Luat Viet

Advocates & Solicitors

“I don't need lawyers who win at all costs, I really need them to win, but calculate the costs.”

SUBCRIBE NEWSLETTER

Search

question and answer

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?

Hit counter

Users online

Page loadtime

LEGAL NEWS

Commercial banks must have at least 2 fouding shareholders being organizations

On 15^th December 2011, the State Bank issued Circular no. 40/2011/TT-NHNN on licensing, organization and operations of commercial banks, branches of foreign banks, representative offices of foreign credit institutions and other foreign institutions engaged in banking activities in Vietnam.

In order to be licensed for the establishment and operations of commercial banks, in addition to the satisfaction of conditions under item 1 Article 20 of the Law on Credit Institutions, the investors must have at least 02 founding members being organizations.

With respect to branches of foreign banks, the parent banks must meet the following conditions:

· Having the total assets at least equivalent to USD 20 billion in the year preceding the year of lodging the application file for the license;

· Not committing any serious violation of the regulations on banking operations and other laws of their home country during 05 consecutive years preceding the year of lodging the application file for the license;

· Generating profits from their business in 05 consecutive years preceding the year of lodging the application file for the license.

This Circular shall take effect from 1^stFebruary 2012