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New Decree on How to Enforce Law in Business Issued

As of November 15, 2010, Decree no. 102/2010/ND-CP dated October 1, 2010 providing instruction details on how to implement a number of articles of Law in Business, which is a replacement of Decree no. 139/2007/ND-CP dated September 5, 2007 will take effect.

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In comparison with the previous decree, this one has new additions regarding capital contribution in the form of intellectual property rights, corporate charter capital, issued shares and some issues in relation to corporate shareholders ...

Accordingly, intellectual property rights include copyrights, rights relating to copyright, industrial property and plant varieties and other intellectual property rights used as means of capital contribution.

Individuals and organizations alone who are the holders of the above-mentioned rights are allowed to use their property as means of capital contribution.

Ministry of Finance offers guidelines on the pricing of capital contribution in the form of intellectual property rights.

According to the decree, a member or an owner of a limited company is to contribute the promised capital to the charter capital within 36 months as of the issuance date of business certificates or of certificates of additional registration and new membership.

The charter capital of a joint-stock company is the total par value of issued shares.

The issued shares are the ones that corporate shareholders have fully paid for.

At the registration time of business start-up, the charter capital of a join stock company is the total par value of shares that founder shareholders and common shareholders have registered to buy and are mentioned in corporate bylaws.

These shares must be fully paid for within 90 days as of the issuance date of business certificates.

Additionally, some issues relating to a joint-stock company shareholder meeting are clearly defined in the Decree.

In terms of non-voting shareholders at the shareholder meeting, the shareholder meeting’s resolutions will be approved with the agreement of at least 65 percent or 75 percent of voting shareholders according to points A and B in Clause 3 of Article 104 of Law in Business.

Reported by Ha Mi, Translated by Duy Minh

Author: phongvien

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