Article 8. Charter of Micro-credit Organization
Micro-credit organizations shall operate in conformity with their Charters.
In addition to the information required by legislation for respective organizational and
legal forms of legal entities, the Charter of micro-credit organization shall contain the
following data:
• Micro-crediting operations;
• Structure, rights, and responsibilities of the management bodies responsible for
issuing micro-credits;
• Sources to generate funds to be issued as micro-credits;
• Procedures for an external audit of micro-credit organization.
Article 9. Chartered Capital of Micro-credit Organization
Chartered capital of micro-credit organizations shall consist of fully paid-up capital
contributed by the founders. Monetary portions may be made up of national currency and/or
foreign currency.
Chartered capital of micro-credit organizations shall be formed of cash and other non-
cash assets not exceeding twenty percent of the amount of the organization’s chartered
capital. In increasing chartered capital, the non-cash share of the amount of the increase shall
not exceed the percentage ratio stipulated in the Central Bank’s regulatory acts.
The use of loan funds, funds under collateral, and other liabilities to form chartered
capital of micro-credit organizations shall not be permitted.
The minimum chartered capital of micro-credit organizations must be formed only
from cash prior to the date of application for license or registration certificate.
The minimum amount of chartered capital of micro-credit organizations entitled to
accept individual deposits shall be determined by the Central Bank.
The minimum amount of chartered capital of micro-credit organizations not entitled
to accept deposits and non-profit micro-credit organizations shall be determined in
conformity with legislation of the Republic of Uzbekistan, depending on the form of
ownership.
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