RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of September 9, 2002 No. 36/4

About Provisional Regulations "About preservation of the commercial banks and other financial credit institutes licensed by National Bank of the Kyrgyz Republic"

Having considered the draft of Provisional Regulations "About preservation of the commercial banks and other financial credit institutes licensed by National Bank of the Kyrgyz Republic" the Board of National Bank of the Kyrgyz Republic decides:

1. Approve Provisional Regulations "About preservation of the commercial banks and other financial credit institutes licensed by National Bank of the Kyrgyz Republic" and enact from the moment of state registration in the Ministry of Justice of the Kyrgyz Republic.

2. To legal department to carry out state registration of Provisional Regulations "About carrying out preservation of the commercial banks and other financial credit institutes licensed by National Bank of the Kyrgyz Republic" in the Ministry of Justice of the Kyrgyz Republic.

3. Declare invalid the resolution of Board of National Bank of the Kyrgyz Republic No. 40/6 of November 15, 2000 "About Temporary procedures of carrying out preservation of the commercial banks and other financial credit institutes licensed by National Bank of the Kyrgyz Republic".

4. To impose control of execution of this resolution on Sharshekeeva K. Sh., vice-chairman of National Bank of the Kyrgyz Republic.

Approved by the Resolution of Board of National Bank of the Kyrgyz Republic No. 36/4 of September 9, 2002

Provisional regulations for preservation of the commercial banks and other financial credit institutes licensed by National Bank of the Kyrgyz Republic

These Provisional Regulations are developed according to the Laws "About National Bank of the Kyrgyz Republic", "About Banks and Banking Activity in the Kyrgyz Republic", "About Bankruptcy (Insolvency)" and other normative and legal acts of the Kyrgyz Republic and determine the bases, procedure for introduction, prolongation and termination of conservation regime in commercial banks and the financial credit institutes licensed by National Bank of the Kyrgyz Republic.

1. General provisions

1.1. Conservation regime is one of insolvency proceedings applied by National Bank in relation to the commercial banks and financial credit institutes licensed by National Bank of the Kyrgyz Republic (further - to banks), according to the bank law and the legislation on bankruptcy.

1.2. Preservation is appointed by the decision of National Bank of the Kyrgyz Republic (further - NBKR) in the presence of the bases, stipulated by the legislation about bankruptcy.

1.3. NBKR has the right to appoint preservation to the period, taking into account possible prolongation of term, not exceeding in total two years. Preservation can be stopped before the expiration of its introduction according to the solution of NBKR.

1.4. NBKR can stop conservation regime at any time and revoke the license of bank to start liquidation procedure according to the legislation.

1.5. The bank completely bears responsibility according to all bargains concluded from bank name including preservation expenses.

The conservative and NBKR do not bear responsibility according to transactions and expenses of bank in connection with its preservation and appointment of the conservative.

1.6. NBKR and the conservative do not bear responsibility if recovery of bank solvency is not reached.

1.7. In these Provisional Regulations the following concepts are used:

- the act of counteraction - the document which is constituted upon counteraction of governing bodies and (or) certain bank employees (its branch, affiliated organization) and other third parties to the conservative (his representatives);

- the debtor bank - the bank announced or recognized insolvent;

- preservation - the insolvency proceeding applied to the bank or financial credit institute licensed NBKR providing carrying out package of measures of financial and/or organizational nature;

- the conservative - person designated by NBKR, for the purpose of implementation of package of measures, provided when carrying out process of preservation of the bank or financial credit institute licensed by NBKR;

- the creditor - person, including Kyrgyz and foreign legal entities and physical persons, and also the Kyrgyz Republic on behalf of authorized bodies which has the right to demand from bank of execution of its obligations, including: cession of property, performance of work, payment of money, etc.;

- the representative of the conservative - the qualified specialist appointed by NBKR (or the conservative) for participation in work on preservation and performing functions and powers according to the distribution of obligations established by the conservative;

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