Legal analysis: A joint stock limited company must set up independent directors. A limited liability company with fewer shareholders or a smaller scale may have an executive director instead of a board of directors. The executive director may concurrently serve as the company manager. The functions and powers of the executive director shall be stipulated in the articles of association. According to the relevant regulations, the articles of association must be formulated in accordance with the law when establishing a company. The Articles of Association are binding on the Company, shareholders, directors, supervisors and senior management.
Legal basis: Article 11 of the Company Law of People's Republic of China (PRC). To establish a company, the articles of association must be formulated according to law. The Articles of Association are binding on the Company, shareholders, directors, supervisors and senior management.