Legal basis: Article 20 of People's Republic of China (PRC) Company Law, shareholders of a company shall abide by laws, administrative regulations and articles of association, exercise their rights according to law, and shall not abuse their rights to harm the interests of the company or other shareholders; The company's independent legal person status and the limited liability of shareholders shall not be abused to harm the interests of the company's creditors. Shareholders of a company who abuse their rights and cause losses to the company or other shareholders shall be liable for compensation according to law. Shareholders of a company who abuse the independent status of a company as a legal person and the limited liability of shareholders to evade debts and seriously damage the interests of creditors of the company shall be jointly and severally liable for the debts of the company.
Article 124 of the Securities Law of People's Republic of China (PRC) * * * The directors, supervisors and senior managers of a securities company shall be honest and upright, have good conduct, be familiar with securities laws and administrative regulations, and have the operation and management capabilities required to perform their duties. The appointment and removal of directors, supervisors and senior management personnel of a securities company shall be reported to the the State Council Securities Regulatory Authority for the record. Under any of the circumstances as stipulated in Article 146 of the Company Law of People's Republic of China (PRC), or under any of the following circumstances, a person may not serve as a director, supervisor or senior manager of a securities company: (1) The person-in-charge of a stock exchange or a securities registration and settlement institution or a director, supervisor or senior manager of a securities company who has been dismissed for violating the law or discipline has not been more than five years since the date of dismissal; (2) Lawyers, certified public accountants or other professionals of securities service institutions whose practice certificates have been revoked or their practice qualifications have been cancelled due to violations of laws or disciplines for less than five years.