Chương 5 Luật hợp tác xã 2003: Tài sản và tài chính của hợp tác xã

Chapter V

ASSETS AND FINANCE OF COOPERATIVES

Article 31.- Capital contributed by cooperative members

1. When joining cooperatives, the cooperative members must contribute capital according to the provisions of Clause 2, Article 19 of this Law.

Cooperative members may contribute capital in lump sum right from the beginning or in installments; the levels, forms and time limits for capital contribution shall be prescribed by the cooperatives' charters.

The minimum contributed capital level shall be adjusted under the decision of the congress of cooperative members.

2. Cooperative members shall have their contributed capital returned in the cases prescribed at Points a, b, d and e, Clause 1, Article 20 of this Law.

The return of contributed capital of cooperative members shall be based on the cooperative's financial actual situation at the time of returning the capital after the cooperative has made the annual settlement and settled economic interests and obligations of cooperative members towards the cooperative. The forms and time limits for return of contributed capital to cooperative members shall be stipulated by the cooperatives' charters.

Article 32.- Capital mobilization

1. Cooperatives may borrow capital from banks and mobilize capital in other forms according to law provisions.

2. Cooperatives may additionally mobilize contributed capital of cooperative members under decisions of the congress of cooperative members.

3. Cooperatives may receive and use capital and subsidies from the State as well as domestic and foreign organizations and individuals as agreed upon by the parties and in accordance with law provisions.

Article 33.- Working capital of cooperatives

The working capital of cooperatives shall be formed from cooperative members' contributed capital, the cooperative-owned accumulated capital and other lawful capital sources.

The working capital of cooperatives shall be managed and used according to the provisions of this Law, other law provisions and the cooperatives' charters.

Article 34.- Cooperatives' funds

1. Cooperatives must set up the production development fund and the reserve fund under the Government's guidance; other funds shall be prescribed by the cooperatives' charters and congress of cooperative members, which are suitable to specific conditions of each cooperative. The specific percentage of deduction for setting up the funds shall be decided by the congress of cooperative members.

2. The purposes and modes of management and use of the cooperatives' funds shall be prescribed by the cooperatives' charters.

Article 35.- Cooperative's assets

1. Assets under cooperatives' ownership shall be formed from the cooperatives' working capital.

2. The management and use of cooperatives' assets shall comply with the provisions of the cooperatives' charters and relevant law provisions.

3. Cooperatives shall have common assets, including works in service of production, socio-cultural welfare works, infrastructures in service of the population community, which are formed from the cooperatives' production development funds and welfare funds, capital sources subsidized by the State, as well as donations and gifts of domestic and foreign organizations and individuals.

Article 36.- Handling of cooperatives' assets and capital upon their dissolution

1. Upon its dissolution, a cooperative shall not distribute to its members the capital and common assets subsidized by the State but transfer them to the local administration for management.

For the cooperative's capital and common assets formed from capital sources and labor contributed by the cooperative members or donations and gifts of domestic and foreign organizations and individuals, the congress of cooperative members shall make decision thereon.

2. Capital contributed by cooperative members in land-use right value and land assigned by the State to the cooperative for use shall be handled according to the law provisions on land.

3. After having paid all debts and expenses for the cooperative dissolution, the handling of other remaining assets, capital or funds of the cooperative shall comply with the provisions of this Article, other relevant law provisions, and the cooperative's charter.

Article 37.- Distribution of profits

1. After fulfilling the tax payment obligations, a cooperative's profits shall be distributed as follows:

a/ Off-setting the previous year's losses (if any) according to law provisions on tax;

b/ Deduction for setting up the production develop-ment fund, the reserve fund and other funds of the cooperative; distribution of profits to cooperative members according to their contributed capital and labor, the rest shall be distributed to cooperative members according to the extent of using services of the cooperative.

2. Basing itself on the production/business results and accumulation demands for the development of the cooperative, the congress of cooperative members shall decide on the specific ratios of distribution of annual profits into the funds prescribed at Point b, Clause 1 of this Article.

Article 38.- Handling of losses

A cooperative's losses arising in the year shall be deducted into the proceeds from compensations by relevant organizations and/or individuals; the deficit amounts (if any) shall be offset by the reserve fund; if such amounts are still insufficient, the remaining loss amounts shall be transferred to the subsequent year according to law provisions on tax.

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