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

Legal basis for open-end funds

On 16^th December 2011, the Ministry of Finance issued Circular no. 183/2011/TT-BTC guiding the establishment and management of open-end funds.

Accordingly, from the effective date of this Circular on 1^st March 2012, investors shall have legal basis to establish new open-end Funds. Open-end Funds may be formed by converting from closed-end funds provided that:

· There exists at least VND 50 billion of net assets at the time of lodging the application file for fund conversion;

· Investment portfolio includes only the shares listed and registered at the Stock Exchanges, cash and cash equivalent at the percentage of restriction on investment as stipulated;

· There is a plan for fund conversion approved by the general meeting of investors.

The initial public offer of open-end fund certificates shall be allowed once the following conditions are satisfied:

· It has been granted the certificate of acceptance of registration of the public offer of fund certificates by the State Securities Commission;

· Fund management companies ensure that fund certificate purchasers have accessed the prospectus and the summary prospectus in the application file for registration of the public issue of fund certificates at distributors’ location.

Purchase monies for fund certificates in the initial public offer must be paid into an escrow account at the custodian bank.

Fund management companies must complete the distribution of fund certificates within 90 days from the effective date of the certificate of acceptance (of registration) of the public offer of fund certificates. This time limit may be extended if so approved by the State Securities Commission.