Microsoft Word Microfinance development in Uzbekistan Eng doc

VIII. PROCEDURE OF SUSPENSION, TERMINATION AND REVOCATION OF 
LICENSE 
31. The Central bank can suspend the license of microcredit organization with right to 
attract the deposits of the population in the following cases: 
identification of infringements of requirements and conditions of the present statute 
and other legal acts of the Central bank by microcredit organization with right to attract the 
deposits of the population;
failure to carry out the instructions of the Central bank by microcredit organization with 
right to attract the deposits of the population; 
The decision to suspend the validity of license is passed by the Central bank to 
microcredit organization with right to attract the deposits of the population in writing along 
with reasoned substantiation of the decision not later than within three days from the date of 
its adoption. 
The decision of the Central bank to suspend the validity of license can be appealed 
against in a court.
The Central bank is obliged to establish the period of elimination of the circumstances 
which led to suspension of the validity of license by the licensee. The indicated period cannot 
exceed six months. 
In case of elimination of the circumstances which led to suspension of the validity of 
license by microcredit organization with right to attract the deposits of the population, the 
Central bank is obliged within ten-day period from the date of receiving of confirmative 
documents to make the decision on resumption of its validity. 
32. The validity of the license can be terminated in the following cases: 
request of microcredit organization with right to attract the deposits of the population 
with the application to terminate the license; 

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liquidation of microcredit organization with right to attract the deposits of the 
population - from the moment of liquidation or the termination of its activity; 
reorganization of microcredit organization with right to attract the deposits of the 
population - from the moment of its reorganization, except the cases of its transformation; 
infringements of requirements and conditions established by the present statute and 
other legal acts of the Central bank by microcredit organization with right to attract the 
deposits of the population, namely: 
insolvency of microcredit organization with right to attract the deposits of the 
population, that is the insolvency to carry out the obligations to investors or other creditors; 
regular distortion of the accounting data; 
establishment of in authenticity of data on the basis of which the license is given.
failure to eliminate by microcredit organization with right to attract the deposits of the 
population the circumstances which led to suspension of the validity of license within the 
period established by the Central bank. 
The validity of the license can be also terminated according to court decision. 
The validity of the license stops from the date of making decision on the termination. 
33. The revocation of the license can be done by the Central bank in the following 
cases: 
request of microcredit organization with right to attract the deposits of the population 
with the application to revoke the license; 
establishment of facts of receiving of the license with the use of false documents. 
The license can be also revoked according to court decision. 
The decision on revocation is effective from the date of licensing.