LAW OF TURKMENISTAN

of October 8, 1993 No. 890-XII

About commercial banks and banking activity

Section I. General provisions

Article 1. Basic concepts

In this Law the used concepts mean the following:

- "head" - person who is the board member of bank, Auditing service of bank, Auditing service of bank or person having powers to undertake obligations from bank name;

- "banking activity" - the types of activity listed in Article 13;

- "banking license" - the power issued by the Central bank of Turkmenistan according to which the bank is granted the right to perform the activities;

- "bank loan" - provision of money loans by banks, the obligation of issue of amount of money in exchange for right of return of the issued and outstanding amount and percent on it, or other charges, delay of payment date of the credit, the issued guarantees, acquisition of debt obligation or the right to the specified amount;

- "debt obligation" - the debt or other equivalent document granting the right to acquisition of debt obligation on subscription or exchange; debt obligations can be in the form of the certificate, the accounting entries or other forms taken in banking practice;

- "Central Bank of Turkmenistan" - national bank of Turkmenistan;

- "considerable participation in the authorized capital" - equity in the authorized capital of bank, being the legal entity, equal to twenty percent of its capital or voting power, or the considerable impact on management or policy of this legal entity allowing to exert as it is determined in rules of the Central bank of Turkmenistan;

- "branches of foreign banks" - are meant by the legal entity in whom the foreign financial institutions having the license of the Central bank of Turkmenistan for conducting banking activity have controlling stock;

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info