(i) The legal representative of an enterprise is the individual representing thereof in exercising rights and obligations arising from its transactions, acting as a person requesting for settlement of civil cases, plaintiff, defendant, person with related rights and obligations before arbitrators and courts and other rights and obligations as prescribed by laws.
(ii) A limited liability company and a joint stock company may have one or more than one legal representative. The company's charter shall specify the number, titles, rights and obligations of legal representatives.
(iii) The enterprise must ensure that there is always at least one legal representative residing in Vietnam. When there is only one legal representative residing in Vietnam, this legal representative must authorize in writing another individual residing in Vietnam to exercise his/ her rights and obligations.
(iv) Legal representatives are responsible for:
a) Exercising the assigned rights and obligations honestly and carefully in the best ways to ensure the legitimate benefits
and interests of the enterprise;
b) Being loyal to the benefits and interests of the enterprise; not abusing the positions, titles, information, know-how,
business opportunities and other assets of the enterprise for their own sakes or for the benefits and interests of other
organizations and/or individuals;
c) Promptly, fully and accurately notifying the enterprise of other entities which they or their affiliates are the owners or
shareholders or capital contributors.
Legal representatives of enterprises shall be personally liable for any damages caused to the enterprises due to their violations of the above-mentioned responsibilities.
Cre: VIETBID LAW CO.,LTD