ORDER OF THE GOVERNMENT OF THE KYRGYZ REPUBLIC

of January 31, 1997 No. 47

About the Temporary procedure for registration and repayment of the intereconomic credit between business entities of the Kyrgyz Republic

For the purpose of financial improvement of business entities of the Kyrgyz Republic the Government of the Kyrgyz Republic decides:

1. Approve the Temporary procedure for registration and repayment of the intereconomic credit between business entities of the Kyrgyz Republic it (is applied).

2. Determine that action of the Temporary procedure extends on the business entities of the Kyrgyz Republic who are in complete state-owned property, or the share of the state in which constitutes 51 percent.

3. Enact the Temporary procedure approved by this resolution since February 1, 1997.

4. To business entities of the Kyrgyz Republic:

- carry out registration of the available debit accounts payable to the intereconomic credit according to the Temporary procedure approved by this resolution;

- starting with the annual statement for 1996 to provide in bodies of statistics information on form "Appendix to form No. 5-F "The receivables and payables for goods, works and services", the Kyrgyz Republic approved by National Statistical Committee.

5. Publish this resolution in mass media.

Approved by the order of the Government of the Kyrgyz Republic of January 31, 1997, No. 47

Temporary procedure for registration and repayment of the intereconomic credit between business entities of the Kyrgyz Republic

I. General provisions

1. This Procedure No. 349 "About measures for financial improvement of business entities", and also for the purpose of stabilization of financial position and overcoming payments crisis is developed according to Item 3 of the order of the Government of the Kyrgyz Republic of July 31, 1996.

2. This Procedure regulates relations of business entities on the debts which arose during implementation of contractual relations on deliveries of products (works, services).

3. Action of the Temporary procedure extends on the business entities of the Kyrgyz Republic who are in complete state-owned property or share of the state in whom constitutes 51 percent.

4. Agreement parties about the intereconomic credit are the creditor - the business entity who performed delivery of products (works, services) and the debtor - the business entity having debt for products received from the creditor (work, service).

5. The creditor and the debtor without fail sign the agreement on the intereconomic credit.

II. Procedure for the conclusion, change and agreement cancelation about the intereconomic credit

6. The agreement on the intereconomic credit is signed between the creditor and the debtor on outstanding amount confirmed with both parties and who arose during implementation of contractual relations on deliveries of products (works, services).

7. The agreement on the intereconomic credit is signed for the term of no more than 3 months. As agreed by the parties the agreement can be prolonged, the deadline of validity cannot exceed 6 months.

8. Are put the approved debt repayment schedule with the detailed description of procedure and repayment periods to the agreement on the intereconomic credit, the list of the quick assets of the debtor withdrawn in indisputable procedure in case of violation of repayment period of the intereconomic credit.

9. Each party signing the agreement shall receive the original of copy of the agreement on the intereconomic credit signed by both parties.

10. The unreasonable refusal of the debtor from the conclusion of the agreement on the intereconomic credit attracts application of penalties against it in the amount of twentyfold settlement indicator.

11. The unilateral refusal from execution of the signed agreement is not allowed.

12. The agreement is considered fulfilled after complete debt repayment.

13. In the course of the conclusion of the agreement the terms provided by the relevant regulating documents of the Kyrgyz Republic for the business entities of the Kyrgyz Republic entering contractual relations are effective.

III. Control of execution and property responsibility

14. The copy of the drawn-up agreement on the intereconomic credit goes the creditor to district state tax authorities in the location of the debtor.

15. Control of execution of terms of the contract about the intereconomic credit is exercised by the creditor and in case of failure to carry out by the debtor of obligations contributes materials to Fund of state-owned property of the Kyrgyz Republic.

16. Notifications on the added sanctions go the creditor to the debtor, and the copy - to the state tax authorities servicing the last.

17. The debtor shall take all necessary measures of day of accomplishment of terms of the contract. In case of default on obligations of debt repayment there is property responsibility of the debtor to the creditor according to this Temporary procedure.

18. In case of failure to carry out of terms of the contract the district state tax authorities on representation of the creditor show to accounts of the debtor in banks the collection order on indisputable money withdrawal for benefit of the creditor.

19. If within one month from the date of submission of demand to accounts of the debtor there was no debt repayment, materials on debt collection are transferred to Fund of state-owned property of the Kyrgyz Republic which:

- in indisputable procedure transfers stocks of group of the debtor to the creditor on amount of debt;

- in the absence of shares makes transfer of liquid property of the debtor to the creditor according to the list determined in case of the conclusion of the agreement on the intereconomic credit without implementation of procedures of legal proceedings;

- draws up debts in bill form and transfers them to the biddings through Stock exchange of the Kyrgyz Republic.

20. For the purpose of tracking of the happening processes on financial improvement business entities provide information on the form approved by National Statistical Committee of the Kyrgyz Republic in bodies of statistics.

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