Agreement on Rotating Savings and Credit Association Must Be in Writing

18:33, 10/07/2024

This is a notable content stipulated in Decree 19/2019/ND-CP amending the regulations on informal mutual assistance funds. This document replaces Decree 144/2006/ND-CP.

According to Decree 19/2019/ND-CP, the agreement on the tontine group is made in writing, and this document is notarized or authenticated if the participants in the tontine group request it.

Also according to Decree 19/2019/ND-CP, the written agreement on the tontine group contains the following main contents:

- Full name, identity card number or citizen identification number or passport number; date of birth; place of residence of the tontine master (the place where the tontine master regularly lives or is living);- Number of members, full name, identity card number or citizen identification number or passport number, date of birth, place of residence of each member;- Tontine portion;- The duration of the tontine group, the tontine rounds;- The form of contribution and distribution of the tontine portion.

See regulations on withdrawing from the tontine group in Decree 19/2019/ND-CP effective from April 5, 2019.

- Thanh Lam -

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