An Overview of the Amendments of China's Company Law in 2024
An Overview of the Amendments of China's Company Law in 2024
2024年中国《公司法》修订概述
The newly amended Company Law of the People's Republic of China (the "Company Law") was promulgated on 29 December 2023 and was implemented on 1 July 2024. The changes are so numerous that many lawyers and legal practitioners say the law as if were re-enacted. The new amendments will have a far-reaching impact on future legislation, law enforcement, judicial practice and legal services.
2023年12月29日新修订的《中华人民共和国公司法》颁布，并已于2024年7月1日实施。此次法律修改之处众多，许多律师和法律实务界人士表示，这不亚于重新颁布了一部新法律。新的修订内容，在立法、执法、司法和法律服务等方面，将产生深远影响。
The Amendments' Impact on Companies
《公司法》修订对公司企业的影响
1. Adding the requirement that all shareholders of a limited company shall pay in full their capital contribution within five years from the date of establishment of the company (see Article 37 of the Company Law)
1. 增加了有限公司全体股东应在公司成立之日起五年内缴足出资额的规定（详见《公司法》第三十七条）
This is a major clause change in the revision of the Company Law and it fundamentally modifies the previously unlimited authorised capital system. Within five years from the date of the establishment of a company, the shareholders shall pay the registered capital subscribed by them to ensure the capital adequacy ratio of the company and its sufficient timely solvency.
这是本次《公司法》修订的重磅条款，也从根本上修订了此前的无限授权资本制。代之以公司设立之日起5年内，公司股东应当将其认缴的注册资本缴足的方式，确保公司的资本充足率和足够的及时偿债能力。
Following on this issue, the Provisions of The State Council on the Implementation of the Registered Capital Registration Administration System of the Company Law of the People's Republic of China, promulgated on 1 July 2024, stipulate that a company registered before 30 June 2024, where the remaining subscription period of the limited liability company exceeds five years from 1 July 2027, shall adjust the remaining subscription period to five years before 30 June 2027 and record it in the Articles of Association. The shareholders shall pay the amount of capital contribution in full within the adjusted subscription period. The promoters of a joint stock limited company shall, before 30 June 2027, pay in full for the shares they have subscribed for.
针对此问题，于2024年7月1日公布《国务院关于实施〈中华人民共和国公司法〉注册资本登记管理制度的规定》规定，2024年6月30日前登记设立的公司，有限责任公司剩余认缴出资期限自2027年7月1日起超过5年的，应当在2027年6月30日前将其剩余认缴出资期限调整至5年内并记载于公司章程，股东应当在调整后的认缴出资期限内足额缴纳认缴的出资额；股份有限公司的发起人应当在2027年6月30日前按照其认购的股份全额缴纳股款。
2. Removing the statutory powers of the manager and the authority to regulate delegated to the Articles of Association or authorised by the board of directors (see Article 74 of the Company Law)
2.删除经理的法定职权。规制的权利交给公司章程规定或董事会授权（详见《公司法》第七十四条）
The revision of the Company Law has removed the statutory powers and powers of the manager as stipulated in the original law, and transferred the right to regulate the powers and powers of the manager to the Articles of Association of the company. In the Articles of Association, a company may make a relatively free agreement on the powers of the Articles of Association or manager, as long as it does not violate the mandatory provisions of the Company Law or any other laws and regulations.
本次《公司法》修订删除了原来法律中规定的经理的法定职权，而是把对经理职权的规制权利交给了公司《章程》。公司可以在《章程》中，对经理的职权作出比较自由的约定，只要不违反《公司法》和其他法律法规的强制性规定即可。
The Amendments' Impact on Shareholders
《公司法》修订对股东的影响
1. Strengthening the obligations of controlling shareholders and actual controllers in the case of abusing shareholders' limited liability and the update of "horizontal disregard of corporate personality" (see Article 23 of the Company Law)
1. 增加控股股东和实际控制人在滥用股东有限责任时的责任，更新“横向法人人格否认制度” （详见《公司法》第二十三条）
In order to prevent shareholders from abusing limited liability and infringing on the rights and interests of the company and other shareholders, the amendments clarify that shareholders shall not abuse shareholders' limited liability by utilising more than two companies (i.e. affiliated companies of the company) under their control. In the event of such abuse, the infringed party can claim to disregard the independent legal person of the controlled company and demand that the company involved in the abuse of limited liability bear joint and several liability.
为了避免股东滥用有限责任，侵犯公司和其他股东的权益，此次《公司法》修订，增加了股东不得利用其控制的两个以上公司（公司的关联公司）实施滥用股东有限责任的行为。一旦出现，权益受侵害方可以主张否认这些被控制公司的独立法人人格，要求参与滥用有限责任的公司，承担连带责任。
2. Adding the system of loss of shareholders' rights for non-paid-up shareholders (see Article 52 of the Company Law)
2. 增加未实缴出资股东丧失股东权利制度（详见《公司法》第五十二条）
If a shareholder of the company fails to pay the registered capital contribution in full within the time limit for paying such, the company shall issue a reminder to the shareholder. If the shareholder still fails to pay the amount, the board of directors may decide to notify the shareholder that they have lost their (partial) rights as shareholder. This is the first legal stipulation providing that, under certain conditions, the shareholder can be declared to have lost their unpaid portion of shares. The purpose is to enable companies to determine their paid-in capital as soon as possible.
如果公司股东未按照实缴出资期限实缴注册资本出资额，公司应当予以催告，经过催告仍不实缴的，董事会可以决议通知该股东失去未实缴部分的股东权利。这是首次以法律的形式规定，在一定条件下，股东未实缴部分的股东可以被宣告失去，其目的也是为了让公司的注册资本实缴能够尽早确定。
3. Additional shareholder representative actions applied to wholly-owned subsidiaries (see Article 189 of the Company Law)
3. 增加股东代表诉讼可以及于全资子公司（详见《公司法》第一百八十九条）
The original Company Law only provides that in the case of damage to the rights and interests of the company, if a shareholder's request to the board of directors and the board of supervisors to take action is rejected or there is no positive response, the shareholder may bring a lawsuit in the name of the company to safeguard its rights and interests. The amendment extends these rights so that the shareholders of a company can file a shareholder's representative litigation on behalf of a wholly-owned subsidiary.
原《公司法》仅规定了在公司权益受到损害的情况下，股东在要求董事会和监事会出面诉讼均被拒绝或没有积极回复的前提下，股东可以以公司名义提起诉讼，维护公司权益。此次修订，将股东代表诉讼的权利，扩展到公司股东可以代表全资子公司提起股东代表之诉，体现了对于股东代表诉讼权利的延伸，可以延伸至公司的全资子公司。
The Amendments' Impact on Senior Management
对高级管理人员的影响
1. The responsible director(s) liable for compensation if the board of directors (company) fails to call for the overdue contribution of shareholders (see Article 51 of the Company Law)
1. 增加对董事会（公司）未催缴逾期出资股东出资负有责任的董事应承担赔偿责任（详见《公司法》第五十一条）
After the establishment of a limited liability company, the board of directors shall verify the shareholder's capital contribution, and if it is found that a shareholder has failed to pay the capital contribution in full, as stipulated in the Articles of Association, the company shall issue a written reminder. If the company suffers losses due to its failure to perform the aforementioned obligations in a timely manner, the director responsible shall be liable for compensation.
有限责任公司成立后，董事会应当对股东的出资情况进行核查，发现股东未按期足额缴纳公司章程规定的出资的，应当由公司向该股东发出书面催缴书，催缴出资。未及时履行前述义务，给公司造成损失的，负有责任的董事应当承担赔偿责任。
2. If a shareholder withdraws his capital contribution, the shareholder shall return the capital contribution he withdraws. If losses are caused to the Company, the directors, supervisors and senior managers responsible shall be jointly and severally liable for compensation with the shareholder (see Article 53 of the Company Law)
2.股东抽逃出资的，股东应当返还抽逃的出资，给公司造成损失的，负有责任的董事、监事和高级管理人员应当与股东承担连带赔偿责任（详见《公司法》第五十三条）
A shareholder who has withdrawn capital contribution should return the capital contribution. The revision of the Company Law aims to prevent such instances and prevent any directors, supervisors or senior managers aware of withdrawals from ignoring or becoming accomplices to such actions. It is therefore stipulated that the responsible directors, supervisors and senior managers shall bear joint and several liability for compensation with shareholders who have withdrawn their capital contributions.
抽逃出资的股东本应当是返还抽逃的主体。但是，本次《公司法》修订，为了能够尽量避免这种情况发生，而且也为了让知道抽逃的董事、监事和高级管理人员不能坐视不管，甚至成为帮凶。于是，规定了负有责任的董事、监事和高级管理人员应当与抽逃出资的股东承担连带赔偿责任。
The Amendments' Impact on Judicial Practice
《公司法》修订对司法实践的影响
The amendments have added "shareholders have the right to inspect and copy the company’s name table of shareholders "; "shareholders may request access to... accounting vouchers "; "Shareholders may entrust accounting firms, law firms and other professional service institutions with professional knowledge and skills to assist in consulting them. Additional shareholders may also consult and copy relevant materials of wholly-owned subsidiaries." (See Article 57 of the Company Law)
增加“股东有权查阅、复制公司……股东名册”；增加“股东可以要求查阅……会计凭证”；“股东可以委托会计师事务所、律师事务所等具有专业知识和技能的专业服务机构协助查阅。增加股东也可以对全资子公司相关资料进行查阅、复制。”（详见《公司法》第五十七条
In judicial practice, when there is a dispute between shareholders, they usually file a "shareholder's right to know " lawsuit and review the company's account books or even financial vouchers. The amendment provides shareholders the right to consult financial vouchers, and can entrust lawyers and accountants to consult and copy these and the related materials of wholly-owned subsidiaries. This change in law is a legislative response to the current judicial practice and social reality, which is expected to reduce the "shareholders' right to know" lawsuits, but allow valuable judicial resources be used effectively in substantively resolving shareholder disputes.
在司法实践中，股东之间发生纠纷，通常都会先提起“股东知情权之诉”，要求实现股东知情权，对公司账簿，甚至是财务凭证进行查阅，从而收集后续起诉的证据。此次修订，赋予了股东可以对财务凭证进行查阅，而且可以委托专业律师、会计师进行查阅和复制，并且还延展到了有权对全资子公司相关资料进行查阅、复制。这是立法对司法实践和社会现实的回应，必将在事实上减少很多“股东知情权”之诉，而是让有价值的司法资源用在实质上解决股东纠纷之中。