Course work

Legal basis for the establishment of a joint-stock company in Uzbekistan (on the example of JSCB “Ipoteka Bank”)

We have already learned more about the economic forms of establishing a joint stock company. We will also discuss the legal basis in more detail. And during this stop we will consider the establishment of Ipoteka Bank and a number of other cases. Relations related to the establishment, activities and liquidation of joint-stock companies, protection of shareholders' rights are regulated by this Law and other laws of the Republic of Uzbekistan. In the field of agriculture, banking, investment and insurance, as well as in the privatization of state-owned enterprises, the establishment of joint-stock companies and the specifics of their legal status are determined by law. UzR 17.09.2010 y. Article 2 of the Law No. ZRU-257 states the legal status of a joint-stock company.¹⁰ A joint-stock company is a business entity whose charter capital is divided into a certain number of shares, confirming the company's obligations to shareholders. The Company has the rights and obligations in carrying out any activities not prohibited by law. The company is a legal entity and has separate property, which is taken into account on its independent balance sheet, can receive and exercise property and personal non-property rights on its own behalf, assume obligations, be a plaintiff and defendant in court. The company acquires the rights of a legal entity from the moment of its state registration. A company shall be formed for an indefinite period of time, unless otherwise provided by its charter. The company has the right to open bank accounts in the territory of the Republic of Uzbekistan and abroad in the prescribed manner. The company must have a round seal with the full name of the company in the state language and the address. The name of the company may be indicated on the seal at the same time in any other language. The Company has the right to have its own stamp and letterhead, its own logo, as well as a duly registered trademark and other trademarks. The Company may engage in any type of activity not prohibited by law and not specified in the constituent documents in the manner prescribed by law. The founders of the company have the right to list in the constituent documents only the main types of activities. Now we come to the part where we talk about the middle ground. The establishment of commercial banks as legal entities is a long-term process due to the fact that they seriously affect the interests of depositors, creditors, the state and society in general. During this time, the relationship between the future founders will be established, the necessary funds for the authorized capital of the bank will be prepared, the management will prepare the necessary documents, the relevant inspections will be carried out, and so on.

The legal basis for the establishment and liquidation of commercial banks is set out in the Law on Banks and Banking. Chapter 2 of this law, entitled "Procedure for the establishment and liquidation of banks", contains 13 articles (Articles 7-19).¹¹
Banks operate in the country on the basis of a license issued by the Central Bank.
Licensing of banks Laws of the Republic of Uzbekistan "On Banks and Banking", "On the Central Bank of the Republic of Uzbekistan", "On Joint Stock Companies and Protection of Shareholders' Rights" and other laws and requirements to the bank established by regulatory documents.
The establishment of commercial banks was carried out in accordance with Regulation No. 630 of 11 February 1999 on the Procedure for Registration and Licensing of Banks. This law was amended on August 15, 2009 under the number №703, and now banks are established on the basis of this law.
The following are key factors in deciding whether to grant a license:
- approval of the business plan for the establishment of the bank;
Sufficiency of the bank's authorized capital and its formation in accordance with the legislation;
• profitability prospects;
• Qualifications and reputation of the head of the established bank;
• compliance of the documents submitted for the establishment of the bank with the legislation;
• availability of antitrust measures;
The memorandum of association of the bank must contain:
• the order of cooperation in the establishment of the bank;
• amount of the bank's charter capital;
• types of shares to be placed among the founders, their nominal value, the ratio of different types of shares, the amount and procedure for their payment;
• the rights and obligations of the founders to establish the bank.
The procedure and conditions for registration and licensing of banks in the territory of the Republic of Uzbekistan are established, and commercial banks can be established in the form of open or closed joint-stock companies.
The process of establishing a bank can be divided into several stages.
We will talk about the charter and indicators of Ipoteka Bank.