Bid society is a contract wherein a leader invites two or more persons as the members and all of them agree to deliver the payments of the bid and to bid for the fund of the bid society; wherein the aforesaid agreement is only respectively made between the leader and the member also constitutes the bid society.
The fund of the bid society prescribed in the preceding paragraph refers to the entire payments of the bid which the leader and the members shall deliver.
The payments of the bid may consist of money or other fungible things.

Only the natural person qualifies for being the leader or the member.
The leader shall not concurrently be a member of the same bid society.
The person who is with no capacity or limited in capacity to make juridical acts shall not be the leader, and shall not join the bid society wherein his guardian is the leader.

The bid society shall be made by the bill of bid society wherein the following entries shall be included:
(1) Name, address, and telephone number of the leader;
(2) Names, addresses, and telephone numbers of all the members;
(3) Kinds and the base amount of the payments of the bid for each membership;
(4) Date of the constitution of the bid society;
(5) Dates of the meeting of the bid;
(6) Method of the bid;
(7) Agreement on the limit of the amount of the maximum or minimum bid, if any.
The bill of bid society of the preceding paragraph shall be signed by the leader and all the members, recorded with the date, and kept by the leader. Copies of the aforesaid bill of bid society shall be provided, signed, and delivered to each member.
If a member has delivered the first installment of the payments of the bid to the leader, though the bill of bid society is not made in accordance with the preceding two paragraphs, the contract of bid society is deemed to have been constituted.

The meeting of the bid is presided by the leader in accordance with the agreed date and method. The place of the meeting is determined by the leader and he shall notify the members of it beforehand.
If the leader cannot preside the meeting of the bid, the meeting shall be presided by the member appointed by the leader or the members who have attended.

The first installment of the fund of the bid society is acquired by the leader without need to bid for; each of the rest parts is acquired by the member who wins the bid.

At each meeting of the bid, each member may bid for only once, and the member offers the maximum bid wins the bid. If the maximum bid is offered by more than one member, the member winning the bid shall be determined by drawing lots, unless otherwise agreed upon.
Unless otherwise agreed upon, if there is no one to bid, the member winning the bid shall be determined by drawing lots.
The bid may be won only once for each membership.

A member shall deliver his payments of the bid within three days after each meeting of the bid.
The leader shall collect all the payments of the bid for the member winning the bid during the period of the preceding paragraph, and he shall deliver these payments of the bid together with his own to the member winning the bid before the expiration of the aforesaid period. If the payments of the bid are not collected during that period, the leader shall pay for the member who is responsible for it.
Before the delivery to the member winning the bid, the leader shall be responsible for the loss or destruction of the payments of the bid collected in accordance with the preceding paragraph, except the loss or destruction is imputable to the member winning the bid.
After the leader has paid in accordance with the provisions provided in the preceding two paragraphs, he may claim against the member who does not pay for reimbursement together with interests.

The leader shall not assign his rights and duties to another person without the consent of all the members.
A member shall not withdraw from the bid society or assign his membership to another person without the consent of the leader and all the other members.

When the bid society cannot continue due to the bankruptcy or fleeing and hiding of the leader, or any other reason, each installment of the payments of the bid, which shall be paid by the leader and the members winning the bid, shall be averagely delivered to the members not winning the bid on the date of each meeting of the bid, unless otherwise agreed upon.
The leader shall be jointly responsible for each installment which shall be paid by the members winning the bid in accordance with the preceding paragraph.
If the leader or the members winning the bid is in default on the payments which shall be averagely delivered to the members not winning the bid in accordance with the first paragraph, and the amounts of the payments in default amount to the sum of two installments, the member not winning the bid may claim for the entire payments of the bid.
In the case of the first paragraph, the members not winning the bid may choose one or several persons to deal with the matters concerned.