Credit unions

Lawyers' KOLARES "offer their expert help in the creation of a credit union, starting from the registration of the legal entity and ending with the introduction of the Register of Financial Institutions Financial Services Commission.

A service provided by the specialists of "KOLARES" to register the credit union include:

    registration of the credit union as a special legal form of legal entity;
    the introduction of the credit union in the Register of Financial Institutions Financial Services Commission and registration as a subject of initial monitoring by the State Committee for Financial Monitoring.

Licensing activities of the credit union provides for the following licenses:

    license to solicit contributions (deposits) of the credit union to deposit account and use those funds to provide loans to credit union members (license for deposits);
    license to provide financial loans from borrowed funds except contributions (deposits) of the credit union to deposit accounts (license for lending).

Borrowed funds of the credit union is money borrowed from the credit union banks, other institutions and organizations.

It raised funds of the credit union does not include funds combined credit unions by credit unions that are members, as well as means of joint financial funds association of credit unions, which are created by their members.

Raised funds to a credit union, nor are contributions of the members of the credit union, which are sent to the capital formation of credit unions.

The activities of the credit union to provide financial loans through credit union's capital and the means of the combined credit union by credit union that is a member of such a union, and financial assets of the joint associations of credit unions, established by its members, does not require a license.

Keep in mind that the credit union is a non-profit organization founded by individuals or trade unions, their associations on a cooperative basis.

For registration of a credit union is to meet the needs of the founders (members) of the credit union in a mutual credit and financial services by combining cash contributions of members of the credit union.

Creation of a credit union is based on the decision of the constituent assembly.

The number of founders (members) of the credit union should be at least 50 people.

Members of the credit union shall be citizens of Ukraine, foreigners and stateless persons permanently residing in the territory of Ukraine, if they:

    belong to a trade union, trade union associations or other public or religious organization;
    living in the same village, town, city, district, region;
    have full civil capacity;
    not deprived of freedom and do not have a conviction for acquisitive crime.

A credit union is a financial institution, an exclusive activity, which is to provide financial services to the Law of Ukraine "On credit unions".

Credit unions may exercise only those activities under the Law of Ukraine "On credit unions":

    take introductory and mandatory unit and other contributions from members of the credit union;
    provide loans to its members on the terms of payment, urgency and in a cash and cashless
    draw on a contractual basis cash contributions of its members to deposit accounts, both in cash and cashless
    to sponsor a member of the credit union's performance of obligations to third parties;
    draw on contractual terms loans from banks, credit associations of credit unions, other organizations and institutions to provide loans only to its members;
    provide loans to other credit unions;
    were members of payment systems and provide services to transfer funds;
    pay on behalf of its members, the value of goods and services in the limits of their credit;
    engage in charitable activities through funds specifically created for the fund.

To make a credit union in the register of financial institutions - registered as a financial institution.

The credit union must meet the following requirements:

    pass the state registration of a legal entity with a special legal form - the credit union;
    a separate room with limited access and safe storage of money (cash) and documents, making them impossible to kidnapping (damage);
    have the software and special technical equipment associated with the provision of financial services, meeting the requirements of regulatory authorities;
    statutes, and the establishment of the credit union must comply with legal requirements, in particular the Law of Ukraine "On credit unions";
    a credit union's internal procedures that comply with the current legislation: Regulations on the supervisory board of the credit union; Regulations on the Audit Committee of the credit union, the Regulations on the credit committee of the credit union, the Regulations on the board of the credit union, the Regulations on the other of the credit union.
    introductory and mandatory share contribution to be made by all the founders (members) of the credit union;
    compliance with the qualification requirements of the director and the chief accountant of the credit union