XIV. Bank Accounts, Fund Establishment, Fiscal Year, And Accounting System
Article index
- Charter Tan Tao investment – industry corporation
- Introduction
- II. Name, form, headquarters, legal representative, branches, representative offices and operating term of the company
- III. Objectives, business scope and operations of the company
- IV. Chartered Capital, Shares And Founding Shareholders
- V. Organization, management and control
- VI. Shareholders And Shareholders Meeting
- VII. Board Of Directors
- VIII. Managing Director, Other Managers And Company Secretary
- IX. Authorized tasks of members of the board of directors, managing director and managers
- X. Supervisory Board
- XI. Authority To Investigate The Company’s Books And Records
- XII. Employees And Unions
- XIII. Profit Sharing
- XIV. Bank Accounts, Fund Establishment, Fiscal Year, And Accounting System
- XV. Annual Reports, Responsibility To Provide Reports, Public Announcements
- XVI. Company Auditing
- XVII. Seal
- XVIII. Termination of operations and liqudation
- XIX. Settlement Of Internal Disputes
- XX. Charter Amendment
- XXI. Effective Date
Article 35. Bank accounts
35.1. The Company will open its accounts in one or more of Vietnam’s banks or in foreign banks permitted to operate in Vietnam.
35.2. With the approval of the bodies with jurisdiction, the Company can open an account abroad as regulated by the Law, if necessary.
35.3. The Company will make all payment and accounting transactions via the Vietnam dong or foreign currency accounts at the bank where the Company has accounts.
Article 36 Deduction and fund establishment
Each year, the Company must deduct from its post-tax profits an amount to put in a Reserve Financial Fund. This cannot exceed five percent (5%) of the Company’s post-tax profit and will only continue to be deducted until the Reserve Financial Fund is equal to 10% of the Company’s Chartered Capital. The Company can deduct its post-tax profit to establish other funds according to the decision of the Shareholders Meeting.
Article 37 Fiscal year
The Company’s fiscal year begins on January 1 and ends on December 31 of the same year.
Article 38 Accounting system
38.1. The Company’s accounting system uses Vietnamese Accounting Standards (VAS) or any other system approved by the Ministry of Finance.
38.2. The Company must maintain its accounting books in Vietnamese. The Company will keep its accounting records in accordance with the types of operations which the Company performs. These records must be accurate, up-to-date, systematic and sufficient to prove and explain all the Company’s transactions.
38.3. The Company uses the Vietnam dong as the official currency in its accounting system and can be converted to foreign currency based on the decision of the Board of Directors at the end of each fiscal year.