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10 The board of directors of Harvest Technology Joint Stock Company Ltd (Harvest Stock), a listed company, formulated a plan to issue corporate bonds through the securities market. Among other things, the plan included the following items:

(i) A securities company would be entrusted to be the sole underwriter to issue corporate bonds for RMB 70 million yuan;

(ii) The entire period of the public issue would be 100 days;

(iii) The interest rate of the bonds would be 5%, same as the annual fixed interest rate of saving deposit for one year;

(iv) The funds collected by the issue of corporate bonds would be used to make up the losses of the last year.

Required:

Answer the following questions in accordance with the Securities Law, and give your reasons for your answers:

(a) state whether the form of issue of corporate bonds was in conformity with the relevant provision of the law;

(b) state whether the duration of the issue was in conformity with the relevant provision of the law;

(c) state whether the proposed interest rate of the corporate bonds was in conformity with the relevant provision of the law;

(d) state whether the purpose of use of the funds was in conformity with the relevant provision of the law.

答案：

10 This question requires candidates to deal with the legal issue of the conditions for the public issue of corporate bonds under the Securities Law.

(a) In accordance with Article 32 of the Securities Law, securities to be offered to unspecific investors with a total face value exceeding RMB 50 million yuan shall be underwritten by an underwriting syndicate. Since the proposed public issue of corporate bonds would be RMB 70 million yuan, far more than the limitation of RMB 50 million yuan, it was not in conformity with the law by entrusting a securities company as the sole underwriter.

(b) In accordance with Article 33 of the Securities Law, the maximum period for public issue of securities shall be 90 days. Since the proposed duration of the issue would be 100 days, longer than the limitation as prescribed by the law, the proposed plan for issuing corporate bonds as to the duration of issue was, therefore, not in conformity with the law.

(c) In accordance with Article 16 of the Securities Law, the interest rate of the bonds shall not exceed the ceiling fixed by the State Council. The proposed interest rate by the board of directors was 5%, the same as the interest rate for savings deposit of one year. Hence the proposed interest rate was in conformity with the law.

(d) In accordance with Article 16 of the Securities Law, funds raised through the issue of corporate bonds must be used for the purpose approved and shall not be used to make up the losses of the company or for non-production expenditure. Therefore, the proposed use of funds was not in conformity with the law.

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