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TABLE OF CONTENTS CHAPTER I GENERAL PROVISIONS CHAPTER II APPLICATION FOR AND REPORT OF A PROJECT AND THE EXAMINATION AND APPROVAL CHAPTER III FUNCTIONS AND DUTIES OF ADMINISTRATION CHAPTER IV ADMINISTRATION OF THE INVESTMENT PROCEEDS OF STATE-OWNED SHARES CHAPTER V ADMINISTRATION OF THE TRANSFER OF STATE-OWNED STOCK RIGHT CHAPTER VI SUPPLEMENTARY PROVISIONS CHAPTER I GENERAL PROVISIONS Article 1. The present Measures are formulated according to the Measures for the Administration of State Agriculture Comprehensive Development Funds and Projects as well as the relevant regulations and rules of the state in order to regulate the administration of the operational projects based on capital contribution and shareholding in the state comprehensive development of agriculture (hereinafter referred to as the operational projects based on capital contribution) so as to guarantee the safe and effective operation of fiscal funds used as contributed capital thereto and innovate on and improve the investment mechanism for the comprehensive development of agriculture. Article 2. The term "operational projects based on capital contribution" refers to the industrialized operational projects in the comprehensive development of agriculture to which the fiscal funds of the Central Government, autonomous regions, municipalities directly under the Central Government and cities under separate state planning (hereinafter referred to as the provincial level) are contributed by means of share purchase. Article 3. The following principles shall be upheld in the operation based on capital contribution: (1) Voluntary application, equal competition and support to the best ones; (2) The one who makes investment shall have the ownership, get the benefits and bear the risks; (3) Separation of governmental function from enterprise management, entrusted supervision and authorized operation; and (4) Standardized operation, steady advancement and proper exit. Article 4. As to an operational project based on capital contribution, the fiscal department at the provincial level shall arrange the capital contribution in full amount according to the prescribed proportion. The state treasury as well as the fiscal departments at the provincial level shall, according to their proportion of actual contribution, share the gains of investment and bear the risks of investment. Article 5. The method of "one year, one decision" shall be applied to the operational projects based on capital contribution, as is the general principle. Article 6. The fiscal funds as contributed to an operational project based on capital contribution shall only hold shares and shall not control shares or act as the largest shareholder. The financial department or agriculture development department may, according to the requirement, authorize an asset operation institution to conduct the operation of capital. CHAPTER II APPLICATION FOR AND REPORT OF A PROJECT AND THE EXAMINATION AND APPROVAL Article 7. An operational project based on capital contribution shall meet the following requirements: (1) Falling within the supporting scope of the industrialized operational projects in the state comprehensive development of agriculture; (2) Having abundant and unique resources, obviously advantageous techniques, sound market sale and high input/output rate; (3) Having a wide influence, having established a close interest connection mechanism with farmers and having an obvious impact on bringing along an increase of farmers' incomes; and (4) An entity that applies for a project shall, as is the general principle, be the entity that carries out the construction thereof, which shall be a corporate legal person as legally registered that has clarified property right, standardized management, sound status of assets and liabilities, good creditworthiness as well as favorable balance in the recent consecutive 2 years. Article 8. The state treasury shall arrange special funds for the operational projects based on capital contribution in the comprehensive development of agriculture on an annual basis. The fiscal department (agriculture development department) at the provincial level shall report projects according to the real situation. Article 9. The fiscal department (agriculture development department) at the provincial level shall, within the prescribe time limit, report the operational projects based on capital contribution and shall submit the following materials at the same time: (1) A feasibility research report of a project as well as the preliminary argumentation opinions of experts; (2) The financial statements and credit materials of a project applicant entity as audited by an intermediary institution of the recent 2 years; (3) The present equity structure of a project applicant entity; (4) The decision of a project applicant entity on agreeing with the capital contribution and shareholding of fiscal funds; and (5) Any other relevant materials. Article 10. The measures of reporting projects from a lower level to the next higher one shall be adopted for the operational projects based on capital contribution. All the operational projects based on capital contribution of the state treasury shall be preliminarily selected by the fiscal department (agriculture development department) at the provincial level and be reported to the State Agriculture Comprehensive Development Office (hereinafter referred to as the State Agriculture Development Office) for examination and approval. For an operational project based on capital contribution as reported by the fiscal department (agriculture development department) at the provincial level, the State Agriculture Development Office shall organize the relevant experts to carry out an appraisal as well as asset assessment and, upon affirmation, issue the final examination opinions and shall conclude an entrusted supervision agreement with the fiscal department at the provincial level, whereby the state treasury allocates the funds for capital contribution thereto. CHAPTER III FUNCTIONS AND DUTIES OF ADMINISTRATION Article 11. A system with well defined functions and duties of the administration, supervision and operation of state-owned assets in the operational projects based on capital contribution shall be established so as to clarify the functions and duties of all the parties concerned. Article 12. The major functions and duties of the State Agriculture Development Office are as follows: (1) Determining the investment scale of the state treasury in an operational project based on capital contribution; (2) Examining and determining an operational project based on capital contribution of the state treasury; (3) Entrusting the fiscal department (agriculture development department) at the provincial level to carry out supervision over an operational project based on capital contribution of fiscal funds; and (4) Taking charge of the examination and approval of the disposal of the state-owned stock right of the state treasury. Article 13. The major functions and duties of the fiscal department (agriculture development department) at the provincial level are as follows: (1) Organizing a preliminary appraisal and argumentation on an operational project based on capital contribution according to its power limit of appraisal and formulating the relevant materials for reporting an operational project based on capital contribution; (2) Carrying out the supervision over an operational project based on capital contribution through an asset operation institution as authorized according to the entrustment of the State Agriculture Development Office; (3) Taking charge of the examination and approval of the disposal of the state-owned stock right of local fiscal funds as well as of the verification and report of the disposal plan for the stock right of the state treasury; and (4) Taking charge of selecting an asset operation institution and, according to the Measures, carrying out an examination on the operating status of the operational project based on its capital contribution, establishing an incentive mechanism of awards and punishments; where the specific measures for examination shall be separately formulated by the State Agriculture Development Office. Article 14. The fiscal department (agriculture development department) at the provincial level as well as an asset operation institution shall contribute the fiscal funds to an operational project based on capital contribution according to the schedule in a timely manner. In the case of any detainment, occupation or misappropriation in violation of the relevant provisions, the violator shall be subject to legal liabilities according to law. Article 15. A follow-up mechanism for the operating efficiency of state-owned assets shall be established. The fiscal department (agriculture development department) at the provincial level shall submit a report on the operation of state-owned assets to the State Agriculture Development Office on a 6-month basis. The State Agriculture Development Office shall carry out a follow-up examination on the operating efficiency of state-owned assets on a regular basis. CHAPTER IV ADMINISTRATION OF THE INVESTMENT PROCEEDS OF STATE-OWNED SHARES Article 16. The investment proceeds as generated from the fiscal funds contributed to a project shall be calculated according to the actual interest rate and collected from the relevant asset operation institution by the fiscal department (agriculture development department) at the provincial level on an annual basis. The investment proceeds as generated from the fiscal funds contributed to a project by the state treasury shall be collected by the fiscal department (agriculture development department) at the provincial level and shall be turned over to the state treasury. The specific measures shall be formulated separately. Article 17. An asset operation institution and an enterprise that undertakes the construction of a project shall clarify the investment proceeds of state-owned shares according to the relevant provisions of the Company Law. Article 18. Any liquidation or bankruptcy of an enterprise, in which the state has made investment, shall be handled according to the relevant provisions of the state. CHAPTER V ADMINISTRATION OF THE TRANSFER OF STATE-OWNED STOCK RIGHT Article 19. A proper exit mechanism of state-owned stock right shall be established. Where an operational project based on capital contribution is completed and put into normal operation, the state-owned stock right shall exit from the enterprise that undertakes the construction of the project at a proper time according to the principles of the market economy. Article 20. The transfer of any state-owned stock right shall be carried out according to the relevant provisions of the state on the administration of the transfer of state-owned property right of enterprises. The transfer of any state-owned stock right as formed by the capital contribution of the state treasury shall be subject to the examination and approval of the State Agriculture Development Office. The transfer of any state-owned stock right as formed by the capital contribution of local fiscal funds shall be subject to the examination and approval of the fiscal department (agriculture development department) at the provincial level. The proceeds as generated from any transfer of state-owned stock right of the state treasury shall be collected by the fiscal department (agriculture development department) at the provincial level and be turned over to the state treasury. The specific measures shall be formulated separately. CHAPTER VI SUPPLEMENTARY PROVISIONS Article 21. The fiscal department (agriculture development department) at the provincial level may, according to the present Measures and in combination with the actual situation in the region, formulate the specific measures for implementation and report them to the Ministry of Finance for archival filing. Article 22. The present Measures shall come into force as of November 1, 2005. The former Interim Measures for the Administration of the Pilot Operation Based on Capital Contribution and Shareholding in the State Comprehensive Development of Agriculture (No. 24 [2004] of the Ministry of Finance) shall be simultaneously abolished. |
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