Article 14　When a Non-legal Person Venture Investment Enterprise applies to the Registration Authority for registration of change， the afore-mentioned record filing proof issued by the Examination and Approval Authority may be a substitute for the corresponding examination and approval document. (来源：专业英语学习网站 http://www.EnglishCN.com)

　　Article 15　After the investors of a Non-legal Person Venture Investment Enterprise have paid the capital contribution according to the progress of the venture investment， they shall handle the record filing procedures for the capital contribution at the original Registration Authority with the relevant capital contribution verification report. The Registration Authority shall annotate the amount of capital contribution actually paid-up to the column for the amount of capital contribution on the Business Licence based on the actual amount contributed.

　　Where a Non-legal Person Venture Investment Enterprise fails to pay or pay in full the capital contribution within the maximum investment period， the Registration Authority shall impose penalty in accordance with existing provisions.

　　Article 16　The capital contribution of investors of and the relevant changes in connection with Corporate Venture Investment Enterprises shall be handled in accordance with existing provisions.

　　PART FOUR　ORGANIZATION

　　Article 17　Non-legal Person Venture Investment Enterprises shall establish a joint management committee. Corporate Venture Investment Enterprises shall establish a board of directors. The constitution of the joint management committee or the board of directors shall be provided for by the investors in the contract for， and articles of association of， a Venture Investment Enterprise. The joint management committee or the board of directors shall manage the Venture Investment Enterprise on behalf of the investors.

　　Article 18　An operation and management organization shall be established under the joint management committee or board of directors. Such organization shall， within the authority stipulated in the contract for and articles of association of the Venture Investment Enterprise， be responsible for day-to-day operations and management and executing the investment decisions of the joint management committee or board of directors.

　　Article 19　The responsible person of the operation and management organization shall satisfy the following conditions：

　　1. having full capacity for civil acts；

　　2. having no criminal record；

　　3. having no record of improper business operations；

　　4. having experience in the venture investment business and not having any record of conduct in breach of regulations； and

　　5. satisfying other conditions imposed by the Examination and Approval Authority relevant to operation and management qualifications.

　　Article 20　The operation and management organization shall periodically report on the following matters to the joint management committee or board of directors：

　　1. authorized major investment activities；

　　2. interim and annual performance reports and financial reports；

　　3. other matters specified in laws and regulations； and

　　4. relevant matters specified in the contract for and articles of association of the Venture Investment Enterprise.

　　Article 21　The joint management committee or board of directors may elect not to establish an operation and management organization， but to confer the day-to-day operation authority on a venture investment management enterprise or another Venture Investment Enterprise for management. The venture investment management enterprise may be a Chinese-funded， foreign-funded or overseas venture investment management enterprise. Under these circumstances， the Venture Investment Enterprise and the venture investment management enterprise shall enter into a management contract to agree on their respective rights and obligations. The management contract will become effective after it has been consented to by all investors and approved by the Examination and Approval Authority.

　　Article 22　The investors of a Venture Investment Enterprise may provide in the contract for Venture Investment Enterprise for an internal gains distribution mechanism and award mechanism in accordance with international practice.

　　PART FIVE

　　VENTURE INVESTMENT MANAGEMENT ENTERPRISES

　　Article 23　The venture investment management enterprise entrusted to manage a Venture Investment Enterprise shall satisfy the following conditions：

　　1. its main line of business shall be the management of investment business of the entrusting Venture Investment Enterprise；

　　2. having at least three professional management personnel with at least three years experience in venture investment business；

　　3. its registered capital or total amount of capital contribution shall not be less than Rmb one million or its equivalent in foreign exchange； and

　　4. having a sound internal control system.

　　Article 24　Venture investment management enterprises may take the organizational form of a company or a partnership.

　　Article 25　A venture investment management enterprise may be entrusted to manage more than one Venture Investment Enterprise.

　　Article 26　The venture investment management enterprise shall periodically report on the matters listed in Article 20 to the joint management committee or board of directors of the entrusting Venture Investment Enterprise.

　　Article 27　Establishment of foreign-invested venture investment management enterprises shall satisfies the conditions specified in Article 23 hereof， and shall be approved by the Examination and Approval Authority through the competent provincial-level foreign trade and economic cooperation department of the place where the proposed foreign-invested venture investment management enterprise is to be established. The Examination and Approval Authority shall， within 45 days of the date of receipt of all the submitted materials， render a written decision on whether to give its approval. If it grants its approval， it shall issue a Foreign-invested Enterprise Approval Certificate. The foreign-invested venture investment management enterprise that has been approved to be established shall， within one month of the date of receipt of the Foreign-invested Enterprise Approval Certificate issued by the Examination and Approval Authority， apply for registration with the Registration Authority on the strength of the Approval Certificate.