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The document ceased to be valid since  September 14, 2022 according to the Resolution of Board of the Central bank of the Republic of Uzbekistan of August 23, 2022 No. 19/13

It is registered

Ministry of Justice

Republic of Uzbekistan

On May 15, 2012 No. 2364

RESOLUTION OF BOARD OF CENTRAL BANK OF THE REPUBLIC OF UZBEKISTAN

of March 24, 2012 No. 10/1

About approval of the Regulations on procedure for provision of bank guarantees by commercial banks

(as amended on 06-09-2018)

According to the Civil code (Sheets of Oliy Majlis of the Republic of Uzbekistan, 1996, No. 2, appendix) and the laws of the Republic of Uzbekistan "About the Central bank of the Republic of Uzbekistan" (Sheets of Oliy Majlis of the Republic of Uzbekistan, 1995, No. 12, the Art. 247), "About banks and banking activity" (Sheets of Oliy Majlis of the Republic of Uzbekistan, 1996, Art. No. 5-6, 54) and the resolution of the President of the Republic of Uzbekistan of November 26, 2010 No. PP-1438 "About the priority directions of further reforming and increase in stability of financial bank system of the republic in 2011 - 2015 and achievements of high international rating rates" (2010, No. 48, the Art. 442) the Board of the Central bank of the Republic of Uzbekistan decides collection of the legislation of the Republic of Uzbekistan:

1. Approve Regulations on procedure for provision of bank guarantees by commercial banks according to appendix * (* Appendix is given in Uzbek).

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

Chairman of the Central bank

F.Mullazhanov

Appendix

to the Resolution of Board of the Central bank of the Republic of Uzbekistan of March 24, 2012 No. 10/1

Regulations on procedure for provision of bank guarantees by commercial banks

This Provision according to the Civil code of the Republic of Uzbekistan, the laws of the Republic of Uzbekistan "About the Central bank of the Republic of Uzbekistan" and "About banks and banking activity" determines procedure for provision of bank guarantees by commercial banks.

Chapter I. General provisions

1. In this Provision the following basic concepts are used:

the bank guarantee - the commitment letter provided by bank (guarantor) according to the request of other person (principal) to pay to the creditor of principal (beneficiary) in accordance with the terms of the obligation this by the guarantor sum of money after submission by the beneficiary of the written requirement about its payment;

the guarantor - the bank according to the written application of the client (principal) assuming accomplishment of obligations according to guarantee in case of non-execution or improper execution of obligations by the principal to the beneficiary;

the principal - person who filed in bank petition for provision of a guarantee as ensuring execution of the obligations to the third party (beneficiary);

the beneficiary - the creditor accepting guarantee according to the obligation of principal.

2. The guarantee provides proper execution by the principal of the obligations (primary obligations) to the beneficiary.

3. It is forbidden to provide guarantee to the commercial banks which are not observing the bank law of the Republic of Uzbekistan, including economic standard rates established by the Central bank, and also having in credit portfolio troubled assets and assets with the expired payment due date in the amount of 6 and more percent.

4. Ceased to be valid

4-1. Ceased to be valid

5. For receipt of guarantee principal shall meet the following requirements:

work without losses and not have illiquid balance;

it shall have no overdue accounts payable;

have the positive audit report by results of financial year;

have positive credit history.

6. The guarantee can be withdrawn if after provision of a guarantee by the principal the requirements established by paragraphs the second, third and fifth Item 5 of this provision are violated.

7. The question of provision of a guarantee is considered by credit committee of bank (branch) within the limits of provision of guarantees specified in credit policy of bank.

Account of the provided guarantees is kept in Head bank and the chairman of the board of bank is responsible for its proper maintaining.

7-1. Provision of guarantee by bank is drawn up on the form of the strict reporting. Account of forms of guarantees is kept in separate notebook. The blank form of guarantees is established in single form by internal documents of bank.

The forms of guarantees made in single form on paper with special protective marks based on the agreement signed between Head bank and the National production association "Davlat of Belgisa" are brought by Head bank to all bank branches.

Chapter II. The documents submitted for receipt of guarantee and registration of provision of a guarantee

8. For receipt of guarantee by the principal the following documents are provided in bank:

request for guarantee;

the business plan with indication of the analysis of cash flows for the entire period of use of guarantee;

the balance sheet provided to the relevant tax authorities for the last accounting period (No. form 1), the report on financial results (No. form 2), and also acts of reconciliations on the debts delayed more than for 90 days;

audit opinion by results of the last three financial years.

9. Principal as ensuring timely obligation fulfillment on the provided guarantee shall provide one of the following types of providing in bank:

pledge of liquid property or securities, money;

the insurance policy about risk insurance of non-execution by the principal of the obligation on guarantee.

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