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LAW OF THE REPUBLIC OF TAJIKISTAN

of June 28, 2011 No. 719

About liquidation of credit institutions

(as amended on 03-08-2018)

This Law governs legal relations of application to credit institutions of process of voluntary and involuntary liquidation, including bankruptcy.

Chapter 1. General provisions

Article 1. The basic concepts used in this Law

In this Law the following basic concepts are used:

- the administrator - person designated by National Bank of Tajikistan before appointment as court of the liquidator or the special administrator for the purpose of ensuring safety of assets of credit institution from which the license is revoked;

- the liquidator - the person having the certificate of National Bank of Tajikistan, who is carrying out liquidation of credit institution without the bankruptcy bases;

- the special administrator - person having the certificate of National Bank of Tajikistan who the judgment performs liquidation of credit institution on the bankruptcy bases;

- bankruptcy - the insolvency of credit institution recognized by court in accordance with the established procedure - the debtor, that is its inability to meet requirements of creditors for monetary commitments, including obligatory payments in the budget;

- voluntary liquidation (self-liquidation) - liquidation of credit institution based on the decision of authorized body of credit institution;

- the debtor - the credit institution declared bankrupt according to the procedure, established by this Law;

- the creditor - physical person and legal entity, including the investor who has the right to demand from credit institutions of accomplishment of monetary commitments;

- saving - money which right of temporary use is granted to credit institutions on the terms of payment of certain percent;

- involuntary liquidation - involuntary liquidation of credit institution without the bankruptcy bases which license is revoked according to the bank law and involuntary liquidation of credit institution which license is revoked because of bankruptcy;

- bankruptcy process - the process initiated by a court decision concerning the credit institutions declared bankrupt and performed by the special administrator;

- court - economic courts of the Republic of Tajikistan;

- creditor committee - the authorized body of creditor meeting of the debtor performing the activities according to requirements of this Law;

- currency swap - transaction on purchase of foreign currency with immediate payment of its equivalent in national currency and with condition of the subsequent return redemption on contractual rate;

- repo - transaction on purchase (sale) of securities with the obligation of the return sale (purchase) in time and at the price, determined in advance.

Article 2. Legislation of the Republic of Tajikistan on liquidation of credit institutions

1. The legislation of the Republic of Tajikistan on liquidation of credit institutions is based on the Constitution of the Republic of Tajikistan and consists of this Law, other regulatory legal acts of the Republic of Tajikistan, and also the international legal acts recognized by Tajikistan.

2. In case of discrepancy of provisions of this Law with the provisions of other regulatory legal acts of the Republic of Tajikistan connected with liquidation of credit institutions provisions of this Law are applied.

Article 3. Informing National Bank of Tajikistan on the problems which had by credit institution

Heads and shareholders (participants) of credit institution shall inform immediately National Bank of Tajikistan if they knows of one of the following cases:

- failure to carry out of monetary commitments by credit institution before any creditor;

- insufficient level of the capital or liquidity concerning the requirements provided by regulatory legal acts of the Republic of Tajikistan and other regulatory legal acts of National Bank of Tajikistan;

- violation of prudential standard rates, regulatory legal acts and legal requirements of National Bank of Tajikistan;

- adoption of any decision of authorized bodies of credit institution on its liquidation;

- insolvency of credit institution or threat that;

- unfair actions, abuse of official position, bribery, fraud and other illegal actions of heads, members of the Supervisory board or shareholders of credit institution who can become the reason of financial difficulties of credit institution.

Chapter 2. General provisions about liquidation

Article 4. Basis for liquidation of credit institution

The single basis for carrying out any liquidation procedure of credit institution in judicial or extrajudicially, is the decision of National Bank of Tajikistan on revocation of license on implementation of banking activity.

Article 5. Liquidation procedure

1. The liquidation procedure of credit institution is carried out in the form of voluntary and involuntary liquidation.

2. Voluntary liquidation is carried out in extrajudicial, and involuntary liquidation of credit institution judicially.

3. Forced liquidations of credit institution it is carried out by the judgment based on the statement of National Bank of Tajikistan.

4. After revocation of license of credit institution, the requirement of National Bank of Tajikistan about reclamation of financial and other reporting stop.

5. The National Bank of Tajikistan performs monitoring of the liquidated credit institution before final completion of all procedure and entering of record into the register about the termination of activities of credit institutions as the legal entity within the powers provided by the law.

Chapter 3. Voluntary liquidation

Article 6. Procedure for voluntary liquidation

1. Voluntary liquidation of credit institution is performed extrajudicially on the bases provided by the Civil code of the Republic of Tajikistan with the consent of National Bank of Tajikistan.

2. The decision on voluntary liquidation of credit institution is made by its authorized body in case of solvency of credit institution.

3. The credit institution addresses to National Bank of Tajikistan with the petition for revocation of license to which shall be attached detailed plan of actions about terms of preparation of credit institution for the termination of the activities, procedure and terms of satisfaction of requirements of creditors.

4. The National Bank of Tajikistan during term considers no more than one month the petition of credit institution and makes the relevant decision.

5. In case of satisfaction with National Bank of Tajikistan of the petition of credit institution for voluntary liquidation, the authorized body of credit institution creates liquidation commission which bears responsibility for implementation of the procedure of voluntary liquidation and settlement with creditors of credit institution.

6. The liquidation commission of credit institution shall provide to National Bank of Tajikistan access to buildings of credit institution, to the reporting, accounting documentation and any other documents connected with activities of credit institution.

7. Satisfaction of the petition of credit institution it can be refused by National Bank of Tajikistan if it is determined that the available assets of credit institution are not enough for satisfaction of requirements of creditors in full, or there are other bases to revocation of license.

8. The liquidation commission represents to National Bank of Tajikistan in the procedure established by regulations of National Bank of Tajikistan the balance statement and other necessary data. Persons guilty of provision of obviously false information during the initiated voluntary liquidation, are made responsible according to the procedure, established by the legislation of the Republic of Tajikistan.

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