Vietnam: Does the charter of a multi-member limited liability company include the term of office of the President of its Board of Members?
Does the charter of a multi-member limited liability company in Vietnam include the term of office of the President of its Board of Members?
Article 56 of the Law on Enterprises 2020 stipulates the President of the Board of Members in Vietnam as follows:
1. The Board of Members shall elect a member as the President, who may concurrently hold the position of Director/General Director of the company.
2. The President of the Board of Members has the following rights and obligations:
a) Plan the activities of the Board of Members;
b) Draw up agenda and prepare documents for meetings or surveys of the Board of Members;
c) Convene and chair meetings of the Board of Members or organize surveys of the Board of Members;
d) Supervise or organize supervision of the implementation of resolutions and decisions of the Board of Members;
dd) Sign resolutions and decisions of the Board of Members on its behalf;
e) Other rights and obligations prescribed by Law and the company's charter.
3. The term of office of the President of the Board of Members shall be specified in the company's charter but must not exceed 05 years and has no term limit.
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Thus, under the current regulations, the term of office of the President of its Board of Members of a multi-member limited liability company in Vietnam shall be specified in its charter but must not exceed 05 years.
Is it permissible to send invitations to a meeting of the Board of Members of a multi-member limited liability company in Vietnam by message?
Under Clause 4, Article 57 of the Law on Enterprises 2020 on convening meetings of the Board of Members:
4. Invitations to a meeting of the Board of Members can be sent physically, by phone, fax, electronically or by other methods prescribed by the company's charter to each member of the Board of Members. The invitation shall specify the time, location and agenda of the meeting.
Thus, if the company's charter stipulates an invitation to a meeting by message, this matter is entirely in accordance with the law.
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