Article 14-1. Establishment and closure of branches and representative offices of a microfinance organization The Law on Microfinance Activities

Home / Laws / Article 14-1. Establishment and closure of branches and representative offices of a microfinance organization The Law on Microfinance Activities

1. A microfinance organization, without the consent of the authorized body, has the right to establish its own separate divisions – branches and representative offices both in the territory of the Republic of Kazakhstan and abroad.

2. A microfinance organization, within thirty working days from the date of registration of its branch or representative office in the Government for Citizens State Corporation, is obliged to notify the authorized body in writing about their creation with an attachment:

1) a notarized copy of the regulations on the branch or representative office;

2) information about the registration of a branch (representative office);

3) a notarized copy of the power of attorney issued to the first head of a branch or representative office.

4) information about the premises of the branch, indicating the address at which the branch premises are located (if any).

3. A branch of a microfinance organization has the same balance sheet as the microfinance organization and a name that completely coincides with the name of the microfinance organization.

A branch of a microfinance organization may have premises located at several addresses within the same region.

A branch of a microfinance organization with its location in the capital and (or) a city of national significance has the right to have premises located at several addresses.:

in the capital and (or) the city of republican significance;

within the region adjacent to the capital (a city of national significance).

4. A representative office of a microfinance organization acts on behalf of and on behalf of a microfinance organization and does not carry out microfinance activities.

5. A prerequisite for the establishment of branches by a microfinance organization and an increase in the number of additional premises of existing branches, including those located at several addresses, is that the authorized body does not apply to the microfinance organization within three months preceding the date of registration of the branch with the Government for Citizens State Corporation or the date when the relevant body of the microfinance organization decides to increase the number of additional premises the current branch of a microfinance organization, including those located at several addresses, sanctions in the form of suspension of the license for microfinance activities, as well as administrative penalties for administrative offenses provided for in parts one and three of Article 211, part three of Article 227 of the Code of the Republic of Kazakhstan on Administrative Offenses.

6. When making changes and/or additions to the regulations on a branch or representative office requiring registration with the Government for Citizens State Corporation, a microfinance organization must submit a notarized copy of the changes and/or additions to the authorized body within thirty working days from the date of registration with the Government for Citizens State Corporation. in the regulations on the branch, representative office.

When making changes and (or) additions to the regulations on a branch or representative office that do not require re-registration with the Government for Citizens State Corporation, a microfinance organization must, within thirty working days from the date of the Government for Citizens State Corporation's notice of receipt, submit a letter from the microfinance organization to the authorized body on paper or by electronic document management systems, a copy of the specified letter from the microfinance organization, notarized copies of amendments and/or additions to the regulations on the branch or representative office.

 7. In the event of an increase in the number of additional premises of a branch of a microfinance organization or a decrease in the number of premises of a branch of a microfinance organization, the microfinance organization must, within thirty working days from the date of the relevant decision by the microfinance organization's body, submit to the authorized body in writing or through an electronic document management system a notification with an extract from the decision of the microfinance organization's body on the decision, containing the addresses of the specified premises of the branch microfinance organizations.

8. A microfinance organization, within thirty working days from the date of de-registration of its branch and (or) representative office in the Government for Citizens State Corporation, must notify the authorized body in writing or through an electronic document management system of the termination of their activities, accompanied by a copy of the document of the Government for Citizens State Corporation confirming de-registration. registration of a branch and/or representative office of a microfinance organization.

9. The authorized body shall require the closure of a branch or premises or representative office of a microfinance organization in case of non-compliance with the requirements of paragraphs 2, 3, 4, 5 and 7 of this article.

The Law of the Republic of Kazakhstan dated November 26, 2012 No. 56-V.

This Law regulates public relations related to the provision of micro-loans, establishes the specifics of the creation and reorganization of organizations engaged in microfinance activities, the legal status, activities of organizations engaged in microfinance activities, and also defines the specifics of state regulation of organizations engaged in microfinance activities, control and supervision of their activities.

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Republic of Kazakhstan

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