RESOLUTION OF THE CABINET OF MINISTERS OF THE KYRGYZ REPUBLIC

of December 25, 2024 No. 791

About approval of the Regulations on release, the address and repayment of promissory notes

For the purpose of ensuring development of the financial sector and stimulation of international cooperation, according to the Law of the Kyrgyz Republic "About accession of the Kyrgyz Republic to the Convention establishing the Uniform law about translated and simple bills of exchange" articles 13, of the 17th constitutional Law of the Kyrgyz Republic "About the Cabinet of Ministers of the Kyrgyz Republic" the Cabinet of Ministers of the Kyrgyz Republic decides:

1. Approve Regulations on release, the address and repayment of promissory notes according to appendix.

2. This resolution becomes effective from the date of official publication.

Appendix

to the Resolution of the Cabinet of Ministers of the Kyrgyz Republic of December 25, 2024 No. 791

Regulations on release, address and repayment of promissory notes

Chapter 1. General provisions

1. This Provision determines procedure for release, the address and repayment of the promissory notes issued by the Ministry of Finance of the Kyrgyz Republic.

2. The promissory note is the assignable document and can be issued in various currencies.

Chapter 2. The terms and determinations used in this Provision

3. For the purposes and understanding of this provision the following terms and determinations are used:

The drawer - person who issued the promissory note with the obligation to pay certain sum of money to the receiver of the promissory note in case of its presentation;

The bill holder - person who is the receiver and the holder of the promissory note;

The promissory note is written instrument which is issued on interest-free and termless conditions and is subject to payment at sight by the bill holder;

The calculating agent - the commercial bank performing activities in the territory of the Kyrgyz Republic.

Chapter 3. Release of the promissory note

4. The Ministry of Finance of the Kyrgyz Republic acts as the Drawer based on this provision and issues promissory notes on the certain amounts in the established amount nominated in various currencies.

5. The text of the promissory note prepares in the state and official languages, in case of need - in foreign languages. The promissory note is made in form according to appendix to this Provision.

6. Promissory notes are subject to dating, payment at sight, and also to signing by the Drawer.

7. Promissory notes can be issued by the Drawer for uncertain terms.

8. Promissory notes are assignable documents, but cannot act in any kind as mortgage providing.

9. Promissory notes shall be protected by special protective elements and are made by the special order of the Drawer.

10. For release of the promissory notes Drawer issues the relevant order in which are specified:

- amount of release of promissory notes;

- nominal value of one promissory note;

- terms of payment.

11. Promissory notes are issued by the Drawer based on request of trading companies of the Kyrgyz Republic.

12. The promissory note is drawn up on the special form of the Drawer and signed by the Minister of Finance of the Kyrgyz Republic.

Chapter 4. Procedure for implementation of the promissory note

13. Promissory notes are transferred in exchange for absolute providing with money, respectively are not the obligation of the Drawer and are not part of public debt of the Kyrgyz Republic.

14. The drawer realizes promissory notes to trading companies of the Kyrgyz Republic in accordance with the terms, established by this Provision.

15. Money from implementation of promissory notes arrives on the settlement account of the Drawer which is opened at the Calculating agent.

16. Trading companies have the right to realize promissory notes to the third parties.

Chapter 5. Accounting and registration of promissory notes

17. All issued promissory notes are registered in register of promissory notes of the Drawer. Registration is performed in paper and electronic forms.

18. The promissory notes transferred to trading companies of the Kyrgyz Republic are subject to accounting according to the procedure established by internal regulations of the Drawer.

19. In reverse side of the promissory note data of trading company of the Kyrgyz Republic which acquired the promissory note with indication of corporate seal of trading company and the signature of the responsible person are specified.

20. Copies of the issued promissory notes are stored at the Drawer.

Chapter 6. Procedure for repayment of bills of exchange

21. Repayment of bills of exchange is performed by the Drawer on presentation. Payment is made in the currency specified in the promissory note.

22. Repayment of the promissory note is made in case of presentation of the promissory note by trading company of the Kyrgyz Republic.

23. Repayment of the promissory note is made at the expense of money from the settlement account of the Drawer specified in Item 15 of this provision.

24. Calculating agents on balance, being on the settlement account of the Drawer, charge percent which size is specified in the agreement between the Drawer and the Calculating agent.

25. The added percent on remaining balance of the means specified in Item 24 this provision arrive in the income of the republican budget of the Kyrgyz Republic.

26. The original of the promissory note returns to the Drawer in three working days prior to its repayment for the subsequent registration with mark about repayment and is liable to destruction.

Chapter 7. Responsibility and dispute resolution

27. All participants shall comply with the this provision conditions. Violation of obligations attracts the responsibility established by the legislation of the Kyrgyz Republic depending on nature of violations of conditions of this provision.

28. The disputes arising in connection with use of promissory notes are permitted in accordance with the established procedure according to the legislation of the Kyrgyz Republic.

Form

PROMISSORY NOTE NO. ______

The Ministry of Finance of the Kyrgyz Republic issues this non-term and interest-free promissory note nominal

________________________________________________________________________________________

(nominal value of the promissory note in figures and copy-book is specified)

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info