What are the rights and obligations of the Board of Members of the Small and Medium Enterprise Development Fund in Vietnam? What obligations does the Chairperson of the Board of Members perform?
- What are the rights and obligations of the Board of Members of the Small and Medium Enterprise Development Fund in Vietnam?
- What are the responsibilities of the Chairperson and commissioners of the Board of Members of the Small and Medium Enterprises Development Fund in Vietnam?
- What are the standards and requirements for being elected as Chairperson and commissioners of the Board of Members?
What are the rights and obligations of the Board of Members of the Small and Medium Enterprise Development Fund in Vietnam?
According to the provisions of Clause 4, Article 7 of Decree No. 39/2019/ND-CP on the rights and obligations of the Board of Members of the Small and Medium Enterprises Development Fund as follows:
- The Board of Members shall act on behalf of the Fund to implement the rights and obligations of the Fund in accordance with this Decree and other relevant laws.
- The Board of Members shall be composed of Chairperson and 02 commissioners. Chairperson and board commissioners shall work under the full-time working regime, shall be appointed, dismissed, discharged, rewarded and disciplined under the decision of the Minister of Planning and Investment.
- Chairperson and board's commissioners shall hold office for 05 years and may be reappointed.
- Board of Members shall have the following rights and obligations:
+ Decide the 5-year and annual business strategy and plan of the Fund after receipt of approval from the Ministry of Planning and Investment;
+ Enforce rules of operation of the Fund in conformance to provisions laid down herein;
+ Decide the plan for management of investment and construction capital; purchase, sale, management and use of property under its jurisdiction as required by law;
+ Make a decision to approve financial statements, distribute profits, set up annual funds and determine norms for use of funds after obtaining assessment opinions from the comptroller and consent from the Ministry of Planning and Investment;
+ Make a decision to plan, appoint, dismiss, recruit, assess, reward, discipline, pay salaries and bonuses to and provide other benefits and compensation policies to position holders under its authority stipulated in this Decree;
+ Make a decision to establish, reorganize and close business of branches and representative offices and other dependent accounting units after receipt of consent from the Ministry of Planning and Investment;
+ Make a decision to establish, reorganize and dissolve its specialized affiliates;
+ Make a decision on functions, duties, rights and organizational structure of its specialized affiliates, branches, representative offices and other dependent accounting units.
Thus, commissioners of the Board of Members have the rights and obligations as prescribed in Clause 6, Article 7 of Decree No. 39/2019/ND-CP as follows:
- Participate in a meeting to discuss, propose and vote on issues under the authority of the Board of Members;
- Perform duties and tasks assigned by the Chairperson of the Board of Members according to its competence;
- Inspect and assess the Fund’s performance;
- Implement other rights and obligations in accordance with this Decree.
In addition, the working regime, conditions and procedures for conducting meetings of the Board of Members in accordance with the law for single-member limited liability companies in which 100% of charter capital is held by the State.
What are the rights and obligations of the Board of Members of the Small and Medium Enterprise Development Fund in Vietnam? What obligations does the Chairperson of the Board of Members perform?
What are the responsibilities of the Chairperson and commissioners of the Board of Members of the Small and Medium Enterprises Development Fund in Vietnam?
According to the provisions of Clause 7, Article 7 of Decree No. 39/2019/ND-CP, the responsibilities of the Chairperson and commissioners of the Board of Members of the Small and Medium Enterprises Development Fund include:
- Comply with laws and provisions of this Decree and decisions of the Ministry of Planning and Investment;
- Comply with resolutions of the Board of Members;
- Bear personal responsibility when abusing the Fund’s reputation to commit violations against law;
- If any commissioner of the Board of Members breaches their obligations during the period of implementation of their assigned rights and obligations, other commissioners of the Board of Members will be obliged to report in writing to the Ministry of Planning and Investment.
What are the standards and requirements for being elected as Chairperson and commissioners of the Board of Members?
According to the provisions of Clause 5, Article 7 of Decree No. 39/2019/ND-CP, the standards and requirements for being elected as Chairperson and commissioners are as follows:
- The Chairperson of the Board of Members must have a university degree or higher, with at least 5 years' experience as a manager and executive in the fields of economy, finance, banking, business administration, law, accounting and audit;
- Commissioners of the Board of Members must have a university degree or higher and must have experience as a manager and executive in the fields of economy, finance, banking, business administration, law, accounting and audit;
- Not a husband or wife, natural father, adoptive father, natural mother, adoptive mother, blood child, adopted child, natural sibling, elder brother-in-law, younger brother-in-law, elder sister-in-law, younger sister-in-law of the Fund’s manager;
- Not a public official or servant working for state agencies, political organizations, socio-political organizations or not a manager or executive of other enterprise;
- Have not ever been dismissed from the Chairperson of the Board of Members, commissioners of the Board of Members or the Chairperson of the Company, Director, Deputy Director or General Director, Deputy General Director of a state enterprise.
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