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of March 19, 2013 No. 942

About credit unions

This Law establishes legal, economic and organizational basis of activities of credit unions and governs the relations arising between physical persons and legal entities in their activities, provides protection of interests of credit union members and rational use of sources of credit resources in the Republic of Tajikistan.


Article 1. Basic concepts

In this Law the following basic concepts are used:

- credit unions - the independent non-profit credit institutions with the right of the legal entity created for the purpose of rendering financial services to the members by consolidation of their personal funds for mutual lending;

- the credit union member - the physical person who paid the admission membership fees in credit union in compliance with the charter;

- the admission membership fee - the membership fee paid in case of the accession to credit union in cash dlyayaobespecheniye of its activities;

- the additional membership fee - the membership fee in credit union paid in case of need coverings of losses of the union according to this Law and its stavy.

Article 2. Legislation of the Republic of Tajikistan on credit unions

The legislation of the Republic of Tajikistan on credit unions 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.

Article 3. Main objectives of credit unions

Credit unions are created for accomplishment of the following main objectives:

- consolidation of money of credit union members;

- mutual lending between credit union members;

- rendering financial services to credit union members;

- involvement of members of credit union to participation in management of its activities.

Article 4. Principles of the organization of activities of credit unions

Credit unions perform the activities based on the following principles:

- economic self-government and independence of managing;

- voluntariness of the introduction in credit union members;

- participation of credit union members in its activities;

- management of activities of credit union based on equality;

- equality of credit union members by provision of the credits by it;

- availability of information of oyadeyatelnost of credit union to his members.

Article 5. Activities of credit unions

For implementation of the activities credit unions perform the following operations:

- attraction of money of credit union members on the basis of the credit agreement; - loan granting to credit union members;

- providing guarantees according to credit obligations of credit union members in the amounts determined by its charter;

- rendering consulting and information services to credit union members.

Article 6. Merging of credit unions

1. For protection and representation of common interests, coordination of the activities, implementation of joint projects and the solution of other problems credit unions can create associations (association).

2. Activities of such associations (associations) and non-profit organizations are performed and regulated according to the legislation of the Republic of Tajikistan.


Article 7. Procedure for creation of credit unions

1. The credit union is created by at least 10 physical persons.

2. Persons, relatives by the nature of occupations or professions or having the general employer and living in one or several nearby settlements shall be founders of credit union.

Article 8. Obligations of founders of credit unions

Founders of credit unions shall:

- have the charter of credit union regulating its activities;

- perform state registration of credit union;

- elect board members, credit committee and audit committee of credit union;

- perform other actions connected with management of activities of credit unions.

Article 9. Charter of credit unions

1. Credit unions act on the basis of the Charter and shall fulfill requirements of the charter completely.

2. The charter of credit unions includes the following requirements:

- the credit union shall be non-profit organization;

- the credit union shall have the complete and reduced trade name;

- availability of the list of settlements in the territory of which activities of credit union are performed;

- rights and obligations of credit union members;

- procedure and conditions of acceptance and exception of members of credit union;

- the minimum size of the admission membership fee paid to credit institution;

- procedure and conditions of introduction and withdrawal of the membership fee from credit union members;

- list of credit union members;

- governing bodies of credit union, procedure for decision making by them and the list of questions, for which consideration prescribed majority of voices of credit union members;

- distribution of obligations between governing bodies of credit union;

- procedure and conditions of issuance of credits to credit union members, and also requirements to their providing;

- procedure for placement and storage of money of credit union members;

- procedure for creation of reserves for covering of potential credit losses and losses, and also other reserves of credit union if those are created;

- procedure for modification and amendments in the charter of credit union;

- other requirements connected with features of activities of credit union, not forbidden by the legislation of the Republic of Tajikistan.

Article 10. Name of credit unions

1. Credit unions use in all documents and announcements, and also in the advertizing purposes only those names which are written down in their charters.

2. To credit unions and their associations, except for all-republican credit union, it is forbidden to use in the name or symbolics of the word "national", "central" and "Tajikistan" in the complete or reduced type in any language and in any combination.

Article 11. Capital of credit unions

1. The capital of credit unions consists of the paid membership fees, reserves created by credit union according to the established requirements and retained income. When forming the capital of credit unions use of fixed assets, securities and other intangible assets is not allowed.

2. The capital of credit unions can be used as protective measure for prevention of the possible risks arising when implementing activities of credit union.


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