Chapter I
GENERAL PROVISIONS
Article 1.- Cooperatives
A cooperative is a collective economic organization established under the provisions of this Law by individuals, households or legal persons (hereinafter referred collectively to as cooperative members) who share common demands and interests, and volunteer to contribute capital and labor in order to bring into play the collective strength of each cooperative member, to help one another efficiently conduct production/business activities and improve the material and spiritual life, thus contributing to the national socio-economic development.
A cooperative operates as a type of enterprise, having the legal person status, enjoying autonomy and taking self-responsibility for financial obligations within the scope of its charter capital, accumulated capital and other capital sources according to law provisions.
Article 2.- Scope of regulation
This Law prescribes the setting up, organization and operation of cooperatives in all branches and domains of the national economy.
Article 3.- The State's policies towards cooperatives
1. The State shall implement the following policies towards cooperatives:
a/ To promulgate and implement policies and programs to support the development of cooperatives in terms of personnel training; human resource development; land; finance; credit; establishment of funds in support of development of cooperatives; scientific and technological application; marketing and market expansion; infrastructure development investment; and to create conditions for cooperatives to participate in the State's socio-economic development programs;
b/ To encourage and create favorable conditions for cooperatives to develop;
c/ To ensure that cooperatives' legal position and production/business conditions are equal to those of enterprises of other types;
d/ To protect cooperatives' legitimate rights and interests according to law provisions;
dd/ To respect cooperatives' rights to autonomy, self-determination and self-responsibility in production and business activities;
e/ Not to interfere in cooperatives' lawful management and operation.
2. For agricultural cooperatives, the Government shall specify preferential policies suitable to their specific characteristics and development degrees in each period.
Article 4.- Interpretation of terms
In this Law, the words and phrases below shall be construed as follows:
1. Minimum contributed capital means a sum of money or value of assets, including land-use right value, property right to inventions, technical know-hows and other valuable papers, which are monetized, to be compulsorily contributed by cooperative members when they join the cooperatives.
2. Labor contribution means the cooperative members' participation in the building of cooperatives in forms of direct management, productive labor, business, consultancy and other forms of participation.
3. The cooperative's charter capital means the total capital contributed by the cooperative members and inscribed in the cooperative's charter.
4. The cooperative's logo means the exclusive symbol of each cooperative representing particular characteristics of such cooperative and distinguishing it from other cooperatives and enterprises.
5. Cooperative's services provided to its members mean the provision of goods or supplies by the cooperative to its members in material or non-material form, for which the members have the demand and must pay to the cooperative.
6. The extent of use of the cooperative's services means the ratio between the value of services provided by the cooperative to each member and the total value of services provided by the cooperative to all of its members.
7. Economic commitment between the cooperative and its members means economic ties between the cooperative and its members.
Article 5.- Principles for organization and operation of cooperatives
Cooperatives shall be organized and operate on the following principles:
1. Voluntariness: All individuals, households and legal persons, that fully meet the conditions prescribed by this Law and agree to the cooperative's charter, may join the cooperative; cooperative members may leave the cooperative in accordance with the provisions of the cooperative's charter;
2. Democracy, equality and publicity: Cooperative members may participate in managing, examining and supervising the cooperative and have equal voting right; make public production/business plans, finance, distribution and other issues prescribed in the cooperative's charter;
3. Autonomy, self-responsibility and mutual benefits: The cooperative shall enjoy autonomy and take self-responsibility for the results of its production/business activities; and decide by itself on income distribution.
After fulfilling the cooperative's tax payment obligations and offsetting its losses, a part of profits shall be channeled to the cooperative's funds, another part shall be distributed according to capital and labor contributions of the cooperative members, and the rest shall be distributed to the cooperative members according to the extent of using the cooperative's services;
4. Cooperation and community development: Cooperative members must have the sense of bringing into play the spirit of collective building and cooperation with one another in the cooperative and social community; cooperation with domestic and foreign cooperatives in accordance with law provisions.
Article 6.- Rights of cooperatives
Cooperatives shall have the following rights:
1. To select production/business lines not banned by law;
2. To decide on the form and structure of their production/business organization;
3. To conduct direct import/export or enter into joint-venture or association with domestic and foreign organizations and individuals for production/business expansion in accordance with law provisions;
4. To hire labor if cooperative members fail to meet the cooperatives' production/business requirements according to law provisions;
5. To decide on the admission of new members, permit members to leave the cooperatives, and expel members according to the provisions of the cooperatives' charters;
6. To decide on the distribution of incomes, and handle the cooperatives' losses;
7. To decide on the commendation and/or reward of members who record numerous achievements in the cooperative building and development; to discipline members who violate the cooperatives' charters; and to decide on the compensation paid by members for damage caused to the cooperatives;
8. To borrow capital from credit institutions and mobilize other capital sources; to organize internal credit according to law provisions;
9. To have industrial property right protected according to law provisions;
10. To refuse organizations' or individuals' requests contrary to law;
11. To lodge complaints about acts of infringing upon the cooperatives' legitimate rights and interests;
12. To exercise other rights under law provisions.
Article 7.- Obligations of cooperatives
Cooperatives shall have the following obligations:
1. To conduct production/business strictly according to the registered production/business lines or commodity items;
2. To strictly observe law provisions on accounting, statistics and audit;
3. To pay taxes and fulfill other financial obligations according to law provisions;
4. To preserve and develop their working capital; to manage and use the State-assigned land according to law provisions;
5. To bear responsibility for financial obligations within their charter capital, accumulated capital and other capital sources according to law provisions;
6. To protect the environment, ecological environ-ment, scenic places, historical-cultural relics as well as defense and security works according to law provisions;
7. To ensure its members' rights and fulfill economic commitments to their members;
8. To fulfill obligations towards their members who directly work for the cooperatives and laborers hired by the cooperatives according to the law provisions on labor; to encourage and create conditions for laborers to become cooperative members;
9. To pay compulsory social insurance premiums for their members being individuals and laborers who regularly work for the cooperatives according to the provisions of the cooperatives' charters and law provisions on insurance; to organize the participation in paying voluntary social insurance premiums by members other than the above-said subjects. The Government shall specify the payment of social insurance premiums by cooperative members;
10. To attend to education, training, fostering in order to raise their members' knowledge, and provide information to all cooperative members so that they can actively participate in the cooperative building;
11. To fulfill other obligations according to law provisions.
Article 8.- Names and logos of cooperatives
A cooperative may select its own name and logo by itself in accordance with law provisions.
The seal, signboard, advertisement forms and transaction papers of the cooperative must carry the sign "HTX" (Cooperative).
The name and logo (if any) of the cooperative must be registered at the competent State body and protected according to law provisions.
Article 9.- Political organizations and socio-political organizations in cooperatives
Political organizations and socio-political organizations in cooperatives shall operate within the framework of the Constitution, law and their respective charters in accordance with law provisions.
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