What are the regulations on disclosure of information to members of cooperatives and cooperative unions in Vietnam?
- Who is the legal representatives of cooperatives and cooperative unions in Vietnam according to the latest Law on Cooperative?
- What are the regulations on disclosure of information to members of cooperatives and cooperative unions in Vietnam?
- What are the contents of register of members of cooperatives and cooperative unions in Vietnam?
Who is the legal representatives of cooperatives and cooperative unions in Vietnam according to the latest Law on Cooperative?
Pursuant to Article 11 of the Law on Cooperative 2023, it is stipulated as follows:
Legal representatives of cooperatives and cooperative unions
1. The legal representative of a cooperative or cooperative union is the person that, on behalf of the cooperative or cooperative union, exercises and performs the rights and obligations in its transactions, acts as the plaintiff, defendant or person with relevant interests and duties before a court or arbitral tribunal, and performs other rights and obligations as prescribed by law.
2. A cooperative or cooperative union may have one or several legal representatives. The quantity, position, rights and obligations of the legal representative, and division of rights and obligations amongst legal representatives (in case there are several legal representatives) shall be specified in the charter of the cooperative or cooperative union.
3. A cooperative or cooperative union shall have at least one legal representative residing in Vietnam. In case a cooperative or cooperative union has the only one legal representative but this representative fails to perform or is unable to perform his/her rights and obligations, and does not authorize any person to do so within 30 days, the cooperative or cooperative union shall convene the General Meeting of Members (GMM) to elect a new legal representative within 15 days from the expiration of the abovementioned period.
4. The court and other proceeding authorities are entitled to appoint the legal representative to participate in proceedings as prescribed by law.
Thus, the legal representative of cooperatives and unions of cooperatives is:
- Individual representing cooperatives and unions of cooperatives to exercise rights and obligations arising from transactions of cooperatives and unions of cooperatives;
- Representing cooperatives and unions of cooperatives as requesters to resolve civil matters, plaintiffs, defendants, people with related rights and obligations before the Arbitrator, Court and their rights and obligations other as prescribed by law.
What are the regulations on disclosure of information to members of cooperatives and cooperative unions in Vietnam?
What are the regulations on disclosure of information to members of cooperatives and cooperative unions in Vietnam?
Pursuant to Article 14 of the Law on Cooperative 2023, it is stipulated as follows:
Disclosure of information to members of cooperatives and cooperative unions
1. A cooperative or cooperative union shall be required to disclose the following information to its members, including:
a) Its charter and internal regulations;
b) Resolutions of the GMM, Board of Directors, and decisions issued by the Director (General Director);
c) List of official/contributing members, in which holding of each member must be specified;
d) Annual financial statements;
dd) Information on management and use of its undistributed fund and undistributed assets;
e) Information on education, training and re-training for its members and employees;
g) Other information to be disclosed as prescribed by its charter.
2. The cooperative or cooperative union must openly post the information specified in Clause 1 of this Article at its head office within 05 working days from the issuance date of the document containing such information, and provide such information for its members when requested. Information must be posted for a minimum of at least 30 days from the posting date.
Thus, there are 07 information disclosed to members of cooperatives and unions of cooperatives including the above contents at its head office within 05 working days from the issuance date of the document containing such information, and provide such information for its members when requested.
- Information must be posted for a minimum of at least 30 days from the posting date.
What are the contents of register of members of cooperatives and cooperative unions in Vietnam?
Pursuant to Article 15 of the Law on Cooperative 2023, it is stipulated as follows:
Register of members of cooperatives and cooperative unions
1. Register of official/contributing members of a cooperative or cooperative union is a physical or electronic document which shall inter alia contain the following information:
a) Name, code and head office’s address of the cooperative or cooperative union;
b) Full name, contact address, nationality, personal identification number or legal document number of members that are individuals; names, EID numbers or legal document numbers and head office’s address of members that are organizations;
c) Stakes, holdings, contribution time, types of contributed assets, quantity and value of each type of contributed assets of each member;
d) Number and issuance date of capital contribution certificate of each member.
2. The compilation of the register of non-members shall be subject to the decision of the cooperative or cooperative union.
Thus, the register of members of cooperatives and cooperative unions includes the four contents mentioned above and at the same time, the compilation of the register of non-members shall be subject to the decision of the cooperative or cooperative union.
The Law on Cooperative 2023 will take effect from July 1, 2024.
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