Notice of the Nansha District People's Government of Guangzhou Municipality on Issuing the Detailed Rules for the Management of Rural Collective Asset Trading in Nansha District of Guangzhou Municipality

Normative Document No 5 [2021] of the Nansha District People's Government of Guangzhou Municipality

Notice of the Nansha District People's Government of Guangzhou Municipality on Issuing the Detailed Rules for the Management of Rural Collective Asset Trading in Nansha District of Guangzhou Municipality

All Nansha district people's government towns (street communities), departments and agencies,

The Detailed Rules for the Management of Rural Collective Asset Trading in Nansha District of Guangzhou Municipality is hereby issued to you for your compliance and implementation. Problems encountered in the implementation shall be directly reported to the Bureau of Agricultural and Rural Affairs of Nansha District.

Nansha District People's Government of Guangzhou Municipality

Sept 3, 2021

Detailed Rules for the Management of Rural Collective Asset Trading in Nansha District of Guangzhou Municipality

Chapter I General Provisions

Article 1 These detailed rules are formulated in light of the realities of Nansha district in accordance with regulations of the Organic Law of Villagers' Committees of the People's Republic of China, the Regulations of Guangdong Province on the  Management of Rural Collective Assets, the Regulations of Guangdong Province on the Management of Rural Collective Economic Organizations and the Measures of Guangzhou Municipality on Management of Rural Collective Asset Trading in order to further standardize trading of rural collective assets in Nansha district to ensure openness, fairness, and impartiality of the trading process, strengthen the integral construction of rural primary levels, protect legitimate rights and interests of members of rural collective economic organizations, and promote rural economic development.

Article 2 The "rural collective economic organizations" (hereinafter referred to as rural collectives) herein refer to the cooperative economic organizations formed through the reform, transformation and reorganization of the former people's communes, production brigades and production groups including economic federations, economic cooperatives, joint-stock cooperative economic federations, joint-stock economic cooperatives and the economic entities they belong to as well as collectives that still maintain the management pattern of village groups (production groups).

The "rural collective asset trading" herein refers to such trading as project bidding and contracting, leasing, sales and transfer of rural collective assets as well as use of rural collective assets for conversion into shares, cooperative construction, etc.

Article 3 These detailed rules apply to the asset trading and related management activities of rural collectives within the administrative area of Nansha district.

These detailed rules do not apply to the organization and implementation of urban renewal and old village reconstruction projects involving rural collectives; they shall be implemented in accordance with relevant provisions of urban renewal (old village reconstruction).

Article 4 The "rural collective assets" herein include:

(1) Land, forests, mountains, grasslands, wastelands, beaches, waters and other natural resources owned by collectives as stipulated by laws;

(2) Buildings, structures, facilities, equipment, inventory and other assets collectively owned by members of rural collective economic organizations;

(3) Assets of rural collective economic organizations used for public welfare undertakings such as education, science, culture, health, sports, water conservancy, transportation and welfare;

(4) The assets and management rights of enterprises funded, established, purchased or merged by rural collective economic organizations as well as the shares and equity occupied in assets formed by way of joint venture or cooperation with other organizations or individuals;

(5) Assets formed in such a way where rural collective economic organizations receive government appropriations, subsidies, tax reductions and exemptions, and subsidies and donations from other organizations and individuals;

(6) Securities, creditor's rights and other assets owned by rural collective economic organizations;

(7) Intangible assets such as trademark rights, patent rights, copyrights and proprietary technologies owned by rural collective economic organizations;

(8) State-owned assets, whose use rights are exercised and whose rights to earnings are enjoyed collectively by members of rural collective economic organizations as stipulated by laws;

(9) Other assets, which are collectively owned by members of rural collective economic organizations or whose use rights are exercised, and whose rights to earnings are enjoyed collectively by members of rural collective economic organizations as stipulated by laws;

The rural collective assets listed above do not include public welfare facilities funded and constructed by the state but are actually managed and used by rural collectives, which shall not be traded whatsoever. No trade is allowed where trading is prohibited by laws, regulations and administrative rules.

If the members of a collective economic organization agree to entrust the village collective organization to trade their assets such as the contracted management right, the village collective may organize trading through the rural collective asset trading service organization with reference to these detailed rules.

Article 5 Trading of rural collective assets shall comply with relevant laws and regulations, follow the principles of democratic decision-making, equality, compensation (whenever needed), honesty, trustworthiness, openness, fairness and impartiality, and shall not infringe upon legitimate rights and interests of the collective or others.

Chapter II Working Organizations and Their Responsibilities

Article 6 Competent agricultural and rural affairs authorities of Nansha district are responsible for organizing the implementation of the detailed rules, coordinating and guiding the management of rural collective asset trading in Nansha district, establishing an information-based supervision platform for rural collective assets, establishing and managing organizations rendering rural collective asset trading services in the district, supervising disclosure of rural collective asset trading and information, and investigating and handling relevant complaints in the trading process. They shall take the lead in setting up a leading coordination team for management of district rural collective asset trading (hereinafter referred to as the "district trading coordination team"), which is responsible for the overall planning and coordinating of the collective asset trading management, and timely studying and properly handling of problems arising in the trading process. The towns (street communities) shall be responsible for supervision and management of rural collective asset trading under their own jurisdiction, guiding rural collectives to carry out asset clearance, standing book establishment and taking annual inventory, establishing town (street) rural collective asset trading service organizations, organizing rural collective assets to enter such organizations, supervising the use of the trading management platform, trading processes, the entry of trading processes into the platform and the disclosure of trading information, and investigating and dealing with relevant complaints in trading processes. The towns (street communities) shall establish a leading coordination team for management of rural collective asset trading (hereinafter referred to as the "town (street) trading coordination team"), which shall be responsible for making overall plans for and coordinating collective asset trading management, and timely studying and properly handling problems arising in trading processes. The leader and members of the leading coordination team shall be determined by the town (street) in light of the local realities.

The rural collectives shall establish a trading management working team to be responsible for the specific work of each process of collective asset trading. The working team shall be composed of relevant members of the village CPC organization, the council, the board of supervisors, three to five shareholder representatives, and the secretary of the village CPC organization as the leader. Collective assets managed by a village group (production group) shall be entrusted to its local collective organization at the village level to carry out the trading.

Chapter III Trading Service Organizations

Article 7 Rural collective asset trading service organizations in Nansha district (hereinafter referred to as "trading organizations") include one district-level and seven town (street)-level trading organizations. They provide rural collective asset trading services at their corresponding levels and perform the following duties:

(1) Provide a venue for rural collective asset trading;

(2) Review trading documents and release information of rural collective asset trading;

(3) Accept the consultation and registration of prospective bidders, review their qualifications, and collect their trading margin;

(4) Organize trading in accordance with regulations, supervise and prompt trading applications before contract expiration;

(5) Guide the signing and change of trading contracts;

(6) Collect, organize, safekeep and manage rural collective asset trading documents, trade activity records, trade contracts and other data files;

(7) Undertake the operation management and data application of the trading platform;

(8) Record the creditability of trading subjects.

Trading organizations are not legally liable for the quality defects, ownership legitimacy defects, contract breaches and other risks of rural collective assets entering for trade, yet they shall have the right to refuse the trading of rural collective assets with unclear property rights, incomplete data or fraud, or without the collective deliberation and voting as required.

Article 8 Trading organizations shall be provided with staff members commensurate with their work tasks including those with financial and legal expertise, and ensure a fixed office and trading venue. The operation funds shall be included in the financial budget at the same level.

Article 9 Asset trading eligible for entering the Nansha district trading service center may also be handled at the Guangzhou Agriculture Equity Exchange or the Guangzhou Public Resources Trading Center in accordance with the preference of the rural collective.

Article 10 Rural collectives shall, with reference to the relevant provisions of the Regulations of Guangdong Province on Disclosure of Village Affairs, disclose relevant information of rural collective asset trading, establish the standing book of rural collective assets and economic contracts, record the detailed data of collective asset trading and relevant economic contracts as well as financial revenue and expenditures into the information supervision platform of rural collective assets, and implement dynamic management of collective assets.

Chapter IV Trading Mode

Article 11 Those that meet any of the following conditions shall be handled at the district trading organization, while the others shall be processed at the local town (street) trading organizations:

(1) Sales and transfer of collective fixed assets with a single-trading amount no less than 1 million yuan ($156,396);

(2) Leasing no less 100 mu (6.67 hectares) of agricultural land;

(3) Leasing no less than 20 mu of non-agricultural land;

(4) Leasing shops with a construction area no less than 1,000 square meter;

(5) Leasing workshops with a construction area no less than 3,000 sq m;

(6) The first year's rent of the subject matter of the asset lease contract is no less than 1 million yuan;

(7) The total amount of contract revenue is no less than 5 million yuan;

(8) The contract period is no less than 10 years (among which the small and micro asset trading with a contract period of no less than 10 years can be reported collectively by the town (street community) trading organizations, and traded at the town (street community) trading office after being reviewed and approved by the district trading organization);

(9) Circulation of the right to use rural construction land (among which the transfer of the right to use rural state-owned constructional land shall be traded in the Guangzhou Public Resources Trading Center or the Guangzhou Agriculture Equity Exchange);

(10) Other rural collective assets that the competent district agricultural and rural affairs authorities deem should be traded in the district trading center.

It is strictly prohibited to, by way of division or breakdown, downgrade bulk properties and business projects operated by overall contracting (leasing). The competent district agricultural and rural affairs authorities may adjust the trading classification standards according to the changes in scale, quantity and other conditions of rural collective asset trading in Nansha district.

Article 12 Rural collective assets shall be traded through public bidding. However, projects that meet any of the following conditions can be traded without public bidding:

(1) Development of public welfare projects such as inclusive kindergartens, primary and secondary schools, nursing homes and community cleaning services;

(2) Public facility construction projects invested by governments and having economic relations with rural collectives such as subways, mobile communication base stations, community hospitals, sewage treatment stations and waste classification treatment stations;

(3) Projects whose trading is reapplied for with the trading conditions unchanged after two consecutive public biddings for trading it where the project fails to be successfully traded due to no applications;

(4) Projects in which collective assets other than the right to use collective constructional land are converted into shares and brought under cooperative construction;

(5) Projects involving key construction projects at or above the district level;

(6) The reserved land is used by the wholly (solely) funded companies or enterprises of the rural collective economic organization.

Village-level assets not to be brought under public bidding shall go through "four procedures and two disclosures" (four procedures and two disclosures: they refer to a set of basic working procedures for democratic decision-making on village affairs under the leadership of village CPC organizations. The "four procedures" refer to the proposal of the village CPC branch, deliberation of the village CPC branch committee and village committee, review of the CPC member assembly and resolution of the villagers' representative meeting or the village meeting. The "two disclosures" refer to the disclosure of resolutions and implementation results). Afterwards, the rural collectives shall submit an application to the town (street) trading coordination team for approval and then to the competent agricultural and rural affairs authorities of Nansha district for filing, and negotiation and other methods can also be used. If the assets belong to the village group (production group) and are voted on and approved by the production group members' meeting (or household representatives), and then approved by the village council and the board of supervisors, the application should be approved. After these approvals, the rural collectives shall submit an application to the town (street) trading coordination team for approval, and then to the competent agricultural and rural affairs authorities of Nansha district for filing, and negotiation and other methods can also be used.

Article 13 Rural collective asset trading conducted by way of public bidding shall comply with the following trading rules:

(1) If there is only one bidder, the trading price shall not be lower than the reserve price;

(2) If there are two or more bidders, the trading shall be made at the highest price offered, and the trading price shall not be lower than the reserve price. If there are special cases such as the trading has to be made in a way other than the highest-price-offered approach, the competent agricultural and rural affairs authorities of Nansha district and the town (street) shall determine the applicable situation in the light of the realities;

(3) When the prices and conditions offered are the same, the members of the rural collective economic organization, the original lessee, etc. who enjoy priority in accordance with the law and agreement shall have the priority. If there are more than two bidders enjoying such priorities, relevant provisions of laws and regulations shall be used for handling; if the priority order cannot be determined, the winner shall be determined by drawing lots on site;

(4) In the case of on-site bidding, the absence of a bidder shall be deemed as a waiver automatically, and the trading margin paid by the bidder shall be handled according to the rules set out in the trading announcement;

(5) If the bid winner gives up the bid, another winner may be determined in the descending order of quotation with the voting consent of the shareholders' representative meeting, but the trading price shall not be lower than the reserve price. These shall be specified in advance in the trading scheme and bidding announcement.

Article 14 Trading organized and carried out by a district trading organization must be conducted in the centralized trading venue of the said organization. Trading organized and carried out by a town (street) trading organization shall generally be conducted in the centralized trading venue of the said organization. If online trading is adopted, trading must be conducted at the corresponding district or town (street) trading platform.

If one of the following conditions is met, and with the consent of the town (street) trading organization, trading can be organized in the collective office and service venue of the village where the subject matter is located:

(1) Agricultural land with an area of no more than five mu, a contract period of no more than three years, and trading open to only the villagers (members of collective organization) of the village;

(2) Stalls in the farmers' market.

In the case of public bidding at the location of the subject matter, the town (street) trading organization shall designate two or more staff members to the site to organize the whole trading process, publicize the trading results, and sort out and enter the relevant information into the rural collective asset trading management platform in time. If the trading project does not meet either of the above two conditions, but it is indeed necessary to conduct bidding in the location where the subject matter is located due to special circumstances, the rural collectives shall submit a written application to the trading organization and can only proceed with the consent of the town (street) trading coordination team.

Chapter V Trading Procedures

Article 15 Before the public trading of rural collective assets, the rural collectives shall declare the trading intention to the town (street) trading organization. Town (street) trading organizations shall conduct research on the industries, categories and characteristics of the projects involved in the trading intention in accordance with the regional industrial development plan and environmental protection requirements. If cross-departmental functions are involved, they shall seek the opinions of relevant departments and provide guidance for the trading of rural collective organizations. If it is necessary to enter the district trading organization for trading in accordance with the requirements of the classification trading standard, the town (street) trading organization shall send the registration information of trading intention to the district trading organization. If trading of rural collective construction land is involved, the district trading organization shall seek the opinions of the competent district planning and natural resources authorities.

Article 16 Rural collectives shall, after completing the registration of trading intention, prepare trading plans and trading contracts, and submit them to town (street) trading organizations for preliminary examination. The trading plan shall include the following contents:

(1) Asset details;

(2) Trading modes and qualifications of bidders;

(3) Trading reserve price and increase rate;

(4) The amount of trading margin;

(5) Contract term and amount of performance security;

(6) Liability for breach of contract.

The trading contract shall be drawn up according to the samples provided by the trading organization, be consistent with the main contents of the trading scheme, clarify the rights and obligations of both parties to the contract, and include the contract cancellation and specific accountability when the opposite party fails to fulfill the contract.

Rural collectives may propose a trading reserve price according to the market price, but if any laws and regulations stipulate that asset evaluation must be carried out, the trading reserve price shall be determined according to the asset evaluation results.

Article 17 After the trading scheme and contract have been preliminarily approved by the town (street) trading organization, the rural collectives shall submit the trading scheme and contract for a democratic vote in accordance with regulations.

Article 18 The rural collectives shall submit the following documents to the trading organization within 180 days from the date of adoption of the democratic vote, otherwise, another democratic vote shall be conducted:

(1) The trading plan and contract adopted in the democratic vote, the list of rural collective members, the list of voting members and the list of their signatures, number of votes, and other voting information;

(2) Registration information of trading intention, trading application and information release application;

(3) The registration certificate of the collective economic organization and the identity certificate of its legal representative;

(4) Certification documents for the ownership of the subject matter;

(5) In the case of entry into the district trading organization, the written opinions of the town (street) for review and approval on such entry shall be submitted at the same time.

The trading organization shall confirm whether to accept the project establishment within 5 days after receiving the materials.

Article 19 If the rural collective assets are traded again, the village collective may apply for project approval within one year (including one year) before contract expiration. If it is indeed necessary to apply for project approval more than one year before contract expiration due to industry characteristics, industrial development planning, key project construction or other special circumstances, the following approval procedures shall be performed:

(1) If the project application is one to five years (including five years) in advance, the town (street) trading coordination team shall make review and issue review opinions;

(2) If the project application more than five years in advance, it shall be submitted to the district trading coordination team for deliberation after the preliminary examination and approval by the town (street) trading coordination team.

Article 20 After accepting the project, the trading organization shall publicize the trading announcement on the Guangzhou Rural Clean Government Information Disclosure Platform, the rural collective asset trading management platform and other platform websites and trading organization bulletins stipulated by the government within five days. Rural collectives shall simultaneously publicize trading announcements on disclosure bulletins of village affairs, disclosure bulletins of group affairs, the location where subject matter is located, etc. The trading announcement shall include the following contents: 

(1) Basic information of the project;

(2) Trading reserve price;

(3) Qualifications of bidders;

(4) Registration time, venue and method;

(5) Amount and payment mode of trading margin;

(6) Trading time, venue and mode;

(7) Measures for handling violations of bidding rules;

(8) Contact person and information;

(9) Supervisor's telephone number;

(10) Other contents to be announced.

Article 21 The length of trading publication period shall be determined according to the amount of the trading reserve price: If the total amount of the subject matter of the trading is no more than 50 million yuan, the publication period shall be no less than seven days. If the said amount is above 50 million yuan and no more than 100 million yuan, the period shall be no less than 20 days, and if the said amount is more than 100 million yuan, it shall be no less than 60 days.

If cancellation of the trading application or changes to the announcement contents is needed during the publication period, a written application shall be submitted to the trading organization three days before the end of the publication period, and the announcement can be cancelled or changed only with the consent of the trading organization. If the trading announcement has to be urgently cancelled due to force majeure such as government expropriation, the restriction of three days shall not be binding. If the content of the announcement change involves important terms such as rent and lease term, the documents of democratic voting results shall be resubmitted and the publication period shall be recalculated.

Article 22 Prospective bidders shall submit registration documents to the trading organization as required by the trading announcement and pay the trading margin; they should ensure the authenticity and integrity of their registration documents.

Article 23 Trading organizations shall confirm the registration qualification of the prospective bidders and inform them of the confirmation results.

Article 24 If on-site bidding is adopted three days before the trading bidding day, the trading organization shall notify the village collective to be present as a witness and for supervision. The absence to the bidding upon receipt of the notice shall be automatically deemed as a waiver to the right to witnessing and supervising the trading, except that the village collective can provide justifiable reasons other than its own cause (such as force majeure) for such absence.

If the trading assets belong to the village level collective, the village trading management working team shall send no less than two members from the village's CPC organization, council, board of supervisors and the village affairs supervision committee to be present as witnesses, and may send no more than five shareholder representatives as such witnesses. If the trading assets belong to a village group (production group), the team shall send at least one member from the village's CPC organization, council, board of supervisors and the village affairs supervision committee, and the head of village group (head of production group) to be present as witnesses, and may send no more than five shareholder representatives from the village group (production group) as such witnesses.

Article 25 After completion of the on-site trading procedures, the trading organization shall organize the rural collectives and the bid winner to confirm the trading results in writing on the spot. Those from the rural collectives and the staff members of the trading organization who are present as witnesses, shall sign the confirmation documents of the trading results as witnesses to complete the trading procedures. In the case of online bidding, the trading organization shall, within two days upon completion of the trading, organize the representatives of the asset owner and the bid winner to go to the trading service venue to confirm the trading results in writing to complete the trading procedures.

The trading organization shall, within five days after completing the trading procedures, publicize the trading results on the Guangzhou Rural Clean Government Information Disclosure Platform, the rural collective asset trading management platform, and other platform websites and trading organization bulletins required by the government. Rural collectives shall simultaneously publicize announcements on the disclosure bulletin of village affairs, the disclosure bulletin of group affairs, the location where subject matter is located, etc. The publication duration shall last no less than five days. The publication of trading results shall include the following contents:

(1) Name and overview of the trading project;

(2) Bid winner;

(3) Trading time and trading price;

(4) Publication period;

(5) Complaint handling organization and contact information.

Article 26 Upon the end of the publication period, if no objection is raised from any third party or the objection is not tenable, the rural collective and the bid winner shall sign a contract at the venue designated by the trading organization within five days. If there is any reason caused by the bid winner and the contract is not concluded with the rural collectives within the agreed time, it shall be deemed as an automatic waiver of trading, and the trading margin shall be handled according to the rules set out in the trading announcement.

Article 27 After the contract signing, the trading organization shall sort out the relevant documents of the trading project, file them for future reference, and enter the relevant information into the rural collective asset trading management platform within the timeframe according to regulations.

Article 28 In the case of no bidder, invalid bidding or transaction failure, the rural collective may apply for re-issuance of the trading announcement on the premise of not changing the trading conditions. For any change to the trading conditions, the rural collective shall apply for re-issuance of the trading announcement after another declaration of the trading intention in accordance with these Detailed Rules.

Chapter VI Trading Management and Supervision

Article 29 The rural collective asset trading management platform is incorporated into the rural integrity early warning and control system for real-time early warning, real-time analysis and real-time supervision.

Article 30 The management of rural collective asset trading shall be included in the annual assessment at the town (street community) and village levels, and the town (street community) shall take the assessment results as the basis for rewards and punishment for leaders of the village (group) collective (economic organization).

Article 31 The district rural collective asset trading management platform shall establish a credit evaluation mechanism. District and town (street) trading organizations shall record such credit conditions as asset trading and contract performance in real time; the district trading organizations shall make a monthly summary of this data and establish a dynamic credit list of bidders. Those who meet any of the following conditions in Nansha district shall be listed as bidders with poor credit, and their participation in bidding shall be restricted:

(1) Being absent (online or on-site) from trading three times (except for those who have justifiable reasons for the absence and give notice in advance, or have entrusted others in writing for participation);

(2) All bidders who fail to offer a quotation three times when other bidders are present (online or on-site) for trading;

(3) Failing to fill in the sealed bid trading price or filling in invalid trading price three times;

(4) Failing to sign the contract after winning the bid or breaking the agreed contract without justified reasons;

(5) Having rent arrears three times or the total rent arrears exceed 500,000 yuan, which is reported to the trading organization by the rural collective with evidence provided.

Article 32 If any illegal trading is found or any relevant complaint and a report is received, a rural collective organization shall report it to the trading organization and competent town (street) agricultural and rural affairs authorities in time.

Article 33 During the course of trading, if normal trading becomes impossible due to any of the following special circumstances, the trading organization may decide to postpone or suspend the trading upon approval by the competent town (street) agricultural and rural affairs authorities, in which case an announcement shall be made within two days:

(1) Force majeure;

(2) If any objection to the trading is raised by a third party with actual evidence provided;

(3) If any bidder is suspected of fraud, collusion in bidding, bribery, extortion, threatening others, etc., an investigation has to be made for confirmation;

(4) Other special circumstances that make it impossible for normal trading.

Article 34 Bidders shall pay the trading margin as required based on the trading announcement. One margin applies to one bidding only. Generally, the amount of the margin shall not exceed thirty percent of the total subject matter amount, and the margin for non-agricultural land and building lease shall not be less than ten percent of the total subject matter amount. The specific amount shall be determined by the rural collective.

If a bidder participated but failed to win the bid, the trading margin shall be returned in full once without interest within five days after publication of the trading results.

If the bidder has abandoned the bidding, the trading margin shall be handled according to the rules set out in the trading announcement.

If the bidder has won the bid, the trading margin shall be returned in full without interest once within five days after signing the contract, or converted into a contract performance payment according to the announcement.

Article 35 If the competent agricultural and rural affairs authorities receive any complaint or report involving trading violations, they shall accept and deal with it timely in accordance with relevant regulations.

Chapter VII Legal Liabilities

Article 36 In the case of any of the following acts committed by relevant staff members of a rural collective in violation of the detailed rules, they shall be ordered to make corrections, get criticism from relevant authorities, receive deductions in salaries or performance bonuses, be suggested to be dismissed, or receive other punishment depending on the seriousness of the circumstances. If losses are caused due to the collective economy, they shall bear the corresponding liabilities for compensation according to the law, and if a crime is constituted, they shall be investigated for criminal responsibility according to the law:

(1) Failing to organize rural collective assets to enter trading organizations for public trading in accordance with the detailed rules;

(2) Dividing the amount, area and term of the subject matter, evading entry into trading organizations for public trading, or evading entry into upper-level trading organization for public trading;

(3) Concealing facts, providing false information and other illegal acts in the course of trading;

(4) Failing to perform democratic voting procedures as required;

(5) Disturbing the order of trading and affecting normal conduct of trading;

(6) Failing to sign the contract as required after trading;

(7) Deliberately setting up obstacles for the purpose of not being able to fulfill the contract;

(8) Offering or accepting bribery;

(9) Other acts that affect the openness, fairness and impartiality of trading.

Article 37 If any relevant staff member of the agricultural and rural affairs authorities of Nansha district and towns (streets) violates the provisions of the detailed rules, or fails to perform or incorrectly perform his/her duties, he/she shall be seriously dealt with in accordance with the rules, disciplines and laws, and if a crime is constituted, he/she shall be investigated for criminal responsibility in accordance with the laws.

Article 38 If any staff member of a trading organization violates the detailed rules, abuses his/her power, or fails to perform or incorrectly performs his/her duties, he/she shall be subject to salary deduction, dismissal, accountability and punishment by his/her competent authorities according to the seriousness of the circumstances. If economic losses are caused, he/she shall be liable for compensation according to laws, and if a crime is constituted, he/she shall be investigated for criminal responsibility according to laws.

Article 39 If any prospective bidder, bidder or winner violates the detailed rules and harms the interests of others and rural collectives, he/she shall be liable for compensation according to laws, and in the event of his/her fraud, collusion with bidding, bribery, extortion, threatening others, etc., he/she shall be investigated for legal responsibility according to the laws.

Article 40 In the case of any dispute during the performance of the rural collective asset trading contract, it may be settled in accordance with the contract or through negotiation, and if there is no agreement or the negotiation fails, a lawsuit may be brought to the people's court according to the laws.

Chapter VIII Supplementary Provisions

Article 41 Trading organizations shall formulate trading rules, documents and contract templates in accordance with the detailed rules and in combination with their work realities. The trading rules, trading documents and model contract templates formulated by the town (street) trading organization shall be reported to the district trading organization for filing.

Article 42 In the Detailed Rules, the "two days", "three days", "five days" and "seven days" mentioned herein shall refer to working days, and others are natural days.

Article 43 The Detailed Rules shall come into force on the date of promulgation, and shall remain in force for five years. The original Opinions on Implementation of Management of Rural Collective Asset Trading in Nansha District of Guangzhou Municipality shall be annulled at the same time. Six months before expiration of the Detailed Rules or in the case of changes in policies and regulations, the detailed rules shall be evaluated and revised according to the implementation status.

Form of Disclosure: Active Disclosure