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RESOLUTION OF THE PRESIDENT OF TURKMENISTAN

of June 19, 2000 No. 4726

About approval of the Charter of the National commercial bank of Turkmenistan by "Turkmenbashi"

According to the resolution of the President of Turkmenistan of January 21, 2000 "About renaming of the National commercial bank of Turkmenistan Investbank I decide No. 4654:

1. Approve the Charter of the National commercial bank of Turkmenistan "Turkmenbashi" (is applied).

2. To Central Bank of Turkmenistan to register the Charter of the National commercial bank of Turkmenistan "Turkmenbashi" according to the current legislation of Turkmenistan.

3. Declare invalid the paragraph third Item 1 of the resolution of the President of Turkmenistan of January 29, 1999 No. 4054 "About approval of Charters of the National commercial banks of Turmenistan".

 

President of Turkmenistan

Saparmurat Turkmenbashi

Approved by the Resolution of the President of Turkmenistan of June 19, 2000, No. 4726

Charter of the National commercial bank of Turkmenistan of TURKMENBASHI

GENERAL PROVISIONS

1. The national commercial bank of Turkmenistan of TURKMENBASHI (the hereinafter referred to as Bank) is included into single bank system of Turkmenistan and Investbank is legal successor of all rights, obligations and obligations of the National commercial bank of Turkmenistan.

2. The bank pursues policy of the state in the field of financing of the industry and industrial infrastructure and will organize the main activities on commercial basis.

3. The bank is independent of executive and administrative organs of the government and management in case of adoption of the decisions connected with the current banking activity by it.

4. The bank in the activities is guided by the Constitution of Turkmenistan, the laws of Turkmenistan, acts of the President of Turkmenistan, decisions of the Cabinet of Ministers of Turkmenistan, regulations of the Central bank of Turkmenistan and this Charter.

5. The bank is legal entity, has separate balance and performs the activities on the principles of complete cost accounting, self-sufficiency and self-financing.

The bank acquires the rights of the legal entity from the moment of registration of its Charter in the Central bank of Turkmenistan and Registration chamber of Turkmenistan.

The bank has seal with the image of the State Emblem of Turkmenistan and the name, and also emblem (service mark).

6. The bank does not answer for obligations the state, the state does not answer for obligations Bank, except cases, stipulated by the legislation Turkmenistan or when the Bank or the state assumes such responsibility.

7. The bank has the right according to the legislation of Turkmenistan to open in the territory of Turkmenistan and beyond its limits the branches and representations. Branches are not legal entities and their legal status is determined by the Regulations on branches approved by the Chairman of the board of Bank.

8. On money and other values of legal entities and physical persons, including foreign, being in Bank, it can be seized and collection is made only in cases and according to the procedure, stipulated by the legislation Turkmenistan.

9. The bank guarantees complete safety of money and other values of investors and their issue on the first demand of. The bank guarantees preserving secret on transactions to accounts and deposits of the clients and correspondents.

10. The bank shall observe the economic and other standard rates established by the Central bank of Turkmenistan.

11. Legal address of Bank - Turkmenistan, 744000, Ashgabat, Ulitsa X. Annadurdyeva, 5

CAPITAL OF BANK

12. The capital of Bank consists of authorized fund, the fixed reserve fund and special reserve funds.

Change of the size of authorized fund affirms the President of Turkmenistan.

13. The authorized capital of Bank is created in the amount of 52 billion manats due to assignments from net profit before achievement of the established size.

14. The reserve fund of Bank is created for covering of possible losses and losses on its transactions in the amount of 100 percent of authorized fund due to annual assignments at the rate to 10 percent from net profit.

TRANSACTIONS OF BANK

15. The bank performs transactions in national and foreign currency based on the licenses granted by the Central bank of Turkmenistan.

16. The bank opens correspondent accounts in organizations of the Central bank of Turkmenistan, in other banks of the country and abroad.

17. The bank can perform the following banking activities and transactions:

open and operate of customer account and corresponding banks, including foreign;

perfrom calculations for the order of clients and corresponding banks and their cash servicing;

attract deposits (deposits) and grant the loans under the agreement with the borrower;

finance capital investments at the request of owners or managers of the invested means, and also by own means of Bank;

issue securities, buy, sell and store payment documents and securities at own expense or at the expense of means of clients, and also to perform with them other transactions which are not forbidden by the current legislation;

issue guarantees, guarantees and other obligations for the third parties providing execution in cash;

acquire the rights to claim following from the delivery agreement of goods and rendering services, to accept risks of execution of such requirements and to collect these requirements (forfaiting), and also to carry out these transactions with additional control of movement of goods (factoring);

buy from legal entities and physical persons, including foreign and sell them the cash foreign currency which is on accounts and in deposits;

accept and store in Turkmenistan and beyond its limits precious metals, stones, and also products from them according to the license granted by authorized body;

attract and place means and manage securities at the request of clients (confidential (trust) transactions);

render the advisory services connected with banking activity including provide services as the managing director of investments of clients or the adviser or the financial agent or the consultant;

acquire at the expense of own means of Bank the equipment, vehicles and other property for their transfer under lease (to perform leasing transactions);

make mortgage and other real estate transactions according to the current legislation; perform safe business;

RIGHTS OF BANK

18. The bank for accomplishment of the functions and banking operations has the right:

participate in project development of regulations concerning bank and currency control, international settlements, transactions with currency values and payment documents in national and foreign currency;

receive from the clients and corresponding banks accounting reports and balances with the corresponding appendices, business plans, contracts, data on availability, receipt and realization of inventory items and other data necessary for crediting and calculations, exposure of guarantees, to obtain in necessary cases from them information confirming legality of payments and their compliance to tasks and purposes of activities of these companies and organizations;

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