Microsoft Word Microfinance development in Uzbekistan Eng doc

Article 23. Annulment of License
 
Licenses shall be annulled by the Central Bank in the following cases: 
Application of the micro-credit organization entitled to accept individual deposits to 
annul its license; 
Establishing the fact that forged documents were used in license application. 
Licenses may also be annulled by court ruling. 
Article 24. Validity of Central Bank license
 
Licenses for micro-credit organizations entitled to accept individual deposits shall be 
issued for an unlimited period of time. 
The transfer of license to another legal entity shall not be permitted. 
Article 25. Qualification Requirements for Managerial Staff of Micro-credit 
Organization entitled to accept Individual Deposits
 
The chief executive officer, his deputies, the chief accountant and his deputies, as well 
as the managers and chief accountants of subsidiaries of micro-credit organizations shall be 
the managerial staff of micro-credit organizations. 
Qualification requirements for the managerial staff of micro-credit organization shall be 
determined by the Central Bank and must be relevant to educational background, general 
work experience, and any histories of conviction for deliberate crime. 
In case of any staff changes, micro-credit organizations must inform the management of 
Central Bank of all changes within two days of the decision being made. 
 
Article 26. Сonflict of Interests
 
The management staff of micro-credit organizations cannot: 
• concurrently be a member of the Board of Directors, or a management staff 
member or employee of any other micro-credit organization operating in 
Uzbekistan; 
• concurrently be an official or employee of any government body including 
local authorities; 
• participate in discussions and votes on issues of his personal interest.