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IT IS REGISTERED

Ministry of Justice

Republic of Uzbekistan

On April 8, 2004 No. 1336

RESOLUTION OF BOARD OF CENTRAL BANK OF THE REPUBLIC OF UZBEKISTAN

of March 13, 2004 No. 6/17

About approval of the Regulations on evaluation procedure of cost of the right of lease of the parcel of land

In execution of the Presidential decree N UP-3342 of the Republic of Uzbekistan of October 27, 2003 "About the concept of development of farms in 2004-2006" and resolutions of the Cabinet of Ministers of the Republic of Uzbekistan N 476 of October 30, 2003 "About measures of implementation of the concept of development of farms in 2004-2006" the Board of the Central bank decides:

1. Approve "Provision on evaluation procedure of cost of the right of lease of the parcel of land" according to appendix.

2. Enact this resolution after ten days from the date of its state registration in the Ministry of Justice of the Republic of Uzbekistan.

 

Chairman

Central Bank F.M.Mullazhanov

Approved by the resolution of Board of the Central bank of the Republic of Uzbekistan on March 13, 2004 No. 252-B

Regulations on evaluation procedure of cost of the right of lease of the parcel of land

1. This Provision is developed according to Civil and Land codes of the Republic of Uzbekistan, the laws of the Republic of Uzbekistan "About the Central bank of the Republic of Uzbekistan", "About banks and banking activity", "About pledge", "About farm", and also the resolution of the Cabinet of Ministers of the Republic of Uzbekistan of October 30, 2003 N 476 "About measures for implementation of the Concept of development of farms for 2004 - 2006" and regulates evaluation procedure of cost of the right of long-term lease of the parcel of land by farms by their provision as proof of on security recoverability of the credits received at commercial banks.

2. The procedure established by this Provision is applied only for the purpose of value assessment of the right of lease of the parcel of land transferred to commercial banks as guarantee of ensuring recoverability of the credits issued to farms.

3. The value assessment of the right of lease of the parcel of land is performed by determination of average size of net profit of farm counting on unit of land area within the last three years. The area equal to one hectare (1 hectare) is accepted to unit of the parcel of land. If the farm performs the activities less than three years, calculation of average cost of the right of lease of the similar parcel of land located in the same area is assumed as a basis (the area territory, etc.).

4. The net profit counting on unit of land area within calendar year is determined by the following formula:

Формула 1 к Пост. от 13.03.2004 года №617

where:

Р - net profit counting on unit of the parcel of land in year;

C - total amount of the income counting on unit of the parcel of land in year;

F - total cost counting on unit of the parcel of land in year.

5. Total amount of the income counting on unit of the parcel of land in year is determined by the division of total of income received from realization of agricultural products into the total area of the parcel of land, the right to which lease is subject to pledge. Calculation of total amount of the income counting on unit of the parcel of land is estimated on formula:

Формула 2 к Пост. от 13.03.2004 года №617

where:

With is total amount of the income counting on unit of the parcel of land in year;

with 1, with 2, c3 - the total amount of income gained from realization of the made agricultural products in the corresponding years;

3 - number of years in settlement period;

S - total area of the parcel of land, the right to which lease is pledged.

6. After determination of total amount of the income per unit of the parcel of land, complete costs of production per 1 hectare of cultivated area are subject to determination. Complete costs of production include as costs for cultivation of harvest and its cleaning, and all other overheads, including the single land tax and other obligatory payments.

7. For determination of complete production costs it is necessary to determine these costs by every year (f 1, f 2, f 3). Complete costs of production are determined by arithmetic addition of these costs by years and division of the received result into total area of the parcel of land on formula:

Формула 3 к Пост. от 13.03.2004 года №617

where:

F - the amount of complete costs of production per 1 hectare of cultivated area;

f 1, f 2, f3 - total cost in the corresponding years, including the single land tax and other obligatory payments;

3 - number of years in settlement period;

S - total area of the parcel of land, the right to which lease is pledged.

8. The cost of the right of lease of unit of land area is determined by multiplication of size of net profit by total area of the parcel of land and by number of the remained years of the lease estimated according to the permanent rent contract of the parcel of land signed between hokimy the area and the head of farm determined by formula:

Формула 4 к Пост. от 13.03.2004 года №617

where:

Q - cost of the right to lease of the parcel of land;

P - net profit counting on unit of the parcel of land in year;

S - total area of the parcel of land, the right to which lease is pledged;

t - number of the remained years of lease.

9. At the same time the cost of the right of lease of the parcel of land shall exceed the amount of the required credit in which providing it is accepted, of time 1,25.

10. Calculation of value assessment of the right of lease of the parcel of land is made by bank based on accounting data of farm, including balance sheets for the last three years (form N 1). The farm shall submit at the request of commercial bank and other documents necessary for value assessment of the right of lease of the parcel of land.

11. Territorial subdivisions of the Ministry of agricultural and water economy, service on land resources, other governing bodies provide to commercial banks on their request all rights of lease of the parcel of land granted for calculation necessary costs.

12. The final decision by determination of size of cost of the right of lease of the parcel of land transferred to bank as pledge in providing the required credit is accepted under the mutual agreement of farm and commercial bank.

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