Chapter III
ANNUITY-RECEIVING ORDER AND INTEREST RATES
Section 1: ANNUITY-RECEIVING ORDER
Article 19. Annuity-receiving order in interest-free tontine
1. The annuity-receiving order at each tontine opening is determined by drawing lots, voting, or other forms as agreed by tontine participants.
2. If tontine participants cannot reach an agreement on annuity-receiving order, the drawing lots shall apply.
Article 20. Annuity-receiving order in interest-bearing tontine
1. Unless otherwise agreed upon, the annuity-receiving member at a tontine opening is the one who offers the highest interest rate.
2. Unless otherwise agreed upon, if at a tontine opening many members offer the same highest interest rate, these members will draw lots to identify the member eligible to receive the annuities.
3. Except for the case specified in Clause 4 of this Article, members who have received the annuities may not participate in offering interest rates in subsequent tontine openings.
4. If a member contributes more than one annuity share in a tontine, he/she is entitled to offer interest rates until the number of times of annuity receipt corresponds the number of annuity shares he/she has contributed in a tontine.
Section 2: INTEREST RATES
Article 21. Interest rate in interest-bearing tontine
1. Interest rate in interest-bearing tontine is agreed by the tontine members or offered by every tontine member in order to receive the annuities at each tontine opening but not exceeding 20% per year of total value of annuity shares to be contributed less contributed annuity shares of the remaining period of the tontine group. If the maximum interest rate is governed by the competent authority under Clause 1 Article 468 of the Civil Code, such interest rate shall prevail.
2. If the interest rate agreed by the tontine members or offered by every tontine member in order to receive the annuities at each tontine opening exceeds the maximum interest rate prescribed in Clause 1 of this Article, such interest rate shall not apply.
Article 22. Interest rate in case of late contribution or late transfer of annuity shares
1. If the tontine holder does not transfer or does not transfer fully annuity shares to the annuity-receiving member upon the tontine opening, members who have not received annuities but not contributed annuity shares or not contributed annuity shares fully, they must pay interest on late payment corresponding to the delayed duration.
Interests accruing due to late contribution or late transfer of annuity shares shall be determined according to agreement of members but not exceeding the maximum interest rate prescribed in Clause 1 Article 21 of this Decree of the late payment based on the delayed duration. If there is no agreement, the interest rate is 50% of maximum interest rate prescribed in Clause 1 Article 21 of this Decree of the late payment based on the delayed duration.
2. If an annuity-receiving member does not contribute annuity shares or does not contribute annuity shares fully, he/she must pay the interest as follows:
a) In case of interest-free tontine, interest rate shall be determined according to agreement of members but not exceeding the maximum interest rate prescribed in Clause 1 Article 21 of this Decree of the late payment based on the delayed duration. If there is no agreement, the interest rate is 50% per year of maximum interest rate prescribed in Clause 1 Article 21 of this Decree of the late payment based on the delayed duration.
b) In case of interest-bearing tontine, the interest rate shall equal the rate prescribed in Clause 5 Article 466 of the Civil Code regarding interest-bearing tontine.
Tìm kiếm
Nghị định 19/2019/NĐ-CP (Bản Word)
Nghị định 19/2019/NĐ-CP (Bản Pdf)
