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Approved by the Resolution of Board of the Central bank of the Republic of Uzbekistan of July 20, 1996 No. 240 (the protocol No. 20)

Regulations on procedure for liquidation of banks

This Provision establishes powers of the Central bank of the Republic of Uzbekistan (further the Central bank) in case of liquidation of banks, on control of liquidating process within the competence.

I. General provisions

1. The relations connected with liquidation of banks are regulated by the legislation of the Republic of Uzbekistan in the part which is not contradicting the bank law.

2. The basis for liquidation of banks is:

a) revocation of license on implementation (carrying out) of banking activities on the bases provided Art. 14 of the Law "About Banks and Banking Activity" or the announcement of bank by the bankrupt by a court decision;

b) the decision of general shareholder meeting on voluntary liquidation of bank, in the presence of the consent of the Central bank;

3. Liquidating process in bank is considered begun from the date of pronouncement of the Resolution of Board of the Central bank on revocation of license at banking operations. The document confirming board decision of the Central bank about revocation of license is handed to management of bank on receipt in day of adoption of this decision.

4. Central Bank shall control process of liquidation of bank. For this purpose, the Central bank receives regular reports on the course of assessment of assets of bank, liquidation of these assets and income distribution among creditors. For receipt of the most complete information concerning liquidation process, the Central bank can participate in meetings of the creditor commission.

5. The liquidator is appointed by the Resolution of Board of the Central Bank on revocation of license to implementation of banking activity from among legal (auditing, consulting, law firms) or physical persons or specialists of the Central bank. The candidacy of the liquidator is approved by creditor committee. The liquidator is authorized representative of creditor meeting. The shareholders of bank including connected with bank of person cannot be appointed by the liquidator-authorized representative.

6. Payment terms of activities of the liquidator, the experts and other persons occupied in the course of liquidation are reflected in the liquidation plan developed by the liquidator and is approved with creditors in the procedure established by the legislation.

7. All expenses connected with liquidation of bank are made for bank account. Financing of expenses by the Central bank on liquidation of bank is forbidden.

8. When implementing payment under obligations of the liquidated bank the expenses connected with liquidation production are made in extraordinary procedure.

9. Central Bank, in cases of unsatisfactory actions of the liquidator has the right to appoint other liquidator in coordination with creditor committee.

10. Central Bank shall control debt repayment to creditors, proceeding from the fact that more reasonable is periodic receipt of partial payments by creditors, than expectation of completion of all liquidating process.

11. Before liquidation completion the bank continues to be under the supervision of the Central bank and the Central bank has the right to perform bank.

II. Creditor committee

1. In week time after adoption of the Resolution on revocation of license on banking operations by the Central bank general meeting of creditors is convened. On general meeting of creditors, according to the current legislation the Creditor committee which is operational body of creditor meeting is elected.

2. The creditor committee approves the liquidator's candidacy proposed by the Central bank. In case of disagreement of creditor committee with the liquidator's candidacy proposed by the Central bank, the creditor committee shall present during the term established by the legislation own candidacy of the liquidator for review with the Central bank. Otherwise, as the liquidator the candidate appointed by the Central bank is left.

3. The creditor committee can be re-elected according to the decision of general meeting of creditors.

III. Powers of the liquidator

1. The liquidator acts on behalf of the liquidated bank.

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