Obligations of the company’s owner

Article 76. Obligations of the company’s owner

bookkeeping-vinasc31. Contribute charter capital fully and punctually.

2. Adhere to the company’s charter.

3. Determine and separate assets of the owner and those of the company. The company’s owner being an individual must separate the expenditures of his/her own and his/her family from those made in the position of the company’s President, Director, or General Director.

4. Comply with regulations of law on contracts and relevant regulations of law on buying, selling, loaning, borrowing, leasing, renting, and other transactions between the company and the company’s owner.

5. The company’s owner may only withdraw capital by transferring part of or all of the charter capital to another organization or individual; when withdrawing part of or all of charter capital contributed to the company using another method, the owner and relevant organization or individual shall be jointly responsible for the debts and other liabilities of the company.

6. The company’s owner must not receive profit when the company fails to pay the due debts and other liabilities.

7. Fulfill other obligations prescribed in this Law and the company’s charter.

Article 77. Performance of the company’s owner’s rights in some special cases

1. When the owner transfers, give part of the charter capital to another organization or individual (hereinafter referred to as entity), or the company has a new member, the company shall be converted into a multi-member limited liability company or joint-stock company, register changes to business registration contents with the business registration authority within 10 days from the date on which capital is transfer, given, or the new member is admitted.

2. In case the company’s owner being an individual is detained, sentenced to imprisonment, or deprived of the right to practice by a court as prescribed by law, such member shall authorize another person to perform the rights and obligations of the company’s owner.

bookkeeping-vinasc13. If the company’s owner being an individual dies, his/her inheritor according to the will or law shall be the owner or member of the company. The company shall be converted correspondingly and register changes to business registration contents within 10 days from the completion of the inheritance process.

If the company’s owner being an individual dies without an inheritor or the inheritor renounces the inheritance or has the right to inherit deprived, the owner’s stake shall be settled in accordance with regulations of law on civil affairs.

4. In case the company’s owner being an individual becomes legally incompetent, rights and obligations of the company’s owner shall be performed by the guardian.

5. If the company’s owner being an organization is dissolved or bankrupt, the recipient of the owner’s stake shall become the owner or member of the company. The company shall be converted correspondingly and register changes to business registration contents within 10 days from the completion of the transfer process.