RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of November 15, 1999 No. 396

About approval of Rules of accounting of bills of exchange by banks of the second level of the Republic of Kazakhstan, branches of nonresident banks of the Republic of Kazakhstan

According to the subitem 26) "About National Bank of the Republic of Kazakhstan" the Board of National Bank of the Republic of Kazakhstan DECIDES: parts two of article 15 of the Law of the Republic of Kazakhstan

1. Approve the enclosed Rules of accounting of bills of exchange by banks of the second level of the Republic of Kazakhstan, branches of nonresident banks of the Republic of Kazakhstan.

2. To department of banking supervision (Zhumagulov B. K.):

1) together with Legal department (Sharipov S. B.) to take measures to state registration in the Ministry of Justice of the Republic of Kazakhstan of this resolution and Rules of accounting of bills of exchange by banks of the second level of the Republic of Kazakhstan;

2) in ten-day time from the date of state registration in the Ministry of Justice of the Republic of Kazakhstan to bring this resolution and Rules of accounting of bills of exchange by banks of the second level of the Republic of Kazakhstan to data of branches of National Bank of the Republic of Kazakhstan.

3. From the date of state registration of Rules of accounting of bills of exchange by banks of the second level of the Republic of Kazakhstan in the Ministry of Justice of the Republic of Kazakhstan to declare invalid the Provisional regulations for bill settlement system in the Republic of Kazakhstan approved by the resolution of Board of National Bank of the Republic of Kazakhstan of May 18, 1995 No. 17.

4. To impose control of execution of this resolution on the vice-chairman of National Bank of the Republic of Kazakhstan Kudyshev M. T.

Approved by the Resolution of Board of National Bank of the Republic of Kazakhstan of November 15, 1999 No. 396

Rules of accounting of bills of exchange by banks of the second level of the Republic of Kazakhstan, branches of nonresident banks of the Republic of Kazakhstan

These rules of accounting of bills of exchange by banks of the second level of the Republic of Kazakhstan, by branches of nonresident banks of the Republic of Kazakhstan (further - Rules) parts two of article 15 of the Law of the Republic of Kazakhstan "About National Bank of the Republic of Kazakhstan" are developed according to the subitem 26) and determine accounting treatment for bills of exchange banks of the second level and branches of nonresident banks of the Republic of Kazakhstan (further - banks).

Chapter 1. General provisions

1. The concepts used in these rules:

1) accounting of bills of exchange is acceptance of bills of exchange by banks (accounting offices) according to the endorsement before maturity with payment of the bill amount to the bearer of the bill of exchange, less discount or without it;

2) the client - person showing the bill of exchange to accounting;

3) the preporuchitelny endorsement - the text on the bill of exchange made by the bill holder and aiming transferring of some rights on the bill of exchange in the limits set by the endorsee;

4) covering of the bill of exchange - establishment by the drawer of such relations with person specified in the bill of exchange as the payer owing to which the drawer has right to claim of execution by the payer of any obligations. At the same time the amount of such obligation shall be not lower than payment amount on the bill of exchange;

5) the copy of the bill of exchange is copy in accuracy reproducing the original of the bill of exchange with endorsements and all other marks which on it are. At the same time, in it person in whose hands there is original of the bill of exchange is specified.

2. The bank has the right to hold discount which size is established by bank independently from the bill amount.

3. If the place of payment on the bill of exchange is specified in other settlement, than the bank location, the bank has the right to include in the discount amount also postage expenses and commission fee to banks from another town for bill collection. The procedure and conditions of collection of postage expenses by bank is determined by the contract between bank and the organization of mail service.

4. If the bill of exchange bears text "I trust to show to accounting and to receive money" or any other text meaning the order on accomplishment of any actions connected with implementation of the rights on the bill of exchange, then such authorized representative (client) has the right to perform all formalities connected with transfer of the bill of exchange to accounting.

After adoption by bank of the decision on acceptance of the bill of exchange to accounting, only person which signed the preporuchitelny endorsement (the legal bill holder) can endorse bill for benefit of bank.

5. Banks have the right to accept to accounting of the bill of exchange which amount is expressed in tenge, and in the presence of the license for implementation of foreign currency transactions - bills of exchange which amount is expressed in foreign currency.

6. Forfaiting - acceptance (purchase) of the bill of exchange by bank according to the endorsement with payment of the bill amount without the regress right to the client (the endorsee). The bank has the right to perform forfaiting operations in the presence of the license of authorized body on regulation, control and supervision of the financial market and the financial organizations (further - authorized body) on carrying out forfaiting transactions. When implementing forfaiting the bank also has the right to hold discount from the bill amount.

Chapter 2. Conditions of acceptance of bills of exchange to accounting

7. The bank accepts only the valid bills of exchange to accounting.

8. The bill of exchange is considered valid if its details conform to requirements of Articles 1-9, 32, of 74, 75 Laws of the Republic of Kazakhstan "About circulation of bills in the Republic of Kazakhstan (daleezakon). The procedure for test of the bill text is established by Chapter 4 of these rules.

9. The bank shall refuse accounting of bronze, friendly (passers) and finance bills, and also bills of exchange, the payer or the drawer on whom incapacitated person is specified.

10. It is excluded

11. The bank has the right to include the following conditions of acceptance of bills of exchange to accounting in rules about general terms of carrying out transactions:

1) requirements to the number of persons obliged on the bill of exchange i.e. availability on the bill of exchange of certain maximum quantity of endorsements (endorsements);

2) aval availability for the payer or other person (solvency of the guarantor) obliged on the bill of exchange;

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