Microsoft Word Microfinance development in Uzbekistan Eng doc

Article 19. Documents Required to Award License 
In order to get a license, the following must be submitted to the Central Bank: 
• application in Central Bank-approved form to grant a license to conduct 
micro-credit operations with the right to accept individual deposits;
• Minutes of the General Meeting of Founders; 
• Charter or Statute of the micro-credit organization (original or notarized 
copy); 
• Business-plan of the micro-credit organization; 
• Notarized copy of state registration certificate; 
• List of founders indicating: 
o
For individuals: 
ƒ
Family name, first name, patronymic, passport data, place of 
residence, mailing address, telephone numbers, profession, 
workplace, and positions; 
o
For legal entities: 
ƒ
full title, mailing address, telephone numbers, banking information, 
and documents proving their financial status; 
ƒ
list of managers of executive bodies of micro-credit organization; 
ƒ
bank records certifying the availability of minimal chartered capital 
of micro-credit organizations entitled to accept individual deposits. 
This list of documents is comprehensive. Requests to submit records not mentioned 
in this Article of the Law shall not be permitted.
Documents shall be delivered to the Central Bank or its local office by the applicant 
himself. 
The applicant shall be responsible by law for submitting false or inaccurate 
information. 
Article 20. Grounds to Deny License
 
The Central Bank shall be entitled to refuse to issue licenses to micro-credit 
organizations entitled to accept individual deposits on the following grounds: 

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- Failure to provide full list of documents required to get a license; 
- Legal discrepancies between the charter and other documents submitted; 
- False or inaccurate data in the records and any inadequacy of the business-plan; 
- Unsatisfactory financial status of one or several founders – legal entities; 
- Failure to raise required minimum amount chartered capital at the moment of 
application to get a license; 
- Failure of candidates for CEO and Chief Accountant to meet professional 
qualification requirements; 
Written notice of refusal to issue license shall be sent within 3 days to the applicant 
indicating the grounds for refusal. 
The decision to deny license may be appealed in court. 
The Central Bank shall review documentation for a second time within 10 days of 
receiving all required documentation.