aily management of the cooperative venture company. the deputy general managers shall assist the general manager in his work.

article 28

the general manager shall report to the board of directors the operation conditions of the cooperative company every three months, and make a financial report every six months.

article 29
in case of graft or serious dereliction of duty on the part of the general manager and deputy general managers, the board of directors shall have the power to dismiss them at any time.

chapter 11 labor management

article 30
labor contract covering the recruitment, employment, dismissal and resignation, wages, labor insurance, welfare, rewards, penalties and other matters concerning the staff and workers of the cooperative venture company shall be drawn up between the cooperative venture company and the trade union of the cooperative venture company as a whole, or the individual employees in the cooperative venture company as a whole or individual employees in accordance with the law of the people's republic of china on chinese-foreign cooperative joint ventures. the labor contracts shall, after being signed, be filed with the local labor management department.

article 31
the appointment of high-ranking administrative personnel recommended by both parties, their salaries, social insurance, welfare and the standard of travelling expenses etc. shall be decided by the meeting of the board of directors.

chapter 12 taxes, finance and audit

article 32
the cooperative venture company shall pay taxes in accordance with the provisions of chinese laws and other relative regulations.

article 33
staff members and workers of the cooperative venture company shall pay individual income tax according to the individual income tax law of the people's republic of china.

article 34
the fiscal year of the joint venture company shall be from january 1 to december 31. all vouchers, receipts, statistic statements and reports shall be written in chinese.
(note: a foreign language can be used concurrently with mutual consent).

article 35
financial checking and examination of the cooperative venture company shall be conducted by an auditor registered in china and reports shall be submitted to the board of directors and the general manager.
in case party b considers it necessary to employ a foreign auditor registered in another country to under

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