Resolution of the Board of the National Bank of the Kyrgyz Republic No. 6/6 of March 27, 2004 on Amendments and Additions to the Regulation on Licensing of Credit Unions

LOST ITS FORCE in accordance with the Resolution of the Board of the National Bank of the Kyrgyz Republic

from May 4, 2005 No. 14/3)

Registered in the Ministry of Justice of the Kyrgyz Republic

April 27, 2004. Registration number 54-04

Bishkek

from March 27, 2004 No. 6/6

RESOLUTION OF THE BOARD OF THE NATIONAL BANK

OF THE KYRGYZ REPUBLIC

On Amendments and Additions to the Regulation

on Licensing of Credit Unions

In order to expand the range of operations carried out by credit unions and to introduce financial leasing operations in credit unions, the Board of the National Bank of the Kyrgyz Republic resolves:

1. Approve the changes and additions to the Regulation on licensing
of credit unions (attached), approved by resolution of the Board of the National Bank of the Kyrgyz Republic No. 8/1 of February 13, 2002 year (Registered in the Ministry of Justice of the Kyrgyz Republic on February 28
2002. Registration number 38-02).

2. The Directorate for Supervision and Licensing Methodology together with
the Legal Department in the established order to conduct state registration of this resolution in the Ministry of Justice of the Kyrgyz Republic.

3. This resolution enters into force after the expiration of 10 days from
the moment of publication in the official editions of the National Bank of the Kyrgyz Republic after state registration in the Ministry of Justice of the Kyrgyz Republic.

4. Control over the implementation of this resolution is assigned to
Abdybaly Tegin Suerkula, member of the Board of the National Bank.

Chairman of the Board of the National Bank of the Kyrgyz Republic Sarbanov U.K.

Board members: Abdumanapov E.S.
Abdybaly tegin S.
Zhumataev T.N.
Dyikanbaeva G.S.
Moldokanov Sh.I.
Myrzbayeva M.A.
Tsyplyakova L.N.
Sharshekeeva K.Sh.

Approved

resolution of the Board of the National Bank of the Kyrgyz Republic

from March 27, 2004 No. 6/6

CHANGES AND ADDITIONS to the Regulation on Licensing of Credit Unions, approved by the resolution of the Board of the NBKR No. 8/1 of 13.02.2002

1. In the name of section 2, the words: "for obtaining the main
   license" are excluded.

2. Paragraph 2.2 after the words: "FKPRKS or" add the words:
   "regional (regional) department".

3. Section 4 is worded as follows:

"4. Procedure for issuing a license to a credit union for the implementation of additional operations

4.1. A credit union with an NBKR license may carry out
the following additional operations:

1) provision of financial lease (leasing);
2) attraction of deposits (deposits) from participants of the credit union
on a term, repayable and paid basis.

4.2. Issuance of a license to a credit union for additional
operations is carried out on the basis of a conclusion of FKPRKS on the possibility of issuing a license by NBKR.

FKPRKS gives a conclusion on the possibility of issuing a license for attracting deposits (deposits) only after checking the credit union on site for compliance with the minimum requirements of NBKR to credit unions for accepting deposits (deposits) from participants of the credit union (Appendix 4).

4.3. FKPRKS considers documents within 15 working days from
the date of submission of the application by the credit union.

4.4. To obtain a license for the right to provide financial
lease (leasing), a credit union must submit to FKPRKS the following documents, in two copies:

1) application of the credit union for obtaining a license (Appendix
1);
2) economic justification for carrying out operations on
financial leasing with participants of the credit union with the provision of a forecast balance, the expected volume and number of operations of the credit union on financial leasing.

In case of changes in the constituent documents, in addition to the above listed documents, the original protocol of the general meeting of participants of the credit union on the expansion of the range of operations carried out by the credit union, the original charter of the credit union and a copy of the certificate of state re-registration of the credit union (in case of passing re-registration in the justice bodies).

4.5. To obtain a license for attracting deposits (deposits)
a credit union must submit to FKPRKS the following documents, in two copies:

1) application of the credit union for obtaining a license (Appendix
1);
2) original protocol of the general meeting of participants of the credit union
on the expansion of the range of operations carried out by the credit union and on the approval of the deposit policy;
3) economic justification for carrying out operations on
attracting deposits from participants of the credit union with the provision of a forecast balance, the expected volume and number of operations of the credit union on the acceptance of deposits;
4) certificate (document) of completion of training by the Chairman
of the Board or the person responsible for managing liquidity of the credit union in accordance with the requirements of Appendix 4;
5) reporting and information of the credit union confirming
compliance of the activities of the credit union with the minimum requirements of NBKR for obtaining a license (Appendix 4) according to the form, developed by FKPRKS with written confirmation of the accuracy of the data provided with the signature of the Chairman of the Board and the chief accountant, with the visa of acquaintance of the Chairman of the Credit Committee;
6) copy of the document confirming the testing of the Chairman
of the Board and the chief accountant of the credit union at NBKR.

In case of changes in the constituent documents, in addition to the above listed documents, the original protocol of the general meeting of participants of the credit union on the expansion of the range of operations carried out by the credit union, the original charter of the credit union and a copy of the certificate of state re-registration of the credit union (in case of passing re-registration in the justice bodies).

4.6. The license of the credit union for the implementation of additional
operations is signed by a person authorized by the order of the Chairman of NBKR, and in regional departments - by the heads of departments, certified with the seal of NBKR and issued within 5 working days from the date of receipt of the corresponding documents in NBKR and FKPRKS.".