On Ratification of the Agreement between the Republic of Kazakhstan, the Kyrgyz Republic and the Republic of Uzbekistan "On Amendments and Additions to the Agreement between the Republic of Kazakhstan, the Kyrgyz Republic and the Republic of Uzbekistan "On the Establishment of the Central Asian Bank for Cooperation and Development dated July 8, 1994"
Law of the Republic of Kazakhstan dated July 16, 1997 No. 164-I
To ratify the Agreement between the Republic of Kazakhstan, the Kyrgyz Republic and the Republic of Uzbekistan "On Amendments and Additions to the Agreement between the Republic of Kazakhstan, the Kyrgyz Republic and the Republic of Uzbekistan "On the Establishment of the Central Asian Bank for Cooperation and Development dated July 8, 1994", signed on August 23, 1996 in Almaty.
President
Republic of Kazakhstan
Agreement
between the Republic of Kazakhstan, the Kyrgyz Republic and the Republic of Uzbekistan on the establishment of the Central Asian Bank for Cooperation and Development* (see amendments below) The States Parties to this Agreement, hereinafter referred to as the Parties, based on the provisions of the Agreement on the Creation of a Single Economic Space between the Parties, guided by the interests of preserving trade, financial relations, and the development of joint ventures; Recognizing the need to organize and implement multilateral interstate settlements on trade, non-trade and other transactions provided for by intergovernmental agreements of the Parties, agreed as follows:
Article 1 1. Establish a joint bank, the Central Asian Bank for Cooperation and Development (hereinafter referred to as the Bank). The founders and members of the Bank are the Government of the Republic of Kazakhstan, the Government of the Kyrgyz Republic, and the Government of the Republic of Uzbekistan. 2. The Bank's governing body is the Bank's Board, which includes one authorized representative from each of the Parties. Decisions of the Bank's Board are taken in accordance with the procedure established by the Bank's Charter. 3. Settlements made through the Bank are carried out in freely convertible currency, national currencies, or using a special means of payment determined by the Bank's Board.
Article 2 The location of the Bank is mountainous.Almaty. The Bank is a legal entity. The Bank may participate in international financial and banking organizations and unions. The Bank's activities are regulated by this Agreement and the Bank's Charter, which is an integral part of it. The relationship between the Bank and the host country of the Bank is determined in accordance with the legislation of that State and the relevant agreement.
Article 3 The Bank is entrusted with the following functions: - organization and implementation of multilateral interstate settlements on trade and other transactions stipulated by intergovernmental agreements; - assistance in organizing joint ventures and expanding their activities, regardless of their forms of ownership; - crediting strategic programs of the Parties; - financing regional facilities; - study and analysis of the economy of the Parties and preparation of suggestions and recommendations to the banks of the Parties.
Article 4 1. The initial authorized capital of the Bank in the amount of 9.0 (nine) million US dollars or the equivalent in another currency (by decision of the Bank's Board) is formed from contributions from the founders - members of the Bank in the amounts determined by the Bank's Board. 2. The amount of the authorized capital may be increased by a decision of the Bank's Board. 3. Upon admission of a new State to the Bank's membership, the amount of the Bank's Authorized Capital increases. The amount, method and terms of the contribution of a new member of the Bank are determined by the Board of the Bank in consultation with it. 4. The Bank may have special funds created by the decision of the Bank's Board.
Article 5 1. Current payments between economic entities of States are carried out on a bilateral and multilateral basis and are regulated by their national legislation. 2. The exchange rates of national currencies in mutual settlements of the Parties are determined by the Board of the Bank. The Parties shall provide information on the exchange rates set by the national (central) banks no later than the next day after the exchange rate change.
Article 6 1. Each Party, when concluding trade and economic agreements for a regular period and within the framework of general trade turnover under intergovernmental agreements, will strive to ensure a balance of receipts and payments with other parties, members of the Bank within the specified period. This may take into account the creation (use) of possible reserves in the national or other currency, as well as the possibility of obtaining (repayment of) a loan. 2. Settlements on non-trade transactions will be made on the basis of intergovernmental agreements on settlements on non-trade payments.
Article 7 The Bank may open correspondent accounts to other States that are not members of the Bank for their participation in interstate settlements in accordance with the procedure and conditions determined by the Bank's Council.
Article 8 Other States that share the goals and principles of the Bank's activities may join this Agreement. The terms and procedure for admission of new members of the Bank are determined by its Charter.
Article 9 1. This Agreement may be amended only with the consent of all Parties. 2. Each Party may withdraw from participation in this Agreement with at least six months' notice to the Bank's Board. The relations between the Bank and the relevant Party on their mutual obligations must be settled within the specified period. 3. This Agreement shall enter into force upon completion of domestic procedures in accordance with the laws of the Parties.
Committed in the mountains.Almaty, July 8, 1994, in three original copies, each in Kazakh, Kyrgyz, Uzbek and Russian, all texts being equally authentic.
Agreement
between the Republic of Kazakhstan, the Kyrgyz Republic and the Republic of Uzbekistan "On Amendments and Additions to the Agreement between the Republic of Kazakhstan, the Kyrgyz Republic and the Republic of Uzbekistan "On the Establishment of the Central Asian Bank for Cooperation and Development" dated July 8, 1994"
The States Parties to this Agreement, hereinafter referred to as the Parties, in order to create the necessary conditions for the implementation of the Agreement reached on the Establishment of the Central Asian Bank for Cooperation and Development, have agreed to introduce the following amendments and additions to the above-mentioned Agreement:
In paragraph 1 of article 1, after the words "joint", add the word "interstate". The second sentence of this paragraph should read as follows: "The founding members of the Bank are the Republic of Kazakhstan, the Kyrgyz Republic and the Republic of Uzbekistan."
In paragraph 2 of Article 1, add the following paragraph: "The supreme body of the Bank is the general meeting (meeting of representatives) of shareholders (hereinafter referred to as). The first sentence, paragraph 2 of Article 1, after the words "from the Parties", should be supplemented as follows: "Chairman of the Executive Committee of the Interstate Council of the Republic of Kazakhstan, the Kyrgyz Republic and the Republic of Uzbekistan and the President of the Central Asian Bank for Cooperation and Development." The last sentence of paragraph 2 of Article 1 should be deleted and supplemented with the following paragraph: "The issues of formation and termination of the Bank's activities, admission of a new member of the Bank, increase in the Authorized capital and approval of the President of the Bank are decided by the general meeting of shareholders. All other issues related to the Bank's activities are resolved by the Bank's Board." Paragraphs two and three of Article 2 should be worded as follows: "The Bank and its branches operate in accordance with this Agreement, the Bank's Charter, which is an integral part of it, and the current legislation of the host country. In the event of a conflict between the norms of the legislation of the host country and this agreement, the norms of this Agreement shall apply." Paragraph 1 of Article 4 should be supplemented with the following paragraph: "According to its organizational and legal form, the Bank is a closed joint-stock company and issues shares, each of which has a par value of 100,000 (one hundred thousand) US dollars." In paragraph 3 of article 4, delete the word "Amounts".
Add the following paragraph to Article 4: "Taxes are levied on the income (profit) of the Bank, as well as its branches located in the territory of the founding states, at the applicable rates in accordance with the legislation of their country of residence. The amounts to be transferred as taxes are accumulated in a special account of the Bank and distributed by the decision of the Bank's Board at the end of the year for the following purposes: - to increase the Bank's capital; - to the budgets of the founding states." Paragraph 1 of Article 9 should be redrafted as follows: "This Agreement may be amended and supplemented by mutual written consent of the Parties. Amendments and additions are formalized by Protocols or Decisions of the Parties, which are an integral part of this Agreement." In article 9, paragraph 2 should be deleted, paragraph 3 should be considered paragraph 2.
This Agreement shall enter into force upon completion of domestic procedures in accordance with the laws of the Parties. Done in Almaty on August 23, 1996, in a single copy in the Russian language. The original copy is in the Executive Committee of the Interstate Council of the Republic of Kazakhstan, the Kyrgyz Republic and the Republic of Uzbekistan, which sends a certified copy to each participating State.
* * *
President
Republic of Kazakhstan
© 2012. RSE na PHB "Institute of Legislation and Legal Information of the Republic of Kazakhstan" of the Ministry of Justice of the Republic of Kazakhstan
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