Microsoft Word Microfinance development in Uzbekistan Eng doc

micro-credit organization – legal entity providing micro-credits, micro-leasing, and 
other financial services to small businesses, private entrepreneurs, and low income 
population groups. 
 
Article 4. Relations of Micro-credit Organizations with the Government and the 
Central Bank
Micro-credit organizations shall be independent in setting up and conducting their 
operations within the competence granted under this Law, regulatory acts of the Central Bank 
adopted there under, and other laws of the Republic of Uzbekistan.
Micro-credit organizations shall not be responsible for liabilities of the Republic of 
Uzbekistan and the Republic of Uzbekistan shall not be responsible for liabilities of micro-
credit organizations unless parties voluntarily undertake respective liabilities.
Micro-credit organizations shall not be responsible for liabilities of the Central Bank, 
and the Central Bank shall not be held responsible for liabilities of micro-credit 
organizations. 
Article 5. Title of Micro-credit Organization
Micro-credit organizations shall be entitled to use only the title (or abbreviation) 
indicated in its Charter. 
The title of the micro-credit organization must include the word combination “micro-
credit organization” and must not be similar to titles of other micro-credit organizations. A 
legal entity not undertaking micro-credit activities and not meeting the requirements of this 
Law shall not be entitled to use the word combination “micro-credit organization”. 
Micro-credit organizations shall not include the following words in any language in 
its title: “national”, “state”, “Republic of Uzbekistan”, “bank” or any other word in any 
language that may mislead the public. 
Micro-credit organizations shall be obliged to notify the Central Bank in advance 
about changes in its title or location. After making the appropriate changes, micro-credit 
organizations shall be obliged to publish an appropriate notice in the media within three days. 
Violations of this requirement shall be prosecuted according to the procedure 
stipulated in the legislation.