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ll stop listing its stocks in the stock exchanges.
Article 87. By the time the term of a purchasing order is expired and the number of a purchased company's stocks held by a purchaser is more than 90 percent of the total amount of stocks issued by the company, other stockholders who still hold the stocks of the purchased company are entitled to sell their stocks to the purchaser with the same conditions stated in the purchasing order and the purchaser shall purchase their stocks.
After the purchase is made, if the purchased company no longer meets the conditions stipulated in the Company Law, it shall change its form of enterprise in accordance with the law.
Article 88. A purchaser who purchases stocks by order is not allowed, within the term of his purchasing order, to buy or sell the stocks of a purchased company by using methods and conditions other than the ones stated in the purchasing order.
Article 89. A purchaser who purchases stocks by agreement can carry out the transference of stock rights by negotiating with other stockholders of a purchased company in according with the regulations of laws and administrative rules.
When an agreement for purchasing a listed company by agreement is reached, the purchaser shall file in written form, within three days, a report on the purchase agreement with the securities regulatory body under the State Council and with the stock exchanges.
Such a report shall also be published. The purchasing agreement shall not be carried out before the proclamation.
Article 90. For the purchases under agreement, either party of the agreement may temporarily entrust the institutions of securities registration and account balancing with safekeeping the agreed transfer securities, and deposit the capital into the designated bank.
Article 91. On purchasing a listed company, the purchaser shall not transfer the purchased stocks within six months after the purchase has been completed.
Article 92. Purchasing stocks from a company that is being purchased under offer or agreement and the subsequent dissolution of the company amount to a corporate merger. The purchaser will convert in accordance with law the stocks held originally by the dissolved company.
Article 93. After purchase of the listed company has been completed, the purchaser shall report the purchase to the securities regulatory body of the State Council and the stock exchange, and make a public announcement.
Article 94 When purchasing a listed company involves the stocks held by an investment institution authorized by the state, it is necessary to obtain approval from the relevant department in charge in accordance with the stipulations of the State Council.
Chapter V. Stock Exchanges
Article 95. The stock exchange is a non‑profit legal entity which provides a venue in which securities are collectively traded by bidding.
The establishment and dissolution of a stock exchange is decided by the State Council.
Article 96. Setting up a stock exchange requires formulation of regulations.
Formulation and revision of the regulations concerning a stock exchange must be approved by the securities regulatory body of the State Council.
Article 97. A stock exchange must include in its name the words which indicate stock exchange. Any other units or individuals shall not adopt a name that indicates stock exchange or words of a similar meaning.
Article 98. All costs and revenues which can be allocated by the stock exchange itself shall first be used to guarantee a normal operation of the stock exchange venue and facilities, and improve gradually.
The accumulated gain of a stock exchange belongs to the members, who jointly share the right to the accumulation. In the time the stock exchange exists, the accumulation shall not be allocated to the members.
Article 99. A board of directors is set up in a stock exchange.
Article 100. A stock exchange is provided with a general manager, who is appointed or dismissed by the securities regulatory body of the State Council.
Article 101. If any of the following situations or those stipulated in article 57 of the Corporation Law can be applied to any individuals, they shall not assume the positions of being the responsible people of a stock exchange:
(1) The responsible people of a stock exchange or a securities registration and account balancing institution, or the directors, supervisors, or managers of a stock exchange who have been removed from office due to practices in violation of the law or of discipline, and it has been less than five years since the day of their removal.
(2) Lawyers, registered acco实践证明经常访问无忧英语教育网 www.51education.net ,能迅速提高你的英语学习能力!积沙成塔,不断提高! 本站所提供的所有信息仅供学校课堂教学及英语学习者学习研究之用，其著作权归原作者及媒体所有。
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