中外合资经营合同格式2(17)

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The appointment of high-ranking administrative personnel recommendedby both parties, their salaries, social insurance, welfare and thestandard of travelling expenses etc. shall be decided by the meeting ofthe board of directors.

Chapter 12 Taxes, Finance and Audit

Article 32

The cooperative venture company shall pay taxes in accordance with theprovisions of Chinese laws and other relative regulations.

Article 33

Staff members and workers of the cooperative venture company shall payindividual income tax according to the Individual Income Tax Law of thePeople's Republic of China.

Article 34

The fiscal year of the joint venture company shall be from January 1to December 31. All vouchers, receipts, statistic statements and reportsshall be written in Chinese.(Note: A foreign language can be used concurrently with mutualconsent).

Article 35

Financial checking and examination of the cooperative venture companyshall be conducted by an auditor registered in China and reports shall besubmitted to the board of directors and the general manager.

In case Party B considers it necessary to employ a foreign auditorregistered in another country to undertake annual financial checking andexamination, Party A shall give its consent. All the expenses thereofshall be borne by Party B.

Article 36

In the first three months of each fiscal year, the manager shallprepare the previous year's balance sheet, profit and loss statement andproposal regarding the disposal of profits, and submit them to the boardof directors for examination and approval.

Chapter 13 Duration of the Cooperative Venture