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RESOLUTION OF THE PRESIDENT OF TURKMENISTAN

of January 2, 2001 No. 5005

About transformation of the National commercial bank of Turkmenistan Turkmenistan

For the purpose of depositor protection and creditors, and also I decide ensuring economic banking system stability of Turkmenistan:

1. Transform the National commercial bank of Turkmenistan Turkmenistan, having changed its form of business on state and from now on to consider it the National commercial bank of Turkmenistan Turkmenistan with the state pattern of ownership.

2. Determine that the National commercial bank of Turkmenistan Turkmenistan is legal successor of all rights, obligations and obligations of the transformed bank.

3. To Central Bank of Turkmenistan together with the National commercial bank of Turkmenistan Turkmenistan to develop the mechanism on settlement of financial relations with members of the transformed bank.

4. Approve the Charter of the National commercial bank of Turkmenistan Turkmenistan (is applied).

5. To Central Bank of Turkmenistan to register the Charter of the National commercial bank of Turkmenistan Turkmenistan.

6. Declare invalid paragraph two of 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 Turkmenistan".

7. To impose control over the implementation of this resolution on the Vice-chairman of the Cabinet of Ministers of Turkmenistan the t. Kandymova S.

 

President of Turkmenistan Saparmurat Turkmenbashi

Approved by the resolution of the President of Turkmenistan of January 2, 2001, No. 5005

Charter of the National commercial bank of Turkmenistan TURKMENISTAN

GENERAL PROVISIONS

1. The national commercial bank of Turkmenistan TURKMENISTAN with the state pattern of ownership (the hereinafter referred to as Bank), is included into single bank system of Turkmenistan TURKMENISTAN with the mixed pattern of ownership is legal successor of all rights, obligations and obligations of the National commercial bank of Turkmenistan.

Form of business of bank - State.

2. The bank pursues policy of the state in the field of crediting of social infrastructure (trade, services industry) and will organize the main activities on commercial basis.

3. 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 state registration in Service of State Registration of legal entities of the State Agency on foreign investments in case of the President of Turkmenistan.

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

4. 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.

5. 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.

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 assume 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 and representations 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 is founded for unrestricted term.

10. Legal address of Bank - Turkmenistan, Ashgabat, Ulitsa Gerogly, 10-A.

CAPITAL OF BANK

11. 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.

12. The authorized capital of Bank is created in the amount of 52 billion manats due to assignments from net profit.

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

SOURCES OF FORMING OF PROPERTY

14. The property of Bank is constituted by the main and current assets, and also other values which cost affects balance of Bank.

15. Sources of forming of property are:

money in manats and foreign currency, property fees;

income gained from banking activity;

security gains of other companies and organizations acquired by Bank;

credits of banks and other creditors;

non-paid charitable;

other sources which are not forbidden by the legislation of Turkmenistan.

16. From the income from banking activity the material and equated to them costs, expenses on compensation are compensated, taxes are brought, percent on the credits are paid.

The remained net profit goes into the complete disposal Banka. Bank independently determines the direction of use of net profit and creates funds. The procedure for forming, use and the size of funds are determined by Bank board if other is not established by the legislation of Turkmenistan.

TRANSACTIONS OF BANK

17. The bank performs transactions in national and foreign currency.

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

19. 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 the 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);

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