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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LEGAL NEWS

Adjustment Of Natural Resources Tax Rate

On April 14^th 2008, the Ministry of Finance issued Decision 16/2008/QD-BTC to adjust natural resources tax rates issued together with Decree 68/1998/ND-CP dated September 3 1998 guiding the implementation of the Amended Ordinance on Natural Resources Tax and Decree 147/2006/ND-CP dated December 1^st 2006 to amend and supplement Decree 68/1998/ND-CP. In this new Decision, the following tax rates are modified:

- Minerals of ferrous metals (iron, manganese, titanium, etc.): 5%, increased by 3% in comparison with previous regulations.

- Mineral sand gold: 6%, increased by 4% compared to previous regulations; and gold nuggets: 6%, increased by 3% compared to previous regulations.

- Rare earth: 8%, increased by 4% compared to previous regulations; lead, zinc, aluminum, bauxite, copper, nickel: 5%, increased by 2% compared to previous regulations

- Non-metallic minerals used as other common construction materials (stone, sand, gravel, earth for brick-making, etc.): 4%, increased by 2% compared to previous regulations.

- Natural mineral water; purified natural water, bottled or canned: 8%, increased by 4% compared to previous regulations.

Tax rates for oil and natural gas shall be applied in accordance with Articles 44 and 45 of Decree 48/2000/ND-CP dated September 12 2008.

The Decision takes effect after 15 days from the date of publication in the Official Gazette.