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Person Desired to Purchase Significant Asset in Micro Financial Organization Shall Get Permission from the National Bank

February 22, 2013

Person, who wants to buy significant assets in the micro financial organization, is obliged to address to the National Bank and get permission from the Bank.

In connection with this, amendments are about to be introduced to the Law on Microfinance Organizations, which was drafted by Davit Onoprishvili, head of Parliament’s financial-budgetary committee and the parliament will discuss the bill in a hurry.

Today, the Parliament passed the legislative initiative through second hearing; they plan to hold third hearing of it today and put the bill on motion by the end of the day. In accordance to the draft amendments, the National Bank will discuss the application of the large buyer within 15 calendar days and will issue the permission or not. If the National Bank fails to respond to the applicant within 15 calendar days it will be considered as notification from the NB to purchase the assets.

According to the bill, agreement on the procurement of important part of the asset is cancelled if the person does not provides proposal to the National Bank or received well-grounded refusal from the National Bank, but despite of this he purchased the assets in the microfinance organization.

According to the bill, microfinance organization is allowed to produce their credit tax cards.

This issue shall be discussed by the parliament in hurry.

Interpresnews

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