Article 25. Reorganization and liquidation of microfinance organizations The Law on Microfinance Activities
1. The reorganization and liquidation of microfinance organizations shall be carried out in accordance with the procedure provided for by the laws of the Republic of Kazakhstan.
The reorganization of a microfinance organization in the form of conversion into a bank is carried out taking into account the specifics provided for by this Law.
2. Voluntary reorganization of a microfinance organization in the form of conversion to a bank (hereinafter referred to as conversion of a microfinance organization to a bank) is understood as a set of measures aimed at changing the activities of a microfinance organization in order to obtain the status of a bank and operate in accordance with the requirements established by this Law and the Law of the Republic of Kazakhstan "On Banks and Banking Activities in the Republic of Kazakhstan".
Only microfinance organizations operating in the form of a joint-stock company are subject to conversion of a microfinance organization into a bank.
The formation of the authorized capital of a newly created joint-stock company may be carried out, among other things, at the expense of reserve capital and (or) retained earnings.
A bank created as a result of the conversion of a microfinance organization into a bank is the legal successor of all its rights (claims) and obligations.
3. The state re-registration of a microfinance organization to a bank as part of the conversion of a microfinance organization to a bank is carried out by the Government for Citizens State Corporation on the basis of a permit from the authorized body for the voluntary reorganization of a microfinance organization in the form of conversion to a bank and an approved report on the implementation of measures provided for in the action plan for the conversion of a microfinance organization to a bank.
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.
President
Republic of Kazakhstan
© 2012. RSE na PHB "Institute of Legislation and Legal Information of the Republic of Kazakhstan" of the Ministry of Justice of the Republic of Kazakhstan
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