How old must you be to play hui? What are the rights and obligations of hui participants?
What Age Can You Participate in a "Hui"?
According to Article 5 of Decree 19/2019/ND-CP, the conditions for becoming a member of a hui can be described as follows:
Conditions for Membership
1. Members must be at least eighteen years old and must not be in a situation of lacking civil capacity, having limited civil capacity, or facing difficulties in cognitive control as prescribed in the Civil Code.
Persons from fifteen to under eighteen years old with private property can be members of a hui. If the private property employed is real estate or registered personal property, it must be approved by their legal representative.
2. Other conditions as agreed upon by participants of the hui.
As per the above regulations, individuals aged fifteen and older with full civil capacity and private property can become members of a hui (participate in hui activities). However, participation still depends on the agreement of the other members of the hui.
What age can you participate in a hui? What are the rights of members when participating in a hui? What are the obligations of members when participating in a hui? (Image from the Internet)
What Are the Rights of Members When Participating in a Hui?
According to Article 15 of Decree 19/2019/ND-CP, the rights of members when participating in a hui are specified as follows:
Rights of Members
1. Members of an interest-free hui have the following rights:
a) Contribute one or more shares in each hui round;
b) Collect the hui;
c) Transfer part or all of their shares to another person as prescribed in the Civil Code;
d) Request the head of the hui or the person holding the hui ledger to view, copy or provide information related to the hui;
e) Request the head of the hui to pay the share of a member who fails to contribute on time, unless otherwise agreed;
f) Request the head of the hui to fulfill the obligations of the head of the hui as stipulated in Article 18 of this Decree;
g) Request other members to fulfill the obligations of members as stipulated in Article 16 of this Decree;
h) The rights specified in Clause 1 of Article 7, Article 9, Article 10, and Article 13 of this Decree;
i) Undertake the notification obligation as stipulated in Article 14 of this Decree if the head of the hui fails to do so;
k) Other rights as prescribed by law or agreed upon regarding the hui.
2. Members of an interest-bearing hui have the following rights:
a) Rights specified in Clause 1 of this Article;
b) Propose the interest rate in each hui round, except as specified in Clause 3 of Article 20 of this Decree;
c) Collect the hui before other members if they propose the highest interest rate in the round, unless otherwise agreed;
d) Receive interest from the member collecting the hui.
3. Commission-earning members have the following rights:
a) Rights specified in Clause 1 of this Article if it’s an interest-free hui or rights specified in Clause 2 of this Article if it’s an interest-bearing hui;
b) Negotiate the commission rate with the head of the hui.
Thus, members participating in a hui will have the following rights:
- Members of an interest-free hui have the following rights:
+ Contribute one or more shares in each hui round;
+ Collect the hui;
+ Transfer part or all of their shares to another person as prescribed in the Civil Code;
+ Request the head of the hui or the person holding the hui ledger to view, copy or provide information related to the hui;
+ Request the head of the hui to pay the share of a member who fails to contribute on time, unless otherwise agreed;
+ Request the head of the hui to fulfill the obligations of the head of the hui as stipulated in Article 18 of this Decree;
+ Request other members to fulfill the obligations of members as stipulated in Article 16 of this Decree;
+ The rights specified in Clause 1 of Article 7, Article 9, Article 10, and Article 13 of this Decree;
+ Undertake the notification obligation as stipulated in Article 14 of this Decree if the head of the hui fails to do so;
+ Other rights as prescribed by law or agreed upon regarding the hui.
- Members of an interest-bearing hui have the following rights:
+ Rights specified in Clause 1 of this Article;
+ Propose the interest rate in each hui round, except as specified in Clause 3 of Article 20 of this Decree;
+ Collect the hui before other members if they propose the highest interest rate in the round, unless otherwise agreed;
+ Receive interest from the member collecting the hui.
- Commission-earning members have the following rights:
+ Rights specified in Clause 1 of this Article if it’s an interest-free hui or rights specified in Clause 2 of this Article if it’s an interest-bearing hui;
+ Negotiate the commission rate with the head of the hui.
What Are the Obligations of Members When Participating in a Hui?
According to Article 16 of Decree 19/2019/ND-CP, the obligations of members when participating in a hui are specified as follows:
- Members of an interest-free hui have the following obligations:
+ Contribute their shares as agreed;
+ Notify any change of residence to other hui participants;
+ Continue contributing shares until the last member collects if they have collected before other members;
+ Fulfill obligations required in Article 10 and Clause 2 of Article 11 of this Decree;
+ In case there is no head of the hui, the member assigned to hold the hui ledger is obliged to fulfill the obligations in Clause 1 of Article 12, Clauses 5 and 6 of Article 18 of this Decree.
- Members of an interest-bearing hui have the following obligations:
+ Obligations specified in Clause 1 of this Article;
+ Pay interest to the members who have not collected the hui when collecting their own shares.
- Commission-earning members have the following obligations:
+ Obligations specified in Clause 1 of this Article if it’s an interest-free hui or obligations specified in Clause 2 of this Article if it’s an interest-bearing hui;
+ Pay the agreed commission to the head of the hui when collecting their shares.
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