INFORMATION LETTER OF THE SUPREME ECONOMIC COURT OF UKRAINE

of May 13, 2013 No. 01-06/796/2013

About some questions of reorganization of banks and hearings of cases in disputes which arise in accomplishment of economic agreements

Due to the origin in court practice of questions concerning transition of the rights and obligations of banks which are reorganized to the Supreme Economic Court of Ukraine banks legal successors considers necessary to draw the attention of economic courts to it.

1. Features of the termination of bank as legal entity according to part four of Article 104 of the Civil code of Ukraine (further - the Civil Code of Ukraine) are established by the Law of Ukraine "About banks and banking activity" (further - the Law). As owing to requirements of article 6 of the Law banks in Ukraine are created in the form of public joint stock company or cooperative bank, regulations of the Section XVI of the Law of Ukraine "About joint-stock companies" which settle questions of the termination of joint-stock company are subject to obligatory taking into account.

Article 26 of the Law determines that the bank can be reorganized according to the decision of owners of bank. Such reorganization owing to part two of article 27 of the Law is performed according to the legislation of Ukraine on economic societies on condition of provision of preliminary permission of the National Bank of Ukraine to reorganization of bank and approval of the plan of reorganization of bank by the National Bank of Ukraine. The procedure for provision by the National Bank of Ukraine of permission to reorganization of bank is determined by the decision of its owners by the Regulations on features of reorganization of bank according to the decision of its owners approved by the resolution of Board of the National Bank of Ukraine of 27.06.2008 No. 189 (further - the Provision).

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