Decision No. 110/2002/QD-TTg dated August 21, 2002 of the Prime Minister on the setting up, use and management of the commodity line export insurance fund
THE PRIME MINISTER OF GOVERNMENT
SOCIALIST REPUBLIC OF VIET NAM
Independence - Freedom - Happiness
Hanoi, August 21, 2002
ON THE SETTING UP, USE AND MANAGEMENT OF THE COMMODITY LINE EXPORT INSURANCE FUND
THE PRIME MINISTER
Pursuant to the Law on Organization of the Government of December 25, 2001;
Pursuant to the Government’s Resolution No.09/2000/NQ-CP of June 15, 2000 on a number of guidelines and policies regarding the economic restructuring and farm produce consumption;
Pursuant to the Government’s Resolution No.05/2002/NQ-CP of April 24, 2002 on a number of measures to implement the 2002 socio-economic plan;
At the proposal of the Minister of Finance,
Article 1.- Commodity Line Associations established in strict compliance with law provisions are allowed to set up the Commodity Line Export Insurance Funds.
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Article 2.- The Commodity Line Export Insurance Funds shall have the legal person status and their own seals, and be entitled to open accounts at the State Treasury or commercial banks.
The Commodity Line Export Insurance Funds shall operate on the principles of non-business purposes, mutual assistance among Association members, contributions to overcoming and limiting risks, stabilization of production and promotion of goods export.
Article 3.- A Commodity Line Export Insurance Fund shall be formed from the following sources:
1. Contributions by the Association members, which are at most equal to 1% of the export turnover (at FOB price) and accounted into business expenses of enterprises.
The specific contribution levels and time limit shall be uniformly set out by the Commodity Line Association and apply to all participating members. Any members that suffer from business losses in a year, shall be exempt from such contributions.
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