Decree No. 19/2014/ND-CP Issuing the Model Charter for a Joint Stock Company with One Member Limited Liability owned by the State

DECREE

Issuing the Model Ordinance for a Limited Liability Company with One Member Owned by the Statea member where the State is the owner

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

Pursuant to the Enterprise Law dated November 29, 2005;

At the proposal of the Minister of Planning and Investment;

The Government issues the Decree on the Model Ordinance for a Limited Liability Company with One Member Owned by the State.

Article 1. Attached to this Decree is the Model Ordinance for a Limited Liability Company with One Member Owned by the State (hereinafter referred to as the Model Ordinance).

Article 2. The Model Ordinance applies to companies under Ministries, Provincial People's Committees as stipulated in Clause 5, Article 3 of the Government's Decree No. 99/2012/NĐ-CP dated November 15, 2012 on the delegation and decentralization of the rights, responsibilities, and obligations of state owners towards state-owned enterprises and state capital invested in enterprises.

Article 3.

1. Subsidiaries that are limited liability companies with one member within state economic groups and state corporations shall base their organizational and operational charter on the structure and content of the Model Ordinance, adapting it to the specific industry and field of operation, and submit it to the Board of Members of the parent company for review and approval.

2. Limited liability companies with one member under political organizations and political-social organizations shall base their organizational and operational charter on the structure and content of the Model Ordinance, adapting it to the specific industry and field of operation, and submit it to the competent authority for review and approval.

3. The organizational and operational charter of state economic groups and state corporations as stipulated in Clause 2, Article 7 of the Government's Decree No. 99/2012/NĐ-CP dated November 15, 2012 on the delegation and decentralization of the rights, responsibilities, and obligations of state owners towards state-owned enterprises and state capital invested in enterprises shall be issued separately by the Government according to a separate decree.

4. The ordinance of commercial banks owned by the State with 100% of the charter capital as provided for in the Law on Credit Institutions.

5. The ordinance of the Limited Liability Company with One Member managing assets of credit institutions in Vietnam as provided for in the Government's Decree No. 53/2013/NĐ-CP dated May 18, 2013 on the establishment, organization, and operation of Asset Management Companies of Credit Institutions in Vietnam.

Article 4. This Decree takes effect from April 29, 2014.

Article 5. The Minister, Heads of Ministries equivalent to Ministries, Heads of agencies under the Government, Chairmen of People's Committees of provinces and centrally governed cities, Boards of Members or Chairmen of Limited Liability Companies with One Member owned by the State, and related organizations and individuals are responsible for implementing this Decree.

The Minister of Planning and Investment is responsible for monitoring the implementation of this Decree./.