Circular No. 21/2014/TT-BTC dated February 14, 2014 of the Ministry of Finance promulgating the Regulation on activities of authorized representatives for state capital invested in enterprises

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ATTRIBUTE

Circular No. 21/2014/TT-BTC dated February 14, 2014 of the Ministry of Finance promulgating the Regulation on activities of authorized representatives for state capital invested in enterprises
Issuing body: Ministry of FinanceEffective date:
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Official number:21/2014/TT-BTCSigner:Tran Van Hieu
Type:CircularExpiry date:
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Issuing date:14/02/2014Effect status:
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Fields:Enterprise

SUMMARY

AUTHORIZED REPRESENTATIVES MUST POSSESSING AT LEAST THREE YEARS OF EXPERIENCE

On February 14, 2014, the Ministry of Finance issued the Circular No. 21/2014/TT-BTC promulgating the Regulation on activities of authorized representatives for state capital invested in enterprises.

In particular, the most important contents are regulations are the standards and conditions for authorized representatives. Authorized representatives must satisfy the standards and conditions as: being a Vietnamese citizen permanently residing in Vietnam; having full civil act capacity; possessing good moral qualities and being physically fit for the post; possessing legal knowledge and a sense of law observance; possessing professional university or higher qualifications, ability and practical experience of three or more years in corporate finance management, business and organization of corporate management relevant to the requirements of the post of authorized representative. In foreign-involved enterprises, the representative must have adequate foreign language skills to work directly with foreigners; not being a spouse, parent or adoptive parent, birth or adopted child or natural sibling of a manager or executive of the enterprise with state-contributed capital and of a person competent to decide on authorization of representatives.

In the case that the authorized representatives join in the Board of Directors or Members’ Council or hold the post of general director or director of an enterprise, a representative must satisfy all standards and conditions of such post as prescribed by the Law on Enterprises; the charter of the enterprise; standards of leading and managerial posts as prescribed by the Law on Cadres and Civil Servants for persons appointed to be representatives of enterprises with state-contributed capital.

This Circular takes effect on April 01, 2014.
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THE MINISTRY OF FINANCE
 
SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
No. 21/2014/TT-BTC
Hanoi, February 14, 2014
 
Circular
Promulgating the Regulation on activities of authorized representatives for state capital invested in enterprises[1]
Pursuant to the Government’s Decree No. 99/2012/ND-CP of November 15, 2012, on assignment and decentralization of the exercise of rights and performance of responsibilities and obligations of the state owner toward state enterprises and state capital invested in enterprises;
Pursuant to the Government’s Decree No. 61/2013/ND-CP of June 25, 2013, on the Regulation on financial supervision and assessment of operation effectiveness and financial publicity of stated-owned and state-invested enterprises;
Pursuant to the Government’s Decree No. 71/2013/ND-CP of July 11, 2013, prescribing the investment of state capital in enterprises and financial management of enterprises of which the State holds 100% of charter capital;
Pursuant to the Government’s Decree No. 215/2013/ND-CP of December 23, 2013, defining the functions, tasks, powers and organizational structure of the Ministry of Finance;
At the proposal of the director of the Corporate Finance Department;
The Minister of Finance promulgates the Circular on the Regulation on activities of authorized representatives for state capital invested in enterprises.
Article 1. To promulgate together with this Circular the Regulation on activities of authorized representatives for state capital invested in enterprises.
Article 2. This Circular takes effect on April 1, 2014.
Article 3. Authorized representatives for state capital invested in enterprises; agencies and organizations assigned, decentralized or delegated by the Government or the Prime Minister to act as owners of state capital invested in enterprises shall implement this Circular.-
For the Minister of Finance
Deputy Minister
TRAN VAN HIEU

 

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Official Gazette
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