【正文】 ay be carried out. Where any securities have been sold out under the foregoing circumstances, the relevant sales activity shall be immediately terminated and measures for correction shall be taken. 第三十二條　向不特定對象發(fā)行的證券票面總值超過人民幣五千萬元的，應(yīng)當(dāng)由承銷團(tuán)承銷。承銷團(tuán)應(yīng)當(dāng)由主承銷和參與承銷的證券公司組成。Article 32 Where the total face value of securities as issued to nonspecified objects is beyond RMB 50 million yuan, the said securities shall be underwritten by an underwriting syndicate. An underwriting syndicate shall be posed of securities panies acting as principal underwriters and participant underwriters. 第三十三條　證券的代銷、包銷期限最長不得超過九十日。證券公司在代銷、包銷期內(nèi)，對所代銷、包銷的證券應(yīng)當(dāng)保證先行出售給認(rèn)購人，證券公司不得為本公司預(yù)留所代銷的證券和預(yù)先購入并留存所包銷的證券。Article 33 The term for sale by proxy or exclusive sale may not exceed 90 days at the most. A securities pany shall, within the term of sale by proxy or exclusive sale, guarantee the priority of the relevant subscribers in purchasing securities under sale by proxy or exclusive sale. A securities pany may not reserve in advance any securities under sale by proxy thereby or purchase in advance and sustain any securities under exclusive sale thereby. 第三十四條　股票發(fā)行采取溢價發(fā)行的，其發(fā)行價格由發(fā)行人與承銷的證券公司協(xié)商確定。Article 34 Where any stock is issued at a premium, the issuing price thereof shall be agreed on through negotiation of the relevant issuer and the securities pany that is engaged in underwriting. 第三十五條　股票發(fā)行采用代銷方式，代銷期限屆滿，向投資者出售的股票數(shù)量未達(dá)到擬公開發(fā)行股票數(shù)量百分之七十的，為發(fā)行失敗。發(fā)行人應(yīng)當(dāng)按照發(fā)行價并加算銀行同期存款利息返還股票認(rèn)購人。Article 35 As to a public offer of stocks through sale by proxy, when the term of sale by proxy expires and if the quantity of stocks fails to reach 70 % of the planned quantity in a public offer, it shall be deemed as a failure. The relevant issuer shall return the issuing price plus interests as calculated at the bank deposit rate for the contemporary period of time to the subscribers of stocks. 第三十六條　公開發(fā)行股票，代銷、包銷期限屆滿，發(fā)行人應(yīng)當(dāng)在規(guī)定的期限內(nèi)將股票發(fā)行情況報國務(wù)院證券監(jiān)督管理機(jī)構(gòu)備案。Article 36 In a public offer of stocks, when the term for sale by proxy or exclusive sale expires, an issuer shall report the information on stock issuance to the securities regulatory authority under the State Council for archival purpose within the prescribed time. Chapter III Transaction of Securities.第三章 證券交易Chapter III Trading of Securities第一節(jié)　一般規(guī)定Section I General Provisions第三十七條　證券交易當(dāng)事人依法買賣的證券，必須是依法發(fā)行并交付的證券。非依法發(fā)行的證券，不得買賣。Article 37 The securities as purchased and sold by any party who is involved in any securities transaction shall be the securities that have been legally issued and delivered. No securities that have been illegally issued may be purchased or sold. 第三十八條　依法發(fā)行的股票、公司債券及其他證券，法律對其轉(zhuǎn)讓期限有限制性規(guī)定的，在限定的期限內(nèi)不得買賣。Article 38 All stocks, corporate bonds or any other securities that have been legally issued, where there are any restrictive provisions of laws on the term of transfer thereof, may not be purchased or sold within the restrictive term. 第三十九條　依法公開發(fā)行的股票、公司債券及其他證券，應(yīng)當(dāng)在依法設(shè)立的證券交易所上市交易或者在國務(wù)院批準(zhǔn)的其他證券交易場所轉(zhuǎn)讓。Article 39 All stocks, corporate bonds or any other securities that have been publicly issued according to law shall be listed in a stock exchange as legally established or in any other places for securities transaction as approved by the State Council. 第四十條　證券在證券交易所上市交易，應(yīng)當(dāng)采用公開的集中交易方式或者國務(wù)院證券監(jiān)督管理機(jī)構(gòu)批準(zhǔn)的其他方式。Article 40 The means of public and centralized transaction or any other means as approval by the securities regulatory authority under the State Council shall be adopted for listed trading of securities in stock exchanges. 第四十一條　證券交易當(dāng)事人買賣的證券可以采用紙面形式或者國務(wù)院證券監(jiān)督管理機(jī)構(gòu)規(guī)定的其他形式。 Article 41 The securities as purchased or sold by the parties involved in securities transaction may be in paper form or in any other form as approved by the securities regulatory authority under the State Council. 第四十二條　證券交易以現(xiàn)貨和國務(wù)院規(guī)定的其他方式進(jìn)行交易。Article 42 The securities transaction shall be carried out in the form of spot goods as well as any other form as prescribed by the State Council. 第四十三條　證券交易所、證券公司和證券登記結(jié)算機(jī)構(gòu)的從業(yè)人員、證券監(jiān)督管理機(jī)構(gòu)的工作人員以及法律、行政法規(guī)禁止參與股票交易的其他人員，在任期或者法定限期內(nèi)，不得直接或者以化名、借他人名義持有、買賣股票，也不得收受他人贈送的股票。任何人在成為前款所列人員時，其原已持有的股票，必須依法轉(zhuǎn)讓。Article 43 The practitioners in stock exchanges, securities panies as well as securities registration and clearing institutions, the functionary of securities regulatory bodies as well as any other personnel who have been prohibited by laws and administrative regulations from engaging in any stock transaction shall, within their tenures or the relevant statutory term, not hold or purchase or sold any stock directly or in any assumed name or in a name of any other person, nor may they accept any stocks from any other person as a present. Anyone, when being any person as prescribed in the preceding paragraph herein, shall transfer the stocks he has held according to law. 第四十四條　證券交易所、證券公司、證券登記結(jié)算機(jī)構(gòu)必須依法為客戶開立的賬戶保密。Article 44 The stock exchanges, securities panies as well as securities registration and clearing institutions shall keep secret for the accounts as opened for their clients according to law. 第四十五條　為股票發(fā)行出具審計報告、資產(chǎn)評估報告或者法律意見書等文件的證券服務(wù)機(jī)構(gòu)和人員，在該股票承銷期內(nèi)和期滿后六個月內(nèi)，不得買賣該種股票。除前款規(guī)定外，為上市公司出具審計報告、資產(chǎn)評估報告或者法律意見書等文件的證券服務(wù)機(jī)構(gòu)和人員，自接受上市公司委托之日起至上述文件公開后五日內(nèi)，不得買賣該種股票。Article 45 A securities trading service institution and the relevant personnel that produce such documents as auditing reports, asset appraisal reports or legal opinions for stock issuance may not purchase or sell any of the aforesaid stocks within the underwriting term of stocks or within 6 months as of the expiration of the underwriting term of stocks. Except for the provisions as prescribed in the preceding paragraph herein, a securities trading service institutions and the relevant personnel that produce such documents as auditing reports, asset appraisal reports or legal opinions for listed panies may not purchase or sell any of the aforesaid stocks within the period from the day when an entrustment of a listed pany is accepted to the day when the aforesaid documents a