CIRCULAR guide the payment of public debt of the Federation, the Group produced the South _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ enforcement of 316/TTg on 14-12-1960 by the Prime Minister, about the payment of public debt of the Federation, the southern Manufacturing Corporation over the factory, farm, or moving , merged into other organizations or dissolved because doing business unprofitable, uniform Committee, Ministry of finance and the State Bank of Vietnam unified regulating some of the following points: i. with REGARD to the UNION, the GROUP PRODUCED the SOUTH MOVED UP ENTERPRISES, STATE FARM or LOCAL CENTRAL 1. Inventory of property assessment: associations, corporations are turning up, state farm companies need to conduct inventory, reviews the entire existing assets to hand over.
The inventory of property assessment in the Federation, the group led by the unified Commission organisation, management, unified by the Committee Chair, with the participation of the receiver, the Central Bank and the Finance Ministry. With regard to the Administrative Committee by the Corporation the Organization, management, the Administrative Committee will be co-chaired, with the participation of the relaying Agency, branch banks and financial Companies.
2. Determine the debt and solve the interest rate losses: after the inventory of property assessment, the Union will group up table properties.
Property section "debt" includes the entire state capital grant to build the facility, purchase of machinery, equipment, raw materials, and the Bank's loan.
Part of the property "Have" include the full value of your property has been inventoried. The base table of the following asset inventory, Bank loan debt payment proceed as follows: a bank loan): the Ministry of finance will base on the total outstanding balance of the State Bank of Vietnam report and minutes of delivery accompanied by a sum of assets after the inventory which established the capital reduction procedure for the Bank and the capital increase for the receiver. If the Federation, the unified management by the Committee, the total number of outstanding reports to have the confirmation of the Committee. If the group by the local Government Commission management, then the total number of outstanding reports by the local Government Commission confirmed.
b interest rate Bank loan debt Section).
1. for the Federation, the inventory group with interest, the interest rate quoted to pay interest on the debt the Bank loan, the remaining filed into the State budget in the spirit of voluntary associations, corporations.
The case cites interest debt loans to troubled banks because no cash, the amount of interest he is in raw materials, production, unfinished products, flower color, then the receiver of the property of Union, group, will receive the entire property (including interest) and is responsible for payment of interest on bank loan debt. Until then, this interest rate paid to extract the receiving Agency will deduct the portion that the total asset value received when delivered.
2. for associations, corporations were inventory losses also remains responsible for paying the interest on the Bank loan debt by extracting the remaining assets to pay and after extracted, the remaining assets will delivered to the receiver.
The case quoted property to pay the interest on the Bank loan debt can't do, because there is no cash or product to sell for money to pay the debt, then the receiver will get charged interest by writing it into the hole of his interest rate plan; If the interest rate, the interest rate, if the losses deducted plus into the hole, until the interest rate or be granted compensation filing holes then will extract some money to repay the Bank loan interest rates. This interest rate debt, the Bank can give the loan companies or farm watch as capital on the norms for the definitive payment between banks and unions, corporations.
For the Federation, the hole had no reason, apart from conducting Bank loan debt payment as above, it should prejudice the responsibility and case handling. If there is a reimbursement, the amount he will submit to the State budget. For the Federation, the unified management by the Committee, the prejudice responsible by the Committee and will have the participation of the State Bank. If the local management group, the Executive Committee of the local prejudice responsible local bank branch have joined to offer up the State Bank review.
Interest on bank loan debt for 2 cases had calculated on the Finance Ministry to reduce the official capital for the Bank.
II. OTHER SPORADIC GROUPS MERGED, MOVED, AND BUSINESS LOSSES.
1. for the move group, merged: The sporadic group has moved and merged into the Federation, corporations, cooperatives, other economic organizations in the province, or outside the province also grounded on the basis of the inventory of property assessment, determine the debt, interest rate losses which proceed the payment of the debts of the Corporation's priority, as the Bank's loan debt. The Agency, the unit would have to receive the assets of corporations that entrusted, shall be liable to pay the debts of corporations it according to the value of the property received. If that group when moved, merged go elsewhere have handed back to local property management, the Administrative Committee, the directive for branch banking and Company plan to coordinate financial planning use, considered that property belonging to the local budget. If the Corporation owes the Bank's loan, the Administrative Committee the province quoting part property values back to pay. If the extracted value of assets that pay not enough then the Administrative Committee recommended up to review State Bank reports the Ministry of finance.
When debt settlement can occur in some cases such as the following: a) If the value of the remaining assets is more than or equal to the total amount of funds received by the uniform Committee or the Office of the South of the province and the number of the Bank's loan debt (principal and interest), then the value of that property, when the recovery of user priority, to repay the loan by the Bank including principal and interest, the left will file into the local budget.
b) case of a loss, if the value of the remaining property for less than the Commission's unified capital or southern Room and bank debt, the value of assets remaining priorities used to pay the debt to the Bank. Missing bank debt back then local Government Committee why send the entire inventory records, minutes of handing and comments suggest that resolve to send up the State Bank to coordinate with uniform Committee review and Finance Ministry reports paid debt settlement Bank in case the Group by the Federation, the unified management committee.
If the group due to the local Government Committee, the Management Committee of the local administrative review and suggest up to State Bank and reports the Ministry of finance. For the capital of the unified Committee shall report to the Audit Committee the Committee of the local administrative review and resolution.
2. With regard to the dissolution of corporations, and business losses.
The Group has disbanded or moved without merging into the other organization, formerly banking loans, until the dissolution if property remains vested in local management and use or sell play forever, then the proceeds will be used to repay Bank loans. If that corporations (due to Unified Management Committee) is no longer significant assets and prospects after this also does not pay the debt to the Bank, the Working Group considered a loss not afford to repay the banks, then the local Government Commission in collaboration with branch banking and Company finance situation specific report over the State Bank to coordinate with the uniform Committee and Ministry of Finance decided to report the debt relief for corporations and reduced funds for the Bank. If the Administrative Committee by the management of the Administrative Committee of the review reports and recommendations up State Bank and resolve such cases on.
Recommended records including property statistics, cum table the table summarizing the following asset inventory, verification of the debt signed by local banks due to the inventory Board stars send reports; on the outstanding balance of the loan by the Bank to the Bank branch to do; report specific reasons do eat the losses and the comments of the Administrative Committee suggested the provincial government established by the Committee. If there are cases of embezzlement, waste the Administrative Committee should review and processing before the proposed reduction or debt relief.
Implementation of Directive No. 316-TTg on 14-12-1960 by the Prime Minister and this circular, for associations, corporations produced by direct Commission Organization, management has been moved onto the farm, State enterprise, the whole has done and the payment of the debt to be completed in one day recently between the uniform Committee The State Bank, Ministry of finance, and the receiver.
For the sporadic group currently in the local Administrative Committee recommendation, the provincial, city, district, the Company, the Department of finance and the Bank branch of this circular base close to the discussion, the Exchange plans to implementation are adequate. The records, documents and comments suggest that are sent to the central State Bank to cooperate with The resolution. About the time the implementation of the above work, expecting the agencies try to enlist, complete in July 1961.
