Article 20. Lending procedure The Law on Credit Partnerships

Home / RLA / Article 20. Lending procedure The Law on Credit Partnerships

1. Excluded by the Law of the Republic of Kazakhstan dated 07/03/2019 No. 262-VI (effective from 01/01/2020).

2. A loan may be granted only to a member of a credit partnership who owns a paid mandatory deposit, in accordance with the provisions of the charter of the credit partnership.

3. The provision of loans on preferential terms to the participants of the credit partnership is carried out by decision of the general meeting of the participants of the credit partnership.

4. Excluded by the Law of the Republic of Kazakhstan dated 07/03/2019 No. 262-VI (effective from 01/01/2020). 4-1. Excluded by the Law of the Republic of Kazakhstan dated 07/03/2019 No. 262-VI (effective from 01/01/2020).

5. Information on loans granted to the Chairman of the Management Board must be brought by the audit commission (auditor) to the attention of all participants of the credit partnership at the annual general meeting.

6. All necessary expenses related to the registration and issuance of a loan are covered by the participant who received the loan.

The Law of the Republic of Kazakhstan dated March 28, 2003 N 400.

This Law defines the legal status, the procedure for the creation, reorganization and liquidation, as well as the regulation of the activities of credit partnerships.

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