Microsoft Word Microfinance development in Uzbekistan Eng doc

Article 15. The reorganization and Сlosure of micro-credit organizations
 
The reorganization and closure of micro-credit organizations shall be performed 
according to the procedures stipulated in the legislation of the Republic of Uzbekistan. 
Voluntary re-organization and closure of micro-credit organizations entitled to accept 
individual deposits shall be performed according to the procedures stipulated in the 
legislation of the Republic of Uzbekistan. 
Article 16. Keeping the registry of micro-credit organizations 
 
The Central Bank shall keep the registry of all micro-credit organizations. 
Information about micro-credit organizations contained in the Central Bank register 
shall be published annually in the official publication of the Central Bank or in national 
publications. Changes and additions to the register (including information about annulled and 
withdrawn licenses and registration certificates) shall be published within one month of their 
introduction into or exclusion from the register.
 
Article 17. Storage of Records
The storage of records related to operations of micro-credit organizations shall be 
conducted in conformity with legislation. 
 
 
SECTION 3. LICENSING MICRO-CREDIT ORGANIZATIONS ENTITLED 
TO ACCEPT INDIVIDUAL DEPOSITS
 
Article 18. Procedures to Award Central Bank License
A Central Bank-developed license to perform operations of micro-credit organization 
entitled to accept individual deposits shall be the document which certifies the right to 
operate as micro-credit organization. 

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The license shall indicate the list of operations performed by a micro-credit 
organizations entitled to accept individual deposits.
Applications with all documents required to get a license shall be reviewed by the 
Central Bank within 30 days after their receipt. 
Notice of a license granted shall be sent to the applicant in writing within 3 days of the 
appropriate decision being made. 
After issuing the license, the Central Bank shall provide appropriate legal 
documentation to those micro-credit organizations entitled to accept individual deposits. 
A state fee shall be levied to issue a license for micro-credit organizations entitled to 
accept individual deposits.
The state fee shall be levied in the amount of five minimum monthly wages set by 
legislation of the Republic of Uzbekistan. 
The state fee shall be transferred to the national budget. 
Should the applicant dismiss the application to issue a license during the period of 
review of his or her documents, the state fee shall not be reimbursed.