Vietnam: What is the time limit for adding members to the Board of Directors of the people’s credit fund in case there are not enough members?
- What is the time limit for adding members to the Board of Directors of the people's credit fund in Vietnam in case there are not enough members?
- Currently, how many members of the Board of Directors of the people’s credit fund in Vietnam are there?
- If a member of the Board of Directors of the people’s credit fund does not participate in operations for 6 consecutive months, will he be dismissed or dismissed?
What is the time limit for adding members to the Board of Directors of the people's credit fund in Vietnam in case there are not enough members?
Pursuant to the provisions of Clause 1, Article 17 of Circular No. 04/2015/TT-NHNN, the Board of directors of the people’s credit fund is an organ entitled to act on behalf of the people’s credit fund to decide and exercise rights and fulfill obligations of the people’s credit fund, except for issues that fall within the authority of the general members’ meeting.
Members of the Board of Directors of the people’s credit fund include:
- President of the Board of Directors of the people’s credit fund;
- Other members of the Board of Directors of the people’s credit fund.
In case the members of the Board of Directors of the people’s credit fund do not satisfy the prescribed number, pursuant to Clause 2, Article 17 of Circular No. 04/2015/TT-NHNN as amended by Clause 7 Article 2 of Circular No. 21/2019/TT-NHNN as follows:
Organization and operation of the Board of directors
...
2. The Board of Directors of a people’s credit fund consists of the President and other members of the Board of Directors. The President and other members of the Board of Directors established by the General Meeting of Members or the General Meeting of establishment (in the case of establishment of the people’s credit fund) of the people’s credit fund are directly elected, relieved of duty or removed from office by secret ballot. The number of members of the Board of Directors shall be decided by the General Meeting of Members or the General Meeting of Directors, but not less than 03 (three) members.
In case the number of members of the Board of Directors is less than two-thirds of the total number of members for the term or the minimum number of members as prescribed in the charter of the people’s credit fund, within 60 days from the date of insufficient number of members, the people's credit fund must add a sufficient number of members to the Board of Directors.
Thus, according to the above provisions, in case the number of members of the Board of Directors is not enough for two-thirds of the total number of members of the term or the minimum number of members as prescribed in the Charter of the people’s credit fund, the people’s credit fund must replenish the number of members to the Board of Directors within 60 days from the date of insufficient number of members.
Vietnam: What is the time limit for adding members to the Board of Directors of the people’s credit fund in case there are not enough members? (Image from the Internet)
Currently, how many members of the Board of Directors of the people’s credit fund in Vietnam are there?
Pursuant to the provisions of Clause 2, Article 17 of Circular No. 04/2015/TT-NHNN as amended by Clause 7 Article 2 of Circular No. 21/2019/TT-NHNN.
Currently, the number of members of the Board of Directors of a people’s credit fund is decided by the General Meeting of Members and the General Assembly.
However, the number of members of the Board of Directors of the people’s credit fund must not be less than 03 (three) members.
If a member of the Board of Directors of the people’s credit fund does not participate in operations for 6 consecutive months, will he be dismissed or dismissed?
Pursuant to the provisions on immunity and dismissal of members of the Board of Directors of a people’s credit fund in Article 25a of Circular No. 04/2015/TT-NHNN supplemented by Clause 13, Article 2 of Circular No. 21/2019/TT-NHNN as follows:
Resignation, dismissal
1. The President and other members of the Board of Directors, the Head and other members of the Supervisory Board, and the Director of a people’s credit fund shall be dismissed or removed from office in one of the following cases:
a) Having limited civil act capacity;
b) Submit a resignation letter to the Board of Directors or Control Board of the people’s credit fund;
c) Failing to participate in activities of the Board of Directors or Control Board for 6 consecutive months, except for force majeure cases;
d) Failing to meet the standards and conditions specified in Articles 20, 23 and 24 of this Circular;
dd) Other cases prescribed by the charter of the people’s credit fund.
Thus, according to the above provisions, except for force majeure cases, if they do not participate in activities for 6 consecutive months, the members of the Board of Directors of the people’s credit fund will be exempted and removed from office.
After being dismissed or removed from office, a member of the Board of Directors of a people’s credit fund must take responsibility for his/her decisions during his or her term of office.
Within 10 working days from the date of approval of the decision on dismissal or dismissal of a member of the Board of Directors, the Board of Directors of the people’s credit fund must send a written report with relevant documents to the Bank. State Bank branch.
In addition, a member of the Board of Directors of a people’s credit fund will also be dismissed or removed from office in one of the following cases:
- Submitting a resignation letter to the Board of Directors and Control Board of the people’s credit fund;
- Failing to meet the standards and conditions for members of the Board of Directors;
- Other cases prescribed by the charter of the people’s credit fund.
LawNet
