of April 22, 2016 No. 49
About modification of the Law of the Kyrgyz Republic "About pledge"
Accepted by Jogorku Kenesh of the Kyrgyz Republic on March 17, 2016
Article 1. Bring in the Law of the Kyrgyz Republic "About pledge" (Sheets of Jogorku Kenesh of the Kyrgyz Republic. 2005. No. 6. Art. 377) following change:
add Chapter 4 with Article 36-1 of the following content:
"Article 36-1. The debt issued securities provided with pledge
1. Securities and real estate can be pledge subject of debt issued securities with mortgage providing. Requirements to securities and real estate which can be pledge subject of debt issued securities and also requirements to their issuer and the managing director of pledge are established by the Government of the Kyrgyz Republic.
2. In case of release of the debt issued securities provided with pledge their issuer or other persons specified to them in the decision on release of debt issued securities can act as the pledger, and the subject of pledge is subject to encumbrance for benefit of persons. the security holders registered in the register as their owners, according to the procedure, provided by this Law.
In case of release of the debt issued securities provided with pledge, their issuer shall appoint the managing director of pledge for the benefit of persons registered as their owners in the register of security holders. As managing directors of pledge on debt issued securities only persons conforming to requirements of the legislation in the field of the security market have the right to act
3. Requirements to form and content of the pledge agreement, in case of release of debt issued securities with mortgage providing, are considered observed in case of accomplishment by the issuer and pledgers of stated below requirements:
1) the decision on encumbrance of property for benefit of owners of debt issued securities shall be drawn up in writing, contain
basic provisions for the agreement of pledge, including extrajudicial procedure for the address of collection regarding pledge, and also specifying on the managing director of pledge;
Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info
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