Decision No. 614/2003/QD-NHNN Issuing Regulations on the Organization and Operation of the Board of Directors, Supervisory Board, and Management Personnel of People's Credit Funds

DECISION OF THE GOVERNOR OF THE STATE BANK OF VIETNAM

Issuing regulations on the organization and operation of the Board of Directors,

Supervisory Board, Manager of people's credit funds

__________________

GOVERNOR OF THE STATE BANK OF VIETNAM

Based on the Law on the State Bank of Vietnam, the Law on Credit Organizations dated December 12, 1997,

Based on the Law on Cooperatives dated March 20, 1996,

Based on Decree No. 86/2002/NĐ-CP dated November 5, 2002 of the Government on the functions, tasks, powers, and organizational structure of Ministries and ministerial-level agencies,

Based on Decree No. 48/2001/NĐ-CP dated August 13, 2001 of the Government on the organization and operation of people's credit funds,

At the proposal of the Director of the Department of Cooperative Credit Organizations,

DECISION:

Article 1. Attached to this Decision are regulations on the organization and operation of the Board of Directors, Supervisory Board, and manager of people's credit funds.

Article 2. The Standard Measurement Quality Control Department shall be responsible for organizing and guiding the implementation of the Regulations adopted herein.

Article 3. The Head of the Office, Heads of the Department of Cooperative Credit Organizations, Heads of relevant units under the State Bank of Vietnam, Branch Governors of the State Bank of Vietnam in provinces and centrally-administered cities, Chairmen and members of the Board of Directors, Heads and members of the Supervisory Board, General Directors of Central People's Credit Funds, and Directors of Basic People's Credit Funds have the responsibility to implement this Decision./.

REGULATIONS

ON THE ORGANIZATION AND OPERATIONS OF THE BOARD OF DIRECTORS,
SUPERVISORY BOARD, MANAGER OF PEOPLE'S CREDIT FUNDS

(issued pursuant to Decision No. 614/2003/QĐ-NHNN dated June 16, 2003)

of the Governor of the State Bank)

PART I

GENERAL PROVISIONS

Article 1. OBJECTS AND SCOPE OF REGULATION

These regulations stipulate the organization and operations of the Board of Directors, Supervisory Board, and manager of central and basic people's credit funds (hereinafter referred to collectively as people's credit funds) established and operating in accordance with the Law on Credit Organizations and other relevant laws.

Article 2. Functions of the Board of Directors, Supervisory Board, and manager of people's credit funds

1. The Board of Directors has the function of managing the people's credit fund in accordance with the law, representing the people's credit fund to decide on issues regarding the organization and operation of the people's credit fund (except for those matters within the authority of the Members' Congress).

2. The Supervisory Board is responsible for supervising and inspecting all activities of the people's credit fund in accordance with the law and the Charter of the people's credit fund.

3. The manager of the people's credit fund is the General Director or Director (hereinafter referred to collectively as the Director of the people's credit fund) who is responsible before the Board of Directors and the law for the daily management of the people's credit fund according to the assigned tasks and powers.

Article 3. Persons who are not eligible to be members of the Board of Directors, members of the Supervisory Board, or serve as the Director of a people's credit fund:

1. Currently being pursued for criminal responsibility;

2. Having been convicted of offenses against national security, property rights; offenses disrupting economic management order,

3. Having been convicted of other crimes without having had their sentences expunged;

4. Having previously been a member of the Board of Directors or Director of an organization that was declared bankrupt, except in cases provided for in Clause 2 of Article 50 of the Enterprise Bankruptcy Law;

5. Having previously been the legal representative of an organization whose operations were suspended due to serious violations of the law;

6. Not meeting the standards of professional ethics, managerial capability, and expertise as prescribed by the State Bank;

7. Not meeting other requirements prescribed by the Charter of the people's credit fund;

Article 4. The father, mother, wife, husband, children, brothers, sisters, and half-siblings of members of the Board of Directors, General Director (Director) shall not be members of the Supervisory Board or Chief Accountant of the same people's credit fund.

Article 5.

1. Members of the Board of Directors, members of the Supervisory Board, and the Director of a people's credit fund shall be suspended from activity in the following cases:

a) Losing civil capacity;

b) Being the representative of a corporate member that has ceased to exist as a legal entity;

c) Belonging to the category specified in one of Clauses 1, 2, 3, 4, or 5 of Article 3 of these regulations;

d) Being a member accepted for removal from the people's credit fund in accordance with the provisions of the Charter;

đ) Being a member expelled by the Members' Congress;

e) Being a member who has transferred all contributed capital and membership rights and obligations to another person;

g) No longer being the lawful representative for the contributed capital of a corporate member at the people's credit fund.

2. In the case where a member of the Board of Directors, a member of the Supervisory Board, or the Director of a people's credit fund is suspended from activity as provided for in Clause 1 of this Article, the Board of Directors of the people's credit fund must immediately submit a written report accompanied by specific evidence to the State Bank (for central people's credit funds) and to the Branch of the State Bank in the province or centrally-administered city (for basic people's credit funds) and must bear responsibility for the accuracy and truthfulness of this report before the law, while also handling it in accordance with Articles 15, 18, and 25 of these regulations.

Article 6. Removal and Dismissal

1. The Chairman and other members of the Board of Directors, the Head and other members of the Supervisory Board, and the Director of a people's credit fund shall be removed or dismissed in the following cases:

a) Civil capacity is limited,

b) Submitting a resignation letter with a reasonable reason;

c) Belonging to the category violating the provisions of Clause 6, 7 of Article 3 and Article 4 of these regulations;

d) Violating the provisions of the law, the State Bank, and the Charter of the people's credit fund during the performance of assigned tasks and powers;

đ) Other cases recorded in the Charter of the people's credit fund decided by the Members' Congress.

2. The Chairman and other members of the Board of Directors, the Head and other members of the Supervisory Board, and the Director of a people's credit fund after being removed or dismissed must bear personal responsibility for their decisions made during their tenure.

Article 7. After the Founding Meeting or the Members' Congress, those elected or appointed to serve as Chairperson and other members of the Board of Directors, Head of the Supervisory Board and other members of the Supervisory Board, or appointed as the Director of the People's Credit Fund shall immediately assume their duties and be responsible under the law and before the Members' Congress; however, these positions shall only have legal effect after being approved by the Governor of the State Bank or authorized by the Governor of the State Bank to approve.

Chapter II

SPECIFIC PROVISIONS

SECTION 1. BOARD OF DIRECTORS

Article 8. Board of Directors

1. The Chairperson of the Board of Directors and other members of the Board of Directors are directly elected or removed from office by the Founding Meeting or the Members' Congress through secret ballot.

2. The number of members of the Board of Directors is decided by the Members' Congress, but must be at least three people.

3. The term of the Board of Directors is stipulated by the Members' Congress and recorded in the Charter of the People's Credit Fund, but must be at least two years and not more than five years.

4. Members of the Board of Directors must be members of the People's Credit Fund. For People's Credit Funds with state support capital, the agency representing the management of the state support capital may appoint representatives to participate as members of the Board of Directors of the People's Credit Fund.

5. The Board of Directors may use the seal of the People's Credit Fund to perform its tasks.

Article 9. Duties and powers of the Board of Directors

1. Organize the implementation of resolutions of the Members' Congress.

2. Decide on organizational and operational issues of the People's Credit Fund (except for matters within the authority of the Members' Congress).

3. Appoint, remove the Director, Deputy Director, Chief Accountant; decide on the number of employees, organizational structure, and specialized business units of the People's Credit Fund.

4. Prepare the agenda for the Members' Congress and convene the Members' Congress.

5. Develop proposals for the Members' Congress regarding remuneration for Board of Directors members, Supervisory Board members, salaries of the Director and staff working at the People's Credit Fund.

6. Examine and admit new members, handle requests for withdrawal from the People's Credit Fund (excluding expulsion cases) and report to the Members' Congress for approval.

7. Handle non-recoverable loans and other losses according to state regulations.

8. Review and audit reports on business results; financial settlement reports; reports on the activities of the Board of Directors before submitting them to the Members' Congress.

9. Perform other duties and powers as prescribed by law and the Charter of the People's Credit Fund.

Article 10. Chairman of the Board of Directors

1. The Chairperson of the Board of Directors represents the People's Credit Fund before the law.

2. The Chairperson and other members of the Board of Directors may not delegate their duties and powers to persons who are not members of the Board of Directors.

3. The Chairperson of the Central People's Credit Fund Board of Directors may not concurrently hold the position of General Director of the Central People's Credit Fund.

The Chairperson of the People's Credit Fund Board of Directors at the grassroots level may concurrently hold the position of Director of the People's Credit Fund at the grassroots level; such concurrent holding is regulated by the Charter of the People's Credit Fund at the grassroots level following guidelines issued by the State Bank.

The Chairperson of the Board of Directors may not concurrently participate in another Board of Directors or manage another credit institution; however, the Chairperson of the People's Credit Fund Board of Directors at the grassroots level may participate in the Central People's Credit Fund Board of Directors.

Article 11. Duties and powers of the Chairperson of the Board of Directors

1. Convene and preside over meetings of the Board of Directors.

2. Prepare the content, program, and control meetings to discuss and vote on issues within the duties and powers of the Board of Directors.

3. Monitor the organization and implementation of resolutions of the Members' Congress and decisions of the Board of Directors.

4. Urge and supervise the management of the Director of the People's Credit Fund.

5. Establish a work program and assign tasks to Board of Directors members to implement.

6. Sign documents within the authority of the Board of Directors.

7. When absent, the Chairperson of the Board of Directors must authorize in writing another member of the Board of Directors to act in their place according to the operating rules of the Board of Directors.

8. Perform other duties and powers as prescribed by law and the Charter of the People's Credit Fund.

Article 12. Duties and powers of Board of Directors members

1. Fulfill duties and powers as prescribed by law, the State Bank, and the Charter of the People's Credit Fund.

2. Board of Directors members carry out their duties according to the assignment of the Chairperson of the Board of Directors.

3. Study and evaluate the situation, results of operations, and contribute to building directions and plans for business operations of the People's Credit Fund during each period.

4. Attend meetings of the Board of Directors; discuss and vote on issues within the meeting agenda; bear individual responsibility under the law, before the Members' Congress, and before the Board of Directors for their opinions.

5. Implement resolutions of the Members' Congress and decisions of the Board of Directors.

6. Two-thirds or more of the Board of Directors members have the right to request the Chairperson of the Board of Directors to convene an extraordinary meeting of the Board of Directors to handle urgent matters within the authority of the Board of Directors.

7. Adhere to laws, regulations of the State Bank, and the Charter of the People's Credit Fund.

Article 13. The Chairperson and members of the Board of Directors do not receive salaries but receive remuneration and are provided with necessary expenses during the performance of their duties. The level of remuneration is decided by the Members' Congress.

Article 14. Meetings of the Board of Directors

1. The Board of Directors meets at least once a month to review and decide on issues within their authority and responsibilities.

In case of necessity, an extraordinary session may be convened upon the proposal of the Chairman of the Board of Directors or at least two-thirds (two-thirds) of the members of the Board of Directors, or upon the proposal of the Head of the Supervisory Board or at least two-thirds (two-thirds) of the members of the Supervisory Board.

2. A meeting of the Board of Directors shall be deemed valid when at least two-thirds (two-thirds) of the members of the Board of Directors attend. The Board of Directors operates on the principle of collective responsibility and decides by majority vote. In the event of a tie vote by the Board of Directors, the vote of the side with the chairperson of the meeting shall prevail.

3. The Chairman of the Board of Directors shall convene and preside over the sessions of the Board of Directors. In the case where the first regular meeting of the Board of Directors is convened but does not have the required number of attendees, the Chairman of the Board of Directors must convene the second meeting of the Board of Directors within no more than fifteen working days thereafter.

After two unsuccessful attempts to convene a meeting of the Board of Directors with the required number of attendees, the Chairman of the Board of Directors shall propose that the Board of Directors convene an extraordinary general meeting within no more than thirty working days thereafter to examine the qualifications of the Board of Directors members who did not attend the meeting and take appropriate measures.

4. The content and conclusions of each session of the Board of Directors must be recorded in the Minutes. The Minutes must bear the signatures of the Chairperson and the secretary of the session. The Chairperson and the secretary are jointly responsible for the accuracy and truthfulness of the Minutes of the Board of Directors meetings. Board of Directors members have the right to reserve their opinions, which must be documented in writing with the signature of the person reserving the opinion and stored together with the Minutes of the session.

Article 15.

1. Within no more than fifteen working days from the date the Chairman of the Board of Directors is suspended from activities under Clause 1, Article 5 of this Regulation, the members of the Board of Directors shall organize a meeting of the Board of Directors to elect a member of the Board of Directors (meeting the current standards and conditions) to temporarily assume the duties of the Chairman of the Board of Directors. The Board of Directors must submit to the nearest General Meeting of Members for decision and proceed with the procedures for relieving, removing, and electing the Chairman of the Board of Directors according to the current regulations.

2. If the Chairman of the Board of Directors wishes to resign, he/she must submit a letter to the Board of Directors. Within thirty days from the date of receipt of the letter, the Board of Directors must convene a meeting to examine the matter, submit to the nearest General Meeting of Members for decision, and proceed with the procedures for relieving, removing, and electing the Chairman of the Board of Directors according to the current regulations.

3. If a member of the Board of Directors wishes to resign, he/she must submit a letter to the Board of Directors. The Board of Directors must convene a meeting to examine the matter, submit to the nearest General Meeting of Members for decision, and proceed with the procedures for relieving, removing the member of the Board of Directors according to the current regulations.

Article 16.

1. In the case where the number of members of the Board of Directors decreases by more than one-third or falls below the minimum number of members stipulated in the Charter of the People's Credit Fund, within no more than thirty working days from the date the number of members of the Board of Directors falls below the stipulated number, the Board of Directors must convene a General Meeting of Members to elect additional members of the Board of Directors.

2. In other cases of shortage outside the provisions of Clause 1 of this Article, the nearest General Meeting of Members will elect new members of the Board of Directors to replace those members of the Board of Directors who have been relieved, removed, or to supplement the missing members.

PART 2. AUDIT BOARD

Article 17. Organization of the Audit Board

1. The Audit Board shall be directly elected, dismissed, or removed by the Members' Assembly through secret ballot.

2. Members of the Audit Board must be members of the People's Credit Cooperative. For People's Credit Cooperatives with state support capital, the State Capital Management Agency may appoint representatives to participate as members of the Audit Board of the People's Credit Cooperative.

3. The Audit Board shall have a minimum of three members, including at least one full-time member. The Audit Board shall elect a Chairperson to manage its operations. For grassroots People's Credit Cooperatives that meet the conditions stipulated by the State Bank, they may only elect one full-time auditor. The number of Audit Board members shall be determined by the Members' Assembly and recorded in the Charter of the People's Credit Cooperative.

4. The term of office of the Audit Board shall coincide with the term of office of the Management Board.

Article 18.

1. Within no more than fifteen working days from the date the Chairperson of the Audit Board is suspended from activities under Clause 1, Article 5 of this Regulation, the Audit Board members shall organize a meeting to elect a qualified member of the Audit Board to serve as the Chairperson. In cases where a grassroots People's Credit Cooperative has only one full-time auditor, within thirty working days from the date the auditor loses their qualifications, the Management Board shall convene a Members' Assembly to elect a replacement auditor.

2. If the Chairperson of the Audit Board wishes to resign, they must submit a letter to the Audit Board. Within fifteen working days from the receipt of the resignation letter, the Audit Board must convene a meeting to consider and decide on the election of a new Chairperson according to regulations. In cases where a grassroots People's Credit Cooperative has only one full-time auditor, if the auditor wishes to resign, they must submit a letter to the Management Board. Within thirty working days from the receipt of the resignation letter, the Management Board shall convene a Members' Assembly to elect a replacement auditor.

3. If an Audit Board member wishes to resign, they must submit a letter to the Audit Board for consideration by the nearest Members' Assembly.

Article 19.

1. In cases where the number of Audit Board members falls below the minimum number stipulated in the Charter of the People's Credit Cooperative, within no more than thirty days from the date the number of Audit Board members falls below the stipulated number, the Audit Board must request the Management Board to convene an extraordinary Members' Assembly to elect additional Audit Board members.

2. In other cases of shortage not provided for in Clause 1 of this Article, the nearest Members' Assembly will elect new Audit Board members to replace those who have been dismissed, removed, or to supplement the missing members.

Article 20. Duties and Powers of the Audit Board

1. Develop inspection and supervision programs and plans and organize their implementation.

2. Inspect and supervise the People's Credit Cooperative's operations in accordance with the law.

3. Inspect and supervise compliance with the Charter of the People's Credit Cooperative, resolutions of the Members' Assembly, and resolutions of the Management Board.

4. Inspect financial matters, accounting, income distribution, loss handling, use of funds, property, and state support, and recommend measures to rectify any violations (if any).

5. Receive and resolve complaints and reports related to the operations of the People's Credit Cooperative within its jurisdiction.

6. The Chairperson or representative of the Audit Board may attend meetings of the Management Board but shall not vote. If there is disagreement with decisions made by the Management Board, they have the right to record their opinion in the minutes of the meeting and report directly to the Members' Assembly.

7. Have the right to request relevant persons in the People's Credit Cooperative to provide documents, ledgers, vouchers, and other necessary information for inspection purposes, but shall not use such materials and information for other purposes.

8. Utilize the internal audit system (if available) of the People's Credit Cooperative to perform the duties of the Audit Board.

9. Prepare programs and convene extraordinary Members' Assemblies when any of the following situations occur:

a) When the Management Board fails to correct or does not effectively correct violations of laws, the Charter, and resolutions of the Members' Assembly as requested by the Audit Board.

b) When the Management Board fails to convene an extraordinary Members' Assembly upon the request of a member to address issues raised in a petition.

10. Notify the Management Board, report to the Members' Assembly and the State Bank on the results of supervision; recommend to the Management Board and the Director of the People's Credit Cooperative to rectify weaknesses and violations in the operations of the People's Credit Cooperative.

Article 21. Duties and Powers of the Chairperson of the Audit Board

1. Represent the Audit Board to convene and chair extraordinary Members' Assemblies as stipulated in Clause 9, Article 20 of this Regulation.

2. Convene and chair meetings of the Audit Board.

3. Assign specific tasks to each member of the Audit Board.

4. Be responsible for directing Audit Board members to implement the duties and powers of the Audit Board.

5. Propose the Management Board to convene an extraordinary session to handle cases of violation of laws, this Regulation, and the Charter of the People's Credit Cooperative.

6. Delegate one of the Audit Board members to assume the responsibilities of the Chairperson during their absence.

7. Perform other duties and powers as prescribed in the Charter of the People's Credit Cooperative.

Article 22. Duties and Powers of Audit Board Members

1. Participate in the election, dismissal, or removal of the Chairperson of the Audit Board.

2. Inspect, supervise, and be responsible for the area assigned, at least once a month submitting a written report on the situation and results of supervision to the Chairperson of the Audit Board.

3. Promptly detect and report to the Chairman of the Supervisory Board on any violations and unusual events within the assigned field; in cases of concealment or failure to timely recommend measures for handling violations, they shall be jointly liable for responsibility.

4. Be responsible before the Supervisory Board, the General Meeting of Members, and the law regarding their assessments and conclusions on the accuracy and truthfulness of data and files related to the activities of the People's Credit Fund within the assigned field.

5. Perform other tasks and powers as stipulated in the Charter of the People's Credit Fund.

Article 23. Specialized members of the Supervisory Board receive salaries, while other members of the Supervisory Board receive remuneration as decided by the General Meeting of Members.

SECTION 3. DIRECTOR OF THE PEOPLE'S CREDIT FUND

Article 24.

1. The Director of the People's Credit Fund is appointed, dismissed, or removed from office by the Board of Directors.

2. The term of appointment of the Director is equal to the term of the incumbent Board of Directors.

3. The Director of the People's Credit Fund may not participate in management at economic organizations; may not lead political or social organizations at the local level.

Article 25.

1. In case the Director is suspended from operations under Clause 1, Article 5 of this Regulation, the Board of Directors must immediately appoint a Deputy Director (if available) or select a Head of Business Department (if there is no Head of Business Department, then appoint a business officer) who meets the conditions specified by the State Bank and does not fall under the provisions of Articles 3 and 4 of this Regulation to assume the duties of the Director and report immediately in writing to the State Bank.

2. Within a maximum period of thirty working days from the date the Director is suspended from operations or the resignation letter is accepted, the Board of Directors must proceed with the procedures to appoint a new Director and submit it to the State Bank for approval.

3. In case the Director violates laws, regulations of the State Bank, and the Charter of the People's Credit Fund, the Board of Directors has the right to temporarily suspend the Director's management authority, and must immediately appoint a Deputy Director (if available) or select a Head of Business Department (if there is no Head of Business Department, then appoint a business officer) who meets the conditions specified by the State Bank and does not fall under the provisions of Articles 3 and 4 of this Regulation to assume the duties of the Director and report immediately in writing, proposing measures to address the violations, as well as the position of Director to the State Bank for resolution according to current regulations.

4. During the time the Director has not been approved by the State Bank, the Chairman of the Board of Directors and other members of the Board of Directors, the Chairman of the Supervisory Board, and other members of the Supervisory Board have the responsibility to supervise the Director in managing the operations of the People's Credit Fund in accordance with the law.

Article 26. Duties and Powers of the Director of the People's Credit Fund

1. Be responsible for managing all activities of the People's Credit Fund in accordance with the law, the Charter, and resolutions of the General Meeting of Members and the Board of Directors.

2. Select and propose to the Board of Directors for the appointment or dismissal of the Deputy Director (if applicable) and the Chief Accountant.

3. Hire, discipline, and terminate employees working at the People's Credit Fund.

4. Sign reports, documents, contracts, and vouchers; submit reports on the situation and results of the People's Credit Fund's operations to the Board of Directors.

5. The Director, who is not a member of the Board of Directors, may attend meetings of the Board of Directors, provide opinions but does not have voting rights.

6. Prepare operational reports, final accounts, profit distribution proposals, loss handling plans, risk handling plans (if any), and develop operational guidelines for the next year for the Board of Directors to consider and submit to the General Meeting of Members.

7. Refuse to implement decisions that violate the law, the Charter, and resolutions of the General Meeting of Members, the Board of Directors, and the Chairman of the Board of Directors, and simultaneously report immediately to the State Bank for appropriate measures.

8. Perform other powers and duties as prescribed by law, the Charter of the People's Credit Fund, and decisions of the Board of Directors.

PART 4. PROCEDURE, PROCEDURES, FILES FOR CHANGING AND APPROVING THE ELECTION, APPOINTMENT, REMOVAL FROM OFFICE, DISMISSAL OF THE CHAIRMAN OF THE BOARD OF MANAGEMENT, BOARD OF MANAGEMENT MEMBERS, SUPERVISION BOARD MEMBERS, DIRECTOR OF RURAL CREDIT COOPERATIVES

||| PROCEDURE, APPOINTMENT, REMOVAL FROM OFFICE, DISMISSAL OF THE CHAIRMAN OF THE BOARD OF MANAGEMENT, BOARD OF MANAGEMENT MEMBERS, SUPERVISION BOARD MEMBERS, DIRECTOR OF RURAL CREDIT COOPERATIVES
||| BOARD OF MANAGEMENT, SUPERVISION BOARD MEMBERS, DIRECTOR OF RURAL CREDIT COOPERATIVES
||| RURAL CREDIT COOPERATIVES

Article 27.

1. At least 30 working days before convening the Member Assembly to change the Chairman of the Board of Management, Board of Management members, Supervision Board members, Rural Credit Cooperatives must issue a notification and guide the standards and conditions for candidates running for the position of Chairman of the Board of Management, Board of Management members, Supervision Board members for all members of Rural Credit Cooperatives to prepare necessary procedures to participate in nomination or self-nomination for these positions.

2. The curriculum vitae (according to the attached model in this Regulation) of the person nominated or self-nominated for the position of Chairman of the Board of Management, Board of Management members, Supervision Board members must be publicly announced so that all attending members of the Member Assembly are aware before voting.

3. The person nominated or self-nominated for the position of Chairman of the Board of Management, Board of Management members, Supervision Board members shall bear legal responsibility before the law and the Member Assembly for the accuracy and truthfulness of their curriculum vitae content.

Article 28.

1. The Governor of the State Bank of Vietnam examines and issues a document approving or not approving the change of the Chairman of the Board of Management, Board of Management members, Supervision Board members, General Director of Central Rural Credit Cooperatives

2. The Governor of the State Bank of Vietnam authorizes the Governor of the Branch of the State Bank of Vietnam in provinces and cities to examine and issue a document approving or not approving the change of the Chairman of the Board of Management, Board of Management members, Supervision Board members, Director of Rural Credit Cooperatives on the territory.

3. Rural Credit Cooperatives may only proceed with changing the Chairman of the Board of Management, Board of Management members, Supervision Board members, Director after receiving the approval document from the State Bank.

Article 29.

1. In cases of changing the Chairman of the Board of Management, Board of Management members, Supervision Board members, Director, Rural Credit Cooperatives establish a file requesting the State Bank's approval for the change. The file includes:

a) A report from the Chairman of the Board of Management proposing the change of the Chairman of the Board of Management, Board of Management members, Supervision Board members, Director of Rural Credit Cooperatives (specifying the reasons for the change);

b) Minutes of the Board of Management meeting or Supervision Board meeting regarding the change of the positions of Chairman of the Board of Management, Board of Management members, Head of the Supervision Board, Supervision Board members, Director of Rural Credit Cooperatives;

c) Original resignation letter or replacement representative form of legal entity (if applicable);

d) Curriculum vitae (original) of the person expected to be the Chairman of the Board of Management, Board of Management members, Supervision Board members, Director according to the attached model;

đ) Certified copies of diplomas and certificates of the person expected to be the Chairman of the Board of Management, Board of Management members, Supervision Board members, Director;

e) Other related documents.

2. Within no more than 07 working days from the date of receiving complete files as prescribed, the State Bank will examine and issue a document approving or not approving the change of the Chairman of the Board of Management, Board of Management members, Supervision Board members, Director of Rural Credit Cooperatives; if not approved, the reasons must be clearly stated.

Article 30.

1. After receiving the approval document from the State Bank, the Board of Management of Rural Credit Cooperatives convenes the Member Assembly to remove from office, dismiss and elect the positions of Chairman of the Board of Management, Board of Management members, Supervision Board members or the Board of Management holds a decision to appoint the Director.

2. Within no more than 15 working days from the date the Member Assembly approves the removal from office, dismissal and election of the positions of Chairman of the Board of Management, Board of Management members, Supervision Board members or the Board of Management makes a decision to appoint the Director, Rural Credit Cooperatives must complete the file and send it to the State Bank. The file includes:

a) A report from the Chairman of the Board of Management proposing approval of the removal from office, dismissal and election, appointment of the positions of Chairman of the Board of Management, Board of Management members, Supervision Board members, Director;

b) Resolution of the Member Assembly on the removal from office, dismissal and election of the positions of Chairman of the Board of Management, Board of Management members, Supervision Board members; Minutes of the Board of Management meeting on the appointment of the Director;

c) Curriculum vitae (original) of the members proposed for approval of the elected or appointed positions (according to the attached model);

d) Certified copies of diplomas of the members proposed for approval of the elected or appointed positions;

đ) Other related documents.

Article 31.

1. Within no more than 10 working days from the date of receiving complete files as stipulated in Clause 2 of Article 30 of this Regulation, the State Bank has the responsibility to examine and decide to approve the positions (if they meet the regulations) or issue a document requiring Rural Credit Cooperatives to supplement and explain further the file. If more than 30 working days from the date the State Bank issues a document requesting supplementation and further explanation of the file, the Board of Management of Rural Credit Cooperatives cannot complete the file according to the requirements, then the State Bank will not consider the positions proposed for approval.

2. Those who have been elected or appointed to positions at Rural Credit Cooperatives but not approved by the State Bank will not continue to hold the duties of the elected or appointed positions.

3. The members of the Management Board and the remaining members of the Supervisory Board of the People's Credit Fund shall be responsible before the members, under the law, and the State Bank of Vietnam for the management, supervision, and operation of the People's Credit Fund, and must promptly carry out the procedures to remove, dismiss, elect, or appoint any positions that are still vacant or insufficient according to this Regulation and the Charter of the People's Credit Fund to submit to the State Bank of Vietnam for examination and approval.

Chapter III

IMPLEMENTING PROVISIONS

Article 32. Any amendment or supplementation to this Regulation shall be decided by the Governor of the State Bank of Vietnam./.