Who shall perform rights and obligations in case the owner of the single share-holder limited company in Vietnam is serving an imprisonment sentence?

Who shall perform rights and obligations in case the owner of the single share-holder limited company in Vietnam is serving an imprisonment sentence?

Pursuant to Clause 2 Article 78 of the Law on Enterprises in 2020 stipulating as follows:

In case the owner that is an individual is being kept in temporary detention, serving an imprisonment sentence, serving an administrative penalty in a correctional institution or rehabilitation center, he/she shall authorize another person to perform some or all of the owner’s rights and obligations.

As regulations above, in case the owner of the single share-holder limited company in Vietnam is serving an imprisonment sentence, he/she shall authorize another person to perform some or all of the owner’s rights and obligations.

Who shall be the owner of the single share-holder limited company in Vietnam if the owner dies?

Pursuant to Clause 3 Article 78 of the Law on Enterprises in 2020 stipulating as follows:

In case the owner dies, his/her legal heir or designated heir shall be the owner or member of the company. The company shall be converted accordingly and register the change of enterprise registration information within 10 days from the day on which the inheritance is settled. In case there is no heir or the heir rejects the inheritance or is disinherited, the owner’s stake shall be handled in accordance with civil laws.

As regulations above, In case the owner dies, his/her legal heir or designated heir shall be the owner or member of the company. In case there is no heir or the heir rejects the inheritance or is disinherited, the owner’s stake shall be handled in accordance with civil laws.

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