; (3) A Chinese People's Armed Police shall present the identity card of armed police; (4) A Hong Kong or Macao resident shall present the permit of Hong Kong or Macao resident for traveling to the Mainland of China; a Taiwan resident shall present the permit of Taiwan resident for traveling to the Mainland of China, or other valid travel certificate; (5) A foreign citizen shall present his passport; and (6) Other valid certificates provided for by laws, regulations and the relevant documents of the state. Where the bank opens a settlement account for an individual, it may also, according to the needs, require the applicant to present the household register, driver's license, passport and other valid certificates. Article 23. A depositor applying for opening an entity settlement account at any other place shall present, apart from the relevant certifications provided for in Articles 17, 18, 19 and 21 of the present Measures, the following certifications: (1) In case of a depositor of which the place of business and the place of registration are not in the same administrative area, if it is to open the basic settlement account at any other place, it shall present the certificate of no basic deposit account issued by the branch of the People's Bank of China at the place of registration; (2) In case of a depositor to borrow money from any other place, if it is to open the general deposit account at the said place, it shall present the borrowing contract for the loan obtained from the said place; and (3) In case of a depositor that needs to handle the collected income and business expenditure at any other place due to business needs, if it is to open the special deposit account at the said place, it shall present the certificate issued by the entity to which it is affiliated. In the situations provided in Items 2) and 3) of this Article, the depositor shall also present the opening registration certificate of its basic deposit account. Where a depositor needs to open the individual settlement account at any other place, it shall present the certifications specified in Article 20 of the present Measures. Article 24. The name by which an entity opens the settlement account shall be identical with that indicated on the certifications it provided for application for opening the account. The name by which an individual industrial and commercial household with business name opens the settlement account shall be identical with that indicated on its business license; the name by which an individual industrial and commercial household without business name opens the settlement account shall be composed by the words "individual industrial and commercial household" and the name of the operator indicated on the business license. The name by which a natural person opens the settlement account shall be the same as the full name indicated on the valid identity card provided by that person. Article 25. Where a bank opens the general deposit account, special deposit account or temporary deposit account for a depositor, it shall notify in writing, within 3 workdays from the day of opening the account, the bank that opened the basic deposit account for that depositor. Article 26. Where a depositor applies for opening an entity settlement account, the application may either be directly handled by the legal representative or principal of that entity, or be entrusted to others to handle. Where the legal representative or principal of the entity directly handles the application, the identity card of the legal representative or principal of the entity shall also be presented apart from the relevant certifications; where the application is entrusted to others to handle, the authorization letter and the identity card of the legal representative or principal of the entity, as well as the identity card of the entrusted person, shall also be presented apart from the relevant certifications. Article 27. A depositor shall fill in the application form for opening account when applying for opening a settlement account. The application form for opening account shall indicate the relevant matters in accordance with the provisions of the People's Bank of China. Article 28. A bank shall make careful examination of the authenticity, completeness and rule-compliance of the matters filled in the application form and of the certifications of the depositor. Where the matters filled in the application form are complete and meet the conditions for opening a basic deposit account, temporary deposit account or the special deposit account of budget entity, the bank shall submit the depositor's application form, the relevant certifications and the bank's examination opinions to the local branch of the People's Bank of China, and shall process the formalities for opening the account after obtaining ratification from the said branch; where the conditions for opening a general deposit account, other special deposit account or individual settlement account are met, the bank shall process the formalities for opening the account, and shall put on record with the local branch of the People's Bank of China within 5 workdays from opening that account. Article 29. The People's Bank of China shall, within 2 workdays, make examination of the rule-compliance of the materials for the opening of a basic deposit account, temporary deposit account, and the special deposit account of budget entity submitted by the bank, where the conditions for account opening are met, ratification shall be granted; where the conditions for account opening are not met, the People's Bank of China shall sign its opinions on the application form and return that application form, together with the relevant certifications, to the submitting bank. Article 30. Where a bank opens settlement accounts for s depositors, it shall sign with the depositor an agreement on management of the settlement account, defining the rights and obligations of both parties. Except the People's Bank of China has otherwise provisions, the bank shall set up a card of the signature and stamp left by the depositor in advance, and shall keep on file the signature and stamp pattern and the originals or duplications of the relevant certifications. Article 31. The opening registration certificate is a valid certificate indicating the information of an entity settlement account, the depositor shall use it pursuant to the provisions of the present Measures, and shall appropriately keep it. Article 32. When a bank opens a general deposit account, special deposit account or temporary deposit account for a depositor, it shall register the account name, account number, account nature, opening bank, opening date, and sign on the opening registration certificate of the basic deposit account, however, with exception of the temporary deposit account opened for temporary agency or for registration capital verification. CHAPTER III USE OF THE SETTLEMENT ACCOUNT Article 33. The basic deposit account is the major account of a depositor, The receipt and payment of fund in daily business activities of the depositor, as well as the drawing of salary, award and cash, shall be handled through that account. Article 34. The general deposit account is used to handle the re-deposit and repayment of the money borrowed by the depositor, as well as the receipt and payment of other settled fund. The account may be used to handle the deposit of cash, but not the drawing of cash. Article 35. The special deposit account shall be used to handle the receipt and payment of various kinds of special funds. The fund on the bank card account of an entity must be transferred from the basic deposit account of that entity. And the bank card account may not be used to handle the receipt and payment of cash. The special deposit account of extra budgetary fund, securities transaction settlement fund, security deposit for futures transaction and trust fund may not be used to draw cash. Where it is needed to draw cash from the account of fund for infrastructure construction, fund for renovation and reformation, fund for policy-oriented real estate development, and inter-institution fund deposited by financial institution, the depositor shall, when opening the account, report to the local branch of the People's Bank of China for approval. The local branch of the People's Bank of China shall make the examination and approval pursuant to the provisions of the state on cash administration. Drawing of cash from the special deposit account of fund for purchase of food, cotton and oil, social insurance fund, housing fund, and the organization fund of the party, league or trade union, shall be in compliance with the provisions of the state on cash administration. The account of collected income shall used only for receiving deposits but not making payments, unless fund is transferred to the basic deposit account or the special account of extra budgetary fund, and no cash may be drawn from that account. The account of business expenditure shall only make payment but receive no deposit, except transferring fund from the basic deposit account, drawing of cash from that account must be in compliance with the provisions of the state on cash administration. The banks shall strengthen the supervision pursuant to the provisions of this Article and the provisions of the state on the administration of the use of fund for purchase of food, cotton and oil, and may not handle any receipt or payment of fund, or drawing of cash that is not in compliance with the rules. However, the banks shall assume no responsibility for supervising the use of other special funds. Article 36. The temporary deposit account shall be used to handle the fund receipt and payment of temporary agencies and those occurring in the temporary business activities of the depositors. The valid term of a temporary deposit account shall be fixed according to the term determined in the relevant certifications for account opening or according to the needs of the depositor. Where the depositor needs to extend the term in the course of using the account, it shall file the application with the opening bank within the valid term, and the opening bank shall handle the extension after submitting to and obtaining ratification from the local branch of the People's Bank of China. The valid term of a temporary deposit account may not exceed 2 years at the most. Drawing of cash from the temporary deposit account shall be in compliance with the provisions of the state on cash administration. Article 37. The temporary deposit account for registration capital verification may only receive deposit but make no payment during the period of capital verification, the name of the person depositing the registered capital to be verified shall be the same as that of the capital contributor. Article 38. Where a depositor opens an entity settlement account, the account may be used to handle payment of fund only after 3 workdays from the day of formal opening of the account, however, with exception of the basic deposit account converted from a temporary deposit account for registration capital verification, and of the general deposit account opened for re-deposit of borrowed money. Article 39. The individual settlement account shall be used to handle the receipt and payment by transferring accounts, and the deposit and drawing of cash by the individual. The following funds may be transferred to the individual settlement account: (1) Income of salary and award; (2) Service income of author's remuneration and performance remuneration; (3) Principal and proceeds of the investment of bonds, futures and trust; (4) Individual creditor's rights or proceeds from transfer of property title; (5) Re-deposit of individual loans; (6) Securities transaction settlement fund and security deposit for futures transaction. (7) Fund inherited or donated; (8) Insurance compensation and returned insurance premium; (9) Taxes refunded; (10) Income from the sale of agricultural products, by-products and mineral products; (11) Other lawful funds. Article 40. Where an entity makes a payment from its settlement account to any individual settlement account, if a single sum exceeds 50,000 Yuan, that entity shall provide the following basis for payment to the opening bank: (1) Agreement on paying of salary and the list of the recipients; (2) Certificate of award; (3) Labor contract signed between the news press or performance sponsoring entity and the recipient, or the certificate of payment to individual; (4) Certificate of the fund returned to natural person by the securities company, futures company, trust and investment company, or lottery issuing or underwriting department; (5) Agreement on transfer of creditor's rights or property title; (6) Agreement on borrowing of money; (7) Certificate issued by the insurance company; (8) Certificate issued by the taxation department; (9) Contract on purchase and sale of agricultural products, by-products and mineral products; (10) Certificates of other legal funds. Where any tax is payable for the fund paid from the entity settlement account to individual settlement account, the entity withholding the tax shall provide the proof of tax payment to the opening bank when making such payment. Article 41. In any of the following situations, the individual shall present the relevant basis for receipt of fund specified in Article 40 of the present Measures: (1) Where the individual, by taking the check issued by an entity, entrusts the opening bank to collect fund, and to transfer the fund to his/her individual settlement account; or (2) Where the individual, by taking the bank draft or bank check of which the applicant is an entity, present for payment to the opening bank and for transfer of the fund to his/her individual settlement account. Article 42. Where any payment is made from an entity settlement account to an individual settlement account, the bank shall make careful examination of the original of the basis for payment or receipt pursuant to Articles 40 and 41, and shall keep the duplications as the accounting archives. Where no relevant basis is provided or the relevant basis fail to meet the provisions, the bank shall refuse to handle such payment. Article 43. The saving account shall only be used to handle the deposit and drawing of cash, and may not be used to handle settlement by transferring accounts. Article 44. A bank shall check the accounts with the depositor pursuant to the provisions. The depositor of a settlement account shall, after receiving the bank statements or such account check information, check the account and issue to the bank reply of the statements or confirmation information within the prescribed time limit. Article 45. A depositor shall use the settlement account to handle the settlement business pursuant to the provisions of the present Measures. A depositor may not lease or rent the settlement account, neither may it cheat for bank credits by using the settlement account. CHAPTER IV ALTERATION AND CANCELLATION OF A SETTLEMENT ACCOUNT Article 46. Where a depositor changes the name but not the opening bank and account number, it shall file the application for alteration of the settlement account with the opening bank within 5 workdays, and shall present the certification issued by the relevant department. Article 47. Where the legal representative or major principal, or the address or other account opening information of an entity is changed, the entity shall notify the opening bank in writing within 4 workdays and provide the relevant certifications. Article 48. A bank shall, after receiving the notice for alteration from the depositor, handle the formalities for alteration in a timely manner, and shall report to the People's Bank of China within 2 workdays. Article 49. In any of the following situations, the depositor shall file the application for cancellation of the settlement account with the opening bank: (1) The depositor is cancelled, merged, dissolved, declared bankruptcy or shut down; (2) The depositor's business license is revoked; (3) The depositor needs to alter the opening bank as a result of movement; or (4) The depositor needs to the cancel the settlement account due to other reasons. In the situation of Item (1) or (2) of this Article, the depositor shall file the application for cancellation of the settlement account with the opening bank within 5 workdays. The cancellation mentioned in this Article refers to the act of terminating the use of a settlement account due to the depositor's qualification for opening the account or other reasons. Article 50. Where a depositor cancels a basic deposit account due to the reason referred to in Item (1) or (2) of Article 49 of the present Measures, the opening bank of the depositor's basic deposit account shall, within 2 workdays from the day of cancellation of the account, notify in writing the opening banks of other settlement accounts of the depositor of the cancellation of the basic deposit account; the opening banks of other settlement accounts of the depositor shall, within 2 workdays from receiving the notice, notify the depositor to cancel the relevant settlement accounts; the depositor shall, within 3 workdays from receiving the notice, handle the cancellation of other settlement accounts. Article 51. Where a bank gets to know that any depositor in the situation specified in Item (1) or (2) of Article 49 of the present Measures fails to voluntarily handle the formalities for canceling the settlement account within the prescribed time limit, that bank shall have the right to stop the payment through the settlement account. Article 52. An entity that hasn't been ratified to make the industry and commerce registration shall, after expiration of the period of capital verification, apply to the bank for canceling the temporary deposit account for registration capital verification, the capital in that account shall be returned to the accounts of the persons that remitted the capital. The capital for registration verification shall be deposited in cash, where any contributor needs to draw the cash, that contributor shall present the original of the certificate of cash deposit and the valid identity certificate. Article 53. A depositor that hasn't paid off the debts it owns to the opening bank may not apply for canceling the account opened with that bank. Article 54. In the event of cancellation of a settlement account, the depositor shall check the balance of the settlement account with the opening bank, return the various kinds of important blank instruments, as well as the settlement proofs and the opening registration certificate, the bank may process the formalities for account cancellation only where no mistake is found upon the check. Where the depositor fails to turn back the important blank instruments and settlement proofs pursuant to the provisions, it shall present the relevant certifications, and shall bear the losses on its own accord if any losses are caused. Article 55. In cancellation of an entity settlement account, the bank shall indicate on the opening registration certificate of the basic deposit account of that entity the date of account cancellation and sign thereon, and shall report to the People's Bank of China within 2 workdays from the day of canceling that account. Article 56. With respect to any entity settlement account that has no receipt or payment activities within one year and bears no debt to the opening bank, the bank shall notify the entity to go through the formalities for account cancellation within 30 days from the day of issuing the notice, the entity will be regarded as being willing to cancel the account if it fails to do as the notice required, and the fund left on the account shall be included in the special account managing the fund that hasn't been drawn in a long time. CHAPTER V ADMINISTRATION OF THE SETTLEMENT ACCOUNT Article 57. The People's Bank of China shall be in charge of the supervision and inspection of the opening and use of settlement accounts, and the punishment of the acts violating the provisions on the administration of settlement accounts committed by the depositors or banks. Article 58. The People's Bank of China shall control and administer the opening and use of the settlement accounts. Article 59. The People's Bank of China shall be in charge of the administration of the opening registration certificate of the basic deposit account, the temporary deposit account and the special deposit account of budget entity. No entity or individual may forge, alter or privately print the opening registration certificate. Article 60. The banks shall be in charge of the administration of the opening and use of the settlement accounts by their affiliated agencies, the supervision and inspection of the implementation of the present Measures by those agencies, and the correction of the acts of opening and using the settlement accounts in violation of the rules. Article 61. A bank shall assign special personnel to be responsible for the examination and administration of the opening, use and cancellation of the settlement accounts, for the examination of the depositors' application materials for opening account, and shall report the information and materials of the depositors' opening and cancellation of accounts in good time pursuant to the present Measures, shall establish and perfect the registration system of opening and cancellation of accounts, shall establish the archives of administration of the settlement accounts, and shall manage those archives as accounting archives. The period of keeping of the administration archive of a settlement account by a bank shall be 10 years after the cancellation of the account. Article 62. A bank shall carry out annual inspection over the entity settlement accounts already opened, thus to check the rule-compliance of the settlement accounts opened and to verify the authenticity of the account opening materials; and shall cancel those entity settlement accounts opened not in conformity with the present Measures. With respect to the verified changes of the materials of various kinds of settlement accounts, the bank shall promptly report to the local branch of the People's Bank of China. A bank shall supervise the use of the settlement accounts by the depositors, and shall promptly report any doubtful payment by the depositor pursuant to the procedures provided for by the People's Bank of China. Article 63. A depositor shall strengthen the administration of the signature and stamp left with the bank in advance. Where an entity loses the official stamp of special financial stamp left with the bank in advance, it shall present to the opening bank the written application, opening registration certificate, business license and other relevant certifications; in case of replacement of the official stamp or special financial stamp left in advance, the entity shall present to the opening bank a written application, the pattern of the signature and stamp formerly left, and other relevant certifications. Where an individual losses or replaces the individual stamp or changes the signatory person, the individual shall present to the opening bank the written application confirmed with signature, as well as the stamp formerly left or the individual identity card of the signatory person. The bank shall keep the corresponding duplications, on the strength of which the bank may handle the alteration of the signature and stamp left with the bank in advance. CHAPTER VI RULES FOR PUNISHMENT Article 64. In the opening and cancellation of a settlement account, a depositor may not conduct any of the following acts: (1) Opening the settlement account in violation of the present Measures; (2) Forging or altering certifications to cheat the bank for opening of the settlement account; or (3) Failing to cancel the settlement account in time in violation of the present Measures. A non-business depositor who has committed any of the acts mentioned above shall be given a warning and be imposed on a fine of 1,000 Yuan; a business depositor who has committed any of the acts mentioned above shall be given a warning and be imposed on a fine ranging from 10,000 Yuan to 30,000 Yuan; where a crime has been constituted, the case shall be transferred to the judicial organ for criminal liabilities. Article 65. A depositor may not commit any of the following acts in the use of the settlement account: (1) Transferring the entity fund to individual settlement account in violation of the present Measures; (2) Drawing cash in violation of the present Measures; (3) Avoiding bank debts by opening the settlement account; (4) Leasing or renting the settlement account; (5) Transferring fund from settlement accounts other than the basic deposit account to, or depositing income from goods sale or cash to the entity credit card account; or (6) Failing to notify the bank within the prescribed time limit the alteration of the legal representative or major principal, address of the depositor, or other account opening materials. A non-business depositor that has committed any of the acts specified in the above items shall be given warning and be imposed on a fine of 1,000 Yuan; a business depositor that has committed any of the acts specified in the above items shall be given warning and be imposed on a fine ranging from 5,000 to 30,000 Yuan; a depositor that has committed the act mentioned in above Item (6) shall be given a warning and be imposed on a fine of 1,000 Yuan. Article 66. A bank shall not commit any of the following acts in opening the settlement account: (1) Opening several settlement accounts for the depositor in violation of the present Measures; or (2) Allowing the opening of an account in the name of a natural person to deposit the fund that the bank knows or should know is entity fund. A bank that has committed any of the acts mentioned above shall be given a warning and be imposed on a fine ranging from 50,000 Yuan to 300,000 Yuan; the senior managerial personnel directly in charge of the bank, other directly responsible personnel in charge and directly responsible personnel shall be given disciplinary sanctions pursuant to the provisions. Where the circumstances are serious, the People's Bank of China shall have the right to stop the ratification for opening basic deposit accounts by that bank, and order that bank to stop business for rectification or revoke the permit for financial business; where a crime has been constituted, the case shall be transferred to the judicial organ for criminal liabilities. Article 67. A bank may not commit any of the following acts in the use of the settlement accounts: (1) Providing falsified application materials for account opening to cheat the People's Bank of China for approving its opening of basic deposit account, temporary deposit account, or special deposit account of budget entity; (2) In case of opening or cancellation of entity settlement account, failing to register, sign and put on stamp on the opening registration certificate of the depositor's basic deposit account, or to notify the relevant opening banks pursuant to the present Measures; (3) Handling settlement by transferring accounts through individual settlement accounts in violation of Article 42 of the present Measures; (4) Handling settlement by transferring accounts for saving accounts; (5) Paying or depositing cash for the depositor in violation of the provisions; or (6) Failing to submit the materials of opening, alteration or cancellation of accounts to the People's Bank of China or failing to do so within the prescribed time limit. A bank that has committed any of the acts above mentioned shall be given a warning and be imposed on a fine ranging from 5,000 Yuan to 30,000 Yuan; the senior managerial personnel directly in charge of the bank, other directly responsible personnel in charge and directly responsible personnel shall be given disciplinary sanctions pursuant to the provisions; where the circumstances are serious, the People's Bank of China shall have the right to stop the ratification for opening basic deposit accounts by that bank, where a crime is constituted, the case shall be transferred to judicial organ for criminal liabilities. Article 68. Where a depositor forges, alters or privately prints the opening registration certificate in violation of the present Measures, in case of a non-business depositor, a fine of 1,000 Yuan shall be imposed; in case of a business depositor, a fine ranging from 10,000 Yuan to 30,000 Yuan shall be imposed; where a crime is constituted, the case shall be transferred to judicial organ for criminal liabilities. CHAPTER VII SUPPLEMENTARY PROVISIONS Article 69. The opening registration certificate shall be formatted by the head office of the People's Bank of China in a unified way, and the manufacturing of the certificate shall be supervised by the branches, business departments, and central sub-branches in the province capital (capital) cities of the People's Bank of China. Article 70. The power to interpret and modify the present Measures shall remain with the People's Bank of China. Article 71. The present Measures shall come into force on September 1, 2003. The Measures for the Administration of Bank Accounts promulgated by the People's Bank of China on October 9, 1994, shall be repealed at the same time. |
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