Luat Viet

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Question :: I am a member of the Supervisory Commission (the Commission) of a public company which is unlisted and termed from 2007 to 2010. Until now, my term is still valid. In 2009, I was [not] invited to attend any meeting of the company’s Commission. Recently, I also did not attend the Commission’s meeting to produce the Commission’s Report for submission to the General Shareholder’s Meeting (the Meeting) year 2010 on April 9. I was informed that this Commission’s Report was built by the Commissions’ Director (the another member of the Commission also did not attend). I would like to ask you whether the operation of the Commission like that is legal or not? Is the Report mentioned above legal? What should I do to comply with the rights, duties and obligations of a Commission’s member?
Question :: I am a president of the Management Board (“the Board”) of a public company. As per regulations, the term of the Board, Supervisory Commission (“the Commission”) is five (5) years. Therefore, the first term of the Board, Commission is due on November 2010. However, in order to facilitate the voting of the Board, the Commission in the second term, the Board would like to submit the General Shareholder’s Meeting (“the Meeting”) with the latest on April 19, 2010 for renewal of the first term of the Board, the Commission until April 2011. So, the question is that is the renewal true or not? If the shareholders are not taken opinions directly at the Meeting, can the Board collect opinions indirectly from shareholders in writing? If the Meeting does not pass the renewal, how can the voting of the Board, the Commission be taken in compliance with laws?
Question :: Our company registers shares at the Securities Depository Central (SDC), but cannot deposit, of which my 10.000 shares. So, can I transfer directly 2.000 shares to my brother and compliment 2.000 shares to my wife?

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LuatViet’s head office is in Ho Chi Minh City and maintains a branch office in Hanoi Although our offices are quite far apart, due to our use of leading information technology (such as the use of PCLaw by Alumni Group and our personally developed LuatViet File Management System), attorneys from both offices may share information with each other, cooperate on cases, procure documents and law on file, both efficiently and effectively. Our efforts to streamline our network is extremely beneficial to our clients since its saves them valuable case time and money.

Ho Chi Minh City Office

19th Floor - Vincom Center, 72 Le Thanh Ton St, Ben Nghe Ward, Dist.1, Ho Chi Minh City, Viet Nam
Tel: +84 (8) 3824 8440 - Fax: +84 (8) 3824 8441 - Email: canh.tran@luatviet.com

Ha Noi Branch office

Unit 03-0A, floor 3, Sofitel Plaza Hanoi, 1 Thanh Nien St, Truc Bach Ward, Ba Dinh Dist, Hanoi, Viet Nam
Tel: +84 (4) 371 543 05 - Fax: +84 (4) 371 543 06 - Email: linh.tran@hn.luatviet.com