What rights and obligations does the Board of Members have towards subsidiaries whose charter capital is 100% held by Vietnam Chemical Group?

What rights and obligations does the Board of Members have towards subsidiaries whose charter capital is 100% held by Vietnam Chemical Group?

In Clause 3, Article 72 of the Charter of organization and operation of the Vietnam Chemical Group promulgating cream according to Decree 20/2018/ND-CP stipulates:

The Board of Members shall exercise the rights and obligations of the owners of the companies mentioned in Clause 1 of this Article. The General Director directs the assisting apparatus to help the Board of Members carry out the rights and obligations of the owner, which is responsible for:

a) Receive, check and appraise documents that subsidiaries report to Vietnam Chemical Group to submit to the Board of Members for consideration, approval or decision;

b) Organize the implementation of resolutions and decisions of the Board of Members for subsidiaries;

c) Inspect, urge and supervise the implementation of production and business coordination plans at subsidiaries.

What rights and obligations does the Board of Members have towards subsidiaries whose charter capital is 100% held by Vietnam Chemical Group? (Image from the Internet)

What are rights and obligations of Vietnam Chemical Group towards subsidiaries whose charter capital is 100% held by Vietnam Chemical Group?

In Clause 4, Article 72 of the Charter of organization and operation of the Vietnam Chemical Group promulgating cream according to Decree 20/2018/ND-CP stipulates:

The rights and obligations of Vietnam Chemical Group towards subsidiaries of which 100% charter capital is held by Vietnam Chemical Group are specified in Clause 17, Article 39 of this Charter and the following regulations:

a) Approve the company to appoint, sign contracts, re-sign contracts, terminate contracts, re-appoint, dismiss, resign, reward and discipline Deputy General Directors (Deputy Directors) and Chief accountant;

b) Organize supervision, monitoring and evaluation of business activities and management activities of the subsidiary according to the Charter of that company;

c) Other rights and obligations specified in the subsidiary's Charter are not contrary to this Charter.

What are rights and obligations of the Board of Members regarding the capital of Vietnam Chemical Group invested in joint venture companies with foreign countries?

In Clause 3, Article 73 of the Charter of organization and operation of the Vietnam Chemical Group promulgating cream according to Decree 20/2018/ND-CP stipulates:

Vietnam Chemical Group is the owner of capital in the subsidiaries mentioned in Clause 1 of this Article. The Board of Members exercises the rights and obligations of the owner regarding the capital invested by Vietnam Chemical Group in these companies. The General Director directs the assisting apparatus to help the Board of Members carry out the rights and obligations of the owner, which is responsible for:

a) Receive, check and appraise documents that subsidiaries report to Vietnam Chemical Group to submit to the Board of Members for consideration, approval or decision;

b) Organize the implementation of resolutions and decisions of the Board of Members for subsidiaries;

c) Inspect, urge and supervise the implementation of production and business coordination plans at subsidiaries.

Are rights and obligations of Vietnam Chemical Group towards its subsidiaries affected?

In Clause 4, Article 73 of the Charter of organization and operation of the Vietnam Chemical Group promulgating cream according to Decree 20/2018/ND-CP stipulates:

The rights and obligations of Vietnam Chemical Group towards its controlled subsidiaries are specified in Clause 18, Article 39 of this Charter and the following regulations:

a) Earn profits and bear risks from your capital contributions in subsidiaries;

b) Supervise and inspect the use of capital contributed to subsidiaries.

Best regards!