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NATIONAL ASSEMBLY SOCIALIST REPUBLIC Of VIETNAM
Of THE S.R.VIETNAM Independent-freedom-Happiness
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To amend some articles of the Law on Private Enterprise as follows :
"Article 10.
The People's Committee which receive the application shall be liable to grant license for the establishment within thirty (30) days, from the date of receipt of the application; if the license is refused to be granted, the People's Committee s
hall be liable to give clear reason. In the case where the applicant who asks for permission to establish a private enterprise sees that the refusal to grant the license is not satisfactory, he shall be entitled to make a complaint to the State competent
body at higher level of the People's Committee to grant license for the establishment of the enterprise".
"Within sixty (60) days, from the date of being granted license for the establishment, the owner of private enterprise shall be liable to register for his business at the planning agency at the same level with the People's Committee which granted the lic ense for the establishment of the enterprise".
"Within seven (7) days, from the date on which the certificate for business registration was granted, the Planning agency shall be liable to send the copy of certificate for business registration enclosed with the file of the enterprise to the taxation, f inancial statistical agencies and other agencies functioning technical-economic branch management at the same level.
"1. To ask for permission of the People's Committees of the provinces, cities under central authority where the branch office or representative office are located and to register for business operation at the planning agency at the same level with the Peo ple's Committee which permitted to set up branch office or representative office according to the regulations in Article 8 and Article 11 of this Law.
"Article 15.
When changing objectives or business lines, original investment capital and other contents in the file for business registration the owner of private enterprise shall be liable to report again to the planning agency which granted certificate for business operation. for private enterprise which was granted license for the establishment by the People's Committee of the provinces of cities under central authority, the owner of the enterprise shall also the liable to publish in the newspaper on the changed co ntents."
"Article 17.
A private enterprise falling into bankruptcy shall be the enterprise which meets difficulties or runs into losses in business operation and after necessary financial measures were taken, it is still not capable of paying due loans.
The settlement of bankruptcy of the private enterprise shall be implemented according to the provisions of the Law on Bankruptcy."
"Article 23.
The owner of the private enterprise shall be entitled to put his enterprise for lease. Before whole lease of his enterprise is made, the owner of the enterprise shall be liable to report, in writing, to the planning agency which granted certificate for bu siness registration. During the lease, the owner of the private enterprise is still be responsible before the law as the owner of the enterprise".
"After completing the sale or the merger of the enterprise into another enterprise, the owner of the private enterprise shall be liable to report to the planning agency which granted certificate for business registration in order to cancel its name in the business registration in order to cancel its name in the business registration book and to give a notice publicly."
This Law shall come into full force and effect from 1st July, 1994 . Any provisions previously promulgated contrary to this Law shall be abrogated.
The Government shall amend the documents providing details for implementation of the Law on Private Enterprise so that it shall be appropriate to this law.
The Law was approved by the National Assembly of the Socialist Republic of Vietnam at 9th legislature, session 5 on 22 June, 1994.