Interim Measures for the Administration of Assessment of State-owned Assets of Enterprises

Interim Measures for the Administration of Assessment of State-owned Assets of Enterprises Order of the State-owned Assets Supervision and Administration Commission of the State Council (No. 12) The Interim Measures for the Administration of Assessment of State-owned Assets of Enterprises were adopted at the 31st meeting of the director of the State-owned Assets Supervision and Administration Commission of the State Council. They are hereby promulgated and shall come into force as of September 1, 2005. Director of the State-owned Assets Supervision and Administration Commission Li Rongrong August 25, 2005 Interim Measures for the Administration of Assessment of State-owned Assets of Enterprises Chapter I General Provisions Article 1 For the purposes of regulating the assessment of state-owned assets of enterprises, protecting the legitimate rights and interests of the capital contributors of state-owned assets, promoting the orderly circulation of the state-owned property right of enterprises and preventing the loss of state-owned assets, these Measures are formulated in accordance with the Company Law of the People's Republic of China , Interim Regulation on the Supervision and Administration of State-owned Assets in Enterprises (Order No. 378 of the State Council), Administrative Measures for the Assessment of State-owned Assets (Order No. 91 of the State Council) and other laws and regulations. Article 2 These Measures shall apply to the assets assessments relating to the enterprises for which the state-owned assets supervision and administration institutions at all levels perform the duties of capital contributors (hereinafter referred to as the contributed enterprises) and their subsidiary enterprises (hereinafter referred to in general as the enterprises). Article 3 The state-owned assets supervision and administration institutions at all levels shall be responsible for the supervision and administration of the assessment of the state-owned assets of their contributed enterprises. The state-owned assets supervision and administration institution of the State Council shall be responsible for giving guidance to and supervising the supervision and administration of the assessment of the state-owned assets of enterprises throughout the country. Article 4 The projects of assessment of state-owned assets of enterprises shall be subject to the examination and approval system and archival filing system. The assets assessment project relating to the economic acts approved by the people's governments at all levels shall be subject to the examination and approval of the corresponding state-owned assets supervision and administration institutions. The state-owned assets supervision and administration institution of the State Council shall be responsible for the archival filing of assets assessment projects relating to the economic acts approved by it. The central enterprises shall be responsible for the archival filing of the assets assessment projects relating to the economic acts approved by the contributed enterprises of the state-owned assets supervision and administration institution of the State Council (hereinafter referred to as the central enterprise) and their subsidiary enterprise at all levels. The division of the responsibilities for the work of archival filing and administration of the assets assessment projects of local state-owned assets supervision and administration institutions and their contributed enterprises shall be formulated by the local state-owned assets supervision and administration institutions in light of their respective actual circumstances. Article 5 The state-owned assets supervision and administration institutions at all levels and their contributed enterprises shall establish a system for the administration of the assessments of state-owned assets, shall improve the management of the archives of the assets assessment projects and shall properly do the project statistical analysis reporting work. The state-owned assets supervision and administration institutions at the province level and the central enterprises shall, within 30 days after the end of each year, report statistical analysis materials regarding the assets assessment projects to the state-owned assets supervision and administration institution of the State Council. Chapter II Assets Assessment Article 6 Where an enterprise conducts any of the following acts, the relevant assets shall be assessed: (1)Entirely or partly restructuring into a liability limited company or stock limited company; (2)Making an investment outside China by using non-currency assets; (3)Merger, splitting-up, bankruptcy or dissolution; (4)Change of proportion of stock right of state-owned shares in non-listed company; (5)Assignment of property right; (6)Assignment or replacement of assets; (7)Renting entire assets or partial assets to a non-state-owned entity; (8)Repaying a debt by using non-currency assets; (9)Asset-related litigation; (10)Purchase of assets of a non-state-owned entity; (11)Accepting the non-currency asset contribution of a non-state-owned entity; (12)Accepting a non-state-owned enterprise' non-currency assets for offsetting the debts; and (13)Other matters that shall be subject to assets assessment under the law or administrative regulation. Article 7 Under any of the following circumstances, the relevant state-owned assets of an enterprise aren't required to be assessed: (1)Upon approval of the people's governments at all levels or their state-owned assets supervision and administration institutions, an enterprise gratuitously allocates all or some of its assets; or (2)The merger, assets (property right) replacement or gratuitous allocation of assets between a solely state-owned enterprise and its subordinate solely-funded enterprise (public institution) or between its subordinate solely-funded enterprises is undertaken. Article 8 Where an enterprise conducts any of the acts as mentioned in Article 6, the entity as the holder of its property right shall authorize a qualified assets assessment institution to make assessment. Article 9 The assets assessment institution authorized by an entity as the holder of the enterprise property right shall meet the following basic......