Approved by the Resolution of Board of the Central bank of the Republic of Uzbekistan of November 9, 1998 No. 240

Regulations on procedure for liquidation of banks

This Provision according to the Civil code of the Republic of Uzbekistan, the laws of the Republic of Uzbekistan "About banks and banking activity" and "About joint-stock companies and protection of shareholder rights" determines procedure for liquidation of banks in cases of decision making by general meeting of shareholders of bank about voluntary liquidation and in case of response at bank of the license for the right of making of banking activities.

Action of this Provision does not extend to liquidation cases in connection with the judgment about composition in bankruptcy of bank.

1. General provisions

1.1. In the Provision the following concepts are used:

Boards of the Central bank of the Republic of Uzbekistan (protocol 19/7) 9 of November, 1998 No. 240

Liquidation of bank - the termination of activities of bank without transition of the rights and obligations according to the procedure of legal succession to other legal entities and physical persons;

The liquidator or liquidation commission (further in the text the liquidator) is appointed by general meeting of shareholders of bank in coordination with the Central bank.

The structure of liquidation commission can include specialists of the Central bank and Head territorial administration of the Central bank in the bank location.

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