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Decision On Issuing The Regulations On Organization And Operation Of The Startup Support Fund Of Lam Dong Province 

DECIDES:

Article 1. To issue the Regulations on organization and operation of the Startup Support Fund of Lam Dong Province.

Article 2. This Decision takes validity from the date of signing.

The Chief of the Provincial People’s Committee Office; the Directors of Departments and Branches of the Province; the Director of the State Bank – Lam Dong Branch; the Director of the State Treasury of Lam Dong Province; the Director of the Center for Investment, Trading and Tourism Promotion; the Director of the Fund of Investment and Development of Lam Dong Province; the Chairman of the Management Board and the Director of the Startup Support Fund of Lam Dong Province; the Chairmen of the People’s Committees of districts and cities; and heads of relevant units and individuals are responsible for implementing this Decision./.

C.c.:
- The Provincial Standing Party Committee; the Provincial Standing People’s Council;
- The Chairman, Vice Chairmen of the Provincial People’s Committee;
- As in Article 2;
- The Leaders of the Provincial People’s Committee Office;

- Archives.

ON BEHALF OF THE PEOPLE’S COMMITTEE

CHAIRMAN
Doan Van Viet

(Signed and sealed)


THE PEOPLE’S COMMITTEE OF LAM DONG PROVINCE

SOCIALIST REPUBLIC OF VIET NAM

Independence – Freedom – Happiness


REGULATIONS

On organization and operation of the Startup Support Fund of Lam Dong Province

(Issued together with Decision No. 1027/QĐ-UBND of the People’s Committee of Lam Dong Province dated 31st May 2018) 

Chapter I

GENERAL REGULATIONS

Article 1. The Fund’s legal entity

1. The Startup Support Fund of Lam Dong Province (hereinafter called the Fund) was established according to Decision No. 1026/QĐ-UBND of the People’s Committee of Lam Dong Province dated 31st May 2018.

2. The Fund has its legal entity, official seal and own account. It is permitted to open an account at the State Treasury and accounts at commercial banks operating in Lam Dong Province.

3. The Fund’s head office is situated at the Fund of Investment and Development of Lam Dong Province (No. 20 Pasteur Street, Ward 4, Da Lat City, Lam Dong Province).

Article 2. Purpose of operation

The Fund’s operations are aiming at supporting an amount of initial capital for individuals, group of individuals, co-operatives, cooperating teams and enterprises in the province to carry out their initiatives and startup projects, which have been selected by the Selection Council and approved by the Provincial People’s Committee.

Article 3. Principles of operation

1. The Fund is non-profitable but must guarantee the capital sources, management costs and face any risks during the support of startup investments for individuals, group of individuals, co-operatives, cooperating teams and enterprises, which offer initiatives and startup methods in the province;

2. The Fund mobilizes capital from voluntary contributions by domestic and external agencies, organizations and individuals in compliance with the law regulations together with the State budget to support startup activities, and takes full responsibility before the law;

3. The Fund shall carry out the payments and receipts as per right purposes, open accounting books based on the law regulations on finance – accounting, and be inspected and supervised by the Department of Finance and relevant agencies related to the effective management and use of the Fund’s capital sources as per the regulations and right purposes;

4. The Fund’s contents of support shall not coincide with those from the annual budget source, the National Target Programs and other expenditures for the startup support activities in the province;

5. The Fund shall operate within the region of Lam Dong Province.

 

Chapter II

THE FUND’S FUNCTIONS, DUTIES AND RIGHTS 

Article 4. The Fund’s functions and duties

1. Use the capital of the Fund to support individuals, group of individuals, co-operatives, cooperating teams and enterprises with programs, projects and startup initiatives to be feasible and suitable with the Fund’s purposes and operations and the law regulations;

2. Receive and manage the capital and assets from voluntary contributions, sponsors and aids by domestic and external organizations and individuals or other sources as regulated by law to create the budget for implementing the startup support activities conforming to the Fund’s purposes and operations and complying with the law regulations;

3. Build long-term and annual operation plans, criteria for selecting objects prioritized for the support from the Fund, and submit to the Provincial People’s Committee for consideration and decision;

4. Carry out other missions as nominated by the Chairman of the Provincial People’s Committee.

Article 5. The Fund’s rights

1. Carry out the organization and operation according to the law regulations, and be entitled to issue relevant regulations to manage the Fund’s operations; be under the State management, inspection, examination and supervision by State agencies and contributed organizations and individuals as regulated by law;

2. Manage, economically and effectively use the money, assets and other financial payments and receipts of the Fund as stipulated; carry out the regimes on auditing, accounting and statistics as regulated by law;

3. Work with organizations and individuals to mobilize capital contributions and aids for the Fund or specific startup programs, projects and initiatives as regulated by law; receive, manage and effectively use the money and assets from voluntary contributions, sponsors and aids by domestic and external organizations and individuals or other sources as regulated by law;

4. Keep on files and take responsibility to fully provide documents and vouchers on the Fund’s finance and assets and others related to the Fund’s operations to State competent authorities as required as regulated by law;

5. Preside over and cooperate with related departments, branches and units to inspect and supervise the startup projects, programs and initiatives using the Fund’s capital sources; reserve the right to cease the supports, loans or reclaim any supported or loaned expenditures upon finding out any violations on the regulations on the Fund’s capital use; deal with claims and lawsuits for organizations, individuals and group of individuals who break the contracts and commitments with the Fund as regulated by law;

6. Quarterly, annually or unexpectedly, report the situation of operation, finance and other related contents to the Provincial People’s Committee, the Department of Finance and related units as stipulated; also, publicize the contributions, payments and receipts of the Fund by 31st March of the coming year;

7. Be entitled to use the Fund’s dormant capital to make deposits at commercial banks for the purpose of creating the Fund’s receipts, but ensure the safety;

8. Carry out other rights and obligations as regulated by law.

Chapter III

THE FUND’S CAPITAL SOURCES AND OPERATIONS 

Article 6. The Fund’s capital sources

1. The State budget shall support for the period of 2017-2020 an initial amount of 5 billion VND (Five billion Vietnamese dong) to implement the mission of startup support according to the Project on startup support of Lam Dong Province until 2020 which has been approved in Decision No. 740/QĐ-UBND of the Provincial People’s Committee dated 18th April 2017.

2. For coming years, based on the actual situation of the operation results and the requirements as nominated, the Fund’s Director shall build a plan for supplementing the Fund’s capital sources, and submit to the Department of Finance and the Provincial People’s Committee.

Article 7. Other mobilizations and aids

1. Voluntary contributions and aids from domestic and external organizations and individuals conforming to the law regulations;

2. Preferential loans from domestic and external financial and credit organizations;

3. Authorized capital for distributions, loans, investments and syndicated loans of domestic and external organizations and individuals, and other sources as regulated by law;

4. Interests from deposits and incomes from the Fund’s service operations.

Article 8. The Fund’s operations

1. Mobilize and receive voluntary contributions from domestic and external agencies, organizations, individuals and financial resources as regulated by law and this regulation to create a budget for implementing startup support activities in the province;

2. Support with the feasibility for individuals, group of individuals, co-operatives, cooperating teams and enterprises with startup initiatives which have been selected by the Selecting Council and approved by the Provincial People’s Committee for the following contents:

a) Provide information in such fields as technology, invention, intellectual property; policy, law; human resource training; investment sources and investment transactions, corporate establishment consultancy, investment and trade method building; training organization; trademark formation and development; support in connecting with investors, enterprises to participate in startup initiatives and methods;

b) Support the costs of service testing;

c) Support non-interest loans with once or annual withdrawal;

d) Support post-investment interest rates.

3. Support a part of expenditures for the Fund’s operation organization and management, including: allowance for undertaking concurrent positions; costs for purchase and repair of office supplies, assets, payments for public and communication services serving the Fund’s operations; rewards for agencies, organizations and individuals contributing and aiding capital to the Fund as regulated by law, and other expenditures related to the Fund’s operations; the items and amount for expenditures shall be determined by the Fund’s Management Board in accordance with the current regulations;

4. Receive and manage authorized capital sources from domestic and external organizations and individuals to support startup support activities in the province.

Article 9. Provision of information and costs for service testing for organizations, individuals and group of individuals with startup initiatives

1. Objects to be supported: Startup support programs, projects and initiatives to promote the development of new products by applying technological science advance, and programs and projects in fields of processing industry, handicraft, services, hi-tech agricultural development associating with manufacture connection and product consumption for farmer households;

2. Support criteria, procedures, level, duration, loan withdrawal and some related contents shall be carried out in accordance with the regulations issued by the Fund’s Management Board upon obtaining the verification of the Department of Finance.

Article 10. Non-interest reclaimable loans

1. Form of loaning: Loaning – once withdrawal and loaning – annual withdrawal.

2. Objects for loaning:

a) Loaning – once withdrawal: Startup individuals, group of individuals, co-operatives, cooperating teams and enterprises who apply for loaning to carry out startup programs, projects and initiatives with prompt duration of loan withdrawal and low level of risks;

b) Loaning – annual withdrawal: Startup individuals, group of individuals, co-operatives, cooperating teams and enterprises who apply for loaning to carry out startup programs, projects and initiatives with late duration of loan withdrawal and low level of risks.

3. Loaning criteria, procedures, processes, level, competence, duration, guaranty, loan withdrawal, debt extension, overdue debt settlement, risk settlement, risk settlement competence, and some related contents shall be carried out in accordance with the regulations issued by the Fund’s Management Board upon obtaining the verification of the Department of Finance.

Article 11. Support with post-investment interest rate

1. Interest rate support is that the Fund shall support a part of interest rate for startup individuals, group of individuals, co-operatives, cooperating teams and enterprises who apply for loaning from credit organizations legally operating in Viet Nam to carry out startup programs, projects and initiatives, upon these projects have been completed and put into use and all the debts shall be reimbursed. This is a form of non-reclaimable support;

2. Support criteria and procedures shall be carried out in accordance with the regulations issued by the Fund’s Management Board upon obtaining the verification of the Department of Finance.

Article 12. Receipt of authorization and authorization

1. The Fund shall be authorized for loaning and sponsoring for startup programs, projects and initiatives by domestic and external organizations and individuals according to authorization contracts. The Fund shall enjoy service fee of the authorization, and the service fee amount will be mutually agreed by the two parties as stipulated in authorization contracts;

2. The Fund reserves the right to authorize financial and credit organizations to carry out the loaning and support according to authorization contracts. The fee of authorization shall be paid to authorized organizations by the Fund based on their mutual agreements as stipulated in authorization contracts.

Article 13. Mobilization and receipt of contributions and aids for the Fund

1. The Fund is entitled to mobilize contributions and aids from domestic and external organizations and individuals to carry out its operations as regulated by law;

2. These contributions and aids from domestic and external organizations and individuals must be immediately deposited to its accounts at the State Treasury or commercial banks as regulated by law. Also, the Fund must publicize the information on capital contributions and aids by suitable forms for these contributed organizations and individuals to be convenient for follow-up, inspection and supervision.

Article 14. Principles for mobilization and receipt of contributions and aids for the Fund

1. The mobilization for monetary contributions and aids from organizations and individuals must be on voluntary spirit, the Fund shall not offer the value of contributions for these organizations and individuals to follow;

2. The contribution, receipt, management and use money from organizations and individuals must be publicized, transparent and under the inspection and supervision as regulated by law.

Article 15. Encouragement for contributions and aids to build the Fund

1. Domestic and external agencies, organizations and individuals are encouraged to make contributions and aids in cash or other suitable forms for the Fund to carry out startup support activities in the province;

2. The Fund’s Management Board proposes to competent authorities for consideration and reward to acknowledge the contributions of these agencies, organizations and individuals to the Fund’s building and development.

Chapter IV

THE FUND’S APPARARUS ORGANIZATION

Article 16. Organizational structure

The Fund’s organizational structure is established on the basis of lightness/briefness, including: the Management Board, the Control Board and the professional managing unit. Of which, the Control Board and the professional managing unit are entitled to use personnel apparatus from the Lam Dong Provincial Fund of Investment and Development; not to increase the number of laborers and not to use State budget for the Fund’s operations.

Article 17. The Fund’s Management Board

1. The Fund’s Management Board consists of 05 (five) members who are nominated and resigned by the Chairman of the Provincial People’s Committee as proposed by the Director of the Department of Home Affairs, of which: the Director of the Center for Investment, Trading and Tourism Promotion in charge of the Board’s Chairman; the Director of the Lam Dong Provincial Fund of Investment and Development in charge of the Board’s Vice-Chairman who will be the Fund’s Director; and other members who are the leader representatives of: the Department of Finance, the Department of Planning and Investment, the State Bank - Lam Dong Branch. The office term of the Management Board shall be 05 (five) years.

2. The members of the Fund’s Management Board shall be resigned or dismissed, and replaced and reinforced in the following cases:

a) Have actions breaking the laws, violating the Fund’s Regulations on organization and operation;

b) Not be able to undertake the assignments and according to the proposals of at least 2/3 (two third) of the number of members of the current Management Board;

c) Apply for resignation;

d) In a case where that member receives a decision on work transfer to another workplace;

e) In a case where the number of members of the Management Board is not enough due to any reasons.

3. Duties and rights of the Fund’s Management Board

a) Consider and pass the schedules and plans on operation, capital mobilization, loaning, support and aids; approve the expenditures for the Fund’s management affairs, financial plans and accounting reports;

b) Issue the regulations on capital and asset management and use, the regulations on loaning, debt withdrawal, and financial regimes of the Fund upon obtaining the suggestions of the Department of Finance;

c) Approve the operation schedule of the Control Board; review the report on the controlling results of the Control Board;

d) Inspect and supervise the operations of the professional managing unit in complying with the guidelines and policies of the State, the Fund’s Regulations on organization and operation and the Resolution of the Management Board;

e) Receive the capital source for the Fund’s operations nominated by the Provincial People’s Committee;

g) On the basis of the proposal of the Fund’s Director, review and determine the organizational structure, administration apparatus and assistant sections of the administration apparatus;

h) Determine the appointment and resignation of the Fund’s Chief-Accountant as proposed by the Fund’s Director; the Control Board’s members as proposed by the Head of the Control Board;

i) Submit to the Department of Home Affairs for proposing to the Chairman of the Provincial People’s Committee for supplement to the Fund’s operation budget; amend and supplement the Fund’s Regulations on organization and operation;

k) Be entitled to use the Fund’s seal for any legal transactions; carry out the duties and rights of the Management Board as stipulated in this Regulation.

4. Working regimes of the Fund’s Management Board

a) The Fund’s Management Board works as per collective regime, makes decisions based on the majority; the Management Board’s meetings must obtain the participation of at least 4/5 (four fifth) of its members. Upon obtaining equal vote, the result of the party which has the vote of the Chairman shall prevail. The meeting’s contents must be recorded in the minutes and signed by all the participants. In a case where the Management Board’s members do not attend the meeting, they must present their written ideas on the contents related to the meeting;

b) The Chairman of the Fund’s Management Board shall summon and preside over all the meetings of the Fund’s Management Board; the Fund’s Management Board must organize periodical meetings every three month to review and determine all the matters in their competence. If necessary, the Fund’s Management Board may summon unexpected meetings as suggested by the Chairman of the Management Board, the Head of the Control Board and the Fund’s Director.

5. The Fund’s Management Board works as per concurrent regime and enjoys allowances as regulated by law.

6. The operation expenditures of the Fund’s Management Board are calculated in the Fund’s operation expenditures.

Article 18. Duties and rights of the Chairman of the Fund’s Management Board

1. The Chairman of the Fund’s Management Board is a person carrying out the missions of the Management Board, managing the finance and assets as nominated and other legal receipts as regulated by law; calling for and presiding over the Management Board’s meetings; assigning the members to follow up the implementation of the resolutions and decisions of the Management Board;

2. The Chairman of the Fund’s Management Board shall on behalf of the Fund’s Management Board sign and issue the resolutions and decisions of the Management Board. A member of the Management Board shall be on behalf of the Management Board only when obtaining the authorization of the Management Board collective or the Chairman of the Management Board; in which, specifying the limit and scope of authorization to that member;

3. The Chairman of the Fund’s Management Board takes responsibility before the Provincial People’s Committee for the management of the Fund’s operations.

Article 19. The Control Board

1. The Fund’s Control Board consists of maximum 03 (three) members. The Head of the Control Board must obtain financial and accounting qualifications, and shall be nominated and resigned by the Chairman of the Provincial People’s Committee as proposed by the Chairman of the Fund’s Management Board and the Director of the Department of Home Affairs. The members of the Fund’s Control Board shall be nominated and resigned by the Fund’s Management Board as proposed by the Head of the Control Board. The members of the Control Board work as per concurrent regime and enjoy allowances as regulated by law.

2. The Control Board has the following duties and rights:

a) Build the programs and plans for operation and submit to the Fund’s Management Board for approval, and independently organize the implementation;

b) Inspect and supervise the Fund’s operations as regulated by law, the Regulations, resolutions and decisions of the Fund’s Management Board; report to the Fund’s Management Board and competent officials of the results of the inspection and supervision, and propose the resolutions;

c) Report and suggest to the Fund’s Management Board on the results of the inspection and supervision and the Fund’s financial situation.

3. The Head of the Control Board or the members of the Control Board who are authorized by the Head of the Control Board are invited to attend and suggest ideas at the Management Board’s meetings but have no right to vote.

4. The operation expenditures of the Control Board are calculated in the Fund’s operation expenditures.

Article 20. The Fund’s professional managing unit

The Fund’s professional managing unit works as per concurrent regime, is entitled to use personnel available at the Lam Dong Provincial Fund of Investment and Development, and not to increase the number of employees, including: the Fund’s Director, the Chief-Accountant and specialized sections of the Fund.

Article 21. The Fund’s Director

1. The Fund’s Director shall be nominated and resigned by the Chairman of the Provincial People’s Committee as proposed by the Chairman of the Fund’s Management Board and the Director of the Department of Home Affairs. The office term of the Director shall not exceed 05 (five) years.

2. The Fund’s Director is the Fund’s legal representative, responsible before the Chairman of the Fund’s Management Board and the law, and takes responsibility for all the operations of the Fund as nominated.

3. Duties and rights of the Fund’s Director

a) Establish the structure of apparatus organization to execute the missions, and submit to the Fund’s Management Board for consideration and decision; determine the assignment for officials in charge of specialized sections based on the suggestions of the Fund’s Management Board; select and propose to the Fund’s Management Board for considering the nomination and resignation of a qualified Chief-Accountant of the Fund;

b) Organize the management and administration of the Fund’s operations; abide by the level of expenditures as stipulated in the resolution of the Fund’s Management Board, the Regulations on the Fund’s organization and operation and other legal regulations;

c) Build the schedules and plans for operation, methods of capital mobilization, loaning and support; the Fund’s financial plans and accounting finalization reports, and submit to the Fund’s Management Board for approval and implementing organization;

d) Issue or submit to the Chairman of the Fund’s Management Board in his competence to issue professional guiding documents of the Fund as stipulated;

e) Take responsibility for managing and using the Fund’s capital, assets and other resources as stipulated in the Regulations on the Fund’s organization and operation and other legal regulations on asset and financial management;

g) Be permitted to lease consulting organizations and experts to review and verify the projects and methods of loaning, support application of the Fund;

h) Carry out other assignments nominated by the Fund’s Management Board;

i) Participate in the meetings of the Fund’s Management Board.

Article 22. The Fund’s Chief-Accountant

1. The Fund’s Chief-Accountant shall be nominated and resigned by the Chairman of the Fund’s Management Board as proposed by the Fund’s Director upon obtaining the written agreement of the Director of the Department of Finance regarding the criteria and standards for nomination, resignation and replacement of the Chief-Accountant at units; and works as per concurrent regime;

2. The Fund’s Chief-Accountant must assist the Fund’s Director in organizing and implementing the Fund’s financial, accounting and statistic affairs as regulated by law;

3. In a case where the Fund’s Chief-Accountant transfers the work, he must complete the accounting finalization before undertaking other assignments, and be responsible for the missions which have been done during the concurrent period as the Fund’s Chief-Accountant until handover of the works to another one.

Article 23. The Fund’s specialized sections

The Fund’s specialized sections shall be determined for establishment and dismissal based on the suggestion of the Fund’s Director. The functions and duties of specialized sections are stipulated by the Fund’s Director upon obtaining an acceptance of the Chairman of the Fund’s Management Board in conformity with the Regulations on the Fund’s organization and operation.

Article 24. Regimes for those who participate in the Fund’s managing and operating apparatus

Those who participate in the Fund’s managing and operating apparatus shall enjoy concurrent regimes as stipulated, and remunerations, welfares and others as stipulated by the Fund’s Management Board based on the State regimes and policies.

 

Chapter V

FINANCIAL, ACCOUNTING AND AUDITING REGIMES

 

Article 25. Financial and accounting regimes

1. The Fund carries out the accounting regimes as regulated by the law on accounting;

2. The Fund’s fiscal year begins from 1st January and ends on 31st December of the Calendar year;

3. Annually, the Fund shall make estimates for its payments and receipts, and present to the Department of Finance for verification, and submit to the Provincial People’s Committee for consideration and approval;

4. The Fund shall organize the auditing for its operations by itself or lease an independent auditing unit;

5. The Fund shall make report of annual financial finalization to the Fund’s Management Board for approval and submission to the Department of Finance and the Provincial People’s Committee as regulated;

6. The Fund is permitted to transfer the balance of the capital sources in the fiscal year forward the next year to use as regulated;

7. The Fund must quarterly and annually publicize its financial situation, the financial report, the accounting finalization report and other contents related to the Fund as regulated by law, including:

a) The lists, the amount or in kind contributed or aided by domestic and external organizations and individuals to the Fund;

b) The lists, the amount or in kind supported by the Fund to organizations and individuals;

c) Quarterly and annual publicized reports on the situation of assets, finance and accounting finalization of the Fund with details of payments and receipts as regulated.

Article 26. Risk settlement

As part of the forms of reclaimable support, due to objective risks or force majeure, startup organizations, individuals and group of individuals who received support from the Fund cannot pay for the expenditures as stipulated in the agreed contracts, they may apply to the Fund for considering the extension of the reimbursement duration, the Fund shall verify and propose to competent authorities for consideration and decision.

 

Chapter VI

INCORPORATION, DIVISION, SEPARATION, NAME CHANGE, SUSPENSION AND DISSOLUTION OF THE FUND

 

Article 27. The Fund’s incorporation, division, separation and name change shall be in accordance with the law regulations.

Article 28. Suspension of the Fund’s operations

1. The Fund shall be suspended its operations for 06 (six) months upon violation of one of the following regulations:

a) Operate with wrong purposes and incompliance with the Fund’s Regulations as approved;

b) Violate the law regulations on financial and accounting management and financial publication;

c) Organize the management and operation of the Fund not complying with the law regulations.

2. For violations as stated in section 1 of this article, besides the suspension for the operations, according to the nature and level of the violation, the Fund’s managers will be treated according to the law.

3. The Fund shall recover the violations for 06 (six) months and is permitted for re-operation. In a case where the Fund cannot recover the violations for the above duration, the duration for suspension will be extended for another 06 (six) months. Over that duration, if the recovery is not made, the Fund shall be dissolved as regulated.

Article 29. Dissolution of the Fund

1. The Fund shall be dissolved in cases of:

a) Do not operate for 12 consecutive months from the date of capital provision, and not report the operation organization and financial situation for 02 consecutive years;

b) Make false accounting information and do not carry out reports as regulated.

2. The processes and procedures for dissolution shall be in accordance with the current regulations.

3. The Fund’s assets upon dissolution will be used for payment of debts and dissolution costs, the remaining amount of the Fund will be paid to the Provincial budget as regulated.

 

Chapter VII

IMPLEMENTING ORGANIZATION

 

Article 30. Responsibility for implementation

1. The Department of Finance, a State management unit on the Fund’s finance, takes responsibility for:

a) Presiding over and cooperating with related departments, branches and units to verify the regulations on financial management; the regulations on support, loaning and debt reclamation of the Fund as proposed by the Fund’s Management Board, making evidence for the Fund’s Management Board for issuance and implementation as regulated; also, carrying out the functions of a State management unit on the Fund’s finance as regulated by law;

b) Issuing the written agreements on criteria and standards for nominating, resigning and replacing the Fund’s Chief-Accountant, making evidence for the Chairman of the Fund’s Management Board to nominate and resign the Fund’s Chief-Accountant as regulated;

c) Balancing and making annual budget estimates to provide capital source for the Fund to carry out startup support activities in the province; guiding, inspecting and supervising the Fund’s financial operation, reporting to the Provincial People’s Committee of the Fund’s management and use as regulated by law;

d) During the implementation, upon any occurrence of problem causing the inconformity of this regulation, presiding over and cooperating with related departments, branches and units to summarize, report and propose to the Provincial People’s Committee for review, adjustment and supplement.

2. The Department of Home Affairs presides over and cooperates with the Department of Planning and Investment, the Department of Finance, the Center of Investment, Trading and Tourism Promotion, and related units to propose to the Provincial People’s Committee for consideration and decision to:

a) Establish the Selection Council for startup initiatives with the Council’s Chairman as the leader of the Department of Planning and Investment;

b) Establish the Fund’s Management Board and nominate the Chairman of the Fund’s Management Board, the Head of the Control Board and the Fund’s Director as regulated.

3. Related departments, branches, localities, organizations, associations, universities and colleges in the province must cooperate in guiding and facilitating startup organizations, individuals and group of individuals in need to approach the Fund’s support activities.

4. Responsibilities of the Selection Council for startup initiatives: Based on startup programs, projects and initiatives summarized by the Startup Support Team of Lam Dong Province, the Selection Council for startup initiatives shall review, select and propose to competent authorities for approval of startup programs, projects and initiatives which are feasible and able to obtain essential effectiveness, for the Fund to carry out support activities conformable to its operations.

5. Responsibilities of the Fund’s Management Board and Director:

a) Build the regulations on operation, financial management, operation plans (yearly, long-term) and the Fund’s specialized procedures, submit to the Department of Finance for verification and issuance or present to competent authorities for issuance as regulated;

b) Inspect, speed up and monitor organizations, individuals and group of individuals supported with capital sources by the Fund in effectively using the capital in right purposes and payment on time; timely recognize and deal with any violations; in cases of their competence, immediately report to competent authorities for consideration and decision;

c) Open accounting books with right and full details of payments and receipts and preserve financial documents as regulated by law; quarterly, annually or unexpectedly report the situation of operation, finance and other contents related to the Fund; make accounting finalization reports at the year end and publicize its financial situation as regulated; make reports to the Department of Finance for inspection, review, approval and report to the Provincial People’s Committee;

d) Fully carry out the functions, duties and rights according to the Regulations on the Fund’s organization and operation as approved;

6. Responsibilities of startup organizations, individuals and group of individuals supported with capital sources by the Fund:

a) Fully carry out the commitments with the Fund and regimes as stipulated by the Fund;

b) Effectively use the capital sources in right purposes, make payment on time, and be under the inspection and supervision of the Fund; in a case where startup programs, projects and initiatives supported by the Fund are no longer operated, those organizations, individuals and group of individuals must immediately report to the Fund for timely settlement.

Article 31. Rewards, disciplines

1. Any organizations and individuals having much contribution to the Fund’s operations will be proposed by the Fund’s Management Board to competent authorities for consideration and decision for rewards as regulated by law;

2. Related organizations and individuals violating the regulations in this Decision, according to the nature and level of the violation, will be treated with disciplinary forms or adhered with criminal liabilities. In a case where they cause material damage, they must make compensation as regulated by law.

Article 32. Amendments and supplements

During the implementation, any contents need to be amended or supplemented, the Fund’s Management Board shall summarize and report to the Department of Finance and submit to the Provincial People’s Committee for consideration and decision./.

 

ON BEHALF OF THE PEOPLE’S COMMITTEE

CHAIRMAN

Doan Van Viet

(Signed and sealed)

LAM DONG PORTAL
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