The Company Law of People's Republic of China (PRC) has corresponding provisions on this:
Article 89. After the share capital of the issued shares is paid in full, it must be verified by a legally established capital verification institution and issued with a certificate. The promoters shall preside over the founding meeting of the company within 30 days from the date of full payment of the shares. The founding meeting consists of sponsors and subscribers.
If the issued shares have not been fully raised within the time limit stipulated in the prospectus, or if the promoters fail to convene the founding meeting within 30 days after the full payment of the shares, the subscribers may require the promoters to return the shares according to the paid shares plus the bank deposit interest for the same period.
Extended data:
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Relevant clauses of People's Republic of China (PRC) Company Law:?
Article 93 After the establishment of a joint stock limited company, if the promoters fail to make full capital contribution in accordance with the provisions of the articles of association, they shall make up the capital contribution; Other promoters shall bear joint and several liability.
After the establishment of a joint stock limited company, it is found that the actual price of the company's non-monetary property is obviously lower than the amount stipulated in the company's articles of association, and the sponsors of the capital contribution shall make up the difference; Other promoters shall bear joint and several liability.
Article 95 When a limited liability company is changed into a joint stock limited company, the total paid-in share capital shall not be higher than the company's net assets. When a limited liability company is changed into a joint stock limited company, the public offering of shares for the purpose of increasing capital shall be handled according to law.
Baidu Encyclopedia-People's Republic of China (PRC) Company Law