almanager.
incasepartybconsidersitnecessarytoemployaforeignauditorregisteredinanothercountrytoundertakeannualfinancialcheckingandexamination,partyashallgiveitsconsent.alltheexpensesthereofshallbebornebypartyb.
article36
inthefirstthreemonthsofeachfiscalyear,themanagershallpreparethepreviousyear'sbalancesheet,profitandlossstatementandproposalregardingthedisposalofprofits,andsubmitthemtotheboardofdirectorsforexaminationandapproval.
chapter13durationofthecooperativeventure
article37
theduration ofthecooperativeventurecompanyis______years.theestablishmentdateofthejointventurecompanyshallbethedateonwhichthebusinesslicenseofthecooperativeventurecompanyisissued.
anapplicationfortheextensionoftheduration,proposedbyonepartyandunanimouslyapprovedbytheboardofdirectors,shallbesubmittedtotheministryofforeigntradeandeconomiccooperation(ortheexaminationandapprovalauthorityentrustedbyit)sixmonthspriortotheexpirydateofthejointventure.
chapter14thedisposalofassetsaftertheexpirationoftheduration
article38
upontheexpirationoftheduration,theassetsshallbelongtopartya.
chapter15insurance
article39
insurancepoliciesofthejointventurecompanyonvariouskindsofrisksshallbeunderwrittenwiththepeople'srepublicofchina.types,valueanddurationofinsuranceshallbedecidedbytheboardofdirectorsinaccordancewiththeprovisionsofthepeople'sinsurancecompanyofchina.
chapter16theamendment,alterationandterminationofthecon-tract
article40
theamendmentofthecontractorotherappendicesshallcomeintofo rceonlyafterawrittenagreementhasbeensignedbypartyaandpartybandapprovedbytheoriginalexaminationandapprovalauthority.
article41
incaseofinabilitytofulfilthecontractortocontinueoperationduetoheavylossesinsuccessiveyearsasaresultofforcemajeure,thedurationofthecooperativeventureandthecontractshallbeterminatedbeforethetimeofexpirationafterbeingunanimouslyagreeduponbytheboardofdirectorsandapprovedbytheoriginalexaminationandapprovalauthority.
chapter17liabilityforbreachofcontract
article42
shouldthecooperativeventurecompanybeunabletocontinueitsoperationorachieveitsbusinesspurposeduetothefactthatoneofthecontractingpartiesfailstofulfiltheobligationsprescribedbythecontractandarticlesofassociation,orseriouslyviolatestheprovisionsofthecontractandarticlesofassociation,thatpartyshallbedeemedtohaveunilaterallyterminatedthecontract.theotherpartyshallhavetherighttoterminatethecontractinaccordancewiththeprovisionsofthecontractafterapprovalbytheoriginalexaminationandapproval
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