Procedures for changing the location of the head office of credit institutions that are cooperatives in Vietnam

Procedures for changing the location of the head office of credit institutions that are cooperatives in Vietnam(Internet image) 

Procedures for changing the location of the head office of a cooperative bank are specified in Article 6 of Circular 05/2018/TT-NHNN and amended by Clause 4, Article 1 of Circular 22/2022/TT-NHNN, As follows:

1. Application of request for change of the location of the head office of the credit institution being a cooperative

An application of request for change of the location of the head office of a credit institution being a cooperative includes:

- A written request for approval to change the location of the head office, made according to the form in Appendix 02 issued together with Circular 22/2022/TT-NHNN.

Appendix No. 02

- Resolution of the General Meeting of Members approving the change of the location of the head office;

- Documents and documents proving that the credit institution being a cooperative has the right to legally use or own the head office at the new location.

2. Procedures for changing the location of the head office of a credit institution being a cooperative

- Credit institutions being cooperatives shall make applications according to item (1) and send them to the State Bank of Vietnam. In case the application is incomplete, within 03 working days from the date of receipt of the application, the State Bank of Vietnam shall send a written request to the credit institution, which is a cooperative, to supplement the application;

- Within 20 days from the date of receipt of a complete and valid application, the State Bank of Vietnam shall issue a decision to amend and supplement the License for the location where the head office of the credit institution is a cooperative; In case of refusal, the State Bank of Vietnam shall reply in writing and clearly state the reasons therefor.

- Within 12 months from the date the State Bank of Vietnam issues a decision to amend and supplement the License, the credit institution, being a cooperative, must operate at the new location. Past this time limit, the credit institution, being a cooperative, fails to operate at the new location and decides to amend and supplement the expired License.

- Within 15 days before the date of operation at the new location, the credit institution, being a cooperative, shall send a written report on the expected date of operation at the new location to the State Bank of Vietnam.

A credit institution that is a cooperative may not operate at a new location if its head office does not meet the requirements for the proposed location change as stated in the application for the change of location of its head office.

- In the event of a change of address but no change in head office location, a cooperative credit institution must submit to the State Bank of Vietnam a written request for approval of a change of head office address using the form provided in Appendix No. 3 to Circular 22/2022/TT-NHNN.

Appendix No. 03

Within 10 days after receiving the written request from the credit institution, which is a cooperative,
The State Bank of Vietnam shall issue a decision to amend and supplement the License for the address where the head office of the credit institution is a cooperative.

3. Principles of submitting application for change of location of head office of a credit institution being a cooperative

- A written request from the credit institution, which is a cooperative, that the State Bank of Vietnam or the branch of the State Bank of Vietnam in a province or centrally run city approve the request to change the location of its head office signed by the legal representative of the credit institution, which is a cooperative. If the authorized representative signs, the application must include a written authorization in accordance with the law.

- An application is made into a 01 set in Vietnamese.

- In case the documents in the application are copies but not certified copies, the copies are issued from the original book, when submitting the application, the original must be presented for comparison, and the collaborator must sign for certification on the copy and take responsibility for the accuracy of the copy compared with the original.

- Credit institutions being cooperatives shall send by post or directly submit applications of application for approval of changes, with the expected list of personnel as follows:

+ Money is transferred from the cooperative bank to the State Bank of Vietnam.

+ The People's Credit Fund shall send it to the State Bank of Vietnam branch in the province or city directly under the Central Government where its head office is located.

(Article 4 of Circular 05/2018/TT-NHNN)

Diem My

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