Law on Enterprise 2005 (Phillips Fox)

Law on Enterprise 2005 (Phillips Fox) - NATIONAL ASSEMBLY...

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© Phillips Fox Translation 1 NATIONAL ASSEMBLY SOCIALIST REPUBLIC OF VIETNAM Independence - Freedom - Happiness No. 60-2005-QH11 LAW ON ENTERPRISES Pursuant to the 1992 Constitution of the Socialist Republic of Vietnam as amended and supplemented by Resolution 51-2001-QH10 dated 25 December 2001 of Legislature X of the National Assembly at its 10th session. This Law provides for enterprises. CHAPTER I General Provisions Article 1 Governing scope This Law provides for the establishment, management organization and operation of limited liability companies, shareholding companies, partnerships and private enterprises in all economic sectors (hereinafter referred to as enterprises); provides for corporate groups. Article 2 Applicability 1. Enterprises of all economic sectors. 2. Organizations and individuals involved in the establishment, management organization and operation of the enterprises. Article 3 Application of the law on Enterprises, international treaties and relevant legislation 1. The establishment, management organization and operation of enterprises in all economic sectors shall comply with this Law and other relevant provisions of the law. 2. In special cases where the establishment, management organization and operation of an enterprise are regulated by another law, the provisions of such law shall apply. 3. If an international treaty of which the Socialist Republic of Vietnam is a member contains provisions which are different from the provisions in this Law, the provisions of such international treaty shall apply. Article 4 Interpretation of terms In this Law, the following terms shall be construed as follows: 1. Enterprise means an economic organization having its own name, having assets and a stable transaction office, and having business registration in accordance with law for the purpose of conducting business operations.
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© Phillips Fox Translation 2 2. Business means the continuous conduct of one, several or all of the stages of the investment process, from production to sale of products or provision of services in the market for profits. 3. Valid documents mean documents comprising all papers as required by this Law, providing all information as required by law. 4. Capital contribution means the transfer of assets into a company so as to become the owner or a joint owner of the company. Capital contribution may be in the form of Vietnamese currency, freely convertible foreign currency, gold, value of land use rights, value of intellectual property rights, technology, technical know how, or other assets recorded in the charter of the company as being contributed by the members to form the capital of the company. 5. Share of capital contribution means the ratio of capital contributed by the owner or the joint owners of the company to the charter capital.
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This note was uploaded on 10/24/2011 for the course ECON 101 taught by Professor Abcd during the Fall '11 term at RMIT Vietnam.

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Law on Enterprise 2005 (Phillips Fox) - NATIONAL ASSEMBLY...

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