Headlines 16/10/2019 15:51 CH

Members of cooperative associations may be legal persons

Hải Hà

On October 10, 2019, the Government issued the Decree No. 77/2019/ND-CP on cooperative associations.

The Decree prescribes that a cooperative association must be established by 2 voluntary founders who agree to contribute their property and devote to specific work, share gains and assume responsibility.

(In the existing regulations laid down in the Decree No. 151/2007/ND-CP cooperative associations shall be incorporated under cooperation agreements involving 03 persons or more who are not legal persons).

An organization may become a member of a cooperative association if the following requirements are satisfied:

- It is a Vietnamese legal person, is established and operated under domestic laws of Vietnam, has legal capacity corresponding to the business scope of the cooperative association.

- It accedes to a cooperative association in a voluntary basis and agrees to terms and conditions of a cooperation agreement.

- Commit to contributing its property and devote its efforts in accordance with the cooperation agreement.

- It meets other requirements prescribed in the cooperation agreement.

The Decree No. 77/2019/ND-CP will replace the Decree No. 151/2007/ND-CP and will enter into force on November 25, 2019.

>> CLICK HERE TO READ THE ARTICLE IN VIETNAMESE

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