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Approved on board meeting of National Bank of the Republic of Tajikistan on January 26, 1999 No. 1

Regulations No. 83 on credit partnerships

(as amended of Board of the RT National Bank of 04.06.1999 No. 7)

The provision is developed according to the Law of the Republic of Tajikistan "About banks and banking activity" and regulations of National Bank of Tajikistan, determines legal status, procedure for creation, implementation and termination of activities of the credit partnerships which are one of kinds of the non-bank financial organizations and performing separate types of banking activities based on the license of National Bank of Tajikistan.

Section I. General provisions

1. This Provision establishes general terms of activities of credit partnerships, powers of National Bank of Tajikistan, procedure for creation and termination of activities of the credit partnerships, the list which are carried out by them banking activities for feature of regulation and control of their activities.

2. Credit partnership - the legal entity not being bank, formed for the purpose of crediting and servicing of the participants, performing the activities based on the license of National Bank of Tajikistan for carrying out loan operations and other types of banking activities. The credit partnership is the commercial organization. Activities of credit partnerships are regulated by the Law of the Republic of Tajikistan "About banks and banking activity" and other legal acts which are not contradicting requirements of the current banking legislation.

3. Credit partnerships can be created and perform the activities in the following forms of business:

a) limited liability partnership (shareholders answer on the obligation of society within contribution to the capital), without the right of release of any shares;

b) the partnership created in the form of closed joint stock company has the right to issue only nominal shares (nominal shares can pass from hand to hand only with the consent of all other shareholders);

4. Physical persons and legal entities (residents and nonresidents) can be members of credit partnership, except for bodies of representative, executive and judicial authority, the state companies and the organizations if more than 50% of their authorized capital belong to the state. The number of members of the credit partnership created in the form of limited liability partnership shall be at least two and no more than thirty.

5. Credit partnership not in the right to create branches, representations and subsidiary companies in the territory of the Republic of Tajikistan and beyond its limits.

6. The minimum size of the authorized capital is established by Board of National Bank of Tajikistan.

Members of credit partnership shall pay fees in the authorized capital only at the expense of means of participants and in national currency of the Republic of Tajikistan.

Forming of the authorized capital of credit partnership is made according to the procedure the stipulated in Article 13 Laws of the Republic of Tajikistan "About banks and banking activity".

7. The National Bank of Tajikistan is the single licensor in the territory of the Republic of Tajikistan authorized on licensing to credit partnerships in the form established by it (appendix No. 1).

Section II. Procedure for creation and licensing of credit partnerships

8. The credit partnership is created based on the foundation agreement and is effective according to the charter and the license granted by National Bank of Tajikistan.

For registration and receipt of the license the credit partnership sends the following documents to National Bank of Tajikistan:

1) the statement for registration of credit partnership addressed to the Chairman of National Bank of Tajikistan (appendix No. 2). At the same time, the application is submitted in official language and shall contain the applicant's address.

Also are enclosed to the application for registration:

- information on founders of credit partnership, sphere of their activities, financial condition, prospects of their development,

- economic case of creation of credit partnership,

- detailed organizational structure of credit partnership, including service of internal control,

- information on the building (room) of credit partnership and on its technical equipment. This building (room) shall have the equipment, the security and fire and disturbing alarm system, and for implementation of cash transactions - technically the strengthened cash node according to requirements of the Provision "Technical Requirements on Designing and the Device of Cash Node in Buildings of Organizations of Banks of the Republic of Tajikistan" of National Bank of Tajikistan;

2) the protocol of meeting of founders containing decisions on creation of credit partnership, approval of its name, election of council of credit partnership, approval of the charter, approval of candidacies for appointment to positions of heads (the chairman of bank and its deputies, the chief accountant and his deputies), approval of balance settlement estimation and the plan of the income, expenses also arrived for the first three years of activities of credit partnership - separately for every year;

3) the foundation agreement (the notarized copy) which shall contain:

- obligation of founders to create credit partnership,

- procedure for joint activities for its creation,

- specifying on form of business of credit partnership,

- conditions of transfer to credit partnership of the property and participation in its activities,

- purposes of creation of credit partnership,

- size of the authorized capital of credit partnership,

- share of each founder in the authorized capital of credit partnership (in rubla, percent),

- conditions and procedure for distribution between participants of profit and covering of losses,

- responsibility of participants for violation of obligations on introduction of deposits,

- information about structure and competence of governing bodies of credit partnership and procedure for adoption of decisions by them.

The foundation agreement shall be signed by all founders of credit partnership. At the same time their location (postal address) and bank details are specified.

The signature of the founder - the legal entity shall be certified him by seal.

Passport data and the signature of the founder - physical person are verified by the employee of Management of banking supervision of National Bank of Tajikistan;

4) the charter of credit partnership in duplicate which shall contain:

- corporate (complete official) the name of credit partnership, with indication of on form of business, and reduced, for use in payment documents on state and foreign languages. The trade name includes the phrase "credit partnership". The complete and reduced names shall be reflected in the title page of the charter and in seal of credit partnership,

- location (postal address) of credit partnership,

- the list of banking activities and transactions which the credit partnership according to article 2 of the Law of the Republic of Tajikistan "About banks and banking activity" assumes to perform, - data on the size of the authorized capital and the size of reserve fund (as a percentage to the authorized capital),

- profit distribution of credit partnership,


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