Can General Director of the central cooperative fund be appointed Deputy General Director(s) of the Fund in Vietnam?

Can General Director of the central cooperative fund be appointed Deputy General Director(s) of the Fund in Vietnam?

Pursuant to Article 13 of Decree 45/2021/ND-CP regulating the Deputy General Director(s), Chief Accountant and assistant apparatus of central cooperative fund as follows:

1. Deputy General Director(s) of the central cooperative fund shall be appointed by the fund’s Chairperson at the request of General Director to assist General Director in managing the fund’s operation upon his/her assignment and authorization; bear responsibility before the fund’s General Director and before the law for his/her performance of assigned and authorized tasks; the number of Deputy General Directors shall be decided by Chairperson of Vietnam Cooperative Alliance and shall not exceed 03 persons.

2. Chief Accountant of the central cooperative fund shall be appointed by the fund’s Chairperson at the request of General Director to organize the fund's accounting and statistical works as assigned and authorized by the fund’s General Director and according to regulations of the Law on accounting and relevant laws; bear responsibility before General Director and Chairperson of the fund, and before the law for his/her performance of rights and tasks as assigned or authorized.

3. Assistant apparatus of the central cooperative fund:

a) The assistant apparatus consists of professional and specialized departments or divisions in charge of advising and assisting Chairperson and General Director of the fund in managing the fund. The fund’s General Director shall decide to appoint or dismiss holders of leadership positions of the assistant apparatus after obtaining approval from the fund’s Chairperson;

b) The fund's General Director shall decide organizational structure, functions, duties and rights of the assistant apparatus.

4. Standards and requirements for being appointed as Deputy General Director and Chief Accountant of the central cooperative fund are specified in its charter on organization and operation.

5. Rights and responsibilities of Deputy General Director(s), Chief Accountant and assistant apparatus of the central cooperative fund are specified in its charter on organization and operation.

According to this Article, the General Director of the Central Cooperative Fund does not have the authority to appoint the Deputy General Director but can only propose appointment to the fund’s Chairperson according to the above regulations in Vietnam.

Can General Director of the central cooperative fund be appointed Deputy General Director(s) of the Fund in Vietnam? (Image from the Internet)

What basic contents does the charter on organization and operation of the central cooperative fund in Vietnam include?

According to the provisions of Clause 2, Article 14 of Decree 45/2021/ND-CP regulating Charter on organization and operation of central cooperative fund as follows:

2. The charter on organization and operation of the central cooperative fund shall include the following primary contents:

a) Name and head office;

b) Legal status and business model, legal personality;

c) Contents and scope of operation;

d) Charter capital;

dd) Organizational structure and legal representative of the fund;

e) Functions and duties of the fund;

g) Functions and tasks of Chairperson, Controller and executive board of the fund;

h) Standards and eligibility requirements, rights and responsibilities of managers and holders of other leadership positions of the fund;

i) Recruitment, planning for and appointment of holders of leadership positions;

k) Financial management principles of the fund;

l) Procedures for revising the fund's charter on organization and operation;

m) Relationship between the fund and regulatory authorities and relevant parties as prescribed herein;

n) Relationship between the central cooperative fund and provincial cooperative funds as prescribed herein;

o) Dispute settlement, restructuring, bankruptcy and dissolution of the fund as prescribed herein and in relevant laws;

p) Other contents to serve management requirements.

According to this Article, when formulating the charter on organization and operation of the central cooperative fund in Vietnam, it is necessary to have the basic contents as above.

Best regards!