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THE STATE BANK
OF VIETNAM
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THE SOCIALIST
REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
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No. 27/VBHN-NHNN
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Hanoi, June 28,
2016
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CIRCULAR
GOVERNING
COOPERATIVE BANKS
The Circular No. 31/2012/TT-NHNN of the Governor of
the State Bank of Vietnam dated November 26, 2012 governing cooperative banks,
which enters into force from January 1, 2013, shall be amended and complemented
by:
The Circular No. 09/2016/TT-NHNN of the Governor of
the State Bank of Vietnam dated June 17, 2016 amending and supplementing
certain articles of the Circular No. 31/2012/TT-NHNN of the Governor of the
State Bank of Vietnam dated November 26, 2012 governing cooperative banks,
which enters into force from August 15, 2016.
Pursuant to the Law on the State Bank of Vietnam
No. 46/2010/QH12 dated June 16, 2010;
Pursuant to the Law on Credit Institutions No.
47/2010/QH12 dated June 16, 2010;
Pursuant to the Law on Enterprises No.
60/2005/QH11 dated November 29, 2005;
Pursuant to the Law on Cooperatives No.
18/2003/QH11 dated November 26, 2003;
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Upon the request of the Chief of Banking
Inspection and Supervision Agency;
The Governor of the State Bank of Vietnam hereby
provides for licensing, organization and operation, powers and responsibilities
of the cooperative banks1
Chapter I
GENERAL PROVISIONS
Article 1. Scope of application
This Circular shall provide provisions on licensing
for, organization and operation, rights and responsibilities of, the
cooperative bank; processes and procedures for transformation of the Central
People's Credit Fund into the cooperative bank.
Article 2. Subjects of
application
1. Cooperative banks.
2. People’s credit funds.
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Article 3. Definitions
For the purpose of this Circular, terms used
hereunder shall be construed as follows:
1. First General Members’ Meeting refers to
the first meeting attended by members of the cooperative bank to ratify the
cooperative bank’s Charter and the cooperative bank incorporation scheme; elect
the Chairperson and members of the Management Board, Chief and members of the
Control Board in the first tenure; resolve on other issues pertaining to
incorporation of the cooperative bank.
2. Capital contributed to establishing the
membership interest refers to the minimum amount of capital that must be
contributed to be eligible to become a member of the cooperative bank.
3. Annual contributed capital refers to the
amount of capital that a member must contribute on an annual basis to maintain
its membership interest.
Article 4. Licensing authority
1. The State Bank of Vietnam (hereinafter referred
to as State Bank) shall be the entity authorized to consider application for,
and decide to grant, the license to establish and operate the cooperative bank
(hereinafter referred to as license).
2. The State Bank shall be entitled to refuse to
grant the license in the event that the institutional entity applying for that
license fails to comply with provisions set forth in the Law on Credit
Institutions and this Circular.
Article 5. Lifespan and
geographic scope of operation of the cooperative bank
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2. The cooperative bank shall operate within the
territory of the Socialist Republic of Vietnam.
3. The cooperative bank shall be entitled to
establish its domestic branches, representative offices and public service
affiliates, and overseas representative offices, after obtaining the State
Bank’s written consent.
Article 6. Nature and
objectives of operations
The cooperative bank shall be a credit institution
which is structured in a cooperative form with the main objective of building
associations in, and assuring safety for, the people's credit fund network
through financial patronage and supervision of operations across this network.
Major functions of the cooperative bank shall comprise trade-off of funds and
implementation of banking operations in which cooperative members are people's
credit funds.
Article 7. Principles of
preparation of an application dossier
1. The application dossier for the license granted
to the cooperative bank must be made in the Vietnamese language.
2. Duplicate copies of required documents and
qualifications must be authenticated as prescribed by laws and regulations.
Chapter II
LICENSING PROVISIONS
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Article 8: Licensing
requirements
1. Own its charter capital which is equal to the
statutory capital prescribed by the Government at the date of submission of
application for its incorporation.
2. Comply with provisions set forth in Article 34
hereof when admitting people’s credit funds and other legal entities.
3. Ensure that managers, executive officers and
members of the Control Board must meet regulatory eligibility and qualification
requirements in accordance with the Law on Credit Institutions and Article 23,
24 and 25 hereof.
4. Establish its Charter conforming to regulations
laid down in the Law on Credit Institutions, the Law on Cooperatives and other
relevant legislative regulations.
5. Prepare the incorporation scheme and business
plan of which feasibility has been proven within 03 (three) initial years of
its operations.
6. Have its headquarter, provide sufficient
infrastructure facilities, information and communication technology systems
that ensure normal operations of the cooperative bank.
Article 9. Documents submitted
to apply for the license
1. Application form signed by the Chairperson of
the Management Board of the cooperative bank that apply for approval of its
establishment (according to the Appendix No. 03 hereof).
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3. The scheme for
establishing the cooperative bank that specifies the following contents:
a) Necessity of such incorporation;
b) Name of the cooperative bank, location of its
headquarter, operational lifespan, charter capital available upon
incorporation, and scope of operations, all of which must accord with
regulations set forth in the Law on Credit Institutions and this Circular.
c) Proportion of capital participations of
cooperative members in which those holding at least 05% of capital
participation in its charter capital must be defined;
d) Proposed organization and personnel structure:
- Personnel organization chart;
- Management, control and administrative machinery,
including:
+ Management Board: Chairperson, Board Members;
+ Control Board: Head, Board Members and full-time
Board Members;
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dd) Risk management capability: Risks that may be incurred
during the cooperative bank’s operations (credit risks, operational risks,
market risks and liquidation risks, etc.) and other risk prevention and control
measures;
e) Information technology:
- Proposal for financial investment in information
technology;
- Evaluation of competence in applying information
technology which clearly specifies the followings: duration for technological
investment, type of technology to be applied; recommended officers and their
ability to apply information technology; guarantee of compatibility and
connectivity of the communication system with/to the management system of the
State Bank for the purpose of providing information required to meet managerial
demands of the State Bank;
e) Strategy for developing and expanding the
operational network, and providing and developing banking services (providing a
thorough analysis of services that will be provided, and target customers,
etc.);
h) Internal control and audit system:
- Principles of operations of the internal control and
audit system;
- Internal statutes that comply with regulations
set forth in Clause 2 Article 93 of the Law on Credit Institutions.
i) Business plan for the first 03 years, at least
including expected operating income, prudential ratios, operational efficiency
indicators and demonstration of competence in implementing that plan in each
year.
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a) List of recommended personnel participating in
management, control and administration activities;
b) Résumé (according to the Appendix 01 hereof) and
police record as defined by laws;
c) Duplicate copy of ID card, passport or other
legal identity documents;
d) Public report on interests involved as
prescribed in Article 118 of the Law on Enterprises;
dd) Duplicate copies of degrees or diplomas used as
a proof of their educational and professional level.
5. Required documents submitted by members:
a) List of members contributing capital to the
cooperative bank in which the following main contents must be specified:
- Name and location of its head office,
establishment license or business registration certificate, contributed capital
amount, capital participation ratio, and time limit for capital contribution;
- Full name, permanent residence, nationality,
number, date and place of issue of ID card or passport or other legal identity
documents with respect to persons who are contributed capital representatives;
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c) Establishment license or business registration
certificate or other equivalents (applicable to legal entities which are not
credit institutions);
d) Regulatory authorities’ written consent granted
institutional entities (exclusive of people's credit funds) to contribution of
capital to contribution of capital to establishing the cooperative bank (where
available);
dd) Charter (applicable to legal entities which are
not credit institutions);
e) Written authorization given to a representative
to act on behalf of a legal entity (including representative of contributed
capital portion) to become a member of the cooperative bank in accordance with
laws and regulations.
g) ID card or passport or other legal identity
documents of the legal representative of the legal entity which are not the
credit institution contributing its capital to the cooperative bank;
h) Declaration of details of relatives or
associates of members which are not people's credit funds (according to the
Appendix No.02 hereof);
i) Financial statement prepared in the year
preceding the year of establishment of the cooperative bank, and the latest
financial statement prepared not later than 90 days prior to the date of
submission of the application for capital contribution (applicable to the legal
entity which is not a credit institution);
k) Declaration of details of contributed capital,
number and proportion of shares held by each member at other credit
institutions.
6. Written confirmation of the right to legally own
or use location of head office.
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8. Resolution of the First General Members’ Meeting
on election of Chairperson, members of the Management Board, Head and members
of the Control Board.
9. The Management Board’s decision on appointment
of the General Director of the cooperative bank.
Article 10. Licensing process
1. The cooperative bank applicant submits 01 (one)
set of documents referred to in Article 7 and 9 hereof in person or by post to
the State Bank (Banking Inspection and Supervision Agency).
2. Within a permitted period of 30 days of receipt
of the set of documents submitted to apply for the license, the State Bank
(Banking inspection and supervision agency) sends the bank applicant its
confirmation of whether all documents are valid or need to be supplemented or
improved to meet regulations.
3. Within a permitted period of 180 days of receipt
of valid documents, the State Bank issues the license or sends a written
notification of refusal to issue the license for which sound grounds must be
stated.
Article 11. Commencement of
the cooperative bank’s operations
1. The cooperative bank granted the license as
defined in Section I Chapter II hereof must carry out its business
registration, information disclosure and reporting of conditions for
commencement of its operations in accordance with Article 25 and 26 of the Law
on Credit Institutions.
2. The cooperative bank must, whether directly or
by post, send the State Bank branches, operated within centrally-affiliated
cities and provinces where the cooperative bank’s head office is located, the
notice of conditions for commencement of its operations as prescribed in Clause
1 of this Article at least 15 days before the scheduled commencement date.
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Article 12. Procedures, and
evaluation of the application, for approval of transformation and grant of the
license to the cooperative bank
1. The Central People’s Credit Fund must hold the
general meeting on transformation into the cooperative bank (hereinafter
referred to as transformation general meeting) as stipulated by Article 13
hereof, and submit application dossiers to the State Bank for its approval of
such transformation as provided for in Article 14 hereof.
2. Within a maximum period of 60 business days of
receipt of the State Bank’s approval of transformation of the Central People’s
Credit Fund into the cooperative bank, the former must convene its first
general members’ meeting to perform the following tasks:
a) Ratify the cooperative bank’s Charter.
b) Officially elect the Chairperson and members of
the Management Board, Head and members of the Control Board of the cooperative
bank in the first tenure according to the list of nominees as defined in Clause
1 Article 22 hereof.
c) Ratify the business plan for 3 initial years of
its operations.
3. Within a maximum period of 15 business days
after the date on which the first general members’ meeting is held, the Central
People’s Credit must submit dossiers required for application for the license
granted to the cooperative bank under the provisions of Article 16 hereof.
4. Banking Supervision and Inspection Agency shall
be responsible for entertaining and verifying such dossiers before sending an
assessment report to the Governor of the State Bank for his/her consent to
transformation and grant of the license to the cooperative bank.
Article 13. Transformation
general meeting
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2. The transformation general meeting shall take on
the following duties:
a) Ratify the scheme for transforming the Central
People’s Credit Fund into the cooperative bank. This scheme must be composed of
the followings as minimum requirements:
- Necessity for transformation of the Central
People’s Credit Fund into the cooperative bank;
- Name of the cooperative bank, its head office,
operational lifespan and its charter capital;
- Operational contents that conform to regulations
set forth in the Law on Credit Institutions and this Circular;
- Organization, management and administration
system;
- List of recommended personnel, enclosing details
of qualifications and past performance in the banking sector:
+ Chairperson and members of the Management Board;
+ Head and members of the Control Board;
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b) Ratify the cooperative bank’s draft Charter;
c) Ratify the list of members of the cooperative
bank.
Article 14. Dossiers,
processes and procedures for approval of transformation of the Central People’s
Credit Fund to the cooperative bank
1. After the transformation general meeting ends,
the Central People’s Credit Fund shall prepare 01 (one) set of documents to
request the State Bank to approve transformation of the Central People’s Credit
Fund into the cooperative bank, and send these documents, whether directly or
by post, to the State Bank (Banking Inspection and Supervision Agency). This
set of documents includes the following components:
a) Written request submitted by the Chairperson of
the Management Board of the Central People’s Credit Fund to the State Bank for
its approval of transformation of the Central People’s Credit Fund into the
cooperative bank;
b) Minutes of the transformation general meeting;
c) Resolution of the transformation general meeting
in which the following details should be included:
- Ratify the scheme for transforming the Central
People’s Credit Fund into the cooperative bank;
- Ratify the cooperative bank’s draft Charter;
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d) Scheme for transforming the Central People’s
Credit Fund into the cooperative bank;
dd) Charter of the cooperative bank;
e) List of members of the cooperative bank.
2. Within a maximum period of 10 business days of
receipt of all required documents, the State Bank shall grant the decision to
approve transformation of the Central People’s Credit Fund into the cooperative
bank.
Article 15: Licensing requirements
1. Persons in charge of management and
administration tasks, and members of the Control Board, must meet regulatory
qualification and other eligibility requirements as applied to the Central
People's Credit Fund at the date of submission of application for that
transformation.
2. Establish its Statutes in conformity with
regulations laid down in the Law on Credit Institutions, the Law on
Cooperatives and other relevant legislative regulations.
3. Have its headquarter, provide sufficient
infrastructure facilities, information and communication technology systems
that ensure normal operations of the cooperative bank.
Article 16. Application
dossiers for the license granted to the cooperative bank
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2. The cooperative bank’s Charter ratified by the
first general members’ meeting;
3. Minutes of the first general members’ meeting;
4. Resolution of the first general members’ meeting
which has been ratified, including at least the following contents:
a) Ratification of the cooperative bank’s Charter;
b) Result of official election of members of the
Management Board and members of the Control Board;
c) Ratification of the business plan for the first
3 initial years.
5. Dossiers of members which are people’s credit
funds composed of the following details: list, location of head office and
contributed capital amount.
6. Dossiers of members which are legal entities
other than people’s credit institutions (where applicable) composed of the
following details: list, location of head office and contributed capital
amount.
7. Written confirmation of the right to legally own
or use location of head office of the cooperative bank.
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9. Business plan for the first 3 years of
operations, approved by the first general members' meeting.
Article 17. Processes and
procedures for granting the license to the cooperative bank
1. Within a maximum period of 15 business days
after the date on which the first general members’ meeting is held, the Central
People’s Credit must submit 01 (one) set of documents referred to in Article 16
hereof, whether directly or by post, to the State Bank (Banking Inspection and
Supervision Agency).
2. Within a period of 10 business days of receipt
of all valid documents, the State Bank shall make its decision to grant the
license.
Section 3: LICENSE AND LICENSING
FEE
Article 18. Contents of the
license
1. The license must include the following main
contents:
a) License number, issue place and date;
b) Name of the cooperative bank:
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- Full and abbreviated name written in English (if
any);
- Transaction name (if any).
c) Location of head office;
d) Contents and scope of operations;
dd) Operational territories;
e) Charter capital;
g) Operational lifespan.
2. The State Bank shall specifically provide for
contents, scope of operations, operational territories and operational lifespan
in the license according to the template given in the Appendix No.05 hereof.
Article 19. Licensing fee
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2. Within a permitted period of 15 (fifteen)
business days after the date of issuance of the license, the cooperative bank
must pay the licensing fee at the transaction center of the State Bank.
3. The licensing fee amount referred to in Clause 1
of this Article shall not be withheld from its charter capital and refunded in
all cases.
Article 20. Usage of the
license
1. The licensee bank must use the name and carry
out its operations, and avoid performing any non-bank or other business
activities, as specified in the license granted by the State Bank.
2. The cooperative bank shall not be allowed to
erase, purchase, sell, assign, lease, and authorize free use of, the license.
3. Where the license is lost, stolen, damaged or
burnt or destroyed in any other forms, the cooperative bank must send a written
notification of reasons directly or by post to the State Bank (Banking
Inspection and Supervision Agency) to request its consideration of issuance of
a copy of the license from the original register in accordance with laws.
Within a permitted period of 02 (two) business days of receipt of the written
request, the State Bank must consider that request and decide to issue a copy of
the license from the original one to the cooperative bank.
Chapter III
MANAGEMENT BOARD,
CONTROL BOARD AND GENERAL DIRECTOR OF THE COOPERATIVE BANK
Article 1. Organization and
operation of the Management Board, Control Board and General Director
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2. The control board of the cooperative bank shall
exercise its power to conduct the internal audit, control and evaluate
compliance with laws and regulations, internal statutes, Charter and any resolution
or decision made by the General Members' Meeting and/or the Management Board.
3. The General Director is the highest-level
executive of the cooperative bank and assume his/her accountability to the
Management Board for implementation of his/her powers and obligations.
4. The State Bank shall recommend a representative
to administer the amount of patronage fund at the cooperative bank, who is
required to meet eligibility standards and requirements set out in the Law on
Credit Institutions and this Circular in order for the General Members' Meeting
to elect that representative to hold the position as the Chairperson of the
Management Board, Head of the Control Board, a member of the Management Board
working in a dual office holding regime as the General Director of the
cooperative bank.
5. The Management
Board, Control Board and General Director of the cooperative bank shall be
organized and operated under the Law on Credit Institutions and Article 22, 23,
24, 25, 26, 27 and 28 hereof.
Article 22. Approval of the
list of recommended persons to be elected or appointed to become members of the
Management Board, Control Board and General Director
1. The list of recommended persons to be elected or
appointed to become members of the Management Board, Control Board and General
Director of the cooperative bank shall be subject to the written approval
granted by the State Bank before election or appointment takes place. Those who
are elected or appointed to become members of the Management Board, Control
Board and General Director of the cooperative bank must be present in the list
approved by the State Bank.
2. The cooperative bank must send a written
notification, whether directly or by post, to the State Bank (Banking
Inspection and Supervision Agency), of the list of persons elected or appointed
to hold positions referred to in Clause 1 of this Article no later than 10
(ten) business days after the date of election or appointment.
Article 23. Qualification
requirements for becoming the Chairperson and members of the Management Board
1. The Chairperson of the Management Board must
meet the following standards:
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b) Be used to hold a position as the manager or
executive officer in a banking institution for a period of at least 02 (two)
years in the past;
c) Obtain a university degree or higher in one of
the disciplines, such as the economics, finance, accounting, audit, bank and
law.
2. A member of the Management Board must meet the
following standards:
a) Acquire at least 02 (two) years’ experience in
the banking domain;
b) Be used to hold a position as the manager or
executive officer in a banking institution for a period of at least 01 (one)
year in the past;
c) Obtain a university degree or higher in one of
the disciplines, such as the economics, finance, accounting, audit, bank and
law.
3. The Chairperson or member of the Management
Board is not the one provided for in Article 33 and 34 of the Law on Credit
Institutions.
Article 24. Qualification
requirements for becoming members of the Control Board
1. A member of the Control Board must meet the
following standards:
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b) Obtain a university degree or higher in one of
the disciplines, such as the economics, finance, accounting, audit and bank.
2. A full-time member of the Control Board must
reside in Vietnam during his/her incumbency, and shall be prohibited from
holding other positions or performing other tasks at any other credit
institution or enterprise.
3. A member of the Control Board is not the one
referred to in Article 33 and 34 of the Law on Credit Institutions.
Article 25. Qualification
requirements for becoming the General Director
1. Acquire at least 05 (five) years’ experience in
the banking domain;
2. Be used to hold a position as the manager or
executive officer in a banking institution for a period of at least 03 (three)
years in the past;
3. Attain a university degree or higher in one of
the disciplines, such as the economics, finance, bank, business governance and
law.
4. Register a permanent residence in Vietnam.
5. Be not the one referred to in Article 33 and 34
of the Law on Credit Institutions.
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The Chairperson of the Management Board is the
legal representative of the cooperative bank who is responsible for
implementing the following duties and powers:
1. Set up the plan and schedule for operations of
the Management Board, assign tasks, conduct overall monitoring and oversight of
performance of members of the Management Board.
2. Prepare work
contents, agenda, convene and preside over meetings of the Management Board and
the General Members’ Meeting.
3. Assume his/her accountability to the General
Members’ Meeting and the Management Board for his/her assigned tasks.
4. Sign documents issued by the General Members’
Meeting and the Management Board in accordance with laws and regulations and
Charter of the cooperative bank.
5. Implement other powers and duties specified in
the Charter of the cooperative bank.
Article 27. Management Board’s
meeting
1. The Management Board’s meeting shall be valid if
at least two-thirds of the members of the Management Board are present. The
Management Board shall be operated according to the collective principle, and
make a decision by majority vote. In case the number of favorable votes is
equal to the number of dissenting votes, the number of votes composed of the
vote cast by the person presiding at the meeting shall be decisive.
2. If the first meeting of the Management Board is
adjourned on the grounds that the number of members attending is too small to
constitute a stipulated quorum, the Chairperson of the Management Board must
convene the second meeting within a maximum period of 15 consecutive business
days. If after two postponements no quorum can yet be constituted, the
Chairperson of the Management Board shall be responsible for reporting to the
next General Members’ Meeting to evaluate membership of the members that do not
attend the meeting and take appropriate disciplinary actions.
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Article 28. Duties and powers
of the Head of the Control Board
1. Bear responsibility for assigning and directing
members of the Control Board to implement duties and powers of the Control
Board.
2. Establish programs and plans for inspection,
oversight and monitoring of implementation of specific duties of members.
3. Convene and preside at meetings of the Control
Board.
4. Authorize one of the members of the Control
Board to act on behalf of the Head to undertake tasks during his/her absence.
5. Request the Management Board to convene an
irregular meeting to handle violations against laws and regulations and the
Charter of the cooperative bank.
6. Convene and preside at the irregular General
Members’ Meeting in accordance with Clause 3 Article 37 hereof.
7. Implement other powers and duties specified in
the Charter of the cooperative bank.
Chapter IV
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Article 29. Charter capital
1. The charter capital is the amount of capital
specified in the Charter of the cooperative bank, including:
a) Capital contributed by member people's credit
funds;
b) Government’s patronage fund;
c) Capital contributed by other legal entities.
2. Capital-contributing members cannot use trust or
borrowed funds in any form for contributing capital to establishment of the
cooperative bank, and must clearly identify the funding source, undertake and
bear responsibility for legality of the contributed capital.
3. Capital participation in establishment of the
cooperative bank must strictly observe applicable laws and conform to the
following requirements:
a) With respect to legal entities licensed to
operate in the banking, securities and insurance sectors, capital contribution
must abide by relevant laws and regulations;
b) With respect to legal entities operating in the
business activities that conform to statutory capital requirements, the maximum
agreed-upon amount of contributed capital shall not exceed the owner's equity
less the predetermined statutory capital;
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Article 30. Form of capital
contribution to the charter capital
Contributions to the charter capital of the
cooperative bank may be made in Vietnamese dong or other kinds of asset.
Other kinds of asset used as contributions to the
charter capital must be those assets of which the right of ownership and use is
proven by legal certificates (those which are necessary assets directly
assisting in operations of the cooperative bank). Valuation and transfer of the
right to own assets given as capital contributions shall comply with applicable
laws and regulations.
Article 31. Contribution of
capital to participating in the cooperative bank
1. The minimum amount of capital contributed to
establishing the membership interest in the cooperative bank is 10,000,000 (ten
million) dong.
2. The minimum annual amount of contributed capital
of the cooperative bank members is 1,000,000 (one million) dong.
The specific amount of contributed capital shall be
decided by the General Members’ Meeting. The cooperative bank members shall be
exempted from paying annual contributed capital in the first financial year
after the date of commencement of its operations. Annual capital contribution
must be completed no later than 30 (thirty) days from the closing date of the
General Members' Meeting.
3. Total maximum contributed capital (including
capital contributed to establishing membership interest and annual contributed
capital) of a member (inclusive of transferred capital) shall be decided by the
General Member’s Meeting and recorded into the Charter of the cooperative bank,
but not exceed 30% of the charter capital of the cooperative bank at the date
of capital contribution and acquisition of transferred capital, except for
state capital shares invested in the cooperative bank.
Article 32. Method for
distribution of profits
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Article 33. Transfer and
return of contributed capital
1. Transfer of contributed capital by members shall
be carried out in accordance with the following provisions:
a) If a member is a people’s credit fund, it shall
be allowed to transfer a part of its contributed capital (but it shall be
required to maintain the minimum amount of capital contributed to establishing
membership interest and annual contributed capital) to other legal entities
that meet requirements set forth in Article 34 hereof.
b) If a member is not a people’s credit fund, it
shall be allowed to transfer either all or part of its contributed capital to
other legal entities that meet requirements set forth in Article 34 hereof. In
case of transferring a part of contributed capital, a cooperative member must
maintain the minimum amount of capital contributed to establishing membership
interest and annual contributed capital as provided for by Article 31 hereof.
2. Upon termination of membership as stipulated by
Article 35 hereof, a cooperative member may choose to transfer its contributed
capital, interests and obligations to other legal entities, or receive its
contributed capital returned or profits earned therefrom (where applicable) and
other benefits defined in Clause 4 of this Article.
2. In case of termination of membership, transfer
of a cooperative member’s contributed capital to other legal entities must meet
requirements set out in Article 34 hereof.
4. Return of contributed capital and profits earned
from contributed capital (where applicable) to members must take into
consideration the financial status of the cooperative bank in the year-end
financial report, and may be acceptable only if the following requirements are
observed:
a) Such return does not reduce the charter capital
of the cooperative bank to the lower amount than the predetermined statutory
capital;
b) Such return does not result in any violation
against the prudential ratio stipulated by the State Bank;
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d) The cooperative member has fully discharged its
financial obligations to the cooperative bank, including:
- Have already repaid all of debts owed (both
principal and interest);
- Have already compensated for losses for which it
assumes several or joint liability;
- Have already managed to deal with business losses
and risks in proportion with the amount of contributed capital for which it
assume joint liability under the decision made by the General Members' Meeting.
5. Return and transfer of all of a member’s
contributed capital shall be subject to ratification by the General Members’
Meeting.
Chapter V
PROVISIONS ON
COOPERATIVE BANK MEMBERS
Article 34. Eligibility
requirements for becoming a cooperative member
1. With respect to people’s credit funds and other
credit institutions, they must not be subject to any special control as
provided in Clause 3 Article 146 of the Law on Credit Institutions at the date
of submission of application for membership.
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3. Those stipulated in Clause 1 and 2 of this
Article must contribute the predetermined amount of capital as prescribed by
Article 31 hereof, and must submit applications for membership and assign their
legal representatives to participate in the cooperative bank.
Article 35. Termination of
membership
A member’s membership in the cooperative bank shall
be terminated if:
1. The member’s legal personality is terminated.
2. The member which is not a people’s credit fund:
a) does not have its representative that satisfies
requirements set forth in laws and the Charter of the cooperative bank;
b) fails to make sufficient annual capital
contributions as stipulated by Clause 2 Article 31 hereof;
c) has already disposed of all of its contributed
capital to other legal entity in accordance with Clause 1 Article 33 hereof.
3. The member is allowed to resign, or is discharged,
from membership in the cooperative bank by the General Members’ Meeting in
accordance with laws and the Charter of the cooperative bank.
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GENERAL MEETING OF
COOPERATIVE BANK MEMBERS
Article 36. First General
Members’ Meeting
The first General Members’ Meeting is a plenary
meeting of members or a meeting of representatives of members of the
cooperative bank that works on the following contents:
1. Ratify the scheme for establishing the
cooperative bank.
2. Ratify the cooperative bank’s Charter.
3. Elect the President and members of the
Management Board, Head and members of the Control Board of the cooperative bank
in the first tenure according to the list of nominees as defined in Clause 1
Article 22 hereof.
4. Ratify the business plan for a period of 3
initial years of its operations.
Article 37. General meeting of
cooperative bank members
1. The General Members’ Meeting is an organ
accorded the ultimate decision-making power of the cooperative bank to implement
duties and powers referred to in Article 80 of the Law on Credit Institutions.
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3. An irregular General Members’ Meeting shall be
held in the following cases:
a) The Management Board convenes such meeting on
grounds of the benefits of the cooperative bank or upon the written request of
at least 1/3 (one-third) of the members;
b) The meeting is held upon the request of the
Control Board as provided in Clause 6 Article 84 of the Law on Credit
Institutions;
c) The meeting is held upon the request of the
State Bank in case there is any event that may cause impacts on safety for operations
of the cooperative bank;
d) The meeting is held in other cases as defined be
the Charter of the cooperative bank.
Within a permitted period of 15 (fifteen) days of
receipt of the written call for the General Members' Meeting from at least 1/3
(one-third) of the members, if the Management Board fails to convene the
irregular General Members' Meeting, members calling that meeting may request
the State Bank in writing to take charge of holding and opening of the General
Members’ Meeting whenever necessary.
Article 38. Authority of the
General Members’ Meeting
The General Meeting of Members of the cooperative
bank shall be accorded authority to discuss and decide the following contents:
1. Annual income statements; Performance reports of
the Management Board and Control Board.
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3. Business plan and objectives for the coming
year.
4. Increase or decrease in the charter capital, and
level of capital contributed by cooperative members.
5. Election, appointment and dismissal of the
Chairperson, other members of the Management Board, Head and other members of
the Control Board.
6. The list of new members admitted into the
cooperative bank; forced resignation of members from the cooperative bank as
requested by the Management Board.
7. Amendment to, and supplementation of, the
cooperative bank’s Charter.
8. Dissolution and bankruptcy of the cooperative
bank.
9. Others suggested by the Management Board,
Control Board or at least 1/3 (one-third) of the members of the cooperative
bank.
Article 39. Holding of the
General Members’ Meeting
1. The General Members’ Meeting of the cooperative
bank can be held in a form of a plenary meeting of cooperative members or a
meeting of representatives of members (hereinafter referred to as General
Members’ Meeting).
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3. The number of representatives of members invited
to participate in the General Members’ Meeting shall not be less than 20% of
the members.
4. The General Members’ Meeting shall be deemed
valid if at least 2/3 (two-thirds) of the members or representatives of members
invited are present.
5. If a quorum (including either members or
representatives of members) is not present as stipulated by Clause 4 of this
Article, the Management Board or Control Board must postpone the General
Members' Meeting and re-invite them within a period of 30 (thirty) days from
the date of postponement (with respect to the annual General Members’ Meeting,
the time limit for postponement and re-invitation shall not exceed the time
limit for holding of the General Members’ Meeting as stipulated in Clause 2
Article 37 hereof).
6. Decision to amend or supplement the Charter,
resolve and file for bankruptcy of the cooperative bank shall be approved only
if more than ¾ (three-quarters) of the members or representatives of members
present at the General Members’ Meeting vote in favor of that decision.
7. Decisions to handle other issues shall be
approved only if more than ½ (half) of the members present at the General
Members' Meeting vote in favor of these decisions.
8. Casting votes at the General Members’ Meeting
shall not be subject to the amount of capital contributed, or titles held, by
cooperative members. Each member shall be given only one ballot. A ballot shall
represent the number of members of which the representative acts on behalf.
Article 40. Notice of
convening of the General Members’ Meeting
The body convening the General Members’ Meeting must
send an invitation to each member or representative within a period of not
later than 07 (seven) business days before opening of the meeting if the
Charter of the cooperative bank does not provide for specific time limit. The
invitation must specify the meeting time, venue, contents, agenda and
discussion materials.
Chapter VII
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Article 41. Transactions with
member people's credit funds 2
1. Receive deposits from and offer loans for
trade-off purposes to member people’s credit funds under capital trade-off
regulations.
Institution and contents of capital trade-off
regulations must conform to the following principles:
a) People's credit funds deposit their money
(indefinite or definite term) in the cooperative bank for capital trade-off
purposes. In case of premature withdrawal, people’s credit funds must inform
the cooperative bank in advance;
a) Member people's credit funds are granted loans
from the cooperative bank for capital trade-off purposes when demands for capital
used for credit expansion arise;
c) Subsidization regulations on the deposit
facility interest rate must be applied, and the lending facility interest rate
on loans for trade-off purposes must be explicit, unprofitable and promote
association between the cooperative bank and people’s credit funds;
d) Specific regulations on applicable subjects,
limits, processes, dossiers and evidence documents relating to acceptance of
deposits and grant of loans on a trade-off basis must be made;
dd) The cooperative bank must establish, collect
opinions from all of the member people’s credit funds on, and approve capital
trade-off regulations at the General Members' Meeting of the cooperative bank.
After introducing the capital trade-off regulations, the cooperative bank shall
hold training sessions for, and disseminate information about these regulations
to, member people's credit funds, and send them to the State Bank (Banking
Inspection and Supervision Agency) to perform its inspection and supervision
activities. Amendment to, and supplementation of, capital trade-off regulations
approved by the General Members' Meeting of the cooperative bank.
2. Offer loans to member people's credit funds to
deal with temporary difficulties in liquidity.
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4. Design, develop and use new products and
services in activities of member people’s credit funds to meet these members’
demands and serve the purpose of multiplying community benefits throughout its
area.
5. Perform other banking transactions specified in
laws and regulations with member people’s credit funds.
Article 42. Transactions with
customers other than member people's credit funds
1. The cooperative bank shall be entitled to
perform certain banking and other business activities under the provisions of
Section 2 Chapter IV of the Law on Credit Institutions with the State Bank's
written consent.
2. The cooperative bank shall offer loans to
customers other than member people's credit funds after meeting capital
trade-off demands of member people's credit funds.
3. As the case may be, the State Bank can impose
restrictions on credit granted by the cooperative bank to customers other than
member people's credit funds.
Article 43. Application of
regulations on safety for banking activities
1. The cooperative bank shall implement regulations
on safety for banking activities in accordance with provisions laid down in the
Law on Credit Institutions and the State Bank’s specific directives.
Chapter VIII
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Article 44. Rights 3
1. Have access to the information system of the
State Bank to collect information about activities of people’s credit funds.
2. Request people’s credit funds to provide reports
used for capital trade-off and system security monitoring purposes.
3. Inspect and
oversee use of loans and capacity to repay loans obtained by member people’s
credit funds from the cooperative bank.
Article 45. Responsibilities
4
1. Provide member people’s credit funds with
guidance on and training in banking and information technology practices.
2. Assist people’s
credit funds in banking activities as prescribed by laws and regulations.
3. Participate in implementation of remedial
measures in the event that member people’s credit funds are faced with
difficulties or incur risks of safety in its activities.
4. Adopt capital trade-off regulations referred to
in Clause 1 Article 41 hereof after obtaining approval from the General
Members’ Meeting of the cooperative bank.
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6. Contribute opinions in writing on the proposed
list of personnel to be elected and appointed to become the Chairperson and
other members of the Management Board, Head and other members of the Control
Board, Director of member people’s credit funds upon the request of the State
Bank branches of centrally-affiliated cities and provinces.
7. Carry out other responsibilities specified in
the Charter of the cooperative bank and laws.
Chapter IX
IMPLEMENTARY PROVISIONS
Article 46. Responsibilities
of Banking Inspection and Supervision Agency
1. Act as the focal point for dealing with difficulties
that may arise in the course of implementation of this Circular.
2. Collaborate with other subordinate units of the
State Bank in making arrangements for and initiating assessment of application
dossiers for the license, and petition the Governor of the State Bank to
consider the case and make his decision to grant the license to the cooperative
bank.
3.5 Lead and collaborate with relevant
bodies to inspect and supervise the cooperative bank's activities; keep and
request the cooperative bank to amend or supplement capital trade-off
regulations in accordance with Clause 1 Article 41 hereof to make them conform
to laws and regulations whenever necessary.
4. Provide information and data for competent
bodies or units on the cooperative bank's activities, and compliance with
relevant laws on the cooperative bank's activities.
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1. Monitor, and cooperate with the Banking
Inspection and Supervision Agency on, management of the cooperative bank’s activities
within their jurisdiction and competence.
2. Where necessary, cooperate with the Banking
Supervision and Inspection Agency in assessment of application dossiers for the
license granted to the cooperative bank under the direction of the Chairperson
of the Assessment Board.
Chapter X
ENTRY INTO FORCE
Article 48. Transitional
provision
1. The cooperative bank shall uphold and continue
conformity with legal powers, obligations and benefits, as well as assume
responsibilities for handling any unsolved issues that exist during the
operation of the Central People's Credit Fund in conformity with regulations
laid down in the Law on Credit Institutions and relevant laws.
2. The cooperative bank and customers shall
continue to implement contracts and transactions signed between the Central
People’s Credit Fund and customers which remain valid till the agreed expiry
date. Amending, supplementing and terminating contracts and transactions shall
be carried out by mutual agreement and conform to provisions of the Law on
Credit Institutions and relevant laws.
Article 49. Entry into force
This Circular shall enter into force from January
1, 2013.
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The Chief of Office, Chief of the Bank Inspection
and Supervision Agency, Heads of affiliates of the State Bank, Directors of
State Bank branches of centrally-affiliated cities and provinces, Chairperson
and members of the Management Board, Head and members of the Control Board,
General Director of the cooperative bank, and other persons or entities
concerned, shall be responsible for implementing this Circular./.
APPENDIX 01
RÉSUMÉ
(Issued together
with the Circular No. 31/2012/TT-NHNN dated November 26, 2012 of the Governor
of the State Bank)
Color photo (size 4x6)
with the adjoining stamp of the authority certifying résumé
THE SOCIALIST
REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
----------------
RÉSUMÉ
1. Personal particulars:
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- Usual full name:
- Alias name:
- Birth date:
- Birth place:
- Nationality:
+ Original nationality:
+ Current nationality:
- Permanent residence in the household registry:
- Residence in the ID card (or passport):
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- Number of ID card, passport or other legal identity
documents, issue date and place:
- Name and address of the legal entity; amount and
proportion of contributed capital (applicable to the legal entity’s
representative of contributed capital):
2. Educational background:
Name of the educational establishment, name of the
city or country where that establishment is based, name of training course,
training period, full name of the degree (describe in detail degrees or
educational programs pertaining to qualification standards and requirements for
posts to which the applicant is elected and appointed).
3. Work summary:
- Past performance, professions and posts (from 18
years of age till now): what?, where?, and summary of main points.
- Posts undertaken in other organizations.
- Posts to be taken over in the cooperative bank.
- Rewards or disciplinary actions (where
applicable).
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- Fully describe family relationships, including
fathers, mothers, spouses, sons or daughters, brothers or sisters (specify full
name, age, residence and workplace);
- Number of the business registration certificate
of the legal entity; full name, birth date and number of the ID card or
passport of the legal representative of that legal entity.
5. Statement on assumption of legal
responsibility
- I undertake not to violate regulations of laws,
the State Bank and the cooperative bank's Charter.
- I hereby undertake that the abovementioned
information is true. I bear full responsibility for any information
misrepresented herein.
6. Signature and full name of the declarant
7. Attached herein is the certification of the
People’s Committee of the administrative division where the declarant registers
permanent residence, or of the host body for which the declarant is working.
(In addition to basic information mentioned above,
the declarant can provide others whenever necessary).
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DECLARATION OF RELATIVES OR ASSOCIATES
(Issued together with the Circular No. 31/2012/TT-NHNN dated November 26,
2012 of the Governor of the State Bank)
THE SOCIALIST
REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
----------------
DECLARATION OF
DETAILS OF RELATIVES OR ASSOCIATES
No.
Declarant
(organizational, individual entity) and associate persons
ID card number and
issue date
Relationship with
the declarant
Amount of capital
contributed or shares held at credit institutions
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Name of credit
institution
Proportion of capital
contributed or shares held to the charter capital of credit institution
(1)
(2)
(3)
(4)
(5)
(6)
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1
Nguyen Van A
Declarant
2
Nguyen Van B
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Declarant’s wife
3
Company X
The company of
which Mr. A is the Chairperson of the Management Board or Director, etc.
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Total
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% (held by
specific credit institutions)
I hereby undertake that details provided in the abovementioned
declaration are true. If there is any misrepresented information, I fully take
legal responsibility.
…, Date:…
Declarant (8)
(Sign, write full name, stamp (if any))
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INSTRUCTIONS
1. At the column (2), describe all of relatives or associates
concerned as referred to in Clause 28 Article 4 of the Law on Credit
Institutions.
2. At the column (4), specify relationship with the
declarant.
3. At the column (5), specify name of credit
institutions contributing capital or holding shares.
4. At the section (8), if the declarant is a legal
entity, the representative of that legal entity can sign his/her name.
APPENDIX 03
APPLICATION FOR THE LICENSE
(Issued together with the Circular No. 31/2012/TT-NHNN dated November 26,
2012 of the Governor of the State Bank)
THE SOCIALIST
REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
----------------
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APPLICATION FOR
THE LICENSE
COOPERATIVE BANK
Dear the Governor
of the State Bank of Vietnam
Pursuant to the Law on the State Bank of Vietnam
No. 46/2010/QH12 dated June 16, 2010;
Pursuant to the Law on Credit Institutions No.
47/2010/QH12 dated June 16, 2010;
Pursuant to the Circular No...../2012/TT-NHNN dated
../../2012 of the Governor of the State Bank of Vietnam on the cooperative
bank;
Pursuant to the minutes of the General Members’
Meeting held on date:……….with respect to............;
Pursuant to the minutes of the meeting of the
Management Board held on date:……..on appointment of the General Director of the
cooperative bank;
The Management Board………. hereby acts on behalf of
members to petition the Governor of the State Bank of Vietnam to:
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1. Name of the cooperative bank:
- Full name written in Vietnamese;
- Abbreviated name written in Vietnamese;
- Full name written in English (if any);
- Abbreviated name written in English (if any);
- Transaction name (if any).
2. Location of head office, telephone and fax
number:
3. Operational territories:
4. Contents and scope of operations:
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6. Charter capital:
II/ Register the cooperative bank’s Charter
We hereby undertake to strictly comply with
regulations of laws, the State Bank of Vietnam and the cooperative bank’s
Charter, and in case of committing any violation, bear legal responsibility for
it.
Attached documents
PP. THE
MANAGEMENT BOARD
CHAIRPERSON
APPENDIX 04
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1. General formula:
Financial capacity eligible for capital
participation in the cooperative bank
Owner’s equity
Difference between long-term and short-term
investments
2. Detailed formula:
A = E - LI and
LI = LA - LD
Where:
+ A: Financial capacity eligible for capital
participation in the cooperative bank
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+ LI: Difference between long-term investments and
long-term liabilities
+ LA: Long-term asset
+ LD: Long-term liabilities
3. Conclusions:
* If A >= the agreed amount of capital
contributed to the cooperative bank, the legal entity shall be judged to have sound
and sufficient financial capacity to contribute capital to the cooperative
bank.
* If A< the agreed amount of capital contributed
to the cooperative bank, the legal entity shall be judged to have unsound and
insufficient financial capacity to contribute capital to the cooperative bank.
APPENDIX 05
SAMPLE LICENSE
(Issued together with the Circular No. 31/2012/TT-NHNN dated November 26,
2012 of the Governor of the State Bank)
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THE SOCIALIST
REPUBLIC OF VIETNAM
Independence -
Freedom - Happiness
----------------
No. /GP-NHNN
Hanoi, date: …..
LICENSE
TO ESTABLISH AND
OPERATE THE COOPERATIVE BANK
THE GOVERNOR OF
THE STATE BANK OF VIETNAM
Pursuant to the Law on the State Bank of Vietnam
No. 46/2010/QH12 dated June 16, 2010;
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Pursuant to the Government's Decree No.
96/2008/ND-CP dated August 26, 2008 defining functions, tasks, powers, and
organizational structure of the State Bank of Vietnam;
Pursuant to the Circular No...../2012/TT-NHNN dated
..2012 of the Governor of the State Bank of Vietnam on the cooperative bank;
After considering the application for the license
filed by the Chairperson of the Management Board and attached dossiers:
Upon the request of the Chief of Banking Inspection
and Supervision Agency,
HEREBY DECIDES:
Article 1. Agree to grant the license to
establish the cooperative bank with the following details:
1. Name of the cooperative bank:
- Full name written in Vietnamese;
- Abbreviated name written in Vietnamese;
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- Abbreviated name written in English (if any):
- Transaction name (if any):
2. Location of head office:
Article 2. Contents and scope of operations:
Operations... (list activities or operations
which have been proposed and approved in accordance with provisions of the Law
on Credit Institutions and this Circular);
Article 3. Operational territories:
Article 4. The charter capital of the cooperative
bank is VND… (in words:…).
Article 5. The operational lifespan of the
cooperative bank is … years.
Article 6. In the course of its operations,
the cooperative bank must comply with Vietnamese laws.
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Article 8. The license shall be made into 05
(five) original copies: 01 (one) copy issued to the cooperative bank; 01 (one)
copy used for business registration purpose; 03 (three) remaining copies
deposited with the State Bank of Vietnam (including 01 copy deposited at the
office of the State Bank of Vietnam; 01 copy deposited at the State Bank branch
of the city or province where the cooperative bank's proposed head office is
located; 01 copy archived in the file of licenses granted to cooperative
banks).
THE GOVERNOR
AUTHENTICATION
OF CONSOLIDATED DOCUMENT
PP. THE
GOVERNOR
THE DEPUTY GOVERNOR
Nguyen Dong Tien
1 The Circular No. 09/2016/TT-NHNN amending
and supplementing certain articles of the Circular No. 31/2012/TT-NHNN dated
November 26, 2012 of the State Bank’s Governor on the cooperative bank has the
following bases for its enactment:
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Pursuant to the Law on Credit Institutions No.
47/2010/QH12 dated June 16, 2010;
Pursuant to the Law on Enterprises No.
68/2014/QH13 dated November 26, 2014;
Pursuant to the Law on Cooperatives No.
23/2012/QH13 dated November 20, 2012;
Pursuant to the Government's Decree No.
156/2013/ND-CP dated November 11, 2013 defining functions, tasks, powers, and
organizational structure of the State Bank of Vietnam;
Upon the request of the Chief of Banking
Inspection and Supervision Agency;
The Governor of the State Bank of Vietnam hereby
introduces the Circular amending and supplementing certain articles of the
Circular No. 31/2012/TT-NHNN dated November 26, 2012 of the State Bank’s
Governor on the cooperative bank.”
2 This Article is amended according to the
provisions of Clause 1 Article 1 of the Circular No. 09/2016/TT-NHNN amending
and supplementing certain articles of the Circular No. 31/2012/TT-NHNN of the
Governor of the State Bank of Vietnam dated November 26, 2012 governing
cooperative banks, which enters into force from August 15, 2016, and enters
into force from August 15, 2016.
3 This Article is amended according to the
provisions of Clause 2 Article 1 of the Circular No. 09/2016/TT-NHNN amending
and supplementing certain articles of the Circular No. 31/2012/TT-NHNN of the
Governor of the State Bank of Vietnam dated November 26, 2012 governing the
cooperative bank, and enters into force from August 15, 2016.
4 This Article is amended according to the
provisions of Clause 3 Article 1 of the Circular No. 09/2016/TT-NHNN amending
and supplementing certain articles of the Circular No. 31/2012/TT-NHNN of the
Governor of the State Bank of Vietnam dated November 26, 2012 governing the
cooperative bank, and enters into force from August 15, 2016.
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6 Article 2 of the Circular No.
09/2016/TT-NHNN amending and supplementing certain articles of the Circular No.
31/2012/TT-NHNN of the Governor of the State Bank of Vietnam dated November 26,
2012 governing the cooperative bank, and entering into force from August 15,
2016, shall be provided for as follows:
“Article 2. Entry into force
1. This Circular shall enter into force from
August 15, 2016.
2. The Chief of Office, Chief of the Banking
Inspection and Supervision Agency, Heads of affiliates of the State Bank,
Directors of State Bank branches of centrally-affiliated cities and provinces,
Chairperson of the Management Board, and General Director of the cooperative
bank, shall be responsible for implementing this Circular.”