Decision No. 16/1999/QĐ-BCN Regarding the Transfer of Haiphong Electricity to be Directly Subordinate to Vietnam Electricity Corporation under the Name of Haiphong Electricity Joint Stock Company

Pursuant to …;

Regarding the transfer of Haiphong Power to be directly under Power Corporation 1 to become

Haiphong Power Corporation under Vietnam Power Corporation总公司

____________________

THE MINISTER OF INDUSTRY

Pursuant to the Government Decree No. 74/CP dated November 1, 1995 on the functions, tasks, powers, and organizational structure of the Ministry of Industry;

Pursuant to Decree No. 50/CP dated August 28, 1996 of the Government on the establishment, restructuring, dissolution, and bankruptcy of state-owned enterprises;

Considering the proposal of the Board of Directors of Vietnam Electricity Joint Stock Corporation at document number 284 ĐVN/HĐQT-TCCBLĐ dated September 8, 1998;

Pursuant to document number 1427/CP-ĐMDN dated December 3, 1998 of the Government approving the organizational restructuring plan for Vietnam Electricity Joint Stock Corporation;

At the suggestion of the Director of the Department of Organization and Cadres,

DECISION:

Article 1. Transfer Haiphong Power from being directly under Power Corporation 1 to become Haiphong Power Corporation, a member enterprise with independent accounting under Vietnam Power Corporation.

- The corporation has full legal personhood, possesses a seal, and is entitled to open accounts at banks and state treasuries in accordance with the provisions of the Law.

- International trade name: Hai Phong Power Company, abbreviated as: HPPC.

- The main office of the corporation is located at No. 54 Minh Khai Street, Hong Bang District, Haiphong City.

Article 2. Business fields:

- Trading electricity and operating distribution networks;

- Surveying and designing power grids up to 35 kV;

- Testing and repairing electrical equipment with voltage up to 110 kV;

- Constructing and renovating distribution networks;

- Machining and manufacturing spare parts and accessories for distribution network equipment;

- Importing and exporting, trading in materials and equipment for distribution networks;

- Hotel services and other services (in accordance with business licenses);

*The Charter Capital of Haiphong Power Corporation is: 100,105,365,038 VND.

Article 3. - Vietnam Power Corporation is responsible for directing Power Corporation 1 and Haiphong Power in transferring assets according to the regulations of the State to Haiphong Power Corporation.

- Haiphong Power Corporation is responsible for completing all registration procedures for business operations in accordance with the company's charter approved by the Board of Directors of Vietnam Power Corporation and the provisions of the Law.

Article 4. THIS DECISION SHALL TAKE EFFECT 15 DAYS FROM THE DATE OF SIGNATURE.

Article 5. The Head of the Ministry's Office, the Inspector General of the Ministry, the Heads of Functional Departments, the Heads of Specialized Management Agencies under the Ministry, the Chairman of the Board of Directors, the General Director of Vietnam Power Corporation, the Director of Power Corporation 1, the Director of Haiphong Power, and the Director of Haiphong Power Corporation shall be responsible for implementing this Decision./.