Luat Viet

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

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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

High penalties imposed for violations in measurement, price listing, petrol and oil retail

Pursuant to the Government’s Decree no. 104/2011/ND-CP dated 16 November 2011 stipulating the sanctions against administrative violations in petrol and oi trading, a pecuniary penalty of 20 to 30 million VND shall be imposed to the acts of illegally changing the technical condition or illegally breaking seals, leaden seals or verification stamps on measuring instruments in petrol and oi trading

A pecuniary fine ranging from 10 to 20 million VND shall be imposed to petroleum retail establishments that fail to list their retail prices for petrol and oil products, or list their retail prices not in accordance with regulations, causing confusion for customers.

Decree no. 104/2011/ND-CP takes effect from1 January 2012, cancel Article 10 Decree no. 107/2008/ND-CP dated 22 September 2008.