Document from CIS Legislation database © 2003-2022 SojuzPravoInform LLC

LAW OF THE REPUBLIC OF UZBEKISTAN

of April 5, 2002 No. 360-II

About guarantees of protection of deposits of citizens in banks

(as amended on 09-11-2020)
Article 1. Purpose of this Law

The purpose of this Law is relations management in the field of ensuring protection of deposits of citizens of the Republic of Uzbekistan, foreign citizens and stateless persons (further - citizens) in banks of the Republic of Uzbekistan (further - banks).

Article 2. The legislation on guarantees of protection of deposits of citizens in banks

The legislation on guarantees of protection of deposits of citizens in banks consists of this Law and other acts of the legislation.

If the international treaty of the Republic of Uzbekistan establishes other rules, than those which are stipulated by the legislation the Republic of Uzbekistan about guarantees of protection of deposits of citizens in banks then are applied rules of the international treaty.

Article 3. Subject to guaranteeing

Subject to guaranteeing are deposits of citizens in banks.

According to this Law subject to guaranteeing is not money:

in deposits of citizens in banks on which the legislation provides special procedure for guaranteeing;

delivered by citizens to banks in trust management;

being on accounts to bearer;

placed on accounts of the physical persons which are engaged in business activity without formation of legal entity if these accounts are opened in connection with the specified activities;

placed in the deposits of citizens in banks pledged on security obligations to this bank or the third parties;

placed in foreign subsidiaries of banks.

Article 4. Fund of guaranteeing deposits of citizens in banks

For realization of the purpose of this Law the Fund of guaranteeing deposits of citizens in banks is created (further - Fund).

The purpose of activities of Fund is guaranteeing payment of compensations for deposits of citizens in banks in case of response by the Central bank of the Republic of Uzbekistan of the license of bank for the right of carrying out banking activities (further - revocation of license) on conditions and in amount, provided by this Law. Guaranteeing payment by Fund of compensations for deposits of citizens in banks does not extend to cases of revocation of license in connection with reorganization of bank.

The fund is legal entity and acts on the basis of the written agreements signed with banks.

The property of Fund is created at the expense of compulsory contributions of banks, income gained from investment of funds, and also other receipts according to the legislation.

Money of Fund is stored in the Central bank of the Republic of Uzbekistan.

Control of Fund is exercised of the supervisory board of Fund and executive body of Fund.

The fund cannot be engaged in financial assistance and charity, and also to act as the founder of legal entities.

Article 5. Supervisory board Fonda

The supervisory board of Fund performs the common directorship of activities of Fund.

The structure of the supervisory board of Fund affirms the Cabinet of Ministers of the Republic of Uzbekistan.

Meetings of the supervisory board of Fund are convened by its chairman or at least than one third of members of the supervisory board of Fund as required, but at least once a quarter.

The supervisory board of Fund is competent to make decisions if at meeting there are at least two thirds of his members. The solution of the supervisory board of Fund it is deemed accepted if at least two thirds of voices of number of attendees voted for it. In case of equality of votes voice of the chairman of the supervisory board Fonda is decisive.

Article 6. Powers of the supervisory board of Fund

Supervisory board Fonda:

approves rates of calendar fees of banks, procedure of payments and terms of their introduction;

makes the decision on payment of compensations for deposits of citizens in banks;

performs the choice of agent bank with the consent of the Central bank of the Republic of Uzbekistan;

makes the decision on investment of funds of Fund in government securities and other assets;

approves procedure for use of fund, including expense budget on the current activities;

creates executive body of Fund and exercises control of its activities;

determines auditing organization;

performs other powers according to the legislation.

Article 7. Executive body Fonda

Executive body of Fund is the directorate of Fund which performs the current management and bears responsibility for activities of Fund. The director, the deputy director and the chief accountant are part of directorate of Fund.

Directorate Fonda:

exercises control of timeliness and completeness of transfer of one-time and calendar fees by banks;

performs actions for payment of compensations for deposits of citizens;

submits for approval in the supervisory board of Fund expense budget on the current activities;

performs other powers according to the legislation.

The director Fonda takes part at meetings of the supervisory board of Fund with the right of advisory vote.

Article 8. Compulsory contributions of banks in Fund

Compulsory contributions of banks in Fund are one-time also calendar fees.

The one-time fee of bank in Fund constitutes percent 0,1 from the size of actually created authorized capital of bank.

The calendar fee represents the money which is quarterly listed by banks in Fund. The size of calendar fees is determined proceeding from the actual remaining balance of deposits of the citizens who are subject to guaranteeing according to this Law, in quarter in the sizes established by the supervisory board of Fund, but no more 0,5 of percent from the total amount of deposits.

Payment of calendar fees by banks stops in case of achievement of the amount of the paid calendar fees of 5 percent from the total amount of remaining balance of deposits of citizens in bank. In case of change of total amount of remaining balance of deposits of citizens in bank the amount of the calendar fees paid to Fund is subject to recalculation.

Introduction by the Central bank of the Republic of Uzbekistan for banks of prohibition on attraction of money of citizens in deposits does not exempt bank from payment of calendar fees in Fund.

In case of change of rate of calendar fee the Fund shall report to banks about it not later than thirty days.

When calculating calendar fee for deposits of citizens in banks in foreign currency recalculation at the Central Bank rate of the Republic of Uzbekistan for the day preceding transfer of calendar fee is made.

Compulsory contributions of banks in Fund belong on the expenses of banks included in cost of the rendered services.

Article 9. Obligations of banks before Fund

Banks shall:

sign written agreements with Fund;

timely and in full to perform the compulsory contributions established by this Law;

present Fonda data on quantity and the sizes of deposits of citizens in the banks which are subject to guaranteeing according to this Law.

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