Preservation of documents of cooperatives or unions of cooperatives in Vietnam

Preservation of documents of cooperatives or unions of cooperatives in Vietnam (Internet image)

Regarding this issue, LawNet would like to answer as follows:

1. Preservation of documents of cooperatives or unions of cooperatives in Vietnam

Preservation of documents of cooperatives or unions of cooperatives in Vietnam according to Article 10 of the Law on Cooperatives 2012 is as follows:

- Cooperatives or unions of cooperatives shall preserve the following documents:

+ Their charter, amended and supplemented charter and regulations; registration books of their members or member cooperatives;

+ Their registration certificates; intellectual property rights certificates; product or goods quality registration certificates; licenses of conditional business lines;

+ Documents and papers of certification of their right to own or use assets;

+ Applications for joining and capital contribution certificates of their members or member cooperatives; minutes and resolutions of their founding conference, general meetings of members and Board of Directors; and their decisions;

+ Reports on production and business results, reports and other documents of the Board of Directors, Director (General Director), Control Board or controller; conclusions of inspection, examination and audit agencies;

+ Accounting books, accounting documents and financial statements.

- The documents prescribed in Article 10 of the Law on Cooperatives 2012 must be preserved in accordance with law.

2. Rights of members and member cooperatives in Vietnam

Rights of members and member cooperatives in Vietnam according to Article 14 of the Law on Cooperatives 2012 are as follows:

- To be supplied with products and services by their cooperative or union of cooperatives under service contracts.

- To receive incomes distributed in accordance with the Law on Cooperatives 2012w and the charter.

- To enjoy benefits of their cooperative or union of cooperatives.

- To attend or elect deputies for attending general meetings of members or member cooperatives.

- To vote the contents within the rights of the general meeting of members as prescribed in Article 32 of the Law on Cooperatives 2012.

- To self-nominate or nominate others as members of the Board of Directors, the Control Board or controller and other elected positions of their cooperative or union of cooperatives.

- To propose and request the Board of Directors, Director (General Director), Control Board or controller to explain the operation of the cooperative or union of cooperatives; to request the Board of Directors, Control Board or controller to convene an extraordinary general meeting of members in accordance with the Law on Cooperatives 2012 and the charter.

- To be provided with necessary information relating to the operation of their cooperative or union of cooperatives; to receive supports in training, retraining and improvement of operational skills for activities of their cooperative or union of cooperatives.

- To leave their cooperative or union of cooperatives as prescribed by the charter.

- To be returned contributed capital upon leaving their cooperative or union of cooperatives in accordance with the Law on Cooperatives 2012 and the charter.

- To receive the remaining divided value of assets of their cooperative or union of cooperatives in accordance with this Law and the charter.

- To lodge complaints and denunciations and initiate lawsuits in accordance with law.

- Other rights as prescribed by the charter.

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE