Article 29-9. Governing bodies of a self-regulatory organization in the field of microfinance activities of the Law on Microfinance Activities

Home / Laws / Article 29-9. Governing bodies of a self-regulatory organization in the field of microfinance activities of the Law on Microfinance Activities

1. The governing bodies of a self-regulatory organization in the field of microfinance activities are:

1) general meeting of members (participants) of a self-regulatory organization in the field of microfinance activities;

2) the collegial governing body of a self-regulatory organization in the field of microfinance activities;

3) the executive management body of a self-regulatory organization in the field of microfinance activities;

4) the control body (audit commission) of a self-regulatory organization in the field of microfinance activities.

The procedure for the formation, structure, competence and term of office of the governing bodies of a self-regulating organization in the field of microfinance activities, the procedure for making decisions by these bodies are established by the charter of a self-regulating organization in the field of microfinance activities in accordance with this Law and other laws of the Republic of Kazakhstan.

2. The General Meeting of members (participants) of a self-regulatory organization in the field of microfinance activities is the highest governing body authorized to consider issues related to the activities of a self-regulatory organization in the field of microfinance activities referred to its competence by this Law, other laws of the Republic of Kazakhstan and its charter.

The general meeting of members of a self-regulating organization in the field of microfinance activities is convened in accordance with the procedure and with the frequency established by the charter of a self-regulating organization in the field of microfinance activities, but at least once a year.

3. The exclusive competence of the general meeting of members (participants) of a self-regulatory organization in the field of microfinance activities includes:

1) approval of the charter of a self-regulatory organization in the field of microfinance activities, amendments and (or) additions to it;

2) identification of priority areas of activity of a self-regulatory organization in the field of microfinance activities;

3) making a decision on the voluntary liquidation of a self-regulatory organization in the field of microfinance activities and the appointment of a liquidation commission;

4) election of the head, deputy and members of the collegial governing body of a self-regulating organization in the field of microfinance activities, early termination of the powers of the said body or early termination of the powers of the heads or individual members;

5) appointment of persons exercising the functions of the executive management body of a self-regulating organization, their early dismissal from office, as well as the formation of the executive management body and termination of its powers;

6) approval of reports of the collegial and executive management bodies, the control body (audit commission) and specialized bodies in the manner and with the frequency established by the charter of the self-regulatory organization in the field of microfinance activities;

7) setting the amount of entrance and membership fees;

8) determination of ways to ensure property liability;

9) making other decisions in accordance with the laws of the Republic of Kazakhstan and the charter of the self-regulatory organization in the field of microfinance activities.

4. The general Meeting of members (participants) of a self-regulating organization in the field of microfinance activities is authorized to make decisions within its competence if more than half of the members (participants) of a self-regulating organization in the field of microfinance activities participate in it.

5. Decisions of the general meeting of members (participants) of a self–regulating organization in the field of microfinance activities are made by a majority of votes of the number of votes of members (participants) of a self-regulating organization in the field of microfinance activities present at the general meeting, or in the case of its holding by absentee voting - by a majority of votes of the total number of votes of members (participants) of a self-regulating organization in the field of microfinance activities.

6. The procedure for holding a general meeting of members (participants) of a self-regulating organization in the field of microfinance activities, the procedure for forming the agenda of meetings, the conditions and procedure for voting are determined by the charter of the self-regulating organization in the field of microfinance activities.

7. The management of a self-regulating organization in the field of microfinance activities is carried out by a collegial governing body of a self-regulating organization in the field of microfinance activities, elected by the general meeting of members (participants) of a self-regulating organization in the field of microfinance activities.

The quantitative composition of the collegial management body, the procedure and conditions for its formation, operation, decision-making, and termination of powers are established by the charter of a self-regulating organization in the field of microfinance activities.

8. The competence of the collegial governing body of a self-regulating organization in the field of microfinance activities includes:

1) submitting issues for consideration by the general meeting of members (participants) of a self-regulatory organization in the field of microfinance activities;

2) making a decision on becoming a member (participant) of a self-regulating organization in the field of microfinance activities and termination of membership in a self-regulating organization in the field of microfinance activities;

3) creation of specialized bodies of a self-regulatory organization in the field of microfinance activities, approval of regulations on them and rules for their activities;

4) approval of the budget of a self-regulatory organization in the field of microfinance activities, making changes to it;

5) approval of the rules and standards of a self-regulatory organization in the field of microfinance activities and making amendments and (or) additions to them;

6) other issues stipulated by the charter of the self-regulatory organization in the field of microfinance activities.

The collegial management body is formed from representatives of members (participants) of a self-regulatory organization in the field of microfinance activities, as well as independent members.

The number of members of the collegial body of a self-regulatory organization in the field of microfinance activities should be at least seven people.

Independent members are considered to be persons who are not related by employment to a self-regulatory organization in the field of microfinance activities or its members. Independent members must be at least one fifth of the members of the collegial governing body of a self-regulatory organization in the field of microfinance activities.

Each member of the collegial governing body of a self-regulatory organization in the field of microfinance activities has one vote when voting.

A member of the collegial management body may not vote on issues related to a member (participant) of a self-regulatory organization in the field of microfinance activities, a shareholder (participant) of which he is an employee.

9. The executive management body of a self-regulatory organization in the field of microfinance activities:

1) organizes the work of a self-regulating organization in the field of microfinance activities, monitors the fulfillment of the tasks assigned to the self-regulating organization in the field of microfinance activities;

2) carries out the recruitment and dismissal of employees of a self-regulatory organization in the field of microfinance activities;

3) represents the interests of a self-regulatory organization in the field of microfinance activities in government agencies, public associations, and other organizations;

4) exercise other powers not related to the competence of the general meeting of members (participants) of the self-regulatory organization and its collegial governing body.

10. The control body (audit commission) is a body of a self-regulating organization in the field of microfinance activities that monitors the financial and economic activities of the governing bodies of a self-regulating organization in the field of microfinance activities and their officials.

The control body (audit commission) of a self-regulating organization in the field of microfinance activities is accountable and controlled by the general meeting of members (participants) of a self-regulating organization in the field of microfinance activities.

The procedure and deadlines for submitting reports to the supervisory authority (audit commission) are determined by the charter of the self-regulatory organization in the field of microfinance activities.

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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