ID :
103477
Fri, 01/29/2010 - 20:27
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https://oananews.org//node/103477
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NEW WORDING OF LAW ON BANK APPROVED
Ulaanbaatar, /MONTSAME/ On Thursday, the State Great Khural (parliament) discussed and backed a draft new wording of the law on bank. It is considered that the new wording has a multilateral importance in refining activities of banking sector, satisfying international standards, creating a possibility for expanding the financial intermediation at economics in a way of enhancing bank trust of citizens and ensuring a stability of the financial sector.
According to the amendment, commercial banks are ordered to give related reports to the Mongol Bank on size of joint stock, changing structure, appointments of the biggest stock holder and on altering size of stocks of holders. In addition to it, a commercial bank must have a permission from the Mongol Bank to issue stocks or securities. Thus, the Mongol Bank is to make a final decision on granting the permission within 60 days after receiving the request.
If someone becomes the biggest stock holder without the Mongol Bank's permission, he/she losses rights to receive votes from stock holders and dividends and to demand to compulsorily sell the stocks. If a commercial bank issues stocks and securities without the Mongol Bank's permission, the latter will consider the commercial bank as having lost its capital equalling to issued stocks/ securities issued.
The representing leading council of a bank must have at least one independent member who shall be the bank's joint stock holder or the biggest client or a leading officer.
B.Khuder
17.30
According to the amendment, commercial banks are ordered to give related reports to the Mongol Bank on size of joint stock, changing structure, appointments of the biggest stock holder and on altering size of stocks of holders. In addition to it, a commercial bank must have a permission from the Mongol Bank to issue stocks or securities. Thus, the Mongol Bank is to make a final decision on granting the permission within 60 days after receiving the request.
If someone becomes the biggest stock holder without the Mongol Bank's permission, he/she losses rights to receive votes from stock holders and dividends and to demand to compulsorily sell the stocks. If a commercial bank issues stocks and securities without the Mongol Bank's permission, the latter will consider the commercial bank as having lost its capital equalling to issued stocks/ securities issued.
The representing leading council of a bank must have at least one independent member who shall be the bank's joint stock holder or the biggest client or a leading officer.
B.Khuder
17.30
