It is registered
Ministry of Justice
Republic of Uzbekistan
On April 30, 2004 No. 1345
of March 1, 2004 No. 564
About approval of the Regulations on procedure for crediting of farms by commercial banks on the security of the right of lease of the parcel of land
In execution of the Presidential decree of the Republic of Uzbekistan "About the concept of development of farms for 2004-2006" and resolutions of the Cabinet of Ministers of the Republic of Uzbekistan No. 476 of October 30, 2003 "About measures for implementation of the Concept of development of farms for 2004-2006" the Board of the Central bank decides No. UP-3342 of October 27, 2003:
1. Approve "Regulations on procedure for crediting of farms by commercial banks on the security of the right of lease of the parcel of land" according to appendix.
Approved by the Resolution of Board of the Central bank of the Republic of Uzbekistan of March 1, 2004 No. 564
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 Presidential decree of the Republic of Uzbekistan of October 27, 2003 No. UP-3342 "About the Concept of Development of Farms for 2004-2006" and the resolution of the Cabinet of Ministers of the Republic of Uzbekistan of October 30, 2003 No. 476 "About measures for implementation of the Concept of development of farms for 2004-2006" and is directed to creating favorable conditions for development of farms.
1. This Provision regulates procedure for issue of the credits by commercial banks to farms on the security of the right of lease of the parcel of land. Issuance of credits is performed by commercial banks on the terms of recoverability, the paid nature, security, urgency and target use of the allocated credits.
2. Commercial banks perform issuance of credits to borrowers on contractual basis, by provision as proof of the right of lease of the parcel of land.
At the same time the lease term of the parcel of land shall exceed the term of return of the credit established in the credit agreement, on security which it is pledged, at least for five years.
3. Terms of loan granting depend on payback periods of the credited action, in particular:
the credits for replenishment of current assets for the organization of agricultural production, are issued, as a rule, for the term of at least 2 years;
the credits for financing of investment projects can be issued to farms for a period of up to 5 years without the delay right.
On other credits for replenishment of current assets of the farms which are not connected with agricultural activities, the maximum term of use of the credits them taking into account prolongation, no more than 12 months are established.
4. On the loans granted on the investment purposes, banks can establish grace period.
5. The size of interest rate for use of the credits is established under the mutual agreement between the borrower and bank on the basis of the credit agreement.
6. Loan granting is made in the location of the main on-demand deposit account of the borrower.
7. The borrowers working it is unprofitable, having illiquid balance. are not subject to crediting, and earlier loans are shown to early collection in accordance with the established procedure. This provision shall be without fail stipulated in the credit agreement.
8. For receipt of the credits borrowers provide the following documents (credit packet) in bank:
the business plan with obligatory specifying of the forecast of cash receipts for the bank account of the borrower (cash flow):
copies of the balance sheet (No. form 1) for the last accounting period provided to the relevant state tax authorities and also acts of reconciliations on debts more than 90 days, the report on financial results (No. form 2);
notarially certified copy of the agreement of long-term lease of the parcel of land by farm;
plan of the parcel of land.
9. Pledge of the right of lease to the parcel of land which consists according to the Land code of the Republic of Uzbekistan, the laws of the Republic of Uzbekistan "About farm", "About pledge", and also according to this Provision acts as ensuring credit recovery.
10. The value assessment of the right of lease of the parcel of land is performed according to Regulations on evaluation procedure of cost of the right of lease of the parcel of land (reg. No. 1336 of April 8, 2004) is also drawn up by the agreement of the pledger and bailee.
The amount of the issued credit cannot exceed 80 percent of cost of the right of lease of the parcel of land.
In case of insufficiency of cost of the right of lease of the parcel of land as ensuring recoverability of required credit amount, the borrower has the right to provide other forms of providing in addition to pledge of the right of lease of the parcel of land. As collateral security of credit recovery pledge of property and securities, risk insurance of non-return of the obtained credit, the guarantee of the third parties, and also other types of providing can be provided.
11. The term of consideration by bank of the request of farm after filing of application on receipt of the credit with appendix of all necessary documents provided in Item 8 of this provision shall not exceed 3 working days. In case of adoption of the negative decision by credit committee of bank on issuance of credit, the bank shall give the reasonable written answer to farm.
12. After adoption of the positive decision by credit committee of bank on issuance of credit, the bank in time no later than the next day after decision making by credit committee, signs the credit agreement with the borrower.
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