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

Penalty hearing on administrative breach in vocational training

For the purpose of reinforcing the effectiveness in vocational training, on December 31, 2009, the Government issued Decree No. 116/2009/ND-CP (“Decree 116”) providing penalty hearing on administrative breach in vocational training. This decree takes effect from March 1, 2010 and shall replace Decree 73/2006/ND-CP (Decree 73).

To be compared with Decree 73, Decree 116 removes additional penalty namely expelling that is applicable to foreigners. However, Decree 73 increases number of consequence repairing penalties such as bounding to announce a disclaimer on means of public information; to fully perform the contract as agreed.

The maximum amount of penalty is 40 million Vietnam dong shall be applied to the activity of establishment of the vocational training centre, technical secondary school, vocational college without approval by the competent authority (whereas in Decree 73, the maximum amount is only 30 million Vietnam dong), or the activity of taking advantage of vocational training for self-interested profits, abusing the labor forces of trainees (whereas in Decree 73, the maximum amount is only 20 million Vietnam dong); the activity of recruiting at least 41 disqualified trainees and recruiting number of trainees exceeding 30% of the scheduled figures. To be compared with Decree 73, in addition to the major penalty, almost regulations of Decree 116 provide additional penalty in order to protect the right and benefits of the trainees.

In case of recruiting from 10 to 41 disqualified trainees or trainees, a vocational training centre shall be fined from 200 thousand Vietnam dong to 5 million Vietnam dong. In addition to that, the license of the vocational training centre can be revoked within a period from 03 months to one year applicable for the first breach, and within an infinitive period applicable for the second breach.

Maximum amount of penalty applicable to the activity of issuance of primary vocational training certificate shall be 10 million Vietnam dong. Similarly, the maximum amount shall be 15 million Vietnam dong applicable to the activity of issuance of vocational training secondary degree, 20 million Vietnam dong applicable to issuance of vocational training college degree. 20 million Vietnam dong shall be applicable to printing and issuing rough draft of diplomas and certificates without compliance with laws and regulations of Vietnam.

Organizations and individuals breach regulations on establishment and operation of vocational training activity shall be fined 02 million Vietnam dong for not informing the competent authority in case of losing the License or not registering operations within a period from 03 months to 06 months commencing from the deadline for registration.

This Decree also provides the penalty applicable to the activity of employing unqualified teachers at vocational training secondary and college centres. The activity of usage of false vocational training quality certificates in vocational training and quality certificates in vocational training quality program shall be fined up to 10 million Vietnam dong.