Commercial Banks

In edition of: 08.07.2005 ON BANKS AND BANKING ACTIVITY IN THE REPUBLIC OF KAZAKHSTAN Law of the Republic of Kazakhstan dated August 31, 1995 N 2444 Reference. The heading is given in a revision, the preamble is excluded, upon the text the words “By Decree”, “Of decree”, “Decree” are changed by words “By law”, “Of law”, “Law” – by Law of RK of March 2, 2001 N 162 (see article 2). Upon the whole text the word “(of interest)” is excluded – by law of RK of July 8, 2005 N 69. Section I. Reasons and conditions of creation and activity of banks Chapter 1. General provisions

Article 1. Bank, its status and location 1. Bank is the legal entity, being commercial organization that in accordance with this Law shall be entitled to fulfill banking activity. 2. The official status of bank shall be determined by state registration of legal entity as a bank in the bodies of justice (registering bodies) (hereinafter referred to as the bodies of justice) and availability of the license of authorized body on regulation and control of financial market and financial organizations (hereinafter referred to as the authorized body) for the execution of banking operations. 3. Neither legal entity, not having the official status of bank, may not be named as bank nor characterize itself as occupying by banking activity. 4. The bank location shall be the location (postal address) of its Board. Reference. Paragraph is in edition of the Law of RK of July 11, 1997 N 154. The modifications are made by the Laws of RK of July 16, 1999 N 436; of March 2, 2001 N 162 (see article 2); Law of the Republic of Kazakhstan of July 10, 2003 N 483 (coming into force from January 1, 2004).

Article 2. Investment (deposit) Investment (deposit) is money, transmitted by one person (depositor) to another person – bank, including the National bank of the Republic of Kazakhstan (hereinafter referred to as the National bank) under the conditions of its return in nominal terms irrespective of the fact whether they...