Approved by board decision of National Bank of the Azerbaijan Republic of January 27, 2001 the Protocol No. 1

Rules of issue to Credit Union of special permission (license) for making of banking activity

1. General provisions

1.1. These rules are prepared based on the laws of the Azerbaijan Republic "About National Bank of the Azerbaijan Republic", "About banks and banking activity in the Azerbaijan Republic", "About Credit Unions", "About business activity", "Regulations on issue of the special permission (license) for some types of business activity" approved by the Presidential decree of the Azerbaijan Republic of January 27, 1997 No. 543, of Presidential decrees of the Azerbaijan Republic "About approval of the list of types of activity requiring special permission (license)" of October 4, 1997 No. 637 and "About measures for enhancement of issue of special permission (license) for some types of business activity in the Azerbaijan Republic" of March 28, 2000 No. 310 is also determined by rules of issue of non-bank credit institution - to Credit Union - special permission (license) for occupation banking activity (further "license").

1.2. The license granted by National Bank on the basis of these rules is the official document providing to the non-bank credit institution, according to the legislation of the Azerbaijan Republic which underwent state registration in the form of Credit Union irrespective of its form of business special permission to making of banking activity.

1.3. The credit union can make only such banking activity which is provided in the license granted by National Bank.

1.4. The granted license can be used only by the owner of the license (Credit union), it cannot be transferred to them to other persons, and its action does not extend on the legal entities who are members of the owner of the license or on any the third parties.

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