Microsoft Word Microfinance development in Uzbekistan Eng doc

 
Article 37. Annulment of Registration Certificate
 

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Registration certificates of micro-credit organizations shall be annulled in the 
following circumstances: 
• Application of a micro-credit organization to annul its registration certificate; 
• The shutting down of a micro-credit organization; 
• The re-organization of a micro-credit organization; 
• Any violation of the requirements and conditions stipulated by current legislation 
by micro-credit organization namely: 
o
Insolvency of micro-credit organization, i.e. the inability to meet its 
liabilities before depositors or other creditors; 
o
Systematic inaccuracies in reported data; 
o
The identification of false information having been used to issue a 
registration certificate. 
Registration certificates may be annulled by court ruling.
 
Article 38. Record-keeping and Reporting
 
Micro-credit organizations not entitled to accept deposits and non-profit micro-credit 
organizations shall file annual reports to the Central Bank including all reporting forms along 
with a report of the findings of an external audit. 
Procedures and rules of accounting and liabilities for violating them shall be 
established by the Central Bank. 
SECTION 6. ISSUING MICRO-CREDITS
 
Article 39. Basic Terms of Micro-crediting
 
Micro-credits shall be issued in national currency in non-cash funds and/or in cash. 
General procedures and terms of micro-crediting shall be established by internal rules 
of micro-crediting organizations, and approved by the authorized management bodies of 
micro-credit organizations. 
Rules of micro-crediting must be universally accessible and contain basic 
requirements to apply for micro-credit including micro-credit amount, interest rate, 
repayment schedule, exact amount of payments including interest to be paid by the borrower. 
Relations of the creditor and borrower shall be regulated by the contract to issue a 
micro-credit. Interest rates for using micro-credit shall be set by agreement of the parties in 
conformity with micro-credit application policies.