Company_Law_of_the_People's_Republic_of_China
The Company Law of the People's Republic of China is a law which was passed by the National People's Congress of the PRC on 29 December 1993 and came into force on 1 July 1994.[1] It has been amended several times since then. The most current version of the law took effect in 2018.[2] The law regulates limited liability and joint stock companies.[3]
The main purpose of the law is stated in Article 1, "The Company Law of the People's Republic of China (hereinafter referred to as the "Law") has been enacted in order to standardize the organization and activities of companies, protect the lawful rights and interests of companies, shareholders and creditors, safeguard the social and economic order and promote the development of the socialist market economy."[2]
Article 108 states that "A company limited by shares shall have a board of directors of five to 19 members."