It is registered
Ministry of Justice
Republic of Uzbekistan
On February 11, 1999 No. 626
Approved by the Resolution of Board of the Central bank of the Republic of Uzbekistan of November 9, 1998 No. 240
This Provision according to the Civil code of the Republic of Uzbekistan, the laws of the Republic of Uzbekistan "About banks and banking activity" and "About joint-stock companies and protection of shareholder rights" determines procedure for liquidation of banks in cases of decision making by general meeting of shareholders of bank about voluntary liquidation and in case of response at bank of the license for the right of making of banking activities.
Action of this Provision does not extend to liquidation cases in connection with the judgment about composition in bankruptcy of bank.
1.1. In the Provision the following concepts are used:
Boards of the Central bank of the Republic of Uzbekistan (protocol 19/7) 9 of November, 1998 No. 240
Liquidation of bank - the termination of activities of bank without transition of the rights and obligations according to the procedure of legal succession to other legal entities and physical persons;
The liquidator or liquidation commission (further in the text the liquidator) is appointed by general meeting of shareholders of bank in coordination with the Central bank.
The structure of liquidation commission can include specialists of the Central bank and Head territorial administration of the Central bank in the bank location.
1.2. Banks are liquidated on the bases and according to the procedure, provided by the Civil code of the Republic of Uzbekistan, taking into account the features established by the bank law and this Provision.
The purpose of liquidating process is the fastest satisfaction of all requirements of investors and creditors of bank.
1.3. Liquidation of bank can be carried out in voluntary or forced forms (in case of response by the Central bank of the license for making of banking activities).
Information on revocation of license of bank is subject for publication in mass media, and also on the official website of the Central bank.
1.4. The basis for liquidation of banks is:
a) response Central bank of the license for making of banking activities;
b) the decision of general shareholder meeting or founders (participants) about voluntary liquidation of bank, in the presence of permission of the Central bank;
1.6. Liquidating process in bank is considered begun from the date of pronouncement of the resolution of Board of the Central bank on revocation of license. The resolution of Board of the Central bank on revocation of license becomes effective from the moment of adoption of the relevant decision.
The resolution is handed to management of bank on receipt in day of adoption of this decision.
1.7. After decision making about revocation of license on the right of making of banking activities in the State book of registration of banks record that the bank is in process of liquidation is made.
1.8. The liquidator within two months from the date of revocation of license on the right of making of banking activities takes measures to identification of creditors and receipt of receivables and the means deposited in fund of required reserves of the Central bank of the Republic of Uzbekistan. The specified funds in first-priority procedure are allocated for debt repayment of the liquidated bank on deposits of citizens.
The means of the liquidated bank which are on the obligatory reserve account in the Central bank in three-day time after idea by the liquidator of confirmation that process of liquidation of bank is begun return to the liquidating bank account opened in payment processing center under territorial Head department of the Central bank in the location of the liquidated bank.
1.9. From the date of adoption of the resolution of Board of the Central bank on revocation of license and before completion of process of liquidation of bank the following restrictions are set:
a) powers of general shareholder meeting, other bodies and officials of bank, including according to the order property and to repayment of obligations, and also their rights on bank management stop. At the same time general shareholder meeting has right of consultative discussion of reports of the liquidator, approval of liquidation balance sheets, and also the right of appointment and reassignment of the liquidator;
b) the actions made from name or at the expense of the liquidated bank, can have legal force only if they are made by the liquidator;
c) terms of all debt obligations of bank are considered as expired;
d) charge of percent, and also penalties according to obligations of the liquidated bank, including on bank deposit agreements and/or the bank account stops;;
e) in the procedure established by the legislation the disputes of property nature with participation of the liquidated bank which were considered in court stop if the decisions made on them did not take legal effect;
e) all requirements of property nature relating to bank can be shown only addressed to the liquidator and are considered according to the procedure, provided by this provision and the current legislation;
g) executive documents of courts according to the decisions made by them prior to liquidating process and concerning property requirements to the liquidated bank, are transferred to liquidation commission for execution according to the procedure of the priority established by the legislation. (In edition of the item of 1 appendix to the resolution registered by Ministry of Justice of RUZ N 626-1 of 22.03.2005)
1.10. Process of liquidation of bank consists of the following stages:
- material control and inventory count;
- check of assets;
- assessment and asset sale;
- placement of sales proceeds;
- completion of liquidating process.
1.11. Central Bank shall control process of liquidation of bank. For this purpose, the Central bank receives regular reports on the course of assessment of assets of bank, liquidation of these assets and income distribution.
1.12. Ceased to be valid according to the Resolution registered by the Ministry of Justice of the Republic of Uzbekistan of 10.09.2014 No. 626-4
1.13. Payment terms of activities of the liquidator, the experts and other persons occupied in the course of liquidation are reflected in the liquidation plan developed by the liquidator in the procedure established by the legislation.
1.14. All expenses connected with liquidation of bank are made at the expense of this bank. Financing of expenses by the Central bank on liquidation of bank is not allowed.
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