Article 29-13. Termination of membership (participation) in a self-regulatory organization in the field of microfinance activities of the Law on Microfinance Activities

Home / Laws / Article 29-13. Termination of membership (participation) in a self-regulatory organization in the field of microfinance activities of the Law on Microfinance Activities

1. The grounds for termination of membership (participation) in a self-regulatory organization in the field of microfinance activities are:

1) voluntary termination of membership (participation) of a microfinance organization in a self-regulating organization in the field of microfinance activities is carried out within the time limits established by the rules of the self-regulating organization in the field of microfinance activities;

2) the exclusion of a microfinance organization from the membership (participants) of a self-regulating organization in the field of microfinance activities by decision of a self-regulating organization in the field of microfinance activities is carried out from the day following the day of making such a decision by the collegial governing body of the self-regulating organization in the field of microfinance activities;

3) the license of a microfinance organization is revoked from the day following the day of making such a decision by the authorized body.;

4) the liquidation of a microfinance organization is carried out from the date of liquidation of the microfinance organization in accordance with this Law.;

5) termination of the activity of a self-regulating organization in the field of microfinance activities is carried out from the date of termination of the activity of a self-regulating organization in the field of microfinance activities.

2. A self-regulating organization in the field of microfinance activities has the right to decide on the exclusion of a microfinance organization from the membership (participants) of a self-regulating organization in the field of microfinance activities in the following cases::

1) repeated (two or more times within twelve consecutive calendar months) non-compliance by a member (participant) of a self-regulatory organization in the field of microfinance activities with the requirements of the rules and standards of a self-regulatory organization in the field of microfinance activities;

2) repeated (two or more times within twelve consecutive calendar months) non-payment of membership fees by a member (participant);

3) identification of false information in the documents submitted by a member for admission to membership (participants) of a self-regulatory organization in the field of microfinance activities.

3. The entrance and membership fees paid by a microfinance organization in connection with its membership (participation) in a self-regulating organization in the field of microfinance activities are not subject to refund to the microfinance organization upon termination of its membership (participation) in a self-regulating organization in the field of microfinance activities.

4. The decision of a self-regulating organization in the field of microfinance activities to refuse admission to membership (participants) or exclusion from membership (participants) of a self-regulating organization in the field of microfinance activities, as well as actions (inaction) of a self-regulating organization in the field of microfinance activities that violate the rights and legitimate interests of a member (participant), candidate for membership (participants) of a self-regulating organization in the field of microfinance activities, may be appealed to the court.

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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