LAW OF THE KYRGYZ REPUBLIC

of December 16, 2016 No. 207

About enforcement of the Law of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic, banks and banking activity"

Accepted by Jogorku Kenesh of the Kyrgyz Republic on November 30, 2016

Article 1.

No. 92 voided according to Constitutional the Law of the Kyrgyz Republic of 11.08.2022

Article 2.

No. 92 voided according to Constitutional the Law of the Kyrgyz Republic of 11.08.2022

Article 3.

1. Procedures of establishment of banks, licensing, approval of officials, receipts of permissions of National Bank of the Kyrgyz Republic (further - National Bank) and the appeals of its decisions begun before enforcement of the Law of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic, banks and banking activity" come to the end according to the procedure established by the Law of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic, banks and banking activity".

2. From the date of enforcement of the Law of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic, banks and banking activity" conservation regime in banks will be transformed to the mode of Temporary administration, and the conservative of bank acquires the status of the Temporary administrator.

3. The procedure of involuntary liquidation (bankruptcy) of banks begun by court before enforcement of the Law of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic, banks and banking activity" comes to the end judicially. The procedure of special administration will be transformed to liquidation procedure, and the special administrator acquires the status of the liquidator, at the same time court resolutions, decisions of National Bank on such transformation / change of the status are not required. The court and the liquidator are guided by the provisions of the law of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic, banks and banking activity".

4. Item 5 of article 84 of the Law "About National Bank, Banks and Banking Activity" for the operating banks becomes effective since July 1, 2018.

Establish the following terms of forming of the minimum authorized capital for the operating banks (including branches of nonresident banks):

till July 1, 2016 - 400 million som;

till July 1, 2017 - 500 million som;

till July 1, 2018 - 600 million som.

Before forming of the minimum authorized capital to 600 million som according to paragraphs the second or fifth this part dividend payout to shareholders (participants) of commercial banks is not allowed.

The minimum size of the authorized capital for newly created banks is established in the amount of at least 600 million som.

Article 4.

To perform increase in the authorized capital of National Bank up to 2 (two) billion som at the expense of required reserves of National Bank.

Article 5.

1. Introduce the following amendments in the Civil code of the Kyrgyz Republic (Sheets of Jogorku Kenesh of the Kyrgyz Republic, 1996, No. 6, Art. 80; 1998, No. 6, Art. 226):

1) in Item 3 of Article 35 the word " law" shall be replaced with words "bank legislation of the Kyrgyz Republic";

2) in Article 38 words "bank savings book to bearer" shall be excluded;

3) in Article 49:

a) in part 1 words "and percent" shall be replaced with words ", percent or other payment";

b) in part 2 words "can be bearer's or" shall be replaced with the word "are";

4) in the paragraph four of item 1 of Article 99 the second sentence shall be excluded;

5) in Article 726:

a) add the name of the Article after the word "Percent" with the words "or other payment";

b) in Item 1:

first sentence after the words "from the borrower of percent" shall be added with the words "or other payment";

second sentence shall be excluded;

c) in Item 2:

exclude the words "on the amount which is not exceeding the fiftyfold size of settlement indicator";

item after the word "interest-free" add with the words "without payment for loan amount";

d) add Item 3 after the words "percent are subject to payment" with the words "or other payment on loan is performed";

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