Article 13. Permission of the authorized body to open a bank Chapter 2. Establishment of a bank and implementation of banking activities of the Law on Banks and Banking Activities in the Republic of Kazakhstan

Home / RLA / Article 13. Permission of the authorized body to open a bank Chapter 2. Establishment of a bank and implementation of banking activities of the Law on Banks and Banking Activities in the Republic of Kazakhstan

Article 13. Permission of the authorized body to open a bank Chapter 2. Establishment of a bank and implementation of banking activities of the Law on Banks and Banking Activities in the Republic of Kazakhstan

1. The procedure for issuing a bank opening permit is determined by the banking legislation of the Republic of Kazakhstan.

The procedure for granting permission for the voluntary reorganization of a microfinance organization in the form of conversion into a bank is determined by the legislation of the Republic of Kazakhstan on microfinance activities.

2. The permission to open a bank shall have legal force until the authorized body makes a decision to grant the bank a license to conduct a banking operation, or until one of the cases provided for in paragraphs 3 or 4 of this article occurs.

3. The issued permission to open a bank is considered cancelled in the following cases::

1) the bank's decision on the voluntary termination of its activities through reorganization or liquidation;

2) the court's decision to terminate the bank's activities;

3) failure to register a legal entity as a bank in the Corporation within two months from the date of issuing a permit to open a bank;

4) failure to obtain a license to conduct banking or other operations within one year from the date of issuing a permit to open a bank.

In the case provided for in subparagraph 3) of part one of this paragraph, previously issued permits for the establishment or acquisition of a subsidiary, significant participation in the capital of organizations and consent to acquire the status of a major participant in a bank or bank holding company are considered cancelled.

4. The Bank has the right to voluntarily return the permission granted to it to open a bank and re-register in accordance with the procedure established by law.

The Law of the Republic of Kazakhstan dated August 31, 1995 No. 2444.

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Republic of Kazakhstan

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