take annual financial checking and examination, party a shall give its consent. all the expenses thereof shall be borne by party b.
article 36
in the first three months of each fiscal year, the manager shall prepare the previous year's balance sheet, profit and loss statement and proposal regarding the disposal of profits, and submit them to the board of directors for examination and approval.
chapter 13 duration of the cooperative venture
article 37
the duration of the cooperative venture company is______ years. the establishment date of the joint venture company shall be the date on which the business license of the cooperative venture company is issued.
an application for the extension of the duration, proposed by one party and unanimously approved by the board of directors, shall be submitted to the ministry of foreign trade and economic cooperation (or the examination and approval authority entrusted by it) six months prior to the expiry date of the joint venture.
chapter 14 the disposal of assets after the expiration of the duration
article 38
upon the expiration of the duration, the assets shall belong to party a.
chapter 15 insurance
article 39
insurance policies of the joint venture company on various kinds of risks shall be underwritten with the people's republic of china. types, value and duration of insurance shall be decided by the board of directors in accordance with the provisions of the people's insurance company of china.
chapter 16 the amendment, alteration and termination of the con- tract
article 40
the amendment of the contract or other appendices shall come into force only after a written agreement has been signed by party a and party b and approved by the original examination and approval authority.
article 41
in case of inability to fulfil the contract or to continue operation due to heavy losses in successive years as a result of force majeure, the duration of the cooperative venture and the contract shall be terminated before the time of expiration after being unanimously agreed upon by the board of directors and approved by the original examination and approval authority.
chapter 17 liability for breach of contract
article 42
should the cooperative venture company be unable to continue its operation or achieve its business purpose due to the fact that one of the contracting parties fails to fulfil the o
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