Approved on board meeting of National Bank of the Republic of Tajikistan on January 26, 1999 No. 1

Regulations No. 83 on credit partnerships

The provision is developed according to the Law of the Republic of Tajikistan "About banks and banking activity" and regulations of National Bank of Tajikistan, determines legal status, procedure for creation, implementation and termination of activities of the credit partnerships which are one of kinds of the non-bank financial organizations and performing separate types of banking activities based on the license of National Bank of Tajikistan.

Section I. General provisions

1. This Provision establishes general terms of activities of credit partnerships, powers of National Bank of Tajikistan, procedure for creation and termination of activities of the credit partnerships, the list which are carried out by them banking activities for feature of regulation and control of their activities.

2. Credit partnership - the legal entity not being bank, formed for the purpose of crediting and servicing of the participants, performing the activities based on the license of National Bank of Tajikistan for carrying out loan operations and other types of banking activities. The credit partnership is the commercial organization. Activities of credit partnerships are regulated by the Law of the Republic of Tajikistan "About banks and banking activity" and other legal acts which are not contradicting requirements of the current banking legislation.

3. Credit partnerships can be created and perform the activities in the following forms of business:

a) limited liability partnership (shareholders answer on the obligation of society within contribution to the capital), without the right of release of any shares;

b) the partnership created in the form of closed joint stock company has the right to issue only nominal shares (nominal shares can pass from hand to hand only with the consent of all other shareholders);

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