【正文】 of the joint venture pany shall be the date on which the business license of the cooperative venture pany is issued.An application for the extension of the duration, proposed by one party and unanimously approved by the board of directors, shall be submitted to the Ministry of Foreign Trade and Economic Cooperation (or the examination and approval authority entrusted by it) six months prior to the expiry date of the joint venture.Chapter 14 The Disposal of Assets after the Expiration of the DurationArticle 38Upon the expiration of the duration, the assets shall belong to Party A.Chapter 15 InsuranceArticle 39Insurance policies of the joint venture pany on various kinds of risks shall be underwritten with the People39。s Republic of China on ChineseForeign Cooperative Joint Ventures. The labor contracts shall, after being signed, be filed with the local labor management department.Article 31The appointment of highranking administrative personnel remended by both parties, their salaries, social insurance, welfare and the standard of travelling expenses etc. shall be decided by the meeting of the board of directors.Chapter 12 Taxes, Finance and AuditArticle 32The cooperative venture pany shall pay taxes in accordance with the provisions of Chinese laws and other relative regulations.Article 33Staff members and workers of the cooperative venture pany shall pay individual ine tax according to the Individual Ine Tax Law of the People39。s products to be sold in China may be handled by the Chinese materials and mercial departments by means of agency or exclusive sales, or may be sold by the cooperative venture pany directly.Article 19In order to provide maintenance service to the products sold both in China or abroad, the cooperative venture pany may set up sales branches for maintenance service both in China or abroad subject to the approval of the relevant Chinese department.Chapter 9 The Board of DirectorsArticle 20The date of registration of the cooperative venture pany shall be the date of the establishment of the board of directors of the cooperative venture pany.Article 21The board of directors is posed of ____________directors, of which ___________shall be appointed by Party A, ____________by Party B. The chairman of the board shall be appointed by Party A, and its vicechairman by Party B. The term of office for the directors, chairman and vicechairmans four years, their term of office may be renewed if continuously appointed by the relevant party.Article 22The highest authority of the cooperative venture pany shall be its board of directors. It shall decide all major issues concerning the cooperative venture pany. Unanimous approval shall be required for any decisions concerning major issues. As for other matters, approval by majority or a simple majority shall be required.(Note: It shall be explicitly set out in the contract).Article 23The chairman of the board is the legal representative of the cooperative venture pany. Should the chairman be unable to exercise his responsibilities for any reason, he shall authorize the vicechairman or any other directors to represent the joint venture pany temporarily.Article 24The board of directors shall convene at least one meeting every year. The meeting shall be called and presided over by the chairman of the board. The chairman may convene an interim meeting based on a proposal made by more than one third of the total number of directors. Minutes of the meetings shall be placed on file.Article 25The meeting shall be valid only when more than two thirds of the total number of directors attend. In case of absence, the director shall entrust another person to attend and vote for him with a trust deed.Chapter 10 Business Management OfficeArticle 26The cooperative venture pany shall establish a management office which shall be responsible for its daily management. The management office shall have a general manager, appointed by Party _____, ______deputy general managers, _____by Party _____。s Investment。____________% as repayment for Party B39。Responsible for other matters entrusted by the joint venture pany.(note: It shall be written according to the specific situation).Chapter 7 Distribution of Profits and Rep