RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of September 23, 2009 No. 38/3

About approval of the Provision "About Preservation of the Commercial Banks and Microfinance Companies Attracting Deposits"

According to articles 7 and 43 of the Law of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic", the Law of the Kyrgyz Republic "About preservation, liquidation and bankruptcy of banks" the Board of National Bank of the Kyrgyz Republic decides:

1. Approve the Provision "About Preservation of the Commercial Banks and Microfinance Companies Attracting Deposits" according to appendix to this resolution.

2. Declare invalid the resolution of Board of National Bank of the Kyrgyz Republic of September 9, 2002 No. 36/4 "About Provisional regulations "About preservation of the commercial banks and other financial credit institutes licensed by National Bank of the Kyrgyz Republic", registered by the Ministry of Justice of the Kyrgyz Republic of October 25, 2002, registration number 134-02.

3. This resolution becomes effective after one month after official publication.

4. Send to legal department this resolution to the Ministry of Justice of the Kyrgyz Republic for inclusion in the State register of regulatory legal acts of the Kyrgyz Republic.

5. To impose control of execution of this resolution on the vice-chairman of National Bank of the Kyrgyz Republic Bokontayev K. K.

Approved by the Resolution of Board of National Bank of the Kyrgyz Republic of September 23, 2009 No. 38/3

Regulations on preservation of the commercial banks and microfinance companies attracting deposits

1. General provisions

1.1. This Provision is developed according to the Laws of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic", "About banks and banking activity in the Kyrgyz Republic", "About preservation, liquidation and bankruptcy of banks", "About the microfinancial organizations in the Kyrgyz Republic" and other regulatory legal acts of the Kyrgyz Republic and determines the bases, procedure for introduction and implementation of preservation in the commercial banks, National bank of development of the Kyrgyz Republic, microfinance companies attracting deposits and the credit unions having the license for attraction of deposits from the participants (further by the text - banks).

1.2. Preservation is the corrective action applied by National Bank of the Kyrgyz Republic (further in the text - NBKR) for the purpose of establishment of control over bank for ensuring safety of assets, ledgers and records of bank for the benefit of creditors and investors, and also studying of the real situation in bank for determination of its further activities.

1.3. In this Provision the determinations stated in conceptual frameworks of the Laws "About Preservation, Liquidation and Bankruptcy of Banks", "About Banks and Banking Activity in the Kyrgyz Republic" and also the following concepts are used:

- the representative of the conservative - the qualified specialist appointed by the conservative for participation in work on preservation and performing functions and powers according to distribution of the obligations established by the conservative;

- counteraction to the conservative (representatives of the conservative) the action or failure to act of governing bodies and/or certain bank employees and other, tied with bank faces interfering or making impossible accomplishment by the conservative (his representatives) of the functions determined by the Law "About Preservation, Liquidation and Bankruptcy of Banks" and this Provision;

- the act of counteraction to preservation implementation - the document which is constituted upon counteraction of governing bodies and/or certain bank employees (branch / affiliated organization) and other, tied with bank faces, to preservation implementation;

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