Article 36 A fund manager shall, when offering fund shares and raising fund pursuant hereto, submit the following documents to and get ratification from the securities regulatory department under the State Council:

1. An application report;
2. A draft fund contract;
3. A draft fund trust agreement;
4. A draft prospectus;
5. Qualification certificates of the fund manager and fund trustee;
6. Financial accounting reports, which have been audited by accounting firms, of the fund managers and fund trustees of the last 3 years or since their establishment;
7. Letters of legal opinion issued by law firms; and
8. Other documents to be submitted as provided for by the securities regulatory department under the State Council.

Article 37 A fund contract shall include the following contents:

1. Purpose for raising the fund and the name of the fund;
2. Names and domiciles of the fund manager and fund trustee;

Article 36 A fund manager shall, when offering fund shares and raising fund pursuant hereto, submit the following documents to and get ratification from the securities regulatory department under the State Council:

1. An application report;
2. A draft fund contract;
3. A draft fund trust agreement;
4. A draft prospectus;
5. Qualification certificates of the fund manager and fund trustee;
6. Financial accounting reports, which have been audited by accounting firms, of the fund managers and fund trustees of the last 3 years or since their establishment;
7. Letters of legal opinion issued by law firms; and
8. Other documents to be submitted as provided for by the securities regulatory department under the State Council.

Article 37 A fund contract shall include the following contents:

1. Purpose for raising the fund and the name of the fund;
2. Names and domiciles of the fund manager and fund trustee;
3. Method of fund operation;
4. Total fund shares and the valid term of the fund contract in the case of a closed fund, or the minimum total shares to be raised in the case of an open fund;
5. Principles for determining the date of offering of fund shares, the prices and expenses;
6. Rights and obligations of the fund share holders, fund manager and fund trustee;
7. Procedures and rules for the convening of, and deliberation and voting on the fund share holders' meeting;
8. The procedures, time and place of the offering, trading, subscription and redemption of fund shares, the calculation method of expenses, and the time and method of payment of redemption price;
9. Principles for the distribution of fund proceeds and the method of execution of such principles;
10. Methods of drawing and paying and proportions of the administrative fees and trust fees as the remuneration of the fund manager and fund trustee;
11. Methods of drawing and paying other expenses relating to the management and utilization of fund property;
12. Directions of and restrictions on investment of fund property;
13. Calculation method and publicizing method of the net value the fund assets;
14. Methods of handling where the fund raised fails to meet the statutory requirements;
15. Causes and procedures for avoidance and termination of the fund contract, as well as the liquidation method of the fund property;
16. Dispute settlement methods;
17. Other matters agreed upon by the parties.

Article 38 The prospectus of a fund shall include the following contents:

1. Name of the ratification document for the application for fund raising and the date of ratification;
2. Basic information of the fund manager and fund trustee;
3. Summary of the fund contract and fund trust agreement;
4. Date of offering, prices, expenses, and period of offering of the fund shares;
5. Method of offering the fund shares and the names of the offering institution and registration institution;
6. Names and domiciles of the law firms issuing letters of legal opinion and the accounting firms auditing the fund property;
7. Methods of drawing and paying and proportions of the remuneration of the fund manager and fund trustee and other relevant expenses;
8. Contents of risk warning; and
9. Other contents provided for by the securities regulatory department under the State Council.

Article 39 The securities regulatory department under the State Council shall, within 6 months from the day of accepting an application for fund raising, make the examination pursuant to the laws and administrative regulations, the provisions of the securities regulatory department under the State Council, and the principle of prudence, make the decision to grant ratification or not and notify the applicant; and shall explain the reasons if ratification is not granted.

Article 40 Fund shares may be offered only after the application for fund raising has been ratified.

Article 41 The offering of fund shares shall be the responsibility of the fund manager; and the fund manager may entrust another agency recognized by the securities regulatory department under the State Council to handle the offering on its behalf.

Article 42 A fund manager shall publicize the prospectus, fund contract and other relevant documents 3 days prior to the offering of the fund shares.

The documents specified in the preceding paragraph shall be true, accurate and complete.

Publicity and promotion of the fund raising shall be in conformity with the relevant laws and administrative regulations and shall not involve any acts specified in Article 64 hereof.

Article 43 A fund manager shall start raising fund within 6 months from the day of receiving the ratification document. If the fund raising starts after that 6 months and no substantial alterations have happened to the ratified matters, the fund manager shall report to the securities regulatory department under the State Council for archival purposes; and if there is any substantial alteration, it shall file a new application with the securities regulatory department under the State Council.

The fund raising shall be finished within the fund raising period ratified by the securities regulatory department under the State Council. The fund raising period shall be calculated starting from the day of offering the fund shares.

Article 44 Upon expiration of the fund raising period, in the case of a closed fund, if the total amount of fund shares raised reaches 80% or more of the ratified scale, or in the case of an open fund, if the total amount of fund shares raised reaches the minimum amount ratified, and if the number of the fund share holders meets the provisions of the securities regulatory department under the State Council, the fund manager shall, within 10 days from the expiration of the fund raising period, retain a statutory capital verification agency to make capital verification, and shall, within 10 days from receiving the capital verification report, submit the report to the securities regulatory department under the State Council, put on record the fund and make a public announcement.

Article 45 The capital raised during the fund raising period shall be deposited in a special account, and nobody may use such capital before the end of the fund raising.

Article 46 The fund contract is concluded when an investor pays for the fund shares it subscribes to; and the fund contract takes effect after the fund manager put on record the fund with the securities regulatory department under the State Council pursuant to Article 44 hereof.

Upon the expiration of the fund raising period, if the conditions specified in Article 44 are not satisfied, the fund manager shall assume the following liabilities:

1. Covering with its own property the debts and expenses incurred as a result of the fund raising;
2. Returning the money that the investors have paid, plus the interest accruing thereon at the current deposit rate, within 30 days after the expiration of the fund raising period.