Microsoft Word Microfinance development in Uzbekistan Eng doc

 
STATUTE 
 
ON STATE REGISTRATION AND PROCEDURES FOR LICENSING 
OF ACTIVITIES OF MICROCREDIT ORGANIZATIONS WITH RIGHT
TO ATTRACT THE DEPOSITS OF THE POPULATION 
This statute is drafted in accordance with laws of the Republic of Uzbekistan “On the 
Central bank of the Republic of Uzbekistan”, “On licensing of certain categories of activity”, 
and determines the procedures of state registration and licensing of activities of microcredit 
organizations with right to attract the deposits of population. 
I. GENERAL PROVISIONS 
1. The microcredit organization with right to attract the deposits of the population is the 
specialized finance and credit institution established in the form of joint-stock company or 
limited liability company, that received a license from the Central bank for the right to grant 
microcredits and microleasing, as well as to provide consultancy services to certain 
categories of legal entities and physical persons, at the expense of their own and attracted 
funds, including the funds of donor organizations, international and local financial 
organizations, other legal entities, and also at the expense of attracting the deposits of the 
population. 
2. The microcredit organizations with right to attract the deposits of the population 
acquire the legal entity rights from the date of their state registration. The activity of 
microcredit organization with right to attract the deposits of the population is carried out on 
the basis of the license. 
3. State registration and simultaneous licensing of microcredit organizations with right 
to attract the deposits of the population are undertaken by the Central bank of the Republic of 
Uzbekistan. 
4. The license to carry out the activity of microcredit organizations with right to attract 
the deposits of the population is issued for not fixed period. 
5. The decision on state registration of microcredit organizations with right to attract 
the deposits of the population, as well as the decision on issue, termination, revocation, 
suspension or resumption of validity of license to carry out the activity of microcredit 
organizations with right to attract the deposits of the population is taken by the decree of 
Board of the Central bank of the Republic of Uzbekistan. 
6. The license transfer to other legal entity shall be prohibited.