Article 68 A wholly state-owned company shall have a board of directors， which shall perform its duties in accordance with the provisions of Article 46 and Article 66 hereof. Each term of the board of directors shall be 3 years.

　　公司董事会成员为三人至九人，由国家授权投资的机构或者国家授权的部门按照董事会的任期委派或者更换。董事会成员中应当有公司职工代表。董事会中的职工代表由公司职工民主选举产生。

　　There shall be not fewer than 3 but not more than 9 members on the board， to be appointed or replaced by the state authorized investment entity or state authorized department according to the terms of the board. There shall be representative（s） of the workers on the board. The workers' representative（s） on the board shall be democratically elected by the workers.

　　董事会设董事长一人，可以视需要设副董事长。董事长、副董事长，由国家授权投资的机构或者国家授权的部门从董事会成员中指定。

　　The board of directors shall have a chairman， and if needed， a vice-chairman. The chairman and vice-chairman shall be appointed by the state authorized investment entity or state authorized department from the board members.

　　董事长为公司的法定代表人。

　　The chairman of the board is the legal representative of the company.

　　第六十九条：国有独资公司设经理，由董事会聘任或者解聘。经理依照本法第五十条规定行使职权。

　　Article 69 A wholly state-owned company shall have a general manager， to be appointed or removed by the board of directors. The general manager shall perform his duties in accordance with the provisions of Article 50 hereof.

　　经国家授权投资的机构或者国家授权的部门同意，董事会成员可以兼任经理。

　　If approved by the state authorized investment entity or state authorized department， a board member may serve concurrently as the general manager.

　　第七十条：国有独资公司的董事长、副董事长、董事、经理，未经国家授权投资的机构或者国家授权的部门同意，不得兼任其他有限责任公司、股份有限公司或者其他经营组织的负责人。

　　Article 70 Absent approval by the state authorized investment entity or state authorized department， the chairman， vice-chairman， a director， or the general manager may not serve concurrently as the person in charge of any other limited liability company， joint stock limited company or any other business organization.

　　第七十一条：国有独资公司的资产转让，依照法律、行政法规的规定，由国家授权投资的机构或者国家授权的部门办理审批和财产权转移手续。

　　Article 71 In the case of assignment of the assets of a wholly state-owned company， the state authorized investment entity or state authorized department shall carry out examination and approval， and the formalities for transfer of property rights shall be carried out in accordance with the relevant national statutes and administrative regulations.

　　第七十二条：经营管理制度健全、经营状况较好的大型的国有独资公司，可以由国务院授权行使资产所有者的权利。

　　Article 72 A large-scaled wholly state-owned company with sound operating and management system and good operating condition may be authorized by the State Council to exercise the proprietor's rights in respect of its assets.

　　第三章：股份有限公司的设立和组织机构Chapter Three： Establishment And Organs Of A Joint Stock Limited Company

　　第一节：设立Section One Establishment

　　第七十三条：设立股份有限公司，应当具备下列条件：

　　Article 73 The establishment of a joint stock limited company is subject to the following conditions：

　　（一）发起人符合法定人数；

　　（i） The number of sponsors meets legal requirement；

　　（二）发起人认缴和社会公开募集的股本达到法定资本最低限额；

　　（ii） The amount of capital stocks subscribed for by the sponsors and publicly placed reaches the legally-prescribed minimum capital level；

　　（三）股份发行、筹办事项符合法律规定；

　　（iii） The issue of its shares and the preparation for its establishment comply with the law；

　　（四）发起人制订公司章程，并经创立大会通过；

　　（iv） The sponsors prepare the articles of association， and such articles of association are adopted by the establishment meeting；

　　（五）有公司名称，建立符合股份有限公司要求的组织机构；

　　（v） There is a company name， and the organs complying with the requirements for a joint stock limited company are established；

　　（六）有固定的生产经营场所和必要的生产经营条件。

　　（vi） There is a permanent place of business and there are necessary conditions for production and operation.

　　第七十四条：股份有限公司的设立，可以采取发起设立或者募集设立的方式。

　　Article 74 A joint stock limited company may be established either by sponsorship or public share offer.

　　发起设立，是指由发起人认购公司应发行的全部股份而设立公司。

　　Establishment by sponsorship means establishment of the company through subscription by the sponsors for all the shares to be issued by the company.

　　募集设立，是指由发起人认购公司应发行股份的一部分，其余部分向社会公开募集而设立公司。