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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

Listing and transacting of Government bond issuing in Foreign Currencies.

On April 24, 2009, the State Securities Commission of Vietnam (“SSC”) issued Decision No. 253/QD-UBCK providing regulations on listing and transacting of government bond issued by the Government dominated in foreign currencies (“sovereign bond”) at the Hanoi Stock Exchange (“HNX”).
An application file and its registration procedure for a sovereign bond to be listed are regulated similarly with those of a government bond to be listed and dominated in Vietnamese Dong.
Any investor who has not opened any account and desires to conduct a bond transaction can use his current securities account or open a new transaction securities account at a securities company. Furthermore, the investor must open a foreign currency payment account at a commercial bank under SBV’s guidelines.
A sovereign bond can be transacted through the bond transaction system of HNX in an agreed transaction manner.
In respect of a bond transaction, a listing unit is 01 cent. A fluctuation margin of price is not being applied. SSC does not provide a maximum bond transaction unit and an amount for each transaction.
All bond transaction payment can be directly made in US$ within 01 working day following the transaction date. All depository members and the securities depository center must open their respective balance payment accounts in foreign currencies at an appointed bank for any bond transaction payment.
This Decision has effect from its signing date.