Microsoft Word Microfinance development in Uzbekistan Eng doc

 
Article 13. Associations of Micro-credit Organizations
 
Micro-credit organizations shall be entitled to set up alliances in the form of 
associations or unions to uphold and represent the common interests of their members, 
coordinate their activities, and meet informational and professional needs. 
Micro-credit organizations shall not be permitted to use associations to set interest 
rates or commissions. 
Disclosure limitations for confidential information of associations established in 
conformity with this Article shall be determined in the legislation of the Republic of 
Uzbekistan. 
 

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Article 14. Subsidiaries of micro-credit organizations
A subsidiary of micro-credit organization shall be a detached department of a micro-
credit organization without legal entity status. 
A subsidiary shall have a permanent location and operate on behalf of and based on 
the statute approved by its founding micro-credit organization.
A subsidiary’s operations shall be regarded as the operations of its founding micro-
credit organization. Subsidiaries must be mentioned in the charters of micro-credit 
organizations, which bear full liability for the operations of its subsidiaries. 
A subsidiary shall have the same title as the micro-credit organization with the 
addition of the word “subsidiary” and an indication of its location. 
A subsidiary shall not be subject to any specific requirements for chartered capital, 
and likewise, micro-credit organizations shall not face any requirements of additional capital 
after opening of a subsidiary. 
After notifying the Central Bank of their titles and locations, micro-credit 
organizations shall be entitled to open subsidiaries throughout the territory of the Republic of 
Uzbekistan.