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THE GOVERNMENT
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THE SOCIALIST
REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
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No. 19/2019/ND-CP
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Hanoi, February
19, 2019
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DECREE
ON
TONTINE
Pursuant to the Law on Government Organization
dated June 19, 2015;
Pursuant to the Civil Code dated November 24,
2015;
At the request of the Minister of Justice,
The Government promulgates a Decree on tontine.
Chapter I
GENERAL PROVISIONS
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This Government sets forth rules of organizing
tontine; eligibility requirements of tontine participants, tontine holders;
participation to and withdrawal from tontine; tontine agreements;
annuity-receiving order and interest-receiving order; rights and obligations
and legal liability of tontine participants and holders.
Article 2. Regulated entities
This Decree applies to:
1. Participants of tontine, including tontine
members and tontine holder;
2. Other relevant agencies, organizations, and
individuals.
Article 3. Rules for organizing
tontine
1. The tontine must be organized in compliance with
basic rules of civil law in accordance with Article 3 of the Civil Code.
2. The tontine is only organized for the purpose of
mutual assistance among tontine participants.
3. It is strictly forbidden to organize tontine to
practice usury, obtain property by fraud, abuse of trust to appropriate
property, illegal fund raising or other violations of law.
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For the purposes of this Decree, these terms below
shall be construed as follows:
1. “tontine group” is a tontine formed according to
specific agreements between tontine participants in terms of time, annuity
share, annuity-contributing and -receiving procedures, rights and obligations
of tontine holder (if any) and tontine members.
2. “tontine member” is a person who participates in
a tontine, contribute annuity shares and receive the tontine and interests (if
any).
3. “tontine holder” means a person who organizes
and manages a tontine group, collects annuity shares and hands those shares to
the member entitled to receive them in each tontine opening till the last
one. The tontine holder may be also tontine member in the same tontine
group.
4. “annuity share” means a determined sum of money
or another asset (hereinafter referred to as money) which, as agreed upon, a
member must contribute in a tontine opening.
5. “tontine opening time” means a time when the
other members contribute annuities and a member receives the total annuities as
agreed upon by all tontine members.
6. “interest-free tontine” means a tontine whereby
members receive annuities upon the tontine opening without having to pay
interests to other members.
7. “interest-bearing tontine” means a tontine
whereby members receiving annuities upon the tontine opening shall pay
interests to other members.
8. “commission tontine” means an interest-bearing
tontine or interest-free tontine whereby, as agreed upon among tontiners, the
annuity-receiving member must pay a commission to the tontine holder.
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1. Member is a person aged at least 18 years of age
and does not lack legal capacity, have limited legal capacity or have limited
cognition or behavior control as prescribed in the Civil Code.
A person aged from fifteen to under eighteen having
private property may become a tontine member. If the private property is real
estate or movable property required for registration to participate in the
tontine, he/she must obtain the consent of his legal representative.
2. Other requirements as agreed upon among tontine
members.
Article 6. Tontine holder
eligibility requirements
1. Tontine holder is a person aged at least 18
years of age and does not lack legal capacity, have limited legal capacity or
have limited cognition or behavior control as prescribed in the Civil Code.
2. If members self-organize a tontine group, the
tontine holder is a person who is voted by more than a half of members, unless
otherwise agreed by members.
3. Other requirements as agreed upon among tontine
members.
Article 7. Forms of tontine
agreement
1. Tontine agreement shall be expressed in
writing. Written agreements on tontine may be notarized or authenticated
if so requested by members.
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Article 8. Contents of tontine
agreement
1. A tontine agreement shall at least contain:
a) Full name, ID number or citizen identity number
or passport number; date of birth; place of residence of tontine holder (where
the tontine holder regularly lives or current address if it is impossible to
determine his/her regular place of residence);
b) Number of members, full name, ID number or
citizen identity number or passport number, date of birth, place of residence
of each member;
c) Annuity shares;
d) Tontine time, tontine opening time;
dd) Annuity-contributing and -receiving procedures.
2. Apart from matters specified in the Clause 1 of
this Article, the tontine agreement may also contain:
a) commission rate of tontine holder in the commission
tontine;
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c) Responsibility for deposit or security interests
to fulfill other duties of tontine holder;
d) Transfer of annuity shares;
dd) Participation in, withdrawal from, termination
of tontine group;
e) Liabilities for breach of obligations;
g) Other matters as agreed.
Article 9. Participation in
tontine group
Unless otherwise agreed, a person may become a new
tontine member when:
1. He/she obtains the consent of the tontine holder
and all tontine members.
2. He/she has fully contributed annuity shares as
agreed until the participation time.
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1. A member who receives the annuities may withdraw
from the tontine group provided that he/she contributes outstanding annuity
shares to the tontine holder or the tontine book-keeper in the absence of the
tontine holder in accordance with Clause 1 Article 12 of this Decree.
2. If a member who has contributed annuity shares
but has not received annuities wishes to withdraw from the tontine group,
he/she shall:
a) May receive back annuity shares as agreed. If
there is no agreement, the member wishing to withdraw from the tontine group
may receive back contributed annuity shares at the completion time of the
tontine group; or receive back contributed annuity shares at the withdrawal
time if he/she has valid grounds.
b) Must reimburse a part of received interests (if any) and fulfill other obligations as
agreed; or make restitution for any damaged caused in accordance with the Civil
Code.
3. If a tontine participant dies, his/her rights
and obligations established in the tontine shall be settled in accordance with
laws and regulations on inheritance. The heir may participate in the tontine as
agreed between him/her and tontine participants.
Article 11. Termination of
tontine group
1. A tontine group shall terminate in any of the
following cases:
a) As agreed by the tontine participants;
b) The purpose for participation in the tontine of
members has been achieved;
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2. If a tontine terminates, rights and obligations
of the tontine participants shall be settled in accordance with the tontine
agreement and the Civil Code.
Article 12. Tontine books
1. The tontine holder must open and keep a tontine
book, unless as agreed by members another member is designated to open and keep
the tontine book. case of absence of a tontine holder, tontine participants may
authorize a member to open and keep the tontine book.
2. A tontine book may include the following
details:
a) Contents of the tontine agreement prescribed in
Clause 1 Article 8 of this Decree;
b) Annuity share contribution date, contributed
amount of each member;
c) Annuity-receiving date, received amount of the
annuity-receiving member;
d) Signatures or fingerprints of tontine members
when they contribute or receive annuities;
dd) Other contents relating to activities of the
tontine group.
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When contributing or receiving annuity shares or
interests or conduct other relevant transactions, a member is entitled to
require the tontine holder or the tontine book keeper to issue a receipt.
Article 14. Notice of
organization of tontine group
1. The tontine holder must notify the local
People’s Committee of commune in writing of organization of a tontine group in
any of the following cases:
a) Organize a tontine group, the value of annuity
shares of which at a tontine opening is at least VND 100 million;
b) Organize at least two tontine groups.
2. Contents of notice:
a) Full name, ID number, citizen identity number or
passport number, date of birth, place of residence of tontine holder;
b) Tontine group starting and closing time;
c) Total value of annuity shares at tontine
opening;
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3. If the information of the tontine group which
has been notified as prescribed in Clause 1, Clause 2 of this Article changes,
the tontine holder must provide a written update for the local People’s
Committee of commune.
4. If a tontine holder does not fulfill any of
obligations prescribed in Clause 1 of this Article, he/she shall face a penalty
for administrative violations as per the law.
Chapter II
RIGHTS AND OBLIGATIONS
OF TONTINE MEMBERS AND HOLDERS
Article 15. Rights of members
1. A member of interest-free tontine has the rights
to:
a) Contribute single or multiple annuity shares in
a tontine opening;
b) Receive annuities;
c) Transfer a part or the entire of annuity shares
to other members in accordance with the Civil Code;
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dd) Request the tontine holder to contribute the
annuity share which a member has not contributed on due date, unless otherwise
agreed;
e) Request the tontine holder to fulfill his/her
obligations in accordance with Article 18 of this Decree;
g) Request other members to fulfill their
obligations prescribed in Article 16 of this Decree;
g) Rights of members prescribed in Clause 1 Article
7, Article 9, Article 10 and Article 13 of this Decree;
i) Send notices as prescribed in Article 14 of this
Decree in a case where the tontine holder fails to do so;
k) Other rights as per the law and under the
tontine agreement.
2. A member of interest-bearing tontine has the
rights to:
a) Rights prescribed in Clause 1 of this Article;
b) Offer interest rate at each tontine opening,
except for the case specified in Clause 3, Article 20 of this Decree;
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d) Enjoy interests from the annuity-receiving
members.
3. A member of commission tontine has the rights
to:
a) Rights prescribed in Clause 1 of this Article in
case of interest-free tontine or rights prescribed in Clause 2 of this Article
in case of interest-bearing tontine;
b) Agree on the commission for the tontine holder.
Article 16. Obligations of
members
1. A member of interest-free tontine has the
obligations to:
a) Contribute annuity shares as agreed;
b) Notify new place of residence that any tontine
participant changes;
c) Members who receive the annuities are obliged to
contribute their respective annuity shares so that other members can receive
them until the last member receives the annuities;
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dd) In case of absence of a tontine holder, the
member authorized to open and keep the tontine book has the obligations
specified in Clause 1 Article 12, Clause 5 and Clause 6 Article 18 of this
Decree.
2. A member of interest-bearing tontine has the
obligations to:
a) Obligations prescribed in Clause 1 of this
Article;
b) Pay interests to other members upon receipt of
annuities.
3. A member of commission tontine has the
obligations to:
a) Obligations prescribed in Clause 1 of this
Article in case of interest-free tontine or obligations prescribed in Clause 2
of this Article in case of interest-bearing tontine;
b) Pay commission to the tontine holder upon
receipt of annuities as agreed.
Article 17. Rights of the
tontine holder
1. A tontine holder of interest-free tontine has
the rights to:
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b) Request members who fail to contribute their
annuity shares to refund the annuity shares contributed on their behalf by the
tontine holder;
c) Rights of tontine holder prescribed in Clause 1
Article 7, Article 9, Article 10 and Article 13 of this Decree;
dd) Other rights as agreed upon.
2. A tontine holder of interest-bearing tontine has
the rights to:
a) Rights prescribed in Clause 1 of this Article;
b) Receive annuity shares in the first tontine
opening without paying interests to other members if the tontine holder is also
a member, unless otherwise agreed.
3. A tontine holder of commission tontine has the
rights to:
a) Rights prescribed in Clause 1 of this Article in
case of interest-free tontine or rights prescribed in Clause 2 of this Article
in case of interest-bearing tontine;
b) Enjoy commissions from annuity-receiving
members.
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1. Notify members of the new place of residence
which any member changes.
2. Notify those who wish to participate in tontine
groups of sufficient number of tontine groups; annuity shares, tontine opening;
number of members of each tontine group which he/she acts as the tontine
holder.
3. Hand over the annuities to the annuity-receiving
members at each tontine opening.
4. Pay annuity shares on behalf of members when
members fail to contribute their shares upon the tontine opening, unless
otherwise agreed.
5. Let members see and copy the tontine book and
supply information related to the tontine upon request.
6. Send notices as prescribed in Clause 1 Article
14 of this Decree.
7. Obligations under Clause 1 Article 12 and
Article 13 of this Decree.
8. Other obligations under agreement or as per the
law.
Chapter III
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Section 1: ANNUITY-RECEIVING
ORDER
Article 19. Annuity-receiving
order in interest-free tontine
1. The annuity-receiving order at each tontine
opening is determined by drawing lots, voting, or other forms as agreed by
tontine participants.
2. If tontine participants cannot reach an
agreement on annuity-receiving order, the drawing lots shall apply.
Article 20. Annuity-receiving
order in interest-bearing tontine
1. Unless otherwise agreed upon, the
annuity-receiving member at a tontine opening is the one who offers the highest
interest rate.
2. Unless otherwise agreed upon, if at a tontine
opening many members offer the same highest interest rate, these members will
draw lots to identify the member eligible to receive the annuities.
3. Except for the case specified in Clause 4 of
this Article, members who have received the annuities may not participate in
offering interest rates in subsequent tontine openings.
4. If a member contributes more than one annuity
share in a tontine, he/she is entitled to offer interest rates until the number
of times of annuity receipt corresponds the number of annuity shares he/she has
contributed in a tontine.
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Article 21. Interest rate in
interest-bearing tontine
1. Interest rate in interest-bearing tontine is
agreed by the tontine members or offered by every tontine member in order to
receive the annuities at each tontine opening but not exceeding 20% per year of
total value of annuity shares to be contributed less contributed annuity shares
of the remaining period of the tontine group. If the maximum interest rate is
governed by the competent authority under Clause 1 Article 468 of the Civil
Code, such interest rate shall prevail.
2. If the interest rate agreed by the tontine
members or offered by every tontine member in order to receive the annuities at
each tontine opening exceeds the maximum interest rate prescribed in Clause 1
of this Article, such interest rate shall not apply.
Article 22. Interest rate in
case of late contribution or late transfer of annuity shares
1. If the tontine holder does not transfer or does
not transfer fully annuity shares to the annuity-receiving member upon the
tontine opening, members who have not received annuities but not contributed
annuity shares or not contributed annuity shares fully, they must pay interest
on late payment corresponding to the delayed duration.
Interests accruing due to late contribution or late
transfer of annuity shares shall be determined according to agreement of
members but not exceeding the maximum interest rate prescribed in Clause 1
Article 21 of this Decree of the late payment based on the delayed duration. If
there is no agreement, the interest rate is 50% of maximum interest rate
prescribed in Clause 1 Article 21 of this Decree of the late payment based on
the delayed duration.
2. If an annuity-receiving member does not
contribute annuity shares or does not contribute annuity shares fully, he/she
must pay the interest as follows:
a) In case of interest-free tontine, interest rate
shall be determined according to agreement of members but not exceeding the
maximum interest rate prescribed in Clause 1 Article 21 of this Decree of the
late payment based on the delayed duration. If there is no agreement, the
interest rate is 50% per year of maximum interest rate prescribed in Clause 1
Article 21 of this Decree of the late payment based on the delayed duration.
b) In case of interest-bearing tontine, the
interest rate shall equal the rate prescribed in Clause 5 Article 466 of the
Civil Code regarding interest-bearing tontine.
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LEGAL LIABILITY OF
TONTINE HOLDER AND TONTINE MEMBERS
Article 23. Liabilities of the
tontine holder for failure to hand annuities to annuity-receiving members
If the tontine holder fails to transfer annuity
shares to an annuity-receiving member upon tontine opening, the tontine holder
shall take liability as to such member as follows:
1. Fulfill obligations under Clause 3 and Clause 4
Article 18 of this Decree.
2. Pay interest on late transfer mount to the
annuity-receiving member as prescribed in Clause 1 Article 22 of this Decree.
3. Pay fines if agreed by tontine participants as
prescribed in Article 418 of the Civil Code.
4. Make restitution for any damaged caused (if
any).
Article 24. Liabilities of
members for failure to contribute annuity shares
If a member fails to contribute annuity shares or
does not contribute annuity shares fully upon tontine opening, such member must
take liability to the tontine holder as follows:
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2. Pay interest on late transfer amount as
prescribed in Article 22 of this Decree.
3. Pay fines if agreed by tontine participants as
prescribed in Article 418 of the Civil Code.
4. Make restitution for any damaged caused (if
any).
Article 25. Settlement of
disputes and actions against violations
1. Disputes that arise over or from the tontine
shall be settled through negotiations, conciliation or be settled at a court in
accordance with laws and regulations.
2. Tontine holders, tontine members, relevant
individuals and organizations are entitled to request competent authorities to
take actions against administrative violations or bring criminal prosecution
against those who practice usury, obtain property by fraud, abuse of trust to
appropriate property, illegal fund raising or other violations of law.
Chapter V
IMPLEMENTATION
PROVISIONS
Article 26. Entry in force
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2. Government’s Decree No. 144/2006/ND-CP dated
November 27, 2006 on tontine ceases to be effective from effective date of this
Decree.
Article 27. Transitional
regulations
1. Tontine groups established and operated before
effective date of this Decree shall comply with Government's Decree No.
144/2006/ND-CP dated November 27, 2006 on tontine.
2. With regard to tontines established before
effective date of this Decree and being operated with contents and forms
different from regulations of this Decree, members may agree to amend them in
accordance with this Decree to apply this Decree.
3. Tontine groups established before effective date
of this Decree which have not operated or have been operating have contents and
forms consistent with regulations of this Decree shall comply with this Decree.
Article 28. Implementation
1. The Ministry of Justice shall:
a) Direct, guide, inspect and implement this
Decree;
b) Raise public awareness of this Decree and
relevant law provisions.
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3. The People’s Committee shall:
a) Make summary reports on local tontines upon
request of competent authorities;
b) Raise public awareness of this Decree and
relevant law provisions.
4. The People’s Committee of commune shall receive and
release statistics on tontines in accordance with Article 14 of this Decree and
promptly report signs of tontine-related legal violations to competent police
authorities.
5. Ministries, heads of ministerial agencies, Heads
of Governmental agencies, Presidents of People’s Committees and relevant
entities shall implement this Decree./.
ON BEHALF OF
THE GOVERNMENT
PRIME MINISTER
Nguyen Xuan Phuc