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

Procurement of asset and liability insurances for state-funded projects must be put out to tender

This is the condition prescribed by Decree123/2011/ND-CP with effectiveness from 15^th February 2012.

Investors of projects with 30% state capital or more, owners or users of assets under ownership of the State or State enterprises must put the procurement of asset and liability insurances for their projects, assets or operations out to tender to select insurance provider.

This requirement is not applied to compulsory fire insurance and compulsory insurance of civil liability of vehicle owners.

According to this Decree 123, the legal capital of insurance companies are required as follows:

· VND 300 billion with respect to health insurance enterprises;

· VND 200 billion with respect to branches of foreign non-life insurance enterprises.

In addition, with respect to the supply of cross-border insurance services into Vietnam, foreign insurance companies must supply their services via an insurance brokerage enterprise having License of Incorporation and Operation in Vietnam.