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Ministry of Justice

Republic of Tajikistan 

 On May 25, 2009 No. 153


of May 19, 2009 No. 524

About banking activity

(The last edition from 03-08-2018)

This Law determines legal and organizational basis of banking activity for the purpose of creation of the corresponding conditions for conducting banking activity in the Republic of Tajikistan.

Chapter 1. General provisions

Article 1. Basic concepts

In this Law the following basic concepts are used:

- banking activity - implementation by credit institutions of the banking activities and transactions provided by this Law;

- bank system of the Republic of Tajikistan - the National Bank of Tajikistan and credit institutions functioning in the Republic of Tajikistan;

- credit institutions - legal entities (banks, non-bank credit institutions and the microfinancial organizations) performing all or separate banking activities provided by this Law and other legal acts of the Republic of Tajikistan based on the license of National Bank of Tajikistan;

- the state credit institution - credit institution, the authorized capital (fund) of which completely belongs to the state;

- bank - credit institution which main objective is profit earning which has the authorized capital established by National Bank of Tajikistan and the right of accomplishment at least of three following transactions: attraction of deposits and savings, issuance of credits, opening and maintaining bank accounts;

- non-bank credit institutions - the credit institutions having the right to perform separate banking activities. The list of banking activities for non-bank credit institutions establishes the legislation of the Republic of Tajikistan and National Bank of Tajikistan;

- subsidiary bank - bank which more than fifty percent of voting shares belong to other bank;

- leading employees - the chairman of credit institution and his deputies, the chairman of the board and other his members, the chief accountant of credit institution, and also the head and the chief accountant of branch of credit institution, including branch of foreign bank;

- holding society of credit institution - the legal entity whom the credit institution treats or it is controlled by it;

- affiliated society - the legal entity controlling credit institutions and also any other legal entity who is controlled by this legal entity, including the legal entity who treats this group according to regulatory legal acts of National Bank of Tajikistan;

- supervising powers over other legal entity - powers of the person, which:

a) directly or indirectly, by means of one or more owners, is person controlling 25 percent or more voting shares of the company or their owners;

b) has opportunity to elect most of company executives;

c) has other supervising powers determined by National Bank of Tajikistan;

- branch - the isolated structural division of credit institution which is outside its location and carrying out from her name fully or partially banking activity having the single authorized capital and single balance with credit institution;

- branch of foreign bank - the isolated structural division founded by foreign bank for implementation of banking activity in the Republic of Tajikistan;

- the representation - the isolated structural division of credit institution which is outside its location protects and represents its interests and does not carry out any banking activity;

- the credit - the money provided to the borrower by credit institution on the terms of interest payment and recoverability in certain time;

- the deposit - the money and other values of physical persons and legal entities transferred to storage of credit institution;

- saving - money which right of temporary use is granted to credit institutions on the terms of payment of certain percent;

- residents - the physical persons and legal entities recognized as those according to the Law of the Republic of Tajikistan "About currency control and currency exchange control";

- nonresidents - the physical persons and legal entities which are not residents;

- professionally competent and reliable person - physical person, which:

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