What are cases of convening irregular the General meetings of shareholders of the investment company in Vietnam?

What are cases of convening irregular the General meetings of shareholders of the investment company in Vietnam? (Internet image)

Article 13 of Circular 227/2012/TT-BTC stipulates that the asset management company shall convene irregular the General meetings of shareholders of the investment companyin Vietnam in the following cases:

• At the request of the supervisory bank, or the Board of Directors of the investment company finds it necessary for the benefits of the investment company;

• At the request of shareholders or groups of shareholders as prescribed in Clause 2 Article 12 of Circular 227/2012/TT-BTC;

• Other cases prescribed in the charter of the investment company.

The irregular General meeting of shareholders shall be held within 30 days from the date on which the asset management company receives the request for convening the irregular General meeting of shareholders. At least 15 days before the General meeting of shareholders, the asset management company must send the State Securities Commission the meeting agenda and relevant documents, and provide information about the irregular General meeting of shareholders, specifying the reasons and targets of the meeting.

Where the asset management company fails to convene the General meeting of shareholders of the securities company as prescribed in Clause 3 and Clause 4 of Article 13 of Circular 227/2012/TT-BTC, the asset management company shall take responsibility before law, and pay compensation for the damage to the investment company (if any). Where the asset management company fails to convene the General meeting of shareholders of the securities company as prescribed in Clause 3 within the next 30 days, the Board of Directors or supervisory bank shall convene the General meeting of shareholders as prescribed in this of Circular 227/2012/TT-BTC, in lieu of the asset management company.

More details can be found in Circular 227/2012/TT-BTC, which comes into force from July 1, 2013.

Le Vy

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