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REPLY OF THE STATE ADMINISTRATION FOR INDUSTRY AND COMMERCE S CONCERNING THE MODIFICATION REGISTRATION OF COMPANIES WITH DECREASE IN REGISTERED CAPITAL |
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(No. 12 [2003] of the State Administration for Industry and Commerce promulgated on January 27, 2003) |
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SUBJECT : MODIFICATION REGISTRATION;DECREASE IN REGISTERED CAPITAL |
ISSUING DEPARTMENT : STATE ADMINISTRATION FOR INDUSTRY AND COMMERCE OF THE PEOPLE'S REPUBLIC OF CHINA |
ISSUE DATE : 01/27/2003 |
IMPLEMENT DATE : 01/27/2003 |
LENGTH : 173 words |
TEXT : |
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Regarding Request for Instruction on the Issue Concerning the Modification Registration of Companies That Reduce Registered Capital (Document No. 58 [2002] of Chongqing Municipal Administrative Bureau for Industry and Commerce), upon research, we hereby give our reply as follows:
If, after a company is established, the shareholders or initiators who invest in kind, intellectual property, non-patent technology or land use right fails to go through the formalities of transferring property right within the statutory time limit, and are still unable to contribute investments after the registration organ has imposed administrative penalties on them. Due to the needs in operation of the company, and upon resolution of the shareholders' meeting, all shareholders reduce their investments at an equal proportion, or part of the company's shareholders reduce their investments, the registration organ shall handle the modification registration in case the company applies to reduce its registered capital, provided that the procedures of modification registration and the number of shareholders and the amount of registered capital after the modification shall comply with the laws and regulations.
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