Electing the Chairman of the Board of Directors:
The Board of Directors shall elect the chairman of the Board of Directors, and the Chairman of the Board of Directors shall be elected from the members of the Board of Directors. As follows:
The Chairman of the Board of Directors shall be elected at the first meeting of the Board of Directors term within 07 working days from the end of the Board of Directors election for that term. This meeting is convened and chaired by the member with the highest number of votes or the highest percentage of votes cast. If there is more than one member with the highest or equal number of votes or votes, the members shall vote on the principle of majority to select one of them to convene a meeting of the Board of Directors.
The Chairman of the Board of Directors may act concurrently as the Director or General Director of the company unless the Joint Stock Company is held by the State with more than 50% of the total votes, the Chairman of the Board of Directors may not concurrently act as the Director or The General Director and the company’s charter and the law on securities do not provide otherwise
Dismissal of the Chairman of the Board of Directors:
According to Article 156 of the Law on Enterprises, the Chairman of the Board of Directors will be dismissed in the following cases:
– Failing to meet the criteria and conditions prescribed in Article 151 of this Law;
– Not participating in activities of the Board of Directors for 06 consecutive months, except for force majeure cases;
– Resignation letter;
– Other cases prescribed by the company’s charter.
Dismiss the Chairman of the Board of Directors
The dismissal, as well as election and dismissal of the Chairman of the Board of Directors, shall be effected when there is a decision of the Board of Directors. Unless otherwise provided in the company charter, this decision will be approved by voting at the Board meeting.
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