1980.09.22
BANK OF CHINA
ARTICLES OF ASSOCIATION OF THE BANK OF CHINA
(Approved by the State Council on September 22, 1980)
CONTENTS
CHAPTER I GENERAL PROVISIONS
CHAPTER II CAPITAL
CHAPTER III SCOPE OF BUSINESS
CHAPTER IV ORGANIZATION
CHAPTER V MEETINGS
CHAPTER VI SUPPLEMENTARY PROVISIONS
CHAPTER I GENERAL PROVISIONS
　@@　 Article　1. The Bank of China is a socialist state enterprise and
is　the　specialized　foreign　exchange bank of the People's Republic of
China.
　@@　 Article　 2.　 The tasks of the Bank of China shall be: to raise,
utilize,　accumulate　 and　 manage　foreign　exchange　funds, to engage
in　all　kinds　of　foreign　exchange　operations　and to participate in
international　financial activities for the purpose of serving socialist
modernization.
　@@　 Article　 3.　The　head　office　of　the　Bank　of China shall be
established　in　Beijing.　To　meet　the　needs　of　business,　the Bank
may　 open　 branches　 or　 representative　 offices　 at　 places　 of
commercial and financial importance both in China and abroad.
CHAPTER II CAPITAL
　@@　 Article　 4.　 The　authorized　capital　of　the　Bank　of　China
shall be Renminbi 1,000 million yuan.
CHAPTER III SCOPE OF BUSINESS
　@@　 Article　5. The Bank of China shall engage in and be entrusted to
handle the following kinds of business:
　(1)　　International　　settlements　 in　 connection　 with　 foreign
trade　and non-trade transactions;
(2) International inter-bank deposits and loans;
(3) Overseas Chinese remittances and other international remittances;
　(4)　 Deposits　 and　 loans　 in　foreign　currencies　and,　with the
permission　of　the　 People's　 Bank　 of　China, deposits and loans in
Renminbi that relate to foreign exchange operations;
　 (5)　Buying　and　selling　of　foreign　exchange　(including　foreign
currencies);
(6) Buying and selling of gold on international markets;
(7) Organizing and participating in international syndicated loans;
　(8)　 Investing　 by　itself　or jointly with others in banks, finance
companies　and　 other enterprises in foreign countries and in Hongkong,
Macao and other regions;
　(9)　　Issuing　　bonds　　and　　securities　 in　foreign　currencies
with　the authorization of the State;
(10) Providing trust and consulting services; and
　(11)　 Engaging　 in　other　kinds　of　banking　business permitted or
entrusted by the State.
　@@　 Article　 6.　 The　 Bank　 of　 China　 shall　 participate　 in
international financial meetings with the authorization of the State.
　@@　 Article　 7.　 Offices　of　the　Bank　of　China　established　in
foreign　countries　 and　in　Hongkong,　Macao　and　other　regions　may
engage in all regulations.
CHAPTER IV ORGANIZATION
　@@　 Article　 8.　The　Bank　of China shall have a board of directors
consisting　of　 an　honorary　chairman,　a　chairman　and　a　number of
vice-chairmen,　managing directors and directors, all to be appointed by
the State Council.
　@@　Article　9.　The　tasks　of　the board of directors of the Bank of
China shall be as follows:
　(1)　To　consider and determine the business policies and plans of the
Bank;
　(2)　 To　receive and examine the reports of the president on the work
of the Bank;
　 (3)　　To　 examine　 and　 adopt　 the　 Bank's　 annual　 financial
statements and proposals for the handling of profits;
(4) To appoint and remove high officials of the Bank;
　(5)　 To　consider　and　determine the opening and closing of branches
of the Bank in China and abroad; and
　(6)　To　examine　and　discuss other important matters relating to the
Bank.
　@@　 Article　 10.　 The　 Bank　 of　 China　shall　have　a　board of
supervisors　consisting　 of　 a　 chief　 supervisor　 and　a number of
supervisors, all to be appointed by the State Council.
　@@　Article　11.　The tasks of the board of supervisors of the Bank of
China shall be as follows:
　(1)　 To　supervise　the　Bank's　observance of the policies, laws and
decrees　of　the　State　as　well　as　the　implementation of the Bank's
business policies;
　(2)　To　examine　the　annual　financial statements and reports of the
Bank; and
　(3)　 To　investigate matters of a serious nature and present opinions
on ways of dealing with them.
　@@　 Article　 12.　 The　 Bank　of China shall have a president and a
number　of　vice-presidents,　 all　to　be　nominated　by　the　chairman
of　the board of directors　who　shall,　with　the approval of the board
of　 directors,　 submit　his　nominations　to　the　State　Council　for
appointments.
　@@　 Article　 13.　The　president　of　the　Bank　of　China　shall be
responsible　for　the　 overall　 operation　 and　administration of the
Bank　and　shall　submit to the　board　of　directors　periodic　reports
on　 the　 work　of　the　Bank.　The　vice-presidents　shall　assist the
president in his work.
CHAPTER V MEETINGS
　@@　Article　14.　A　meeting　of the board of directors of the Bank of
China shall be held o