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NATIONAL ASSEMBLY         SOCIALIST REPUBLIC Of VIETNAM

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                      NATIONAL ASSEMBLY

           Of THE SOCIALIST REPUBLIC Of VIETNAM

               9th LEGISLATURE, 5TH SESSION

              (from 26 May to 23 June, 1994)

LAW ON AMENDMENT Of SOME ARTICLES Of THE LAW ON COMPANY

- In order to create favorable conditions for investment, business operation and raise the effect of the State management on business activities :

- Pursuant to Article 84 of the Constitution of the Socialist Republic of Vietnam in 1992 :

- This law amends some Articles of the Law on Company approved by the National Assembly of the Socialist Republic of Vietnam on 21 December, 1990.

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• Article 1

  To Amend some Articles of the Law on Company as follows :
  • 1. THE LAST PARAGRAPH Of ARTICLE 16 SHALL BE AMENDED AS fOLLOWS:

    "In the case where the applicant who asks for permission to establish an enterprise sees that the refusal to grant the license is not satisfactory, he shall be entitled to make a complaint to the Prime Minister"

  • 2. THE fiRST PARAGRAPH Of ARTICLE 17 SHALL AMENDED AS fOLLOWS :

    "The Company shall be liable to register for business operation at the Planning Committee of the provinces, cities under Central authority. The file for business registration shall include :License for the establishment, rules of the Company and document to justify the transaction residence of the Company."

  • 3. THE LAST PARAGRAPH Of ARTICLE 18 SHALL BE AMENDED AS fOLLOWS:

    "Within seven (7) days, from the date on which the certificate for business registration was granted, the Planning Committee shall be liable to send the copy of the certificate for business operation enclosed with the file of the Company to the taxation, financial, statistical agencies and other agencies functioning technical economic branch management at the same level".

  • 4. POINT 1, ARTICLE 20 SHALL BE AMENDED AS fOLLOWS :

    "1. To ask for permission of the People's Committee of the provinces and cities under Central authority where the branch office or representative office are located and to register for business operation at the Planning Committee at the same level as prov ided in Article 14, 17 and 18 of this Law."

  • 5. ARTICLE 21 SHALL BE AMENDED AS fOLLOWS :

    "Article 21.

    When changing objectives or business lines, legal capital and other contents in the file for business registration, the Company shall be liable to report again to the Planning Committee which granted certificate for business operation and published in the newspaper according to provisions in Article 19 of this Law ".

  • 6. ARTICLE 24 SHALL BE AMENDMENT AS fOLLOWS :

    "Article 24

    A Company falling into bankruptcy shall be the Company 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 p rivate enterprise shall be implemented according to the provisions of the law on Bankruptcy".

  • 7. POINT 2, ARTICLE 32 SHALL BE AMENDED AS fOLLOWS :

    "2. In the case where the capital contribution is publicly mobilized from other persons, after being granted license for the establishment, the founder shall be liable to submit a draft of the rules of the Company, the list of founders and their permanent residence address and professions"

  • 8. THE WORDS "COUNCIL Of MINISTERS" SHALL BE AMENDED AS 'GOVERNMENT". THE WORDS "CHAIRMAN Of COUNCIL Of MINISTERS" SHALL BE AMENDED AS "THE PRIME MINISTER".

• Article 2:

  This law shall come into full force and effect from 1st July, 1994.
  

  Any provisions previously promulgated contrary to this Law shall be abrogated.

• Article 3 :

  The Government shall amend the documents, providing details for implementation of the Law on Company so that it shall be appropriate to this Law.
  

  This Law was approved by the National Assembly of the Socialist Republic of Vietnam at 9th legislature, 5th session on 22 June , 1994.

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• for the National Assembly
• of the Socialist Republic of Vietnam
• Chairman

• NONG DUC MANH
• (Signed)