Article 95-1. The system of guaranteeing the obligations of private business entities of the Entrepreneurial Code of the Republic of Kazakhstan

Home / RLA / Article 95-1. The system of guaranteeing the obligations of private business entities of the Entrepreneurial Code of the Republic of Kazakhstan

1. The system of guaranteeing the obligations of private business entities is a tool for financial support of private entrepreneurship implemented by a special fund.

2. The purpose of the system of guaranteeing the obligations of private business entities is to ensure the availability of the necessary amount of financing in case of insufficient collateral for obtaining loans from second-tier banks.

3. Participants in the system of guaranteeing the obligations of private business entities are a special fund, private business entities, as well as second-tier banks, organizations engaged in microfinance activities, and other legal entities that have joined it by concluding an affiliation agreement with a special fund in accordance with the procedure approved by it in coordination with second-tier banks participating in the guarantee system. obligations of private business entities.

Participation in the system of guaranteeing the obligations of private business entities is mandatory for second-tier banks that provide loans to private business entities.

4. To carry out activities within the framework of the system of guaranteeing the obligations of private business entities, a special fund forms the funds of the guarantee fund within and at the expense of:

1) contributions from second-tier banks;

2) voluntary contributions from organizations engaged in microfinance activities and other legal entities;

3) budget funds;

4) income from the placement of the funds of the guarantee fund, reduced by the amount of expenses and deductions in accordance with the procedure provided for by the internal documents of the special fund and the legislation of the Republic of Kazakhstan;

5) the commission paid by private business entities for the issue of a guarantee, reduced by the amount of expenses and deductions in accordance with the procedure determined by the decision of the management body of the special fund and the legislation of the Republic of Kazakhstan.

The amount and procedure for calculating the contributions of second-tier banks paid to the guarantee fund are determined by the authorized business body in coordination with the authorized body for regulation, control and supervision of the financial market and financial organizations.

The procedure for placing the funds of the guarantee fund is determined by the management body of the special fund.

5. Contributions, commissions, budget receipts to the guarantee fund, as well as income received as a result of the placement of funds from the guarantee fund, may not accrue and pay dividends on shares of the special fund, as well as repay the obligations of the special fund, except in cases where payments are made for the obligations of private business entities that have arisen under the obligation guarantee system. private business entities.

6. If the funds of the guarantee fund are insufficient to pay the obligations of private business entities, the difference is covered by the equity of the special fund and other sources that do not contradict the legislation of the Republic of Kazakhstan.

7. The Special Fund is obliged to keep separate accounting records of the funds of the guarantee fund and its own assets.

8. The methodology for calculating the credit scoring of private business entities for the provision of guarantees by a special fund is determined by a special fund in coordination with second-tier banks that are participants in the system of guaranteeing the obligations of private business entities.

9. The guarantee provided by the special fund may not be terminated on grounds not provided for by the Civil Code of the Republic of Kazakhstan.

10. The funds of the guarantee fund cannot be used to fulfill the obligations of the special fund that arose before the formation of the guarantee fund, as well as those not related to the system of guaranteeing the obligations of private business entities.

The Business Code of the Republic of Kazakhstan dated October 29, 2015

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