（ii） The fact that the company is in default of any of the previously issued company bonds or company debt or is late in payment of principal and interest has occurred， and is currently existing.

　　第一百六十三条：股份有限公司、有限责任公司发行公司债券，由董事会制订方案，股东会作出决议。

　　Article 163 Where a joint stock limited company or limited liability company is to issue company bonds， its board of directors shall prepare a plan and the shareholders' committee shall adopt a resolution on such matter.

　　国有独资公司发行公司债券，应由国家授权投资的机构或者国家授权的部门作出决定。

　　Where a wholly state-owned company is to issue company bonds， the decision shall be made by the state authorized investment entity or state authorized department.

　　依照前二款规定作出决议或者决定后，公司应当向国务院证券管理部门报请批准。

　　After a resolution has been adopted or a decision has been made pursuant to the previous two Paragraphs， the company shall apply to the securities regulatory authority under the State Council for approval.

　　第一百六十四条：公司债券的发行规模由国务院确定。国务院证券管理部门审批公司债券的发行，不得超过国务院确定的规模。

　　Article 164 The overall volume of company bonds issue shall be determined by the State Council. In examining and approving application for company bonds issue， the securities regulatory authority under the State Council may not extend its approval beyond the volume set by the State Council.

　　国务院证券管理部门对符合本法规定的发行公司债券的申请，予以批准；对不符合本法规定的申请，不予批准。

　　The securities regulatory authority under the State Council shall approve an application for company bonds issue which complies with the provisions hereof， and shall not approve an application which fails to comply with the provisions hereof.

　　对已作出的批准如发现不符合本法规定的，应予撤销。尚未发行公司债券的，停止发行；已经发行公司债券的，发行的公司应当向认购人退还所缴款项并加算银行同期存款利息。

　　Where it has been discovered that an approval given for company bonds issue is not in compliance with the provisions hereof， such approval shall be revoked. If the company bonds have not been issued， the issue shall be terminated； if the company bonds have been issued， the issuing company shall return the proceeds paid by the subscribers together with the interest thereon as if they have been deposited in a bank for a like period.

　　第一百六十五条：：公司向国务院证券管理部门申请批准发行公司债券，应当提交下列文件：

　　Article 165 For an application to the securities regulatory authority under the State Council for company bonds issue， the following documents shall be submitted：

　　（一）公司登记证明；

　　（i） the company's registration certificate；

　　（二）公司章程；

　　（ii） the articles of association of the company；

　　（三）公司债券募集办法；

　　（iii） the plan for company bonds offer；

　　（四）资产评估报告和验资报告。

　　（iv） the assets appraisal report and capital verification report.

　　第一百六十六条：发行公司债券的申请经批准后，应当公告公司债券募集办法。

　　Article 166 Upon approval of an application for company bonds issue， the plan for company bonds offer shall be made public.

　　公司债券募集办法中应当载明下列主要事项：

　　The plan for company bonds offer shall set forth the following major items：

　　（一）公司名称；

　　（i） the name of the company；

　　（二）债券总额和债券的票面金额；

　　（ii） the total value of the bonds and the par value of each bond；

　　（三）债券的利率；

　　（iii） the rate of interest on the bonds；

　　（四）还本付息的期限和方式；

　　（iv） the time limit and method for payment of the principal of and interest on the bonds；

　　（五）债券发行的起止日期；

　　（v） the commencing and ending date of the bonds issue；

　　（六）公司净资产额；

　　（vi） the net assets value of the company；

　　（七）已发行的尚未到期的公司债券总额；

　　（vii） the total value of issued and outstanding company bonds；

　　（八）公司债券的承销机构。

　　（viii） the underwriter of the company bonds.

　　第一百六十七条：公司发行公司债券，必须在债券上载明公司名称、债券票面金额、利率、偿还期限等事项，并由董事长签名，公司盖章。

　　Article 167 In the case of company bonds issue， a company must state on each bond certificate the name of the company， the par value of the bond， interest rate， and repayment period， and the bond certificate shall be signed by the chairman of the board， and the company's chop shall be impressed thereon.

　　第一百六十八条：公司债券可分为记名债券和无记名债券。

　　Article 168 company bonds may be classified as either registered bonds or bearer bonds.

　　第一百六十九条：公司发行公司债券应当置备公司债券存根簿。

　　Article 169 If a company has issued bonds， it shall maintain a record of bondholders.

　　发行记名公司债券的，应当在公司债券存根簿上载明下列事项：

　　If registered bonds are issued， the following shall be recorded on the company's record of bondholders：

　　（一）债券持有人的姓名或者名称及住所；

　　（i） the name and domicile of each bondholder；

　　（二）债券持有人取得债券的日期及债券的编号；

　　（ii） the dates on which the bondholders acquired the bonds and the serial numbers of the bond certificates；

　　（三）债券总额，债券的票面金额，债券的利率，债券的还本付息的期限和方式；

　　（iii） the total value of the bonds， the par value of each bond， the interest thereon， the term thereof and method for payment of principal and interest；

　　（四）债券的发行日期。

　　（iv） the date of issue of the bonds.

　　发行无记名公司债券的，应当在公司债券存根簿上载明债券总额、利率、偿还期限和方式、发行日期及债券的编号。