Regulations on convening the General Meeting of Members of the People's Credit Fund in Vietnam

Regulations on convening the General Meeting of Members of the People's Credit Fund in Vietnam (Internet image)

Regulations on convening the General Meeting of Members of the People's Credit Fund in Vietnam

The General Meeting of Members is convened as follows:

1. The Board of Directors convenes the annual General Meeting of Members within 04 months from the end of the fiscal year.

2. The General Meeting of Members can be organized in the form of a General Meeting of all members or a General Meeting of delegates (collectively referred to as the General Meeting of Members). Both types of General Meetings have the same duties and powers.

3. The number of delegates attending the General Meeting of delegates is stipulated by the charter of the People's Credit Fund, but not fewer than 100 delegates.

4. The standards for delegates and the procedure for electing delegates to attend the General Meeting of Delegates are stipulated by the charter of the People's Credit Fund. The election of member delegates to attend the General Meeting must be based on democratic and equal principles among members. Elected member delegates cannot authorize others to attend the Meeting. Delegates attending the Meeting must reflect the opinions and aspirations and are responsible for informing all members they represent about the results of the Meeting.

5. An extraordinary General Meeting of Members is convened in the following cases:

- The Board of Directors convenes to resolve issues beyond its authority;

- The Board of Directors convenes at the request of the Supervisory Board or at least one third of the total members of the People's Credit Fund;

- The Board of Directors convenes at the request of the State Bank's branch in case of events affecting the safety of the operation of the People's Credit Fund;

- The Chairman of the Board of Directors convenes in case regular Board meetings cannot be held after 02 consecutive attempts;

- Other cases as stipulated in the charter of the People's Credit Fund.

The People's Credit Fund must report to the State Bank's branch on the reasons, content, time, and form of organizing the extraordinary General Meeting of Members at least 10 days before the expected date of the meeting.

6. The convening of an extraordinary General Meeting of Members in cases specified in points b and c of clause 5, Article 14 of Circular 29/2024/TT-NHNN is carried out as follows:

- Within 15 days from the date of receiving the request from the Supervisory Board or at least one third of the total members of the People's Credit Fund or at the request of the State Bank's branch, the Board of Directors must convene an extraordinary General Meeting of Members;

- If the 15-day period has passed since the date of receiving the request from the Supervisory Board or one third of the total members of the People's Credit Fund or at the request of the State Bank's branch and the Board of Directors has not convened the extraordinary General Meeting or if 04 months have passed since the end of the fiscal year and the Board has not convened the annual General Meeting, the Supervisory Board has the right to convene an extraordinary General Meeting;

- Within 15 days from the date the Supervisory Board has the right to convene and does not convene the extraordinary General Meeting as stipulated in point b of this clause, members representing at least one-third of the total number of members of the People's Credit Fund have the right to convene the General Meeting. The appointment of a member representative must be documented and signed by all members requesting the convening of the General Meeting.

7. If the Board of Directors does not convene the General Meeting as stipulated in clause 1 and point a of clause 6, Article 14 of Circular 29/2024/TT-NHNN, the Board of Directors must compensate for damages incurred to the People's Credit Fund according to laws and the charter of the People's Credit Fund.

If the Supervisory Board does not convene the General Meeting as stipulated in point b of clause 6 of this article, the Supervisory Board must compensate for damages incurred to the People's Credit Fund according to laws and the charter of the People's Credit Fund.

8. The General Meeting of Members is chaired by the convener, unless the General Meeting decides to elect another member to chair.

9. The General Meeting of Members can proceed when at least 75% of the total members or delegates summoned attend but not fewer than 100 delegates (for the Delegate Meeting); if the required number of members is not met, the General Meeting must be postponed.

If the first General Meeting does not meet the conditions to proceed, a second meeting must be convened within 30 days from the initially planned date. In this case, before proceeding, the convener must send a document to the State Bank's branch reporting the reason for not being able to hold the first meeting and the planned time for the second meeting. The second General Meeting can proceed with at least 50% of the total members or delegates summoned.

If the second General Meeting does not meet the conditions to proceed, a third meeting must be convened within 20 days from the initially planned date for the second meeting. In this case, before proceeding, the convener must send a document to the State Bank's branch reporting the reason for not being able to hold the second meeting and the planned time for the third meeting. The third General Meeting can proceed regardless of the number of attending members or delegates.

10. The General Meeting of Members can be organized in the form of a direct meeting, an online meeting, or a combination of both forms. The choice of the meeting form is based on the charter of the People's Credit Fund.

11. The General Meeting of Members must be recorded in minutes and may also be audio or video recorded to provide to members if requested. The meeting minutes must be signed by the chairperson and the secretary. If the chairperson or secretary refuses to sign, the minutes are valid if approved by more than 50% of attending members; the minutes must clearly state the refusal of the chairperson or secretary to approve the minutes' content. The signatories in the meeting minutes are jointly responsible for the accuracy and truthfulness of the minutes.

Circular 29/2024/TT-NHNN takes effect on July 1, 2024.

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