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List of documents and requirements

LIST OF DOCUMENTS

POLICY DOCUMENTS APPROVED BY THE MEETING OF ALL MEMBERS OF THE SAVINGS CREDIT COOPERATIVE

  • Charter of Savings and Credit Cooperative
  • Rules of procedure of the Board of Directors
  • Procedures of the Supervisory Board
  • Business plan
  • Savings policy
  • Credit policy
  • Membership policy
  • Election committee regulations
  • Internal control policy
  • Ethical standards of the cooperative

PROCEDURES APPROVED AND FOLLOWED BY THE MEETING OF THE BOARD OF DIRECTORS OF SAVINGS AND CREDIT COOPERATIVES

  • Deposit operating procedures
  • Loan operating procedures
  • Procedures of the Credit Committee
  • Procedures to prevent money laundering and terrorist financing
  • Internal labor regulations
  • Reward procedures
  • Accounting policy
  • Forms to be kept by CSC
  • Models of contracts to be followed by CSC
  • Methodological guidelines for CSC operations

 

REQUIREMENTS FOR SAVINGS AND CREDIT COOPERATIVES

  1. to fulfill his / her obligations under the legislation;
  2. To follow the principles set forth in Article 4.1 of the Law on Savings and Credit Cooperatives;
  3. To ensure the full rights of the members granted by the Law on Savings and Credit Cooperatives and to act in their interests;
  4. To meet the prudential ratios of SCCs set by the Commission;
  5. Classify CSC assets in accordance with relevant regulations and establish a contingency fund;
  6. to keep accurate records in accordance with the legislation and to have the annual financial statements certified by an auditing organization
  7. To prepare financial and prudential reports, statistics and information and submit them to the Commission in a timely manner in accordance with the appropriate forms;
  8. Timely centralization of regulatory service fees set by the Commission;
  9. Have at least 2 employees to manage the day-to-day operations of the CSC;
  10. workplace. technician. equipment. financial software works. meet the conditions and requirements for normal service;
  11. Members of the Board of Directors, Supervisory Board, Credit Committee and Executive Director shall meet the requirements set forth in Articles 34.3, 34.4, 34.11, 36.5 of Article 34, 38.5 of Article 38 and 39.6 of Article 39 of the Law on Savings and Credit Cooperatives;
  12. Must be trained and certified by the National Association of Savings and Credit Cooperatives of Mongolia within 6 months after being elected and appointed as a member and executive director of the SCC Board of Directors, Supervisory Board and Credit Committee;
  13. to submit to the Commission the materials of the meeting that meets the requirements set forth in Article 33 of the Law on Savings and Credit Cooperatives within 30 days after the annual meeting of all members.

DEPOSIT ACTIVITIES:

  1. Article 16 of the Law on Savings and Credit Cooperatives. Comply with Chapter 2 of the Law on Deposits, Settlements and Credit Activities of Banking Legal Entities;
  2. To make decisions based on research that assesses the external and internal environment, macroeconomic balance, and financial market risk level in determining the type of deposit;
  3. to develop and follow the deposit policy;
  4. To insure members' deposits and establish a protection and stabilization fund in accordance with Article 55 of the Law on Savings and Credit Cooperatives;
  5. In determining the deposit interest rate, the operating income, expenses, return and risk shall be taken into account and the average interest rate of the sector and the local market shall be taken into account.

LOAN ACTIVITIES:

  1. To comply with Article 17 of the Law on Savings and Credit Cooperatives and Chapter 4 of the Law on Deposits, Settlements and Credit Activities of Banks and Authorized Legal Entities in lending activities;
  2. To conclude an agreement with the Credit Information Database of the Bank of Mongolia in accordance with Article 28.2 of the Law on Credit Information;
  3. In determining the loan interest rate, the operating income, expenses and net income shall be taken into account and the average interest rate of the sector and the local market shall be taken into account;
  4. to make disbursement transactions based on the member's request and court decision without deducting the member's loan payment directly from his / her deposit;

Develop a loan policy, study the current situation and prospects, and calculate risks

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