Circular No. 01/1998/TT-NHNN17 supplements and amends Circular No. 05/1997/TT-NHNN17 dated October 25, 1997, issued by the Governor of the State Bank guiding the conversion and registration of people's credit funds and credit cooperatives pursuant to Decree No. 16/CP dated February 21, 1997 of the Government.

CIRCULAR

Of the State Bank of Vietnam No. 01/1998/TT-NHNN17 dated March 9, 1998 supplementing and amending Circular No. 05/1997/TT-NHNN17 dated October 25, 1997 of the Governor of the State Bank guiding the conversion and registration of People's Credit Funds, Credit Cooperative Associations pursuant to Decree
No. 16/CP dated February 21, 1997 of the Government

On October 25, 1997, the Governor of the State Bank issued Circular No. 05/1997/TT-NHNN17 guiding the conversion and registration of People's Credit Funds, Credit Cooperative Associations pursuant to Decree No. 16/CP dated February 21, 1997 of the Government. At point 2, section A "General Provisions" of this Circular, it states:

"The Central People's Credit Fund (CTPCF), regional People's Credit Funds (RPFs) are organizational linkages ensuring the safety of operations within the system of PFCFs, therefore they are not objects for conversion."

Now, the Central State Bank amends as follows:

"Regional People's Credit Funds (RPFs), Central People's Credit Fund (CTPCF) which have been granted establishment licenses by the State Bank and are currently operating must proceed with conversion and registration according to the Law on Cooperatives. The conversion and registration for RPFs and CTPCF will be separately guided by a Circular from the State Bank."

This Circular takes effect fifteen days after the date of issuance. Previous provisions contrary to this Circular shall cease to be enforced.

The Director of the Governor's Office, Heads of Departments managing people's credit organizations, heads of relevant units under the Central State Bank, Governors of State Bank Branches in provinces and cities, Chairmen of Boards of Directors of RPFs, CTPCF are responsible for organizing the implementation of the provisions of this Circular.