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Ministry of Justice

Azerbaijan Republic

On February 9, 2001 No. 2661

Approved by board decision of National Bank of the Azerbaijan Republic of January 27, 2001 the Protocol No. 1

Rules of issue to Credit Union of special permission (license) for making of banking activity

1. General provisions

1.1. These rules are prepared based on the laws of the Azerbaijan Republic "About National Bank of the Azerbaijan Republic", "About banks and banking activity in the Azerbaijan Republic", "About Credit Unions", "About business activity", "Regulations on issue of the special permission (license) for some types of business activity" approved by the Presidential decree of the Azerbaijan Republic of January 27, 1997 No. 543, of Presidential decrees of the Azerbaijan Republic "About approval of the list of types of activity requiring special permission (license)" of October 4, 1997 No. 637 and "About measures for enhancement of issue of special permission (license) for some types of business activity in the Azerbaijan Republic" of March 28, 2000 No. 310 is also determined by rules of issue of non-bank credit institution - to Credit Union - special permission (license) for occupation banking activity (further "license").

1.2. The license granted by National Bank on the basis of these rules is the official document providing to the non-bank credit institution, according to the legislation of the Azerbaijan Republic which underwent state registration in the form of Credit Union irrespective of its form of business special permission to making of banking activity.

1.3. The credit union can make only such banking activity which is provided in the license granted by National Bank.

1.4. The granted license can be used only by the owner of the license (Credit union), it cannot be transferred to them to other persons, and its action does not extend on the legal entities who are members of the owner of the license or on any the third parties.

2. Licensing procedure

2.1. For receipt of the license for making of banking activity the Credit Union shall submit the following documents to National Bank:

2.1.1. the written petition for receipt of the license (with indication of need of making of banking activity);

2.1.2. the copy of the document on state registration established by the legislation;

2.1.3. copies of constituent documents (foundation agreement, protocol on adoption of the charter, appointment of heads of regulatory and managerial authorities, charter);

2.1.4. data on professional suitability of the board members offered by founders, the chief accountant, availability or lack at them of criminal record, the questionnaire completed with these persons and the copy of the document on their education (as according to the Law control of activities of Credit Union is exercised by the Supervisory board, the submitted documents shall be approved by the signature of the chairman of the Supervisory board and seal of Credit Union);

2.1.5. the decision of General meeting establishing the annual business plan, the budget and credit policy of Credit Union (the protocol shall be signed by the chairman and the secretary of meeting and is approved by seal of Credit Union);

2.1.6. the bank document confirming authorized capital payment (the provisional accumulation account for the Authorized capital can be opened in any bank or bank branch located in the territory of finding of Credit Union. The authorized capital shall be not below the minimum amount determined by National Bank and to be created only of money in national currency);

2.1.7. the document confirming payment of the state fee for receipt of the license;

2.1.8. it is forbidden to require from petitioning the documents which are not provided by these rules.

2.2. Important conditions which are required for licensing are:

2.2.1. professional suitability of board members and chief accountant of Credit Union: availability at board members of certain experience of work and education, and at the chief accountant - experiment on financial accounting. For determination of professional suitability of these persons with them interviews in National Bank or, at the request of National Bank, - in its territorial administration are conducted;

2.2.2. absence at board members and the chief accountant of criminal record for making of crimes in the economic sphere, including against property, economic and official;

2.2.3. the financial position of members shall be satisfactory, they shall not be members of other Credit Unions, and the means paid by them in the form of contributions shall not be loan;

2.2.4. the authorized capital created by Credit Union shall be not below the minimum amount determined by National Bank.

2.3. The National Bank accepts the petition provided for receipt of the license and the documents provided by these rules, registers them in the special book, no later than 30 days considers also in the absence of shortcomings or the bases for refusal at the regular meeting of the Board makes the decision on licensing.

If in the submitted documents shortcomings are found, petitioning it is reported about it in writing, and within 5 days after their elimination and repeated submission of documents documents are considered and the decision is in the appropriate order made.

If the last day of the specified terms falls on non-working day, the working day following it is considered last afternoon of term.

2.4. In licensing refuses in cases:

2.4.1. non-presentations of the documents provided by these rules;

2.4.2. if the submitted documents contain the inexact or distorted data;

2.4.3. if the important conditions for licensing established by these rules are not provided;

2.4.4. in other cases, stipulated by the legislation.

2.5. In case of refusal in licensing on the specified bases to petitioning it is reported about it in writing with indication of the refusal bases, and documents return.

2.6. In refusal cases to Credit Union in licensing of funds for forming of the Authorized capital, being on provisional accumulation account, according to the written address petitioning immediately completely return.

2.7. After elimination of the circumstances which were the basis for refusal in licensing, petitioning having the right to address according to these rules to National Bank behind receipt of the license, and in case of disagreement with the negative decision it has the right to take a legal action.

2.8. In case of liquidation of Credit Union the license granted to it also voids.

2.9. By reorganization of Credit Union, change of its name, loss of the license petitioning shall address in writing in 15-day time to National Bank behind renewal of the license.

2.10. Renewal of the license is performed according to the procedure, established for its issue.

2.11. During the term of renewal of the license petitioning performs the activities on the basis of the former license, and when losing the license - on the basis of the temporary permission issued by National Bank. The temporary permission signed by the head of Board of National Bank and approved by seal is issued in case of submission of all documents for execution of the license.


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