Decision No. 332/2005/QĐ-TTg Regarding the transfer of the Aviation Fuel Corporation under the Vietnam National Aviation Corporation to a Joint Stock Company with One Member.

Pursuant to …;

Regarding the conversion of the Aviation Fuel Company under the Vietnam National Aviation Corporation into a Joint Stock Company with a Single Member

PRIME MINISTER 

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

Pursuant to the Law on State-Owned Enterprises dated November 26, 2003;

Pursuant to Decree No. 63/2001/NĐ-CP dated September 14, 2001 of the Government on the transformation of state-owned enterprises and enterprises of political organizations and political-social organizations into Joint Stock Companies with a Single Member; and Decree No. 145/2005/NĐ-CP dated November 21, 2005 of the Government amending and supplementing certain articles of Decree No. 63/2001/NĐ-CP dated September 14, 2001;

Considering the proposal of the Board of Directors of the Vietnam National Aviation Corporation,

DECISION:

Article 1. The Aviation Fuel Company, an independent accounting member enterprise under the Vietnam National Aviation Corporation, shall be converted into a Joint Stock Company with a Single Member named Aviation Fuel Company.

The Joint Stock Company with a Single Member named Aviation Fuel Company shall have its own seal, open accounts at domestic and foreign banks in accordance with the law, and operate in accordance with the Company's Articles of Association and the Enterprise Law.

- Full name: Joint Stock Company with a Single Member named Aviation Fuel Company.

- International trade name: Vietnam Air Petrol Limited Company.

- Abbreviation in English: VINAPCO, LTD.

- Registered capital: 205,943,785,909 Vietnamese dong (two hundred fifteen billion, nine hundred forty-three million, seven hundred eighty-five thousand, nine hundred nine Vietnamese dong).

- Head office: No. 202 Nguyen Son Street, Long Bien District, Hanoi City.

Article 2Business activities of the Company include: import and export of petroleum products, materials, spare parts, chemicals, specialized technical equipment for aviation fuel; exploitation and processing of petroleum; production and trading of specialized technical equipment for aviation fuel; supply of aviation fuel, refueling services for domestic and international airlines at Vietnamese civil airports; trading of aviation fuel and other petroleum products; transportation of aviation fuel, petroleum products, and other goods; trading of warehouses, ports, tourism, hotels, commercial services, and other business activities as prescribed by law.

Article 3Organization and operation:

1. Organizational structure of the Company follows the model: Board of Directors and General Director.

2. The organization and operation of the Company are specifically stipulated in the Company's Charter.

Article 4The State-authorized organization representing the owner is:

Vietnam National Aviation Corporation.

Address: No. 202 Nguyen Son Street, Long Bien District, Hanoi City.

The Board of Directors of the Vietnam National Aviation Corporation is responsible for exercising the rights of the owner representative over the Joint Stock Company with a Single Member named Aviation Fuel Company in accordance with current regulations and the Company's Articles of Association.

Article 5. The Joint Stock Company with a Single Member named Aviation Fuel Company is responsible for receiving and effectively utilizing the capital and assets transferred by the Board of Directors of the Vietnam National Aviation Corporation to fulfill the mission of developing production and business operations; inheriting all rights and obligations of the Aviation Fuel Company.

Article 6. The Board of Directors of the Joint Stock Company with a Single Member named Aviation Fuel Company is responsible for drafting the organizational and operational charter of the Company to submit for approval by the Board of Directors of the Vietnam National Aviation Corporation; appointing the General Director, Deputy General Directors, and Chief Accountant of the Company in accordance with current laws.

Article 7. This Decision takes effect fifteen days from the date of publication in the Official Gazette.

The Board of Directors of the Vietnam National Aviation Corporation, the Director of the Aviation Fuel Company, and the Board of Directors of the Joint Stock Company with a Single Member named Aviation Fuel Company are responsible for implementing this Decision./.