LAW OF THE REPUBLIC OF TAJIKISTAN

of March 19, 2013 No. 942

About credit unions

This Law establishes legal, economic and organizational basis of activities of credit unions and governs the relations arising between physical persons and legal entities in their activities, provides protection of interests of credit union members and rational use of sources of credit resources in the Republic of Tajikistan.

CHAPTER 1. GENERAL PROVISIONS

Article 1. Basic concepts

In this Law the following basic concepts are used:

- credit unions - the independent non-profit credit institutions with the right of the legal entity created for the purpose of rendering financial services to the members by consolidation of their personal funds for mutual lending;

- the credit union member - the physical person who paid the admission membership fees in credit union in compliance with the charter;

- the admission membership fee - the membership fee paid in case of the accession to credit union in cash dlyayaobespecheniya of its activities;

- the additional membership fee - the membership fee in credit union paid in case of need coverings of losses of the union according to this Law and its stavy.

Article 2. Legislation of the Republic of Tajikistan on credit unions

The legislation of the Republic of Tajikistan on credit unions is based on the Constitution of the Republic of Tajikistan and consists of this Law, other regulatory legal acts of the Republic of Tajikistan, and also the international legal acts recognized by Tajikistan.

Article 3. Main objectives of credit unions

Credit unions are created for accomplishment of the following main objectives:

- consolidation of money of credit union members;

- mutual lending between credit union members;

- rendering financial services to credit union members;

- involvement of members of credit union to participation in management of its activities.

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