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The new Corporate Law come in to effect on July 1, 2024. In order to solve the problem of the convergence and application of the old and new laws after the implementation of the Corporate Law,the Supreme People’s Court has formulated the <Several Provisions of the Supreme People’s Court on the Application of the Time Effect of the Corporate Law of the People’s Republic of China>(hereinafter referred as the “Provisions”), which was adopted by the Judicial Committee of the Supreme People’s Court on June 27, 2024, and shall come into effective on July 1, 2024.
While adhering to the principle that laws should not be applied retroactively, the Provisions aim to enhance the regulatory and guiding influence of Corporate Law in economic activities. To achieve this, the Provisions categorize the revisions to the Corporate Law into substantive amendments, newly introduced provisions, and specific detailed updates. Furthermore, they enumerate particular provisions that are to be applied retroactively. There are eight articles in this Provisions, including the general provisions and favorable retroactivity rules of effect of civil legal acts, the favorable retroactivity rules of contract performance, the blank retroactivity rules of the new provisions, the applicable retroactivity rules of the detailed provisions, the legal application of the liquidation liability, the rule that the judgment is superior to the retroactivity, and the effective time.