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

Not to carry out business activities related to gold trade floor and gold sales on internal acount

The Government Office issued Announcement No. 369/TB-VPCP dated 30 December 2009, which announced the Prime Minister Nguyen Tan Dung’ conclusion of Public Management in gold operation at a meeting of Government. Following this announcement, Prime Minister Nguyen Tan Dung offered these following decisions:

- All of activities related to gold trade floor operation and gold sales on internal account in various forms must be terminated after March 30, 2010.

- Activities of operation of gold which is jewelry shall still be carried out normally with the aim to satisfy social demand.

- The State Bank Governor must repeal promptly the provision of gold sales on foreign account according to Decision No. 03/2006/QĐ-NHNN of Vietnam State Bank Governor dated on January 18, 2006.

The announcement is announced to Ministries, related organs, provincial People’s Committees, central and provincial People’s Committees for execution.