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SUPPLEMENTARY PROVISIONS OF THE MINISTRY OF FINANCE ON THE NOTICE OF PROFITS DISTRIBUTION OF OVERSEAS LISTED PILOT ENTERPRISES |
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(promulgated on January 1, 2001) |
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SUBJECT : COMPANY LAW; OVERSEAS LISTED COMPANY; PROFIT DISTRIBUTION |
ISSUING DEPARTMENT : MINISTRY OF FINANCE OF THE PEOPLE'S REPUBLIC OF CHINA |
ISSUE DATE : 01/01/2001 |
IMPLEMENT DATE : 01/01/2001 |
LENGTH : 191 words |
TEXT : |
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I. An enterprise shall prepare the surplus reserves including statutory reserves and statutory public welfare funds according to the amount of net profits determined in the financial statements formulated under the Accounting System for Pilot Enterprises Implementing the Shareholding System and its supplementary provisions.
II. According to the Company Law of the People's Republic of China, the Necessary Provisions for the Articles of Association of Overseas Listed Companies and other relevant legal provisions, an enterprise shall take the lower one between the sum of the net profits (after-tax profits) for the current term and the year-end undistributed profits determined according the Accounting System for Pilot Enterprises Implementing the Shareholding System and the sum of the net profits (after-tax profits) for the current term and the year-end undistributed profits determined according to the international accounting standards or the accounting standards of the place for overseas listing, deducted the statutory reserves and statutory public welfare funds that should be drawn by the enterprise for the current term, as the maximum amount of the profits to be distributed to the shareholders for the current year, and distribute the profits within the aforesaid maximum amount.
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