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The document ceased to be valid since December 23, 2014 according to article 14 of the Federal Law of the Russian Federation of December 22, 2014 No. 432-FZ

FEDERAL LAW OF THE RUSSIAN FEDERATION

of February 25, 1999 No. 40-FZ

About insolvency (bankruptcy) of credit institutions

(as amended on 14-10-2014)

Accepted by the State Duma of the Russian Federation on September 18, 1998

Approved by Council of the Russian Federation on October 14, 1998

Chapter I. General provisions

Article 1. Subject of regulation of this Federal Law

1. This Federal Law establishes procedure and conditions of implementation of measures for the prevention of insolvency (bankruptcy) of credit institutions, and also features of the bases and procedures of recognition of credit institutions by insolvent (bankrupts) and their liquidations according to the procedure of bankruptcy proceedings.

2. The relations connected with implementation of measures for the prevention of insolvency (bankruptcy) of credit institutions, not settled by this Federal Law are regulated by other Federal Laws and regulations of the Central bank of the Russian Federation adopted according to them (further - the Bank of Russia).

3. The relations connected with insolvency (bankruptcy) of credit institutions, not settled by this Federal Law are regulated by the Federal Law "About Insolvency (Bankruptcy)" and in the cases provided by this Federal Law, regulations of the Bank of Russia.

Article 2. Insolvency (bankruptcy) of credit institution

1. Insolvency (bankruptcy) of credit institution is understood as its inability recognized by Arbitration Court to meet requirements of creditors for monetary commitments and (or) to fulfill duty on payment of obligatory payments (further - bankruptcy).

For the purpose of this Federal Law the obligation of credit institution on payment of obligatory payments is understood as obligation of credit institution as independent taxpayer on payment of obligatory payments in the relevant budgets which are determined according to the Federal Law "About Insolvency (Bankruptcy)", and also obligation of credit institution by execution of orders (orders) about transfer from accounts of the clients of obligatory payments in the relevant budgets.

2. The credit institution is considered incapable to meet requirements of creditors for monetary commitments and (or) to fulfill duty on payment of obligatory payments if the corresponding duties are not fulfilled by it within fourteen days after approach of date of their execution and (or) the property value (assets) of credit institution is insufficient for execution of its obligations to creditors and (or) obligation on payment of obligatory payments.

Article 3. Measures for the prevention of bankruptcy of credit institutions

1. According to this Federal Law about day of revocation of license on banking operations the following measures for the prevention of bankruptcy of credit institutions are implemented:

1) financial improvement of credit institution. For the purposes of this Federal Law financial improvement of credit institution is understood as implementation extrajudicially of measures, stipulated in Article the 7th this Federal Law;

2) appointment of temporary administration on management of credit institution (further - temporary administration), except for case of appointment of temporary administration in connection with revocation of license on banking operations;

3) reorganization of credit institution.

2. Measures for the prevention of bankruptcy of credit institutions are performed in case of the bases, the stipulated in Clause 4 presents of the Federal Law.

The credit institution, her founders (participants), board members (supervisory board), its sole executive body and collegiate executive body in case of the specified bases shall take necessary and timely measures on financial improvement and (or) reorganization of credit institution.

The Bank of Russia according to the procedure established by regulations of the Bank of Russia in case of the bases, the stipulated in Article 4 presents of the Federal Law having the right to demand from credit institution of implementation of measures for its financial improvement, reorganization, and also to appoint temporary administration.

The requirement about implementation of measures for financial improvement of credit institution does not go in case the Bank of Russia revoke from credit institution the license for banking operations on one or several bases provided by part two of article 20 of the Federal law "About Banks and Banking Activity" (in edition of the Federal Law of February 3, 1996 No. 17-FZ) (further - the Federal Law "About Banks and Banking Activity").

Article 4. Bases for implementation of measures for the prevention of bankruptcy of credit institution

If other is not provided by this Federal Law, measures for the prevention of bankruptcy of credit institution, the stipulated in Article 3 presents of the Federal Law, are performed in cases when credit institution:

does not meet repeatedly for the last six months the requirement of creditors (creditor) for monetary commitments (obligation) and (or) does not fulfill duty on payment of obligatory payments till three days from the date of approach of date of their execution due to the lack or insufficiency of money on correspondent accounts of credit institution;

does not meet the requirement of creditors (creditor) for monetary commitments (obligation) and (or) does not fulfill duty on payment of obligatory payments in the terms exceeding three days from the moment of approach of date of their satisfaction and (or) date of their execution, due to the lack or insufficiency of money on correspondent accounts of credit institution;

allows absolute decrease in size of own means (capital) in comparison with their maximum size reached for the last 12 months, more than for 20 percent in case of simultaneous violation of one of the obligatory standard rates established by the Bank of Russia;

violates the standard rate of sufficiency of own means (capital) established by the Bank of Russia;

violates the standard rate of current liquidity of credit institution established by the Bank of Russia within the last month more than for 10 percent;

allows reduction of size of own means (capital) following the results of month under report lower than the size of the authorized capital determined by the constituent documents of credit institution registered according to the procedure, established by the Federal Laws and regulations of the Bank of Russia adopted according to them. In case of the specified basis within the first two years from the date of licensing for banking operations measures for the prevention of bankruptcy are not applied to credit institution.

Article 4.1. Obligations of credit institution in case of the bases for implementation of measures for the prevention of bankruptcy

1. From the date of emergence of the bases, the stipulated in Article 4 presents of the Federal Law, and about day of their elimination the credit institution shall notify the Bank of Russia:

1) about holding general meetings of founders (members) of credit institution, and also meetings of the Board of Directors (supervisory board) according to the procedure, stipulated by the legislation the Russian Federation for the notification of founders (participants), board members (supervisory board) of credit institution;

2) about transactions (several interconnected transactions):

with the persons interested or affiliated concerning credit institution determined according to the Federal Law or with persons concerning whom the credit institution according to the Federal Law is interested person, or with persons whose activities control or on whom the credit institution exerts considerable impact or with persons, under control or considerable influence of which there is credit institution;

connected with the order property of credit institution which cost constitutes more than 1 percent of book value of property of the credit institution determined by data of its accounting records on the last reporting date or exceeds 15 million rubles if 1 percent of book value of property of credit institution makes more than 15 million rubles including connected with the order real estate, obtaining and issuance of credits and loans, accounting of bills of exchange with carrying out transactions with securities (including release of own securities), issue of guarantees and guarantees, concession of the rights (requirements), acceptance and forgiveness of debt, innovation, compensation, and also with organization of trust management;

the economic societies connected with share acquisition (share) in the authorized capital or with participation in creation (organization) of other legal entities.

2. The notification on transactions, specified in Item 1 of this Article, goes credit institution to the Bank of Russia in five-day time from the date of transaction.

The notification on holding general meeting of founders (members) of credit institution, meeting of its board of directors (supervisory board) goes to the Bank of Russia no later than five days about day of holding such meeting, meeting, except for case when the bases, the stipulated in Article 4 presents of the Federal Law, arose within term for the notification established by this Item. In this case the credit institution notifies on holding general meeting of founders (members) of credit institution, meeting of its board of directors (supervisory board) no later than the day following behind day of emergence of the bases, the stipulated in Article 4 presents of the Federal Law.

3. The credit institution having the stipulated in Article 4 these Federal Laws the reasons and performing measures for financial improvement without the direction by the Bank of Russia of stipulated in Article 12th this Federal Law of the requirement stops to notify the Bank of Russia on the events specified in Item 1 of this Article from the date of elimination of the bases, the stipulated in Article 4 presents of the Federal Law.

4. The Bank of Russia has the right to direct the observer (observers) for participation in general meeting of founders (participants) of credit institution, meeting of its board of directors (supervisory board).

The observer (observers) is allowed (are allowed) to participation in general meeting of founders (participants) of credit institution, meeting of its board of directors (supervisory board) based on the decision of the Bank of Russia.

The observer (observers) accepts (take) part in general meeting of founders (participants) of credit institution, meeting of its board of directors (supervisory board) without voting power, gets acquainted (get acquainted) with protocols and other materials of such meeting, meeting.

Article 4.2. Obligations of the head, members of governing bodies, founders (participants) of credit institution in case of signs of insolvency (bankruptcy) of credit institution

1. In case of signs of insolvency (bankruptcy) of credit institution, stipulated in Item 2 articles 2 of this Federal Law, and (or) the bases, stipulated in Item 1 parts two of article 20 of the Federal law "About Banks and Banking Activity", the head of credit institution recognized by that according to article 11.1 of the specified Federal Law within ten days from the date of their origin shall:

To send 1) to the board of directors (supervisory board) of credit institution the motivated requirement about convocation of extraordinary general meeting of founders (participants) of credit institution for consideration of question of liquidation of credit institution and the direction in the Bank of Russia of the annulment petition or response at credit institution of the license for banking operations;

2) to notify the Bank of Russia on origin in credit institution of the specified bases and the direction by it in the board of directors (supervisory board) of credit institution of 1 this Item of the requirement provided by the subitem.

2. Within three days from the date of receipt of Item 1 of this Article of the requirement of the head of credit institution provided by the subitem 1 the board of directors (supervisory board) of credit institution shall:

1) to make the decision on convocation of extraordinary general meeting of founders (participants) of credit institution and also not later than within twenty days from the date of adoption of the specified decision to report to founders (participants) of credit institution about holding such general meeting;

To notify 2) on the made decision of the head of credit institution and the Bank of Russia.

3. If the head of credit institution is not elected or not appointed, obligation on application of measures, stipulated in Item 1 this Article, is assigned to board members (supervisory board) of credit institution.

4. If the board of directors (supervisory board) of credit institution did not fulfill the duties provided by Items 2 and 5 of this Article, the head of credit institution shall fulfill the duties of the board of directors (supervisory board) of credit institution established respectively by Items 2 and 5 of this Article within three days from the date of the expiration of the terms provided respectively by paragraph one of Item 2 and Item 5 of this Article.

5. If the board of directors (supervisory board) of credit institution does not make the decision on convocation of extraordinary general meeting of founders (participants) of credit institution according to the procedure, stipulated in Item 2 these Articles, board members (supervisory board) of credit institution shall address to the Bank of Russia with the annulment petition or response at credit institution of the license for banking operations within three days from the date of the expiration provided by the subitem 1 of Item 2 of this Article.

If the decision on liquidation of credit institution and the direction in the Bank of Russia of the annulment petition or response at credit institution of the license for banking operations is not accepted extraordinary general meeting of founders (participants) of credit institution, board members (supervisory board) of credit institution shall address to the Bank of Russia with the annulment petition or response at credit institution of the license for banking operations within three days after holding the specified general meeting of founders (participants) of credit institution.

6. The decision on liquidation of credit institution and the direction in the Bank of Russia of the annulment petition or response at credit institution of the license for banking operations is accepted by general meeting of founders (participants) of credit institution by a majority vote from total number of voices of founders (participants) of credit institution who took part in vote.

7. Founders (participants) of credit institution having the right to give obligatory instructions or opportunity to otherwise determine its actions, but the decisions on liquidation of credit institution and the direction which did not make at the scheduled time in the Bank of Russia of the annulment petition or response at credit institution of the license for banking operations, and the board members (supervisory board) or the head of credit institution who did not fulfill the duties provided by Items 2-5 of this Article in case of insufficiency of property of credit institution for satisfaction of requirements of creditors solidary bear subsidiary responsibility according to the monetary commitments of credit institution and (or) execution of its obligation on payment of obligatory payments which arose after emergence of signs of insolvency (bankruptcy), stipulated in Item 2 articles 2 of this Federal Law.

8. If the decision on liquidation of credit institution and the direction in the Bank of Russia of the annulment petition or response at credit institution of the license for banking operations is accepted the general meeting of founders (participants) of credit institution convened according to the subitem 1 of Item 2 of this Article founders (participants) of credit institution can be brought to subsidiary responsibility according to Item 7 of this Article:

1) owning jointly with the affiliates in less than 10 percent of voting shares of joint-stock company (from total number of voices of members of joint-stock company);

2) voting for decision making about liquidation of credit institution and the direction in the Bank of Russia of the annulment petition or response at credit institution of the license for banking operations;

3) properly not notified on convocation of general meeting of founders (participants) of credit institution.

Article 5. Procedures in the case of bankruptcy of credit institution

1. By consideration by Arbitration Court of case on bankruptcy of credit institution (further also - case on bankruptcy) bankruptcy proceedings are applied.

2. In case of bankruptcy of credit institution the observation, financial improvement, external management and the voluntary settlement provided by the Federal Law "About Insolvency (Bankruptcy)" are not applied.

Article 6. 

Voided

Chapter II. Financial improvement of credit institution

Article 7. Measures for financial improvement of credit institution

For the purpose of financial improvement of credit institution the following measures can be performed:

financial assistance of credit institution by her founders (participants) and other persons;

change of structure of assets and structure of liabilities of credit institution;

reduction in compliance of the size of the authorized capital of credit institution and size of its own means (capital);

change of organizational structure of credit institution;

other measures performed according to the Federal Laws.

Article 8. Financial assistance of credit institution by her founders (participants) and other persons

1. Financial aid of credit institution by her founders (participants) and other persons can be rendered in the following forms:

1) placements of money on the deposit in credit institution with return term at least six months and with charge of percent on the rate which is not exceeding interest rate of refinancing (discount rate) of the Bank of Russia;

2) provisions of guarantees (bank guarantees) on the credits for credit institution;

3) provisions of delay and (or) payment by installments of payment;

4) the translation of debt of credit institution with the consent of her creditors;

5) refusal of profit distribution of credit institution as dividends and the direction it on implementation of measures for financial improvement of this credit institution;

6) additional contribution in the authorized capital of this credit institution;

7) forgiveness of debt of credit institution;

8) innovations, and also in other forms promoting elimination of the reasons which caused the necessity of taking measures to financial improvement of credit institution.

2. Money on bank accounts and in deposits in credit institution can be used by her creditors for increase in the authorized capital of credit institution according to the procedure, established by the Bank of Russia.

3. The decision on forms and on conditions of financial assistance of credit institution is accepted by the most credit institution and person providing it financial aid.

Article 9. Change of structure of assets and structure of liabilities of credit institution

1. Change of structure of assets of credit institution can provide:

1) improvement of quality of its credit portfolio, including replacement of illiquid assets with quick assets;

2) reduction of structure of assets on urgency in the compliance with terms of obligations providing them execution;

3) expense reduction of credit institution, including on debt servicing of credit institution, and expenses on its management;

4) asset sale, not bringing in incomes, and also assets which sale will not interfere with accomplishment of banking activities by credit institution;

5) other measures for change of structure of its assets.

2. Change of structure of liabilities of credit institution can provide:

1) increase in own means (capital);

2) decrease in the size and (or) specific weight of the current and short-term obligations in general structure of liabilities;

3) increase in specific weight of medium-term and long-term obligations in general structure of liabilities;

4) other measures for change of structure of its liabilities.

3. It is excluded.

Article 9.1. Reduction in compliance of the size of the authorized capital of credit institution and size of own means (capital) of credit institution

1. If the size of own means (capital) of credit institution following the results of month under report appears less than the size of its authorized capital, the credit institution shall bring the size of the authorized capital and size of own means (capital) into accord.

2. The credit institution shall make the decision on liquidation if the size of own means (capital) of credit institution upon termination of the second and each subsequent financial year becomes less minimum size of the authorized capital established by the Federal Law "About Joint-stock Companies" or the Federal Law "About Limited Liability Companies".

In case of rejection by credit institution within three months from the date of the termination of financial year of the decision on the liquidation the Bank of Russia shall appeal to Arbitration Court with the petition for dissolution of this credit institution.

3. Ceased to be valid

Article 10. Change of organizational structure of credit institution

Change of organizational structure of credit institution can be performed:

change of structure and number of staff of credit institution;

change of structure, reducing and liquidation of the isolated and other structural divisions of credit institution, and also the different ways promoting elimination of the reasons which caused the necessity of implementation of measures for financial improvement of credit institution.

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