Microsoft Word Microfinance development in Uzbekistan Eng doc

 
Article 34. Grounds for Refusal to Issue Registration Certificate of Micro-credit 
Organization
The Central Bank is entitled to refuse to issue registration certificate to micro-credit 
organizations for the following reasons: 
• The required documentation submitted for the registration certificate was not 
properly filed; 
• The existence of false or inaccurate data in the documentation submitted; 
• The non-compliance of founding documents with the requirements stipulated 
in this Law; 
• The failure to produce minimum required amount of chartered capital of 
micro-credit organization. 
Notice of refusal to issue registration certificate shall be sent to the applicant in 
writing within 3 days indicating the grounds for refusal.
Decisions to deny registration certificate may be appealed in court. 
A second review of documentation shall be done by the Central Bank within 10 days 
of receiving all required documentation.
 
Article 35. Registration Certificate Fee
 
Micro-credit organizations shall be levied a registration certificate fee in the amount 
of one monthly minimum wage established by law on the date of application. 
The amount of the registration certificate fee shall be deposited to a special account of 
the Central Bank. 
Should the applicant abandon his application while it is being reviewed, the amount 
of fee paid shall not be reimbursed. 
If micro-credit organization is denied registration, the registration fee paid shall be 
reimbursed by the Central Bank within 3 days. 
 
Article 36. Validity of Registration Certificate
Registration certificates issued by the Central Bank in compliance with this Law shall 
be valid throughout the Republic of Uzbekistan and for an unlimited time period. In case of 
a merger between two or more micro-credit organizations, their registration certificates shall 
be annulled, while the newly created micro-credit organization must apply for a registration 
certificate from the Central Bank in compliance with this Law.