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Measures for the Control of Provision of Security to Foreign Parties by Organizations within the People's Republic of China
(Promulgated by the People's Bank of China on September 25, 1996)

Article 1

Article 2

Article 3

Article 4

Article 5

Article 6

Article 7

Article 8

Article 9

Article 10

Article 11

Article 12

Article 13

Article 14

Article 15

Article 16

Article 17

Article 18

Article 19

Metadata

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Manifest

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China - Measures for the Control of Provision of Security to Foreign Parties by Organizations, 1996

MOFTEC

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Measures for the Control of Provision of Security to Foreign Parties by Organizations within the People's Republic of China
(Promulgated by the People's Bank of China on September 25, 1996)

Article 2

Provision of security to foreign parties as mentioned herein refers to the provision by organizations within the People's Republic of China (except foreign-invested financial institutions within the People's Republic of China, hereinafter referred to as the "Security Provider") of guarantees in the form of letters of guarantee, standby letters of credit, promissory notes and bills of exchange, of mortgages of property stipulated under Article 34 of the Law of the People's Republic of China on Security, of pledges of moveable property stipulated under Section 1 of Chapter 4 of the Law of the People's Republic of China on Security and of the rights stipulated under Article 75of Section 2 of the Law of the People's Republic of China on Security, to organizations outside the People's Republic of China or foreign-invested financial institutions within the People's Republic of China (creditor or beneficiary, hereinafter referred to as the "Creditor")as undertakings that when the debtor (hereinafter referred to as the "Secured Party") fails to repay its debts as provided for in a contract, the Security Provider will perform its obligation to repay the debts. Security to foreign parties include:

(i) finance security;

(ii) finance lease security;

(iii) security under compensation trade arrangements;

(iv) security in connection with contracted projects outside the People's Republic of China;

(v) other security with a foreign debt nature. A Security Provider shall not grant security to foreign parties in the form of lien or deposit .Security provided to foreign-invested financial institutions within the People's Republic of China shall be deemed as security to foreign parties.


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