Decision No. 12/2007/QĐ-TTg Approves the Plan to Transform the Northern River Transport Corporation into a Holding Company - Subsidiary Model

Pursuant to …;

Approving the Plan to transfer the Northern River Transport Corporation to operate under the holding company-subcompany model

On the basis of the State Enterprise Law dated November 26, 2003;

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PRIME MINISTER

Pursuant to the Law on Organization of the Government dated December 25, 2001;

On the basis of Decree No. 153/2004/NĐ-CP dated August 9, 2004 of the Government on the organization and management of state-owned corporations and the transformation of state-owned corporations and independent state-owned companies into the holding company-subcompany model;

Pursuant to the Enterprise Law dated November 29, 2005;

Considering the proposal of the Ministry of Transport.

Approving the Plan to transfer the Northern River Transport Corporation to operate under the holding company-subcompany model, with the main contents as follows:

DECISION:

Article 1. 1. The holding company - Northern Waterway Transport Corporation is a state-owned enterprise formed based on the restructuring of the Office, dependent accounting units, and current public service units of the Northern River Transport Corporation and the Material and Construction Engineering Company.

The holding company has legal personality, seal, charter for organization and operation; it is allowed to open domestic currency and foreign currency accounts at the State Treasury and banks both domestically and internationally in accordance with the law; directly carry out production, business activities, and invest capital in other companies; responsible for preserving and developing state capital in the holding company and invested capital in other companies; inherit all legal rights, obligations, and legitimate interests of the Northern River Transport Corporation.

The management and operational structure of the holding company includes: Board of Directors, Supervisory Board, General Director, Deputy General Directors, Chief Accountant, and supporting staff.

2. Subsidiaries are joint-stock companies, with the holding company holding controlling shares:

- Northern Waterway Transport Joint-Stock Company No. 1;

- Northern Waterway Transport Joint-Stock Company No. 2;

- Northern Waterway Transport Joint-Stock Company No. 3;

- Northern Waterway Transport Joint-Stock Company No. 4;

- Thai Binh Northern Waterway Transport Joint-Stock Company;

- Ha Bac Port Joint-Stock Company.

3. Associated companies are joint-stock companies with less than 50% of the registered capital contributed by the holding company:

- Joint-Stock Company 75 Mechanical;

- Nam Dinh Northern Waterway Transport Joint-Stock Company;

- Joint-Stock Company of Waterway Transport and Mechanical.

4. The relationship between the holding company and the state owner and sub-companies, associated companies shall be implemented in accordance with the law and the Charter of the holding company.

Minister of Transport:

Article 2. Implementation

- Direct and monitor the implementation of this Decision;

- Decide to establish the holding company - Northern Waterway Transport Corporation in accordance with the law;

- Approve the Charter of the holding company - Northern Waterway Transport Corporation.

- Direct the Board of Directors of the Northern Waterway Transport Corporation to implement the shareholding reform of the holding company - Northern Waterway Transport Corporation in 2009.

This Decision takes effect fifteen days from the date of publication in the Official Gazette.

Article 3. Ministers of the Ministries of Transport, Finance, Planning and Investment, Home Affairs, Labor, War Invalids and Social Affairs, Steering Committee for Enterprise Reform and Development, Heads of relevant agencies, and the Board of Directors of the Northern River Transport Corporation are responsible for implementing this Decision.

The Ministers of: Transport, Finance, Planning and Investment, Home Affairs, Labor - Invalids and Social Affairs, the Steering Committee for Enterprise Reform and Development, the Heads of relevant agencies, and the Board of Directors of the Northern Riverway Corporation are responsible for implementing this Decision.