Is it permissible for banks in Vietnam to be organized as joint-stock companies?
Is it permissible for banks in Vietnam to be organized as joint-stock companies? Who is the representatives at law of banks in Vietnam?
Is it permissible for banks in Vietnam to be organized as joint-stock companies?
Pursuant to Article 6 of the Law on Credit Institutions in 2010 stipulating organizational forms of credit institutions in Vietnam as follows:
1. Domestic commercial banks established and organized as joint-stock companies, except the case defined in Clause 2 of this Article.
2. State commercial banks established and organized as one-member limited liability companies with wholly stale-owned charter capital.
3. Domestic non-bank credit institutions established and organized as joint-stock or limited liability companies.
4. Joint-venture or wholly foreign-owned credit institutions established and organized as limited liability companies.
5. Cooperative banks and people's credit funds established and organized as cooperatives.
6. Microfinance institutions established and organized as limited liability companies.
As regulations above, banks in Vietnam are allowed to be organized as joint-stock companies or one-member limited liability companies with wholly stale-owned charter capital.
Who is the representatives at law of banks in Vietnam?
Pursuant to Article 12 of the Law on Credit Institutions in 2010 stipulating the representatives at law of banks in Vietnam as follows:
1. The representative at law of a credit institution shall be defined in the charter of that credit institution and must be one of the following persons:
a/ Chairman of the Board of Directors or Members' Council of the credit institution;
b/ General Director (Director) of the credit institution.
2. The representative at law of a credit institution must reside in Vietnam. When absent from Vietnam, he/she shall authorize in writing another person who must be a manager or an executive of the credit institution currently residing in Vietnam to perform his/her rights and obligations.
As regulations above, Chairman of the Board of Directors or Members' Council or General Director (Director) can be the representatives at law of banks in Vietnam depending on their charters.
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