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RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of December 23, 2015 No. 78/25

About approval of the Provision "About Licensing of Credit Unions"

(In edition of the Resolution of Board of National Bank of the Kyrgyz Republic of 05.02.2016 No. 5/1)

1. Approve the Provision "About Licensing of Credit Unions" it (is applied).

2. Recognize invalid:

- the resolution of Board of National Bank of the Kyrgyz Republic "About modification and amendments in the Provision "About Licensing of Credit Unions" of February 8, 2006 No. 4/6;

- Item 1 of Appendix to the resolution of Board of National Bank of the Kyrgyz Republic "About modification and amendments in some regulations of National Bank of the Kyrgyz Republic" of November 5, 2008 No. 40/7;

- the resolution of Board of National Bank of the Kyrgyz Republic "About modification and amendments in the resolution of Board of National Bank of the Kyrgyz Republic of May 4, 2005 No. 14/3 "About new edition of the Provision "About Licensing of Credit Unions", registered in the Ministry of Justice of the Kyrgyz Republic on June 10, 2005, registration number 75-05" of July 29, 2009 No. 32/5;

- Item 1 of Appendix to the resolution of Board of National Bank of the Kyrgyz Republic "About modification and amendments in some regulatory legal acts of National Bank of the Kyrgyz Republic" of December 12, 2012 No. 48/10;

- the paragraph of the second of Item 1 of the resolution of Board of National Bank of the Kyrgyz Republic "About modification and amendments in some regulatory legal acts of National Bank of the Kyrgyz Republic" of February 13, 2013 No. 4/2 and part I of Appendix to the resolution;

- the subitem 3 of Item 1 of the resolution of Board of National Bank of the Kyrgyz Republic "About modification and amendments in some regulatory legal acts of National Bank of the Kyrgyz Republic" of December 23, 2013 No. 52/8 and Item 3 of Appendix to the resolution;

- the paragraph third Item 1 of the resolution of Board of National Bank of the Kyrgyz Republic "About modification and amendments in some resolutions of Board of National Bank of the Kyrgyz Republic" of December 24, 2014 No. 58/16 and Item 5 of Appendix 1 to the resolution;

- the paragraph of the second of Item 1 of the resolution of Board of National Bank of the Kyrgyz Republic "About modification and amendments in some resolutions of Board of National Bank of the Kyrgyz Republic" of October 14, 2015 No. 62/1 and part I of changes and amendments in some resolutions of Board of National Bank of the Kyrgyz Republic.

3. To legal management:

- publish this resolution on the official site of National Bank of the Kyrgyz Republic;

- after official publication to send this resolution to the Ministry of Justice of the Kyrgyz Republic for entering into the State register of regulatory legal acts of the Kyrgyz Republic.

4. This resolution becomes effective after fifteen calendar days from the date of official publication.

5. To management of methodology of supervision and licensing to bring this resolution to the attention of the relevant structural divisions of National Bank of the Kyrgyz Republic, its regional managements and representative office of National Bank in Batken Province, the operating credit unions of the Kyrgyz Republic and their associations (associations).

6. To impose control of execution of this resolution on the vice-chairman of National Bank Kyrgyz Republics Orozbayeva L.Dzh.

Chairman

T. Abdygulov

Appendix

to the Resolution of Board of National Bank of the Kyrgyz Republic of December 23, 2015 No. 78/25

Provision "About Licensing of Credit Unions"

Chapter 1. General provisions

1. The credit union is created in the form of cooperative and performs the activities based on the license granted by National Bank of the Kyrgyz Republic (further - National Bank), and the constituent documents corresponding to the legislation of the Kyrgyz Republic.

2. The credit union receives the status of the legal entity from the moment of its state registration according to the legislation of the Kyrgyz Republic. In case of the state registration / re-registration of credit union the written consent of National Bank is required.

3. The credit union to start implementation of the activities shall obtain the license of National Bank granting the right to carrying out the following transactions:

- attraction of money from the participants by acquisition of savings share by them;

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