Legal liability for failure to transfer or transfer fully annuity shares in Vietnam

Le Trang

20:55, 10/07/2024

Recently, the Government of Vietnam issued Decree 19/2019/ND-CP on tontine.

If the tontine holder does not transfer or does not transfer fully annuity shares to the annuity-receiving member, the tontine holder shall bear the responsibilities as follows:

- The tontine holder shall fulfill the obligation of transfering the portions of the fund to eligible annuity-receiving member or contribute on behalf of any member who fails to contribute at the start of the term;

- Pay interest for the delayed delivery to the eligible annuity-receiving member, corresponding to the period of delay. The interest rate shall be as agreed upon by the parties or as stipulated in Clause 1, Article 22 of this Decree;

- Bear penalty for violations if the members in the tontine have agreed on penalties as per the provisions in Article 418 of the Civil Code;

- Compensate for damages (if any).

More details can be found in Decree 19/2019/ND-CP effective from April 5, 2019.

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