Microsoft Word Microfinance development in Uzbekistan Eng doc

SECTION 7. FINAL PROVISIONS
 
Article 47. Raising Reserve Funds
The establishment of a reserve fund shall be envisioned in order to compensate credit 
losses arising in the operations of micro-credit organizations. 
The amount and procedure for raising reserve funds for micro-credit organizations 
entitled to accept individual deposits shall be established by appropriate regulatory acts of the 
Central Bank. 
The amount of the reserve fund of micro-credit organizations not entitled to accept 
deposits and non-profit micro-credit organizations shall be established by the charters of 
these organizations. 
Micro-credit organizations shall be entitled to set up other funds designed to ensure 
their financial sustainability provided they are in compliance with the legislation of the 
Republic of Uzbekistan. 
Fees to raise reserves to cover possible credit losses shall be viewed as expenditures 
of micro-credit organizations deducted from the taxable base in conformity with the 
legislation of the Republic of Uzbekistan. 
 
Article 48. Confidentiality of Micro-crediting
 
The confidentiality of micro-crediting covers Borrower data protected by the Creditor 
inter alia regarding the amount of micro-credits, transactions, and other terms of the micro-
credit agreement received by the Creditor in order to provide services to the Borrower. 
The Creditor shall guarantee the protection of confidential micro-crediting data. The 
Creditor shall be entitled to inform the court of confidential Borrower micro-crediting data in 
the circumstances and to the limits necessary to secure its own rights and legitimate interests, 
should dispute arise between the Creditor and Borrower. 
Confidential micro-crediting data shall be disclosed in compliance with the Law on 
“Confidential Banking Information”.