证券公司短期融资券管理办法 Announcement of the People's Ban_法律英语

证券公司短期融资券管理办法 Announcement of the People's Ban

文章来源：文章作者：发布时间：2007-07-04 00:47 字体： [大中小]　进入论坛

(单词翻译:双击或拖选)

中国人民银行公告[2004]第12号

颁布日期：20041018 　实施日期：20041101 　颁布单位：中国人民银行

　　[2004] No. 12

　　October 18， 2004

　　For the purpose of promoting further development of money market and expanding the financing channels of securities companies， the Measures for the Administration of Short-term Financing Bills of Securities Companies， which were formulated² by the People's Bank of China in consultation³ with the China Securities Regulatory Commission and the China Banking⁴ Regulatory Commission， are hereby promulgated⁵ and shall come into force as of November 1st， 2004.

　　Measures for the Administration of Short-term Financing Bills of Securities Companies

　　Chapter I General Provisions

　　Article 1 The present Measures are formulated according to the Law of the People's Republic of China on the People's Bank of China in order to further promote development of the money market， expand financing channels of securities companies， regulate the issuance and trading of short-term financing bills of securities companies and protect the legitimate⁶ rights and interests of the investors⁸ of short-term financing bills.

　　Article 2 The “short-term financing bills of securities companies”（hereinafter referred to as “short-term financing bills”） as referred to in the present Measures shall mean the financial bond issued by securities companies in the inter-bank bond market for the purpose of short-term financing and for which both parties agree to repay both the principal and the corresponding interests within a time limit.

　　Article 3 The issuance and trading of short-term financing bills of securities companies shall be subject to the supervision⁹ and administration of the People's Bank of China.

　　Article 4 The People's Bank of China shall authorize¹⁰ the National Inter-bank Funding Center （hereinafter referred to as the Inter-bank Funding Center） to， through the electronic information system of the Inter-bank Financing Center， publicize the supervisory opinions of China Securities Regulatory Commission （hereinafter referred to as the CSRC） on whether or not an issuer of short-term financing bills meets the basic conditions for issuing short-term financing bills.

　　Article 5 The short-term financing bills of securities companies shall be issued and traded only in the inter-bank bond market.

　　Article 6 The issuance and trading of short-term financing bills of securities companies shall follow the principles of fairness， good faith and self-discipline.

　　Every investor⁷ of short-term financing bills shall meet the requirements of prudent¹¹ supervision of its own supervisory department and be of the capability¹² of identifying， judging and assuming risks. The risks of short-term financing bills shall be assumed by the investor itself.

　　Article 7 The securities company issuing short-term financing bills shall repay the principal and interests on schedule.

　　Article 8 The securities company issuing short-term financing bills shall truly， exactly， completely and timely disclose the information according to provisions of the present Measures.

　　Chapter II Issuance

　　Article 9 The securities company applying for issuing short-term financing bills shall meet the following fundamental conditions and obtain approval from the CSRC：

　　（1） Having acquired the membership of the National Inter-bank Funding Center for more than one year；

　　（2） The issuer has， according to unified¹³ requirements of the norms， disclosed its detailed¹⁴ accounting¹⁵ information in the National Inter-bank Funding Center for more than one year， and has no record of violation¹⁶ of information disclosure in the recent year；

　　（3） The storage and management of transaction settlement funds of customers shall accord with the provisions of the CSRC， and the transaction settlement funds of customers have not been embezzled¹⁷ during the recent year；

　　（4） It should have a sound system of internal control and strictly¹⁸ separating administration of the entrusted¹⁹ businesses and the self-management businesses thereof； there is a middle office to supervise and control the operational risks over front and back offices， and there is no significant violation of laws and regulations during the last two years；

　　（5） The method of market value shall be applied²⁰ to evaluate the assets and debts， and a reasonable method shall be used to evaluate the risks of stocks； and

　　（6） Other conditions as provided for by the People's Bank of China or the CSRC.

　　Article 10 The securities company with the competency to issue short-term financing bills approved by the CSRC shall submit the following materials to the People's Bank of China for archival filing if it plans to issue short-term financing bills in an inter-bank bond market：

　　（1） A photocopy²¹ of the approval documents to become a membership of the National Inter-bank Funding Market；

　　（2） A photocopy of the announcement of relevant information disclosure published by the Inter-bank Funding Center；

　　（3） A photocopy of confirmation²² documents by the CSRC of the competency to issue short-term financing bills； and

　　（4） Other documents required to be submitted by the People's Bank of China.

　　The People's Bank of China shall， within 10 working days from accepting the required materials for archival filing， confirm the receipt of such materials in the form of a written archival filing notice and set the upper limit of short-term financing bills issued by the securities company.

　　Article 11 A securities company that is to issue short-term financing bills shall designate a capital and credit rating institution to make credit rating on it.

　　Article 12 A securities company that issues short-term financing bills shall， according to the related provisions， formulate¹ relevant operation rules， and establish and improve the systems of risk management and internal control.

　　Article 13 A securities company shall adopt the balance management system on the issuance of short-term financing bills， and the balance of short-term financing bills to be repaid shall not exceed 60 per cent of its net capital. Within such limit， the securities company shall freely confirm its issuance scale of short-term financing bills.

　　The People's Bank of China shall regulate the upper limit of an issuer's balance of short-term financing bills once every 6 months pursuant to the information concerning the securities company's net capital as provided by the CSRC， and announce the upper limit of the balance in the national inter-bank bond market.

　　The People's Bank of China shall be entitled to regulating the upper limit of the ratio between the securities company's balance of short-term financing bills and its net capital in light of the market performance and the issuer's situation.

　　Article 14 The maximum time limit of a short-term financing bill shall be 91 days. The securities companies that issue short-term financing bills may freely determine the terms of their short-term financing bills within the said maximum time limit.

　　The People's Bank of China shall be entitled to regulating the upper limit of the time limit of short-term financing bills pursuant to the market performance.

　　Article 15 The issuing period of short-term financing bills shall not exceed 3 working days， which starts from the bidding day of short-term financing bills to the day when the relationship of debtor-creditor is established.

　　Article 16 The issuance of short-term financing bills shall be in the form of auction²³， and the interest rate or price of issuance shall be freely determined²⁴ by the two parties.

　　Article 17 The People's Bank of China shall authorize the China Government Securities Depository Trust Clearing Co.， Ltd. （hereinafter referred to as the CGSDTC） to be responsible for setting the issuing period of short-term financing bills. Prior to each issuance， the securities company shall apply for setting the issuing period to the CGSDTC， which shall arrange for the issuance according to the sequence of applications of securities companies. The application materials for issuing period shall include， but not be limited to the following items：

　　（1） a written notice of archival filing of the People's Bank of China；

　　（2） the scale of the planned issuance of short-term financing bills；

　　（3） the time limit of the planned issuance of short-term financing bills；

　　（4） the method to determine the interest rate of the planned issuance of short-term financing bills；

　　（5） the balance of short-term financing bills to be repaid and its detailed information； and

　　（6） other items as required by the People's Bank of China.

　　The CGSDTC shall， within 2 working days from acceptance of the application documents according with the provisions of this Article， determine the date of issuance and notify the issuer of it.

　　Article 18 The issuer shall publish a collecting prospectus²⁵ for the current issuance of short-term financing bills through the China bond website within 3 working days as of the date of issuance as determined by the CGSDTC. Written legal opinions shall be issued by a law office for the prospectus， which shall have specific and clear contents， and shall explicitly²⁶ stipulate²⁷ the rights and obligations of the parties of the short-term financing bills. The prospectus shall include， but not be limited to the following items：

　　（1） the basic information of the issuer；

　　（2） the scale and time limit of short-term financing bills to be issued and the method adopted to determine the interest rate；

　　（3） the guarantee situation of short-term financing bills to be issued；

　　（4） the issuing period；

　　（5） the time and form of repayment²⁸ of the principal and interests；

　　（6） liabilities of the issuer for breach²⁹ of the contract；

　　（7） objects of issuance；

　　（8） points of attention regarding investment risks； and

　　（9） other items as required to be published by the People's Bank of China.

　　Article 19 After finishing the issuance of short-term financing bills， the issuer shall announce to the market such information as the actual scale， actual interest rate and the time limit of issuance through China bond website within the first working day following the day of registering the credits and debts. The CGSDTC shall summarize the issuance announcements regularly and report the circumstances of issuance of short-term financing bills to the People's Bank of China.

　　Article 20 No securities company may use the funds raised through issuing short-term financing bills for the following purposes：

　　（1） making fixed³⁰ asset investment and establishing network stations for business；

　　（2） making investment in the secondary stock market；

　　（3） providing financing for the securities trading of any client；

　　（4） making long-term equity³¹ investment； or

　　（5） any other uses as prohibited by the People's Bank of China.

　　Chapter III Trading， Trusteeship， Settlement and Redemption

　　Article 21 The short-term financing bills may be traded in the national inter-bank bond market according to the Measures for Administration of Bond Trading in the National Inter-bank Bond Market. The short-term financing bills may circulate and be transferred from the next working day following the day of registering the credits and debts. The trading of short-term financing bills shall be carried out through the electronic trading system of the Inter-bank Funding Center.

　　Article 22 The short-term financing bills shall be registered， entrusted and settled in the form of bookkeeping at the CGSDTC.

　　Article 23 The issuer shall cash the principal and interests of short-term financing bills on schedule in light of the stipulations of announcement of issuance and shall not alter the date of redemption without permission.

　　Article 24 The deadline for transferring the ownership of short-term financing bills shall be 3 working days prior to their maturity³². The issuer shall transfer the full amount of principal and interests of short-term financing bills to be redeemed³⁴ to an account specified³⁵ by the CGSDTC on the day when the short-term financing bills expire （extended if falling on holidays）， and the CGSDTC shall pay the principal and interests to the investors of short-term financing bills.

　　Article 25 In case the issuer fails to transfer the full amount of principal and interests of short-term financing bills to the account specified by the CGSDTC on schedule， the CGSDTC shall announce such failure to investors through the China money website and the China bond website at the end of the day when the short-term financing bills expire.

　　Chapter IV Information Disclosure

　　Article 26 The securities company， which issues short-term financing bills， shall be obliged to disclose information to the inter-bank bond market.

　　Article 27 The board of directors or the major principal of a securities company that issues short-term financing bills shall ensure the authenticity³⁶， accuracy and integrity of disclosed information and assume corresponding legal liability.

　　Article 28 The securities company that issues short-term financing bills shall regularly disclose the following information through the electronic information system of the Inter-bank Funding Center：

　　（1） the balance sheets and net assets statements， the profit statements and profit distribution statements of previous year prior to January 20 of each year；

　　（2） the balance sheets and net assets statements， the profit statements and profit distribution statements of the first six months of current year prior to July 20 of each year； and

　　（3） the annual financial statements and auditing³⁷ reports audited³⁸ by a qualified³⁹ accounting company engaged in such relevant businesses as securities and futures⁴⁰， including the full context of the auditing opinions， audited balance sheets， net assets statements， profit statements， profit distribution statements and appendix of the financial statements prior to April 30 of each year.

　　Article 29 The issuer shall make an announcement timely under any of the following circumstances：

　　（1） being expected to have difficulty in repaying interests or principal on schedule；

　　（2） deduction⁴¹ of capital， merger⁴²， split-up， dissolution and application for bankruptcy⁴³；

　　（3） alteration⁴⁴ of stock rights； or

　　（4） other circumstances that shall be announced as prescribed by the People's Bank of China.

　　Article 30 The listed securities companies may be immune from regularly disclosure of the information stipulated⁴⁵ in items （1） and （2） of Article 27 of the present Measures.

　　Chapter V Supervision and Administration

　　Article 31 The People's Bank of China shall be entitled to conducting dynamic inspection⁴⁶ at any time on the issuance and trading of short-term financing bills of a securities company and the use of raised funds.

　　Article 32 The People's Bank of China may reset⁴⁷ the upper limit of an issuer's balance of short-term financing bills to be repaid at less than 50 percent of the original upper limit of the issuer's balance of short-term financing bills to be repaid in case the issuer has any of the following acts：

　　（1） failing to redeem³³ the full amount of principal and interests of short-term financing bills on schedule； or

　　（2） failing to disclose information as required twice within 3 years.

　　Article 33 The People's Bank of China may suspend the issuance of short-term financing bills of an issuer at the national inter-bank bond market for six months if：

　　（1） its balance of short-term financing bills to be repaid exceeds the upper limit set by the People's Bank of China；

　　（2） its raised funds of short-term financing bills are put into prohibitive uses；

　　（3） it has failed twice in six months to repay the full amount of principal and interests of short-term financing bills on schedule； or

　　（4） it has failed to disclose information as required three times in 3 years.

　　Article 34 The People's Bank of China may prohibit an issuer from issuing short-term financing bills in the national inter-bank bond market if：

　　（1） its membership in the Inter-bank Funding Center is cancelled；

　　（2） it has disclosed false information；

　　（3） the CSRC finds that the company falls short of any of the items （3），（4），（5） and （6） of Article 9 of the present Measures；

　　（4） it is subject to a fine or more severe penalty imposed by the CSRC or other competent departments for businesses violating laws and regulations；

　　（5） two or more main financial indexes of it do not meet the supervisory requirements of the CSRC；

　　（6） it has failed to repay the full amount of principal and interests of short-term financing bills three times within 1 year； or

　　（7） it has failed to disclose information as required more than three times （not included） within 3 years.

　　Article 35 The CGSDTC shall， on each trading day， disclose the amount of held short-term financing bills， the list of investors who hold more than 20 percent of the total entrusted amount of short-term financing bills and their respective holding ratios， at the end of the previous trading day.

　　Article 36 The Inter-bank Funding Center shall be responsible for the routine monitoring of the trading of short-term financing bills， while the CGSDTC shall be responsible for the routine monitoring of the settlement of short-term financing bills. The Inter-bank Funding Center and the CGSDTC shall timely report any abnormal transaction and settlement to the People's Bank of China.

　　Article 37 The Inter-bank Funding Center and the CGSDTC shall establish corresponding rules on trading， settlement and information disclosure of short-term financing bills according to the present Measures.

　　Article 38 Any act， which occurs in the trading of short-term financing bills and is contrary to the present Measures， shall be subject to relevant penalties as specified in the Measures for Administration of Bond Trading in the National Inter-bank Bond Market.

　　Article 39 Any director， senior manager and any other person directly in charge， who are responsible for disclosing false information， shall be subject to the penalty as specified in Article 46 of the Law of the People's Republic of China on the People's Bank of China.

　　Chapter VI Supplementary⁴⁸ Provisions

　　Article 40 The power to interpret the present Measures shall remain with the People's Bank of China.

　　Article 41 The present Measures shall come into force as of November 1st， 2004.

点击

收听单词发音

1 formulate
v.用公式表示；规划；设计；系统地阐述
参考例句：
He took care to formulate his reply very clearly.他字斟句酌，清楚地做了回答。 I was impressed by the way he could formulate his ideas.他陈述观点的方式让我印象深刻。

2 formulated
v.构想出( formulate的过去式和过去分词 )；规划；确切地阐述；用公式表示
参考例句：
He claims that the writer never consciously formulated his own theoretical position. 他声称该作家从未有意识地阐明他自己的理论见解。来自《简明英汉词典》 This idea can be formulated in two different ways. 这个意思可以有两种说法。来自《现代汉英综合大词典》

3 consultation
n.咨询；商量；商议；会议
参考例句：
The company has promised wide consultation on its expansion plans.该公司允诺就其扩展计划广泛征求意见。 The scheme was developed in close consultation with the local community.该计划是在同当地社区密切磋商中逐渐形成的。

4 banking
n.银行业，银行学，金融业
参考例句：
John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。 He possesses an extensive knowledge of banking.他具有广博的银行业务知识。

5 promulgated
v.宣扬（某事物）( promulgate的过去式和过去分词 )；传播；公布；颁布（法令、新法律等）
参考例句：
Hence China has promulgated more than 30 relevant laws, statutes and regulations. 中国为此颁布的法律、法规和规章多达３０余项。来自汉英非文学 - 白皮书 The shipping industry promulgated a voluntary code. 航运业对自律守则进行了宣传。来自辞典例句

6 legitimate
adj.合法的，合理的，合乎逻辑的；v.使合法
参考例句：
Sickness is a legitimate reason for asking for leave.生病是请假的一个正当的理由。 That's a perfectly legitimate fear.怀有这种恐惧完全在情理之中。

7 investor
n.投资者，投资人
参考例句：
My nephew is a cautious investor.我侄子是个小心谨慎的投资者。 The investor believes that his investment will pay off handsomely soon.这个投资者相信他的投资不久会有相当大的收益。

8 investors
n.投资者，出资者( investor的名词复数 )
参考例句：
a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子 a cash bonanza for investors 投资者的赚钱机会

9 supervision
n.监督，管理
参考例句：
The work was done under my supervision.这项工作是在我的监督之下完成的。 The old man's will was executed under the personal supervision of the lawyer.老人的遗嘱是在律师的亲自监督下执行的。

10 authorize
v.授权，委任；批准，认可
参考例句：
He said that he needed to get his supervisor to authorize my refund.他说必须让主管人员批准我的退款。 Only the President could authorize the use of the atomic bomb.只有总统才能授权使用原子弹。

11 prudent
adj.谨慎的，有远见的，精打细算的
参考例句：
A prudent traveller never disparages his own country.聪明的旅行者从不贬低自己的国家。 You must school yourself to be modest and prudent.你要学会谦虚谨慎。

12 capability
n.能力；才能；(pl)可发展的能力或特性等
参考例句：
She has the capability to become a very fine actress.她有潜力成为杰出演员。 Organizing a whole department is beyond his capability.组织整个部门是他能力以外的事。

13 unified
(unify 的过去式和过去分词)；统一的；统一标准的；一元化的
参考例句：
The teacher unified the answer of her pupil with hers. 老师核对了学生的答案。 The First Emperor of Qin unified China in 221 B.C. 秦始皇于公元前221年统一中国。

14 detailed
adj.详细的，详尽的，极注意细节的，完全的
参考例句：
He had made a detailed study of the terrain.他对地形作了缜密的研究。 A detailed list of our publications is available on request.我们的出版物有一份详细的目录备索。

15 accounting
n.会计，会计学，借贷对照表
参考例句：
A job fell vacant in the accounting department.财会部出现了一个空缺。 There's an accounting error in this entry.这笔账目里有差错。

16 violation
n.违反(行为)，违背(行为)，侵犯
参考例句：
He roared that was a violation of the rules.他大声说，那是违反规则的。 He was fined 200 dollars for violation of traffic regulation.他因违反交通规则被罚款200美元。

17 embezzled
v.贪污，盗用（公款）( embezzle的过去式和过去分词 )
参考例句：
The clerk embezzled a thousand pounds from the bank where he worked. 那个职员在他工作的银行里贪污了一千英镑。来自《简明英汉词典》 The cashier embezzled ＄ 50,000 from the bank. 出纳员盗用了银行5万美元。来自《现代汉英综合大词典》

18 strictly
adv.严厉地，严格地；严密地
参考例句：
His doctor is dieting him strictly.他的医生严格规定他的饮食。 The guests were seated strictly in order of precedence.客人严格按照地位高低就座。

19 entrusted
v.委托，托付( entrust的过去式和过去分词 )
参考例句：
He entrusted the task to his nephew. 他把这任务托付给了他的侄儿。 She was entrusted with the direction of the project. 她受委托负责这项计划。来自《简明英汉词典》

20 applied
adj.应用的；v.应用，适用
参考例句：
She plans to take a course in applied linguistics.她打算学习应用语言学课程。 This cream is best applied to the face at night.这种乳霜最好晚上擦脸用。

21 photocopy
n.影印本；v.影印
参考例句：
The original reproduces clearly in a photocopy.原件复印得十分清晰。 What's wrong with the photocopy machine?复印机出了什么问题？

22 confirmation
n.证实，确认，批准
参考例句：
We are waiting for confirmation of the news.我们正在等待证实那个消息。 We need confirmation in writing before we can send your order out.给你们发送订购的货物之前，我们需要书面确认。

23 auction
n.拍卖；拍卖会；vt.拍卖
参考例句：
They've put the contents of their house up for auction.他们把房子里的东西全都拿去拍卖了。 They bought a new minibus with the proceeds from the auction.他们用拍卖得来的钱买了一辆新面包车。

24 determined
adj.坚定的；有决心的
参考例句：
I have determined on going to Tibet after graduation.我已决定毕业后去西藏。 He determined to view the rooms behind the office.他决定查看一下办公室后面的房间。

25 prospectus
n.计划书；说明书；慕股书
参考例句：
An order form was included with the prospectus.订单附在说明书上。 The prospectus is the most important instrument of legal document.招股说明书是上市公司信息披露制度最重要法律文件。

26 explicitly
ad.明确地，显然地
参考例句：
The plan does not explicitly endorse the private ownership of land. 该计划没有明确地支持土地私有制。 SARA amended section 113 to provide explicitly for a right to contribution. 《最高基金修正与再授权法案》修正了第123条，清楚地规定了分配权。来自英汉非文学 - 环境法 - 环境法

27 stipulate
vt.规定，（作为条件）讲定，保证
参考例句：
International rules stipulate the number of foreign entrants.国际规则规定了外国参赛者的人数。 Some manufacturers stipulate the price at which their goods are to be sold.有些制造商规定出售他们生产的商品的价格。

28 repayment
n.偿还，偿还款；报酬
参考例句：
I am entitled to a repayment for the damaged goods.我有权利索取货物损坏赔偿金。 The tax authorities have been harrying her for repayment.税务局一直在催她补交税款。

29 breach
n.违反，不履行；破裂；vt.冲破，攻破
参考例句：
We won't have any breach of discipline.我们不允许任何破坏纪律的现象。 He was sued for breach of contract.他因不履行合同而被起诉。

30 fixed
adj.固定的，不变的，准备好的；(计算机)固定的
参考例句：
Have you two fixed on a date for the wedding yet?你们俩选定婚期了吗？ Once the aim is fixed,we should not change it arbitrarily.目标一旦确定，我们就不应该随意改变。

31 equity
n.公正，公平，（无固定利息的）股票
参考例句：
They shared the work of the house with equity.他们公平地分担家务。 To capture his equity,Murphy must either sell or refinance.要获得资产净值，墨菲必须出售或者重新融资。

32 maturity
n.成熟；完成；(支票、债券等)到期
参考例句：
These plants ought to reach maturity after five years.这些植物五年后就该长成了。 This is the period at which the body attains maturity.这是身体发育成熟的时期。

33 redeem
v.买回，赎回，挽回，恢复，履行（诺言等）
参考例句：
He had no way to redeem his furniture out of pawn.他无法赎回典当的家具。 The eyes redeem the face from ugliness.这双眼睛弥补了他其貌不扬之缺陷。

34 redeemed
adj. 可赎回的，可救赎的动词redeem的过去式和过去分词形式
参考例句：
She has redeemed her pawned jewellery. 她赎回了当掉的珠宝。 He redeemed his watch from the pawnbroker's. 他从当铺赎回手表。

35 specified
adj.特定的
参考例句：
The architect specified oak for the wood trim. 那位建筑师指定用橡木做木饰条。 It is generated by some specified means. 这是由某些未加说明的方法产生的。

36 authenticity
n.真实性
参考例句：
There has been some debate over the authenticity of his will. 对于他的遗嘱的真实性一直有争论。 The museum is seeking an expert opinion on the authenticity of the painting. 博物馆在请专家鉴定那幅画的真伪。

37 auditing
n.审计，查账，决算
参考例句：
Auditing standards are the rules governing how an audit is performed.收支检查标准是规则统治一个稽核如何被运行。 The auditing services market is dominated by a few large accounting firms.审计服务市场被几家大型会计公司独占了。

38 audited
v.审计，查账( audit的过去式和过去分词 )
参考例句：
The accounts have to be audited by a firm of external auditors. 这些账目必须由一家外聘审计员的公司来稽查。来自《简明英汉词典》 E. g. few if any charities collection publishes audited accounts. 例如很少义款收集有公布经过查核的帐目。来自互联网

39 qualified
adj.合格的，有资格的，胜任的，有限制的
参考例句：
He is qualified as a complete man of letters.他有资格当真正的文学家。 We must note that we still lack qualified specialists.我们必须看到我们还缺乏有资质的专家。

40 futures
n.期货，期货交易
参考例句：
He continued his operations in cotton futures.他继续进行棉花期货交易。 Cotton futures are selling at high prices.棉花期货交易的卖价是很高的。

41 deduction
n.减除，扣除，减除额；推论，推理，演绎
参考例句：
No deduction in pay is made for absence due to illness.因病请假不扣工资。 His deduction led him to the correct conclusion.他的推断使他得出正确的结论。

42 merger
n.企业合并，并吞
参考例句：
Acceptance of the offer is the first step to a merger.对这项提议的赞同是合并的第一步。 Shareholders will be voting on the merger of the companies.股东们将投票表决公司合并问题。

43 bankruptcy
n.破产；无偿付能力
参考例句：
You will have to pull in if you want to escape bankruptcy.如果你想避免破产，就必须节省开支。 His firm is just on thin ice of bankruptcy.他的商号正面临破产的危险。

44 alteration
n.变更，改变；蚀变
参考例句：
The shirt needs alteration.这件衬衣需要改一改。 He easily perceived there was an alteration in my countenance.他立刻看出我的脸色和往常有些不同。

45 stipulated
vt.& vi.规定；约定adj.[法]合同规定的
参考例句：
A delivery date is stipulated in the contract. 合同中规定了交货日期。 Yes, I think that's what we stipulated. 对呀，我想那是我们所订定的。来自辞典例句

46 inspection
n.检查，审查，检阅
参考例句：
On random inspection the meat was found to be bad.经抽查，发现肉变质了。 The soldiers lined up for their daily inspection by their officers.士兵们列队接受军官的日常检阅。

47 reset
v.重新安排，复位；n.重新放置；重放之物
参考例句：
As soon as you arrive at your destination,step out of the aircraft and reset your wristwatch.你一到达目的地，就走出飞机并重新设置手表时间。 He is recovering from an operation to reset his arm.他做了一个手臂复位手术，正在恢复。

48 supplementary
adj.补充的，附加的
参考例句：
There is a supplementary water supply in case the rain supply fails.万一主水源断了，我们另外有供水的地方。 A supplementary volume has been published containing the index.附有索引的增补卷已经出版。

上一篇：国家税务总局关于中意人寿保险有限公司一年期以上返还性人身保险下一篇：中国证券监督管理委员会关于修改《证券公司债券管理暂行办法》的