General meeting of members of cooperatives and unions of cooperatives in Vietnam

General meeting of members of cooperatives and unions of cooperatives in Vietnam

Pursuant to Article 30 of the Law on Cooperatives 2012, regulations on general meetings of members of cooperatives and unions of cooperatives are as follows:

- The general meeting of members has the highest power to issue decisions of the cooperative or union of cooperatives. General meetings of members include annual and extraordinary general meetings. A general meeting of members is held in the form of general meeting or general meeting of member deputies (below collectively referred to as general meeting of members).

A general meeting has the powers and tasks prescribed in Article 32 of the Law on Cooperatives 2012.

- Cooperatives or unions of cooperatives with 100 members or member cooperatives or more may hold general meetings of member deputies.

- Criteria of deputies and the order and procedures for the election of deputies to participate in the general meeting of member deputies must be specified by the charter.

- The number of deputies participating in a general meeting of member deputies must be specified by the charter but must be:

+ At least 30% of the total number of members or member cooperatives, for cooperatives or unions of cooperatives having between 100 and 300 members or member cooperatives;

+ At least 20% of the total number of members or member cooperatives, for the cooperatives or unions of cooperatives having between over 300 and 1,000 members or member cooperatives;

+ At least 200 for cooperatives or unions of cooperatives having more than 1,000 members or member cooperatives.

+ Deputies attending a general meeting of members shall express opinions and aspirations of, and take responsibility for notification of the results of the general meeting to, all members or cooperative members they represent.

General meeting of members of cooperatives and unions of cooperatives in Vietnam (Internet image) 

Powers and tasks of general meetings of members of cooperatives and unions of cooperatives in Vietnam

Pursuant to Article 32 of the Law on Cooperatives 2012, a general meeting of members shall decide on the following contents:

- Adoption of a report on operation results in the year; a report on operation of the Board of Directors and the Control Board or controller.

- Approval of financial statements and results of internal audit.

- Plan on income distribution and handling of losses and debts; setting up and rate of fund deduction; plan on salaries and incomes for laborers for job creation cooperatives.

- Business and production plan;

- Investment in or sale of assets of a value equal to or greater than 50% of the total value of assets recorded in the latest financial statement.

- Capital contribution, share purchase, establishment of businesses, joint ventures, affiliation; establishment of branches and representative offices; joining a cooperative union or representative organization of cooperatives or unions of cooperatives.

- Increase or decrease of charter capital, minimum contributed capital; competence to decide on and methods of raising capital.

- Valuation of assets and undivided assets;

- The organizational structure of the cooperative or union of cooperatives;

- A member of Board of Directors concurrently acting as the Director (General Director) or hiring the Director (General Director).

- Election, removal from office and dismissal of the chairman of the Board of Directors, members of the Board of Directors, head of the Control Board, members of Control Board or controller; increase and decrease of the number of members of the Board of Directors and the Control Board;

- Transfer, liquidation and handling of fixed assets;

- Split, separation, merger, consolidation, dissolution, bankruptcy of the cooperative or union of cooperatives;

- Amendment and supplementation of the charter;

- Remuneration and bonuses of members of the Board of Directors or Control Board or controller; wages, salaries and bonuses of the Director (General Director), Deputy Director (Deputy General Director) and other managerial positions in accordance with the charter;

- Termination of the status of member or member cooperative as prescribed at Point b, Clause 2, Article 16 of this Law.

- Other contents requested by the Board of Directors, Control Board or controller, or by at least one-third of the total number of members or member cooperatives.

Mai Thanh Loi

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