Circular No. 01/1998/TT-NHNN17 supplements and amends Circular No. 05/1997/TT-NHNN17, requiring People's Credit Funds in Regions (PCFR) and Central People's Credit Funds (CPCF) to proceed with conversion in accordance with the Law on Cooperatives. This Circular shall take effect fifteen days from the date of issuance.
Scope of application
People's Credit Funds in Regions (PCFR), Central People's Credit Funds (CPCF).
Key points
- People's Credit Funds in Regions and Central must proceed with conversion in accordance with the Law on Cooperatives.
- This Circular shall take effect fifteen days from the date of issuance.
🌐 Social impact of this document
- Positive impact: Clear regulations regarding conversion, helping the People's Credit Fund system operate in compliance with the law.
- Negative impact: Affected entities must undertake complex and costly procedures for conversion.
❓ Frequently asked questions
What should People's Credit Funds in Regions and Central do?
They need to proceed with conversion in accordance with the Law on Cooperatives.
What is the implementation timeframe for this regulation?
The regulation takes effect fifteen days from the date of issuance.
Have People's Credit Funds in Regions and Central that were operating previously been affected?
Yes, they must proceed with conversion according to the new regulations.
To which organizations does this regulation apply?
It applies to People's Credit Funds in Regions (PCFR) and Central People's Credit Funds (CPCF).
Are there specific provisions regarding the conversion procedures?
The Circular only requires proceeding with conversion in accordance with the Law on Cooperatives but does not detail the procedures.
Full text
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.
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