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Registered by

Ministry of Justice

Republic of Uzbekistan

On May 22, 2008 No. 1815

RESOLUTION OF BOARD OF CENTRAL BANK OF THE REPUBLIC OF UZBEKISTAN

of April 19, 2008 No. 10/3

About approval of the Regulations on procedure for liquidation of credit unions

(as amended on 31-12-2020)

According to the Civil code of the Republic of Uzbekistan and the Law of the Republic of Uzbekistan "About the Central bank of the Republic of Uzbekistan" the Board of the Central bank of the Republic of Uzbekistan DECIDES:

1. Approve the enclosed Regulations on procedure for liquidation of credit unions.

2. This resolution becomes effective after ten days from the moment of its state registration in the Ministry of Justice of the Republic of Uzbekistan.

Chairman of the Central bank

F.Mullazhonov

Approved by the Resolution of Board of the Central bank of the Republic of Uzbekistan of April 19, 2008 No. 10/3

Regulations on procedure for liquidation of credit unions

This Provision according to the Civil code of the Republic of Uzbekistan and the Law of the Republic of Uzbekistan "About the Central bank of the Republic of Uzbekistan" determines procedure for liquidation of credit unions.

I. General provisions

1. Ceased to be valid

2. Liquidation of credit union leads to the termination of its rights and obligations without transfer to other person according to the procedure of legal succession.

3. Ceased to be valid

II.

Ceased to be valid

III. Liquidation of credit unions

§1. Bases for liquidation of credit unions

§2. Procedure for liquidation of credit union

§1. Bases for liquidation of credit unions

32. Voluntary liquidation of credit union is performed by decision making of general meeting of credit union members. In this decision the liquidator - liquidation commission (its structure) or physical person (data of the identity document) is specified (further in the text - the liquidator).

33. The liquidator is appointed according to the offer of Council on general meeting of credit union members.

34. The decision of general meeting of credit union members on its voluntary liquidation by credit union and the original of the license is submitted in the Central bank.

35. The credit union is recognized the bankrupt by a court decision according to the statement of creditors if he is not able to meet requirements of creditors, or according to the appeal of credit union about recognition by his bankrupt - in the presence of bankruptcy signs.

Hearing of cases about bankruptcy of credit union is performed according to the procedure, established by the legislation.

36. In case of decision making of the Central bank about cancellation or cancellation of license for activities of the Council credit union within 30 days from the date of adoption of this decision convenes extraordinary general meeting of credit union members on which the decision on liquidation of credit union is made and the liquidator affirms. All financial transactions of credit union stop before statement of the liquidator.

37. The decision on cancellation or cancellation of license for activities of credit union made by the Central bank can be appealed in court according to the procedure, established by the legislation.

§2. Procedure for liquidation of credit union

38. From the date of decision making about voluntary liquidation of credit union or delivery to management of credit union of the resolution of Board of the Central bank on cancellation of the license for the right of implementation of activities of credit union before completion of liquidating process:

powers of general meeting of members of the union, other governing bodies and officials stop, including their authorities to dispose and accomplishment of obligations, except for the powers of council connected with holding general meeting of members for the purpose of liquidation of credit union and statement of list of the liquidator are cancelled;

completion date of all obligations, and also overdue obligatory payments begins;

all requirements of property nature for credit union can be imposed only addressed to the liquidator and are considered according to the procedure, provided by this Provision and the legislation;

the decisions made by court and the executive documents relating to property requirements in relation to the liquidated credit union prior to process of liquidation are transferred to the liquidator for execution according to the procedure of the priority established by the legislation.

39. All expenses connected with liquidation of credit union are performed at the expense of the liquidated credit union.

40. After decision making about liquidation of credit union the Central bank enters in the State register of credit unions of the data on finding of credit union in the course of liquidation.

41. The liquidator, after its appointment, shall publish in at least two periodicals distributed to the territories of the Republic of Uzbekistan, the announcement of the beginning of liquidation of credit union, and also of procedure and term of the statement of requirements by his creditors. 

42. The term of presentation of requirements cannot be less than 2 months from the moment of the publication of the announcement of liquidation.

43. Except placement of the announcement in periodicals, the liquidator shall inform in writing all members of the union and creditors on the beginning of liquidating process of credit union.

44. From the moment of appointment of the liquidator pass all powers on administration of credit union to it. The liquidator performs accomplishment of tasks on management on behalf of the credit union and all actions connected with liquidation of activities of credit union.

45. Liquidator's rights:

determine assets of credit union, and also taking into account the purposes of liquidation to dispose of them within powers of the owner of property and bodies of board of credit union;

reserve assets and property of credit union;

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