nation and acceptance of a securities company that has met the requirements of risk control indicators upon examination and acceptance.
 Article 151 Where a shareholder of a securities company makes any fake capital contribution or spirits away registered capital, the securities regulatory authority under the State Council shall order him to correct within the prescribed period and may order him to transfer the stock rights of the securities company as held thereby. Before a shareholder as prescribed in the preceding paragraph herein corrects his irregularity and transfers the stock right of the securities company as held thereby according to the relevant requirements, the securities regulatory authority under the State Council may restrict the shareholders' rights thereof.
 Article 152 Where any director, supervisor or senior manager of a securities company fails to fulfill his accountability in a diligent manner and thus incurs any major irregularity or rule-breaking act or major risk to his securities company, the securities regulatory authority under the State Council may revoke the post-holding qualification thereof and order his company to remove him from his post for alteration.
 Article 153 Where any illegal operation of a securities company or any major risk thereof seriously disturbs the order of the securities market or injures the interests of the relevant investors, the securities regulatory authority under the State Council may take such supervisory measures as suspending its business for rectification, designating any other institution for trusteeship, take-over or cancellation.
 Article 154 During a period when a securities company is ordered to suspend its business for rectification, or is designated for trusteeship, or is being taken over or liquidated, or where any major risk occurs, the following measures may be adopted to any director, supervisor, senior manager or any other person of the securities company directly responsible upon the approval of the securities regulatory authority under the State Council:
 (1) Notifying the export administrative organ to prevent him from exiting the Chinese territory; and
 (2) Requesting the judicial organ to prohibit him from moving, transferring his properties or disposing his properties by any other means, or setting any other right to his properties.
 
Chapter VII Securities Registration and Clearing Institutions
 Article 155 A securities registration and clearing institution is a non-profit legal person that provides centralized registration, custody and settlement services for securities transactions. The establishment of a securities registration and clearing institution shall be subject to the approval of the securities regulatory authority under the State Council.
 Article 156 The establishment of a securities registration and clearing institution shall fulfill the following requirements:
 (1) Its self-owned capital shall be no less than 0.2 billion yuan;
 (2) It shall have a place and facilities as required by the services of securities registration, custody and settlement;
 (3) Its major managers and practitioners shall have the securities practice qualification; and
 (4) It shall meet any other requirement as prescribed by the securities regulatory authority under the State Council. The words "securities registration and clearing" shall be indicated in the name of a securities registration and clearing institution.
 Article 157 A securities registration and clearing institution shall perform the following functions:
 (1) The establishment of securities accounts and settlement accounts;
 (2) The custody and transfer of securities;
 (3) The registration of roster of securities holders;
 (4) The settlement and delivery for listed securities trading of a stock exchange;
 (5) The distribution of securities rights and interests on the basis of the entrustment of issuers;
 (6) The handling of any inquiry relating to the aforesaid business operation; and
 (7) Any other business operation as approved by the securities regulatory authority under the State Council.
 Article 158 A national centralized and unified operation shall be adopted for the registration and settlement of securities. The constitution and operational rules of a securities registration and clearing institution shall be formulated according to law and shall be subject to the approval of the securities regulatory authority under the State Council.
 Article 159 The securities as held by the relevant holders shall be all put under the custody of a securities registration and clearing institution in a listed trading. A securities registration and clearing institution may not misuse any securities of its clients.
 Article 160 A securities registration and clearing institution shall provide the

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