Luat Viet

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“I don't need lawyers who win at all costs, I really need them to win, but calculate the costs.”

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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

The Advertising Law 2012 Adopted

On 21 June 2012 the National Assembly adopted the Advertising Law no. 16/2012/QH13 which will replace the Ordinance on Advertisement adopted 2002 from 1 Janurary 2013.

The Advertising Law includes new regulations to tighten control over advertising activities. There are 7 groups of goods and services banned from advertising, including goods and services banned from business, tobaccos, wine contains 15%ABV and onwards; alternative milk products replacing human breast milk for babies less than 24 months of age; artificial nipples (bottles and pacifiers); aphrodisiac products, etc.

The Advertising Law also prohibits advertisements contrary to historical and cultural traditions, fine customs and morals, or placement of advertising posters on electric poles, traffic signal poles and in public green spaces.

The Advertising Law allows increasing the advertisement up to 15% of space in newspapers and up to 20% of space in magazines, except advertising newspapers and magazines. The Ordinance on Advertisement previously stipulated advertisements up to 10%.

Furthermore, advertisement time on radio and in visual press is only up to 10% of the total daily broadcast program of a broadcasting organization, except advertisement time in advertising programs and channels. It is a new regulation compared to advertisement time up to 5% set forth by the Ordinance on Advertisement.