Auction Law of the People's Republic of China (Adopted at the 20th Meeting of the Standing Committee of the 8th National People's Congress on July 5, 1996)
Chapter Six - Supplementary Articles
Should auction enterprises established before the implementation of this Law do not meet the requirements as prescribed in this Law, shall meet the requirements as stipulated in this Law within the prescribed time limit; those still failing to meet the prescribed requirements after the time limit shall have their registrations revoked and their business licenses taken back by the administrative department for industry and commerce. Specific implementation measures shall be formulated by the State Council separately.
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