Regulations on Contracts and Transactions of the Vietnam Computerized Lottery Company

13:14, 11/07/2024

Circular 120/2016/TT-BTC stipulating the Charter on the organization and operation of the one-member limited liability company Viet Nam Electronic Lottery Company Limited (Vietlott).

Contracts and transactions between the Chairman of the Company, the General Director of the Company, and related persons should be noted as follows:

- The spouse, father, adopted father, mother, adopted mother, child, adopted child, sibling of the Chairman or General Director of the Company are not allowed to hold the positions of Chief Accountant or Treasurer of the Company;- Economic and civil contracts of the Company signed with related persons as mentioned above of the Chairman of the Company, General Director must be reported to the Company owner. For contracts with self-interest purposes:- If the contract has not been signed, the owner has the right to demand the Chairman of the Company, General Director not to sign the contract.- If the contract has been signed, it is considered invalid. The Chairman of the Company, General Director must compensate for damages to the Company and will be handled according to legal regulations.

Circular 120/2016/TT-BTC takes effect from July 14, 2016, replacing Circular 142/2012/TT-BTC.

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