【正文】 le or individual employees in accordancewith the Regulations of the People39。s Republic of ina on Labor Managementin Joint Ventures Using inese and Foreign Investment and itsImplementing Rules.　　The labor contracts shall, after being signed, be filed with the locallabor management department.　　Article 41　　The appointment of highranking administrative personnel remendedby both parties, their salaries, social insurance, welfare and thestandard of travelling expenses etc. shall be decided by the meeting ofthe board of directors.　　apter 14 Taxes, Finance and Audit　　Article 42　　The joint venture pany shall pay taxes in accordance with theprovisions of inese laws and other relative regulations.　　Article 43　　Staff members and workers of the joint venture pany shall payindividual ine tax according to the Individual Ine Tax Law of thePeople39。s Republic of ina.　　Article 44　　Allocations for reserve funds, expansion funds of the joint venturepany and welfare funds and bonuses for staff and workers shall be setaside in accordance with the provisions of the Joint Venture Law. Theannual proportion of allocations shall be decided by the board ofdirectors according to the business situation of the joint venturepany.　　Article 45　　The fiscal year of the joint venture pany shall be from January 1to December 31. All vouers, receipts, statistic statements and reportsshall be written in inese.　　(Note: A foreign language can be used concurrently with mutualconsent).　　Article 46　　Financial ecking and examination of the joint venture pany shallbe conducted by an auditor registered in ina and reports shall besubmitted to the board of directors and the general case Party B considers it necessary to employ a foreign auditorregistered in another country to undertake annual financial ecking andexamination, Party A shall give its consent. All the expenses thereofshall be borne by Party B.　　Article 47　　In the first three months of ea fiscal year, the manager shallprepare the previous year39。s balance sheet, profit and loss statement andproposal regarding the disposal of profits, and submit them to the boardof directors for examination and approval.　　apter 15 Duration of the Joint Venture　　Article 48　　The duration of the joint venture pany is ___________ years. Theestablishment date of the joint venture pany shall be the date on whithe business license of the joint venture pany is application for the extension of the duration, proposed by oneparty and unanimously approved by the board of directors, shall besubmitted to the Ministry of Foreign Trade and Economic Cooperation (orthe examination and approval authority entrusted by it) six months priorto the expiry date of the joint venture.　　apter 16 The Disposal of Assets after the Expiration of the Duration　　Article 49　　on the expiration of the duration, or termination before the date ofexpiration of the joint venture, liquidation shall be carried outaccording to the relevant laws. The liquidated assets shall be distributedin accordance with the proportion of investment contributed by Party A andParty B.　　apter 17 Insurance　　Article 50　　Insurance policies of the joint venture pany on various kinds ofrisks shall be underwritten with the People39。s Republic of China. Types,value and duration of insurance shall be decided by the board of directorsin accordance with the provisions of the People39。s Insurance pany ofina.　　apter 18 The Amendment, Alteration and Termination of the Con tract　　Article 51　　The amendment of the contract or other appendices shall e intoforce only after a written agreement has been signed by Party A and PartyB and approved by the original examination and approval authority.　　Article 52　　In case of inability to fulfil the contract or to continue operationdue to heavy losses in successive years as a result of force majeure, theduration of the joint venture and the contract shall be terminated beforethe time of expiration after being unanimously agreed on by the board ofdirectors and approved by the original examination and approval authority.　　Article 53　　Should the joint venture pany be unable to continue its operationor aieve its business purpose due to the fact that one of thecontracting parties fails to fulfil the obligations prescribed by thecontract and articles of association, or seriously violates the provisionsof the contract and articles of association, that party shall be deemed tohave unilaterally terminated the contract. The other party shall have theright to terminate the contract in accordance with the provisions of thecontract after approval by the original examination and approvalauthority, and to claim damages. In case Party A and Party B of the jointventure pany agree to continue the operation, the party who fails tofulfil its obligations shall be liable for the economic losses causedthereby to the joint venture pany.　　apter 19 Liability for Brea of Contract　　Article 54　　should either Party A or Party B fail to pay on sedule thecontributions in accordance with the provisions defined in apter 5 ofthis contract, the party in brea shall pay to the other party _________of the contribution starting from the first month after exceeding the timelimit. Should the party in brea fail to pay after 3 months, __________of the contribution shall be paid to the other party, who shall have theright to terminate the contract and to claim damages from the party inbrea in accordance with the provisions of Article 53 of the contract.　　Article 55　　Should all or part of the contract and its appendices be unable to befulfilled owing to the fault of one party, the party in brea shall bearthe liability therefor. Should it be the fault of both parties, they shallbear their respective liabilities according to the actual situation.　　Article 56　　In order to guarantee the performance of the contract and itsappendices, both Party A and Party B shall provide ea other with bankguarantees for performance