未分类题For the purpose of expanding its business, Drinking Co intended to get a loan of RMB 30 million yuan for two years from City Bank and was willing to provide shares of TCL, a listed company, as a guarantee. On 15 June 2012, the two parties entered into a loan agreement and pledge agreement, which stipulated that Drinking Co should provide 10 million TCL shares as the pledge of rights. On 16 June 2012, they went to the relevant statutory institution and jointly applied for a pledge registration of TCL shares. On the date of registration, the price of TCL shares held by Drinking Co was RMB 5?00 share, total market value of the shares was 50 million yuan.Six months after the registration of the pledge agreement, the price of TCL shares rose to RMB 6?00 share because of the substantive good news for the securities market. Having analysed the latest market situation, Drinking Co intended to sell the shares under the pledge and make an early repayment with the gains from such transactions. City Bank, however, disagreed with the proposal on the grounds that the debt under the loan agreement did not mature and this would cause liquidated damages to City Bank if Drinking Co insisted on the proposal. A dispute emerged between the two parties.Required:Answer the following questions in accordance with the Property Law of China, and give your reasons for your answers:(a) state the date on which the right to pledge was established and the institution the pledge should be registered with; (4 marks)(b) state the institution which the pledge should be registered with if TCL were a limited liability company; (2 marks)(c) state whether City Bank was entitled to refuse the proposal of Drinking Co to sell the shares and make an early repayment. (4 marks)