Persons Aged 15 Years and Older May Become Members of a Tontine in Vietnam

18:33, 10/07/2024

Below content is stipulated in Decree 19/2019/ND-CP amending regulations on tontine in Vietnam.

According to the provisions of Decree 19/2019/ND-CP, members of a tontine in Vietnam must meet the following conditions:

- Members must be eighteen years of age or older and not fall into cases of loss, restriction of civil act capacity, or difficulty in awareness, behavior control.

- Persons from the age of fifteen to under eighteen years old, if they have their own property, can be members of the tontine. In cases where real estate or registered movable property is used to join the tontine, the consent of their legal representative is required.

- Other conditions according to the agreement among the participants of the tontine.

Also according to Decree 19/2019/ND-CP, a tontine owner in Vietnam must meet the following conditions:

- The a tontine owner must be eighteen years of age or older and not fall into cases of loss, restriction of civil act capacity, or difficulty in awareness, behavior control.

- In cases where members self-organize the tontine, the owner is the person elected by more than half of the total number of members, unless otherwise agreed by the members.

- Other conditions according to the agreement among the participants of the tontine.

More details can be found in Decree 19/2019/ND-CP which took effect from April 05, 2019.

- Thanh Lam -

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE

0 lượt xem

- This translation is generated by OpenAI's GPT-4o model;
- The legal regulations in this article are according to Vietnamese Law;
- This English translation is for reference purposes only and not a definitive translation of the original Vietnamese texts;
- Articles may be compiled from a variety of sources;
- Applicable Terms may have expired at the time you are reading;
- If you have any questions about the copyright of the article, please contact us via email [email protected]