persons shall be enjoyed and assumed by the surviving legal person. In case of a division of a legal person, the rights and obliga ons of the legal person shall be enjoyed and assumed jointly and severally by the legal persons established a er division, unless otherwise agreed by its creditors and debtors. Ar cle 68 If any of the following causes exists, a legal person is terminated a er it has completed liquida on and de-registra on in accordance with law: (1) the legal person is dissolved; (2) the legal person is declared bankrupt; or (3) another cause as provided by law exists. Where there are laws or administra ve regula ons providing that the termina on of a legal person shall be subject to the approval of the relevant authority, such provisions shall be followed. Ar cle 69 A legal person is dissolved under any of the following circumstances: (1) the term s pulated in its ar cles of associa on expires, or any other cause for dissolu on as is s pulated in the ar cles of associa on exists; (2) the governing body of the legal person makes a resolu on to dissolve the legal person; (3) the legal person has to be dissolved because of a merger or division; (4) the legal person’s business license or registra on cer cate is legally withdrawn, or the legal person has received an order of closure or been dissolved; or (5) another circumstance as provided by law exists. Ar cle 70 Where a legal person is dissolved for reasons other than a merger or division, a liquida on commi ee shall be formed in a mely manner by the persons with the duty of liquida on to liquidate the legal person. Unless otherwise provided by laws or administra ve regula ons, members of the legal person’s execu ve or decision-making body such as the directors or councilors, are the persons with the duty to liquidate the legal person. The persons with the duty to liquidate the legal person who fail to perform their du es in me and cause damage to others shall bear civil liability; the competent authority or an interested person may request the people’s court to appoint the relevant persons to form a liquida on commi ee to liquidate the legal person. Ar cle 71 The procedure for liquida ng a legal person and the authori es of a liquida on commi ee shall be in compliance with the provisions of relevant laws; in the absence of such a provision, the relevant rules provided in corporate laws shall be applied muta s mutandis. Ar cle 72 During the period of liquida on, a legal person con nues to exist but may not engage in any ac vity unrelated to the liquida on. Unless otherwise provided by law, upon comple on of liquida on, any residual assets of a liquidated legal person shall be distributed in accordance with its ar cles of associa on or the resolu on made by its governing body. A legal person is terminated a er liquida on and de-registra on is completed; a legal person that is not required by law to be registered ceases to exist upon comple on of the liquida on. Ar cle 73 A legal person declared bankrupt is terminated upon comple on of the bankruptcy liquida on and de-registra on in accordance with law. Ar cle 74 A legal person may establish branches in accordance with law. Where there are laws or administra ve regula ons providing that such a branch shall be registered, such provisions shall be followed. Where a branch of a legal person engages in civil ac vi es in its own name, the civil liability thus incurred shall be assumed by the legal person; the civil liability may be paid rst from the assets managed by the branch, and any de ciency shall be sa s ed by the legal person. ti ti ti ti ti tt ti ti ti ti ti ti ti ti ft tt ti ti ti fi ft ti ti ti ti ti ti ti ti fi ti ti ti ti ti ti ti ti ti ti ti fi ti ti ti ti ti ti ti ft ti ti fi ti ti ti ti ti tt ti ti ti ti ti ti ti ti 11