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5 In relation to the Company Law of China:
(a) state the circumstances under which a joint stock company may purchase its own shares;
(b) state the reasons why a joint stock company is generally not allowed to purchase its own shares, except under special circumstances.
答案：
5 This question requires candidates to state the special circumstances under which a joint stock company may purchase its own shares, and state the reasons why there is such a rule under the Company Law.
(a) In accordance with Article 143 of the Company Law, a company shall not purchase its own shares except under any of the
following circumstances:
(1) where the company is to reduce its registered capital;
(2) where the company merges with another company holding shares of this company;
(3) where the company is to offer its shares to its employees as a reward; or
(4) where any shareholder of a company has objections to the resolution on division or merger of the company adopted by the general shareholders’ meeting, and requires the company to purchase his/her shares.
(b) The reasons that a joint stock company is generally not allowed to purchase its own shares are as follows:
(i) A company purchasing its own shares would become a shareholder of the same company that would result in the confusion of legal status between a company and its shareholders.
(ii) A company holding the shares of its own would result in such a situation in which part of the capital of the company,
represented by the particular shares, is in a false position. It is not in conformity with the capital system of the Company Law.
(iii) If the company becomes a shareholder of its own, it may control the price of shares traded in the stock market and harm the interests of public investors by using the inside information of the company.
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