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The Enterprise Law No. 59/2020/QH14 will officially take effect from January 1, 2021 with many new contents compared to today. One of them is about the duration of common stock ownership.
Specifically, the clause 2, article 115 of the enterprise law 2020, already removed the content which a shareholder or a group of shareholders must own ordinary shares for a continuous period of at least 6 months previously specified in Clause 2, Article 114 of the Law on Enterprises in order to have the below rights such as to nominate people to the Board of Directors, to the Supervisory Board, to convene the General Meeting of Shareholders, to request the Supervisory Board to examine each specific issue related to the management and operation of company when necessary.
In addition, according to the enterprise law 2020, a shareholder or group of shareholders owns 5% (instead of 10% under the Enterprise Law 2014) of the total number of ordinary shares or more or a smaller percentage as specified in the company charter also has the same rights as above.
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Dong Du International Accounting & Legal Consulting Group HCMC, Vietnam, Southeast Asia Business Consulting Network
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