The promoters meet the statutory qualifications and reach the quorum: the promoters' qualifications refer to the qualifications obtained by the promoters to establish a joint stock limited company according to law. The promoters of a joint stock limited company may be natural persons or legal persons, but more than half of the promoters must have their domicile in China.
The establishment of a joint stock limited company must reach a quorum, with at least two promoters and at least 200 promoters. When a state-owned enterprise is transformed into a joint stock limited company, the number of promoters may be less than 5, but it shall be established by way of offering. It is an international practice to set a minimum number of promoters for the establishment of a joint stock limited company.
Extended data:
Basic features:
(1) Limited by Share Ltd is an independent Economic legal;
(2) The number of shareholders of a joint stock limited company shall not be less than the quorum. For example, according to French regulations, the number of shareholders should be at least 7;
(3) The shareholders of a joint stock limited company shall bear limited liability for the debts of the company, and the liability limit shall be the number of shares payable by the shareholders;
(4) All the capital of a joint stock limited company is divided into equal shares, and funds are raised through public offering. Anyone can become a shareholder of the company after paying the shares, and there is no qualification restriction;
(5) The shares of the company can be freely transferred, but they cannot be withdrawn.
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