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of April 25, 1996 No. 216-I

About banks and banking activity

(The last edition from 15-01-2019)

I. General provisions

Article 1. Determinations

The bank is legal entity, being the commercial organization and performing set of the following types of activity determined as banking activity:

acceptance of deposits from legal entities and physical persons and use of the accepted means for crediting or investment for own fear and risk;

implementation of payments.

Contribution (deposit) - the amount of money transferred on the terms of its complete return with percent or allowances or without those on the first demand of, or in time, approved between person making payment and person receiving payment or between their legal representatives.

The foreign bank is subsidiary bank of foreign bank which authorized capital is completely paid by foreign bank, performing the activities in the territory of the Republic of Uzbekistan.

Article 2. Subjects of banking activity

Subjects of banking activity are all banks created in the Republic of Uzbekistan.

Article 3. Legal basis of activities of banks

Activities of banks are regulated by this Law, the Law "About the Central Bank of the Republic of Uzbekistan", other acts of the legislation.

Article 4. Transactions of banks

Banks when implementing the activities make the following banking activities:

opening and account management of physical persons and legal entities, including corresponding banks, implementation of payment under accounts;

attraction of deposits;

provision on the terms of recoverability, the paid nature and urgency of the credits on its own behalf at the expense of own and raised funds.

Banks can perform other transaction types:

cash management under the contract with the owner or the manager of means;

purchase from legal entities and physical persons and sale of foreign currency to them in cash and non-cash forms;

collection of money, bills of exchange, payment and settlement documents;

issue of guarantees for the third parties providing obligation fulfillment;

acquisition of right of the requirement for obligation fulfillment from the third parties;

release, purchase, sale, accounting and storage of securities, the securities management under the contract with the client, making of other transactions with securities;

rendering banking consulting and information services;

provision in lease to physical persons and legal entities of special rooms or the safes which are in them for document storage and other values;

financial leasing;

issue of microloan;

other transactions according to the international banking practice which are specially stipulated in the license.

Banks have no right to be engaged directly in productive, trading and insurance activity except as specified, stipulated by the legislation.

Article 5. Licensing of activities of banks

The bank, including foreign, performs the activities in the Republic of Uzbekistan based on the license granted by the Central bank of the Republic of Uzbekistan. In the license the list of the transactions which are carried out by bank is specified.

The banking activity performed without license is considered illegal, and income gained as a result of such activities is subject to withdrawal in the government budget.

Article 6. Trade name

The term "bank" or phrases with this term can be used in trade name or the advertizing purposes by the organizations having the license for making of banking activities according to this Law.

Violation of this requirement involves responsibility in the procedure established by the law.

II. Procedure for creation of banks and termination of their activities

Article 7. Founders of bank

Banks are created, as a rule, in the form of joint-stock company on the basis of any pattern of ownership.

Legal entities and physical persons, including foreign, except for public authorities, public associations and public funds if other is not stipulated by the legislation can be founders of bank.

The maximum share of participation of each shareholder in the authorized capital is established by the legislation;

Share acquisition of banks is performed according to the procedure, established by the legislation.

Founders of bank have no right to leave shareholding structure of bank within year from the date of its registration.

Participation of bank in the authorized capital of other banks, except as specified creations of banks with participation of the foreign capital and subsidiary banks, and also other cases, stipulated by the legislation is not allowed.

Article 8. Charter of bank

Banks act on the basis of the charters.

The charter of bank shall contain:

the name (complete and reduced) bank and its location (postal address);

list of banking activities;

size of the authorized capital, list of founders and distribution of shares in the authorized capital;

data on governing bodies of bank, procedure for their education, powers and functions;

procedure for audit of bank, including the purposes of the reporting and audit programmes established according to international accounting standards.

The charter of bank, in addition to the requirements containing in this Article shall contain data, stipulated by the legislation.

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