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The document ceased to be valid since  January 1, 2024 according to Item 2 of the Section XI of the Law of Ukraine of July 14, 2023 No. 3254-IX


of December 20, 2001 No. 2908-III

About credit unions

(as amended on 13-12-2022)

This Law determines organizational, legal and economic basis of creation and activities of credit unions, their associations, the rights and obligations of members of credit unions and their associations.

Section I. General provisions

Article 1. Determination of credit union

1. The credit union is the non-profitable organization founded by physical persons, labor unions, their associations on the cooperative beginnings for the purpose of requirements satisfaction of her members in mutual lending and rendering financial services at the expense of the integrated money contributions of credit union members.

2. The credit union is financial institution which exclusive type of activity is rendering the financial services provided by this Law.

Article 2. Basic principles of activities of credit union

1. Activities of credit union are based on the following basic principles:

voluntariness of the introduction and freedom of exit from credit union;

equality of credit union members; self-government;


2. According to the principles determined in part one of this Article:

nobody can be forced to enter into credit union, and the exception of credit union members is allowed only in determined by the charter of the union;

all credit union members have the equal rights, including during the vote on general meeting, irrespective of the size share and other fees;

any intervention in activities of credit union, except as specified, provided by the law is forbidden;

the credit union shall provide complete and timely informing the members concerning own activities, at their request to acquaint with protocols of general meeting and meetings of other governing bodies of credit union, to issue copies of documents and the statement from them according to the procedure, determined by the charter.

Article 3. Legal position of credit union

1. The credit union is legal entity, has separate balance, bank accounts which opens and uses according to the legislation in independently elected bank institutions, and also can have seals and forms, own symbolics.

2. The credit union receives the status of the legal entity from the date of its state registration according to the procedure, determined by the Law of Ukraine "About state registration of legal entities, physical persons entrepreneurs and public forming".

3. The credit union can sign on its own behalf the contracts and other agreements which are not contradicting this Law, other regulatory legal acts and the charter of credit union to acquire the property and non-property rights, to have the obligations following from the legislation of Ukraine and agreements signed by credit union, to be claimant and the defendant in courts.

4. The credit union cannot be the founder, the cofounder or the member of the subject (subjects) of business activity, except local cooperative bank, both in the territory of Ukraine, and beyond its limits. The credit union can be the founder (participant) of the legal entity performing collection, processing, storage, protection and use of information on legal entity or physical person about accomplishment of credit deal by it.

5. The credit union acts on the self-financing basis, bears responsibility for results of the activities and accomplishment of obligations to the members, partners, state and local budgets.

6. The credit union bears responsibility according to the obligations within property value, belonging to it on the property right.

Article 4. Restriction of use of the term "credit union" in names of the companies, organizations and organizations

The companies, organizations and the organizations have no right to use in the names the term "credit union" and are not subject to state registration under names which include this term if they are created in other procedure, than it is provided by this Law.

Article 5. Legislation on credit unions

Credit unions in Ukraine are effective according to this Law, other laws of Ukraine and regulatory legal acts published according to them.

Section II. Organizational bases of creation and procedure for the termination of activities of credit unions

Article 6. Creation of credit union

1. The credit union is created based on the solution of the constituent assembly. The number of founders (members) of credit union cannot be less than 50 persons who according to this Law can be credit union members and are integrated at least on one of the following signs: take platitude of work or training or belong to one labor union, merging of labor unions, other public or religious organization or live in one village, the settlement, the city, the area, area.

2. The decision on creation of credit union is drawn up by the protocol of the constituent assembly which is signed by the chairman and the secretary of meeting.

3. Integral part of the protocol is the register of persons who were taking part in the constituent assembly (the list of founders). In the register surname, the name and middle name of person, these its passports of the citizen of Ukraine or passport documents of the foreigner, the address and other data which confirm availability of the signs specified in part one of this Article are surely entered. Data on person make sure its personal signature.

4. The constituent assembly approves the charter of credit union, elects its governing bodies, authorizes persons for carrying out state registration, resolves other issues connected with creation of credit union.

Article 7. Charter of credit union

1. The credit union acts on the basis of the charter which is not contradicting the legislation of Ukraine.

2. In the charter of credit union are surely specified:


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