A wholly state-owned company has no shareholders' meeting, because it has no shareholders and is established by the state. In a wholly state-owned company, the state-owned assets supervision and administration institution exercises the functions and powers of the shareholders' meeting, but a board of directors and a board of supervisors are established within the wholly state-owned company.
What are the legal characteristics of a wholly state-owned company?
First, a wholly state-owned company is a state-owned company.
A wholly state-owned company is established by an institution or department authorized by the state to invest independently on behalf of the state. The state is the sole shareholder of the company, and the institutions or departments authorized by the state own and exercise the equity on behalf of the state. However, wholly state-owned companies are different from traditional state-owned enterprises. Although they are all "state-owned", their legal status has changed greatly, and their management system and responsibility ability are also very different.
Second, a wholly state-owned company is a special one-man company.
Only one person contributes capital to a wholly state-owned company on behalf of the state, that is, an institution authorized by the state or a department authorized by the state. This company form is similar to the "one-man company" in western countries, with only 1 shareholders. But there are still many differences between a wholly state-owned company and a one-man company. At present, in our country, no other unit or individual is allowed to invest and set up a company alone except the institutions or departments authorized by the state. In western countries, the sole shareholder of a one-person company can be a legal person or a natural person. Due to the limited investment subjects, the scale of such companies is generally small. The shareholder of a wholly state-owned company is the state, which is a special civil subject, and the company's operating scale is generally large.
As long as the plaintiff's lawsuit conforms to the provisions of Article 119 of the Civil Procedure Law, shareholders can be sued together. The specific situation needs to be analyzed according to the types of debts, shareholders' responsibilities and other factors, but in some cases, the company's creditors can sue the company and shareholders at the same time, such as in the dispute over the sales contract.
Legal basis:
Enterprise Bankruptcy Law of the People's Republic of China Article 21 After the people's court accepts the bankruptcy application, the civil action concerning the debtor can only be brought to the people's court that accepted the bankruptcy application.