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This is a prominent feature of Decree No. 116/2018 / ND-CP amending and supplementing a number of articles of Decree 55/2015 / ND-CP on credit policies for agricultural and rural development. Accordingly, the subject named bank loan contract of business household is regulated as follows:
- Because business households do not have legal status when they participate in loan transactions, therefore, members of business households are involved in setting up and executing loan transactions;
- Members may authorize their representatives to establish and implement this loan transaction; the authorization must be made in writing, unless otherwise agreed;
- When there is a change of representative, it must inform the party participating in the loan relations.
Where a member of a household business is not authorized by another member to act as a representative, such member shall be the subject of the loan relationship established and implemented by such member. Decree 55/2015 / ND-CP is effective from 25/10/2018.