PRESIDENTIAL DECREE OF THE REPUBLIC OF UZBEKISTAN

of October 2, 1998 No. UP-2084

About measures for enhancement of activities of joint stock banks

For the purpose of increase in role of shareholders in management of activities of commercial banks, transfer of employees of bank into contractual system of hiring, increase in responsibility of the leading and executive bodies of bank for provision and ensuring recoverability of the credits, and also stimulation of process of creation of private banks:

1. Approve:

Regulations on joint stock bank according to appendix No. 1;

Standard regulations on Council of joint stock bank according to appendix No. 2.

2. To Central Bank of the Republic of Uzbekistan together with commercial banks. To provide with the Ministry of Finance until the end of the current year forming of Councils of joint stock banks according to the approved Standard provision.

At the same time to pay attention to expansion of financial independence of banks and additional attraction of share capital, increase in role and responsibility of shareholders in management of activities of banks, transfer of employees of banks into contractual system of hiring.

For realization of the above to recommend to the Central bank of the Republic of Uzbekistan to form the special commission.

3. Determine that in cases when in the authorized capital of bank the block of shares belonging to the state exceeds 25 percent, Council of the bank the attorney from the Central bank of the Republic of Uzbekistan to whom management is assigned is included> the specified block of shares.

4. Determine that Council of joint stock bank:

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