Article 2 The term "small loan company" as mentioned in these Measures refers to a limited liability company or joint stock limited company established by natural persons, enterprise legal persons and other social organizations in accordance with the Company Law of People's Republic of China (PRC) and other laws and regulations, which does not absorb public deposits and engages in small loan business. Small loan companies shall conduct business within the scope of laws and regulations in accordance with the national financial policies, operate independently, be responsible for their own profits and losses, operate by themselves, and bear their own risks. Their legitimate business activities shall be protected by law and shall not be interfered by any unit or individual.
A small loan company is an enterprise legal person, with independent legal person property and legal person property rights, and bears civil liability for debts with all its property. Shareholders of microfinance companies enjoy the right to return on assets, participate in major decision-making and choose managers according to law, and participate in decision-making and assume responsibility for the company to the extent of their subscribed capital contribution or subscribed shares.
Article 3 The Sichuan Provincial People's Government (hereinafter referred to as the provincial government) authorizes the Financial Office of the Sichuan Provincial People's Government (hereinafter referred to as the Financial Office of the provincial government) to be responsible for the examination and approval and industry management of small loan companies. Without the approval of the competent department, it is forbidden to set up a small loan company.
Article 4 In order to strengthen the self-discipline management of the industry, an industry association of small loan companies in Sichuan Province is established, which is managed by the Finance Office of the provincial government.