Microsoft Word Microfinance development in Uzbekistan Eng doc

VI. REFUSAL IN STATE REGISTRATION AND LICENSING OF MICROCREDIT 
ORGANIZATION WITH RIGHT TO ATTRACT THE DEPOSITS OF THE POPULATION
25. The Central bank of the Republic of Uzbekistan can refuse in state registration and 
licensing of microcredit organization with right to attract the deposits of the population in the 
following cases: 
failure to supply the complete list of the documents required for state registration of 
microcredit organization with right to attract the deposits of the population; 
inconsistency between the charter and other submitted documents and the legislation;
presence of doubtful or vitiated data in the documents presented for state registration, 
as well as the groundlessness of the business plan;
unsatisfactory financial standing of one or several founders - legal entities. 
26. The notification on refusal in state registration and licensing is sent to applicant in 
writing within 3 days along with indication of the reasons of refusal and the period during 
which the applicant, after eliminating the indicated reasons, can submit the documents for re-
consideration. 
27. The decision on refusal in state registration and licensing of microcredit 
organization with right to attract the deposits of the population can be appealed against in a 
court. 
28. The re-consideration of documents is undertaken by the Central bank within 10 
days from the date of receiving of all necessary documents from the applicant. 

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VII. AUTHORITIES OF THE CENTRAL BANK OF THE REPUBLIC OF UZBEKISTAN 
ON REGULATION OF ACTIVITY OF MICROCREDIT ORGANIZATION WITH RIGHT 
TO ATTRACT THE DEPOSITS OF THE POPULATION 
29. The Central bank of the Republic of Uzbekistan establishes obligatory rules for 
financial transactions, business accounting and reporting for microcredit organization with 
right to attract the deposits of the population. 
30. The Central bank of the Republic of Uzbekistan according to procedures established 
by the legislation shall: 
check accounts and other documents of microcredit organization with right to attract 
the deposits of the population; 
receive the information on activity of microcredit organization with right to attract the 
deposits of the population; 
check the activity of microcredit organization with right to attract the deposits of the 
population; 
provide the microcredit organization with right to attract the deposits of the population 
with obligatory instructions on elimination of the infringements identified in their activity; 
establish qualification requirements for the head of microcredit organization with right 
to attract the deposits of the population; 
suspend, terminate, and revoke the license of microcredit organization with right to 
attract the deposits of the population.