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THE
STANDING COMMITTEE OF NATIONAL ASSEMBLY
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SOCIALIST
REPUBLIC OF VIET NAM
Independence - Freedom – Happiness
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No:
No number
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Hanoi,
June 22, 1994
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LAW
ON
AMENDMENTS TO A NUMBER OF ARTICLES OF THE CORPORATE LAW
To create favorable
conditions for business investment and raise the effectiveness of State
management of business operations;
Pursuant to Article 84 of the 1992 Constitution of the Socialist Republic of
Vietnam.
This Law amends a number of articles of the Corporate Law adopted by the
National Assembly of the Socialist Republic of Vietnam on the 21st of December
1990.
Article 1.-
A number of articles of the Corporate Law are amended as follows:
1. The last paragraph of Article 16 is amended as follows:
"In case the applicant to
found a company deems that the refusal to grant permit is not appropriate,
he/she has the right to complaint to the Prime Minister."
2. The first paragraph of Article 17 is amended as follows:
"The company has to
register for business at the People's Committee in the province or the city
directly under the Central Government. The dossiers shall comprise: the
founding permit, the statute of the company and the papers certifying the
transaction office of the company".
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"Within seven days from the
date of issuance of the certificate of business registration, the Planning
Committee has to send a copy of this certificate along with the dossiers of the
company to the tax, financial and statistical offices and to the managerial
offices of the economic and technical branches of the same level."
4. Point 1 of Article 20 is amended as follows:
"Asking for permission from
the People's Committee of the province or the city directly under the Central
Government, where the branch office or representative office is located, and
registering for business at the Planning Committee of the same level as
stipulated in Articles 14, 17 and 18 of this Law."
5. Article 21 is amended as follows:
"Article 21.- In the event
of a change in the purpose, field, business line, the prescribed capital or
other contents in the file of business registration, the company must remake
the declaration to the Planning Committee which has issued the business
registration certificate, and must publicize the changes in the press as
stipulated in Article 19 of this Law".
6. Article 24 is amended as follows:
"Article 24.- A company in
bankruptcy is one which is facing difficulties or has incurred losses in its
business operations, and which, even after taking the necessary financial
measures, still does not have the capability of paying its due debts.
The settlement of the bankruptcy
of a company shall be effected as stipulated in the Law on the Bankruptcy of
Business."
7. Point 2 of Article 32 is amended as follows:
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8. The term "Council of Ministers" is now changed to
"Government" and the term "Chairman of the Council of
Minister" is now changed to "Prime Minister".
Article 2.- This
Law takes effect from the 1st of July 1994.
Any previous regulations
contrary to this Law are now annulled.
Article 3.-
The Government shall amend the documents providing detailed provisions for the
implementation of the Corporate Law to conform with this Law.
This Law was passed by the
Ninth National Assembly of the Socialist Republic of Vietnam at its Fifth
Session on the 22nd of June 1994.
THE
CHAIRMAN OF THE NATIONAL ASSEMBLY
Nong Duc Manh