union-credit

The functioning of a modern

FreeDOM — Fri, 31 Aug 2012 16:47:48 GMT

The functioning of a modern economy is inextricably linked with the credit. At present, almost any natural or legal person, feeling the need for financial resources and resort to the use of credit as a way to solve their financial problems. As usually, credit transactions carried out by banks.

However, credit operations can be carried out not only legal persons as defined in the Civil Code and the Law on banks, but credit cooperatives.
In the traditional banking system, credit cooperatives of mass distribution does not, however, obtain in the banking systems of foreign countries, they have their place.
This work is devoted to the issues of legal regulation of credit cooperatives.
In modern conditions, consideration of this issue is quite important.
This paper will address the theoretical foundations of the credit and economic cooperation, issues of functioning of the housing and savings cooperatives, and regulatory issues of rural credit cooperatives.

Forms of participation

FreeDOM — Fri, 31 Aug 2012 16:47:16 GMT

Forms of participation in cooperative activities set forth:

minimum and maximum periods of application, as well as the minimum size (or a way to determine the size) of the shares, after the introduction of which the right to buy or build a cooperative dwelling for a member of the cooperative;
• the period of making the rest of the share of the contribution;
• the amount and frequency of payments on account of share contribution;
• the possible conditions of borrowing.
Set by the cooperative form of participation in cooperative activities may include:
• conditions index periodic payments on the share of the contribution;
• conditions of interest on paenakopleniya sent from mutual funds of the cooperative for the purchase or construction of cooperative housing for the other members of the cooperative;
• other conditions of purchase or construction of residential cooperative and deposit shares.
Forms of participation in cooperative activities approved by the general meeting of members of the cooperative. Prior to approval of the general meeting of members of the cooperative form of participation in cooperative activities such forms must be approved by the board of the cooperative.
The General Meeting of the members' approval of the forms of participation in cooperative activities must include a statement about the possible impact of forms of participation in cooperative activities on its financial stability.

The federal executive body

FreeDOM — Fri, 31 Aug 2012 16:46:44 GMT

The federal executive body authorized to exercise the state registration of legal entities, no later than five working days from the date of state registration of the cooperative and (or) the entry into the Unified State Register of Legal Entities of developments in the information about co-op, is the federal executive authority responsible for the control and supervision of financial markets, information on co-op.

Cooperative no later than five working days after the relevant decision-making is a federal executive body responsible for control and supervision of financial markets, the details of the persons elected or appointed at the sole executive body of the cooperative, the board members of the cooperative or members of the collegial executive body of the cooperative, as well as information on removal of such persons from their posts with the reasons the suspension.
The order of the register housing savings cooperatives established by the federal executive body responsible for control and supervision of financial markets.

Approval of the decision

FreeDOM — Fri, 31 Aug 2012 16:46:01 GMT

- Approval of the decision of the Board of the cooperative and the Supervisory Board in accordance with the statute;

- Approval of the development programs of the cooperative;
- Approval of the annual accounts and the distribution of gains and losses;
- Determination of the amount of shares and other payments and the order of their application;
- The acquisition and disposition of property;
- Approval of the types, sizes and conditions of formation and use of the reserve fund and other funds of the cooperative, limits on administrative costs;
- The entry into other cooperative organizations, unions (associations), associations and exit;
- Defining the principles and procedures of the cooperative credit, guarantees the timely return of the allocated credits;
- Opening and closing of branches and representative offices;
- Reorganization or termination of the cooperative.
The Board ensures that the credit cooperative decisions of the general meeting and shall manage its activities in the period between general meetings. It reports to the general meeting of the cooperative and they elected for a period specified by the charter. Board "Agrocredit" will be headed by a chairman elected by the general meeting and who is the chairman of the cooperative. The functions, powers and procedures of the board of the cooperative are determined by its charter.
The Supervisory Board of the cooperative enforces rules and provisions of the statute and the applicable law in cooperative activities, supervises the work of the Board, executive management and credit cooperatives, cooperative members consider appeals in the case of failure to consider their board or executive management. The Supervisory Board is accountable to the general meeting of the cooperative members and is elected for a term to them in accordance with the statute. The functions and activities of the Supervisory Board are also determined by the cooperative.
If at the general meeting of the co-op formed audit committee (which should be reflected in the statute), it serves as the supervisory board.
Executive management "Agrokredita" is the executive body of the credit cooperative and guide their daily activities. The powers and responsibilities of executive management are defined by the charter. In accordance with the charter to appoint and dismiss from office the head of a division executive director and chief accountant. Executive Director, Chief Accountant as stewards of financial activity and materially responsible person can not be elected as chairman of the cooperative, as a member of its Board.

Established in accordance

FreeDOM — Fri, 31 Aug 2012 16:45:23 GMT

Established in accordance with this federal law forms of participation in cooperative activities may be directed to the self-regulatory organization cooperative housing savings cooperatives for opinion.

Form of participation in cooperative activities can be set individually for one member of the cooperative.
Article 28 of the Federal Law of December 30, 2004 N 215-FZ "On the housing savings cooperatives" defines the procedure for the acquisition or construction of cooperative housing of members of the cooperative.
The right of a member of the cooperative for the purchase or construction of a cooperative dwelling occurs after the member of the cooperative environment that a portion of shares, as determined in accordance with his chosen form of participation in the activities of the cooperative.
After you have made a member of the cooperative's shares, as determined in accordance with his chosen form of participation in cooperative activities, subject to a specified member of the cooperative form of participation timing and frequency of the corresponding payments in the order of the cooperative shall:
• purchase a dwelling, according to the requirements specified in the statement of a member of the cooperative;
• purchase a dwelling under construction or to build housing that meets the requirements specified in the statement of a member of the cooperative.

Charter credit cooperative

FreeDOM — Fri, 31 Aug 2012 16:44:52 GMT

Charter credit cooperative or decisions of the general meeting of the credit cooperative to set standards of its financial performance and limiting relations:

• size of mutual fund and the size of the reserve fund;
• equity credit cooperative and assets of its balance sheet;
• balance sheet assets and credit cooperative to current liabilities;
• The maximum size of the loan issued to one borrower and loan assets of the cooperative;
• The amount of time available balance financial mutual fund, which can not be more than 50 percent of the fund.
Credit Cooperative is responsible for its obligations to members of credit cooperatives and credit cooperative associate members on the grounds and in the manner provided for by this Federal Law, other federal laws and statutes of the cooperative credit.
State regulation of credit cooperatives and their unions by the authorized federal executive body, to adopt normative legal acts in accordance with the Federal Law "On agricultural cooperation."
The number of members of the cooperative credit may not be less than 15 citizens and (or) five entities. Credit cooperative members can not be unitary enterprises and municipal unitary enterprises and joint-stock companies, whose shares are owned by the state.

Amount of credit

FreeDOM — Fri, 31 Aug 2012 16:44:14 GMT

Amount of credit

from 3000 to 50000
Period

12 to 36 months.
Monthly payment
995
What is a Credit Union

Main goal of the credit union can be defined as the financial and social protection of its members by bringing their personal savings to mutual lending and other financial services to them.

Credit unions are mutual financial organizations, special people and have a non-profit co-operative basis. The Law of Ukraine "On credit unions" says Credit Union - is a non-profit organization founded by individuals on a cooperative basis to meet the needs of its members in a mutual credit and financial services by combining cash deposits of credit union members.

Scheme of Credit Unions

Scheme of credit unions just some members of the organization to protect their money from inflation, put them on deposit accounts, make for shares, others - use these tools to obtain loans. Activities of credit unions is not about making a profit, but for improving the well-being of its members. It can be said that some members of the organization to lend others.

Credit unions operate on the basis of voluntary membership and joining the organization out of it. Credit union members often share common interests, place of work, place of residence, etc., which is prescribed in the Constitution.

The credit union is created and acts primarily to allow its members to obtain credit on reasonable terms. Interest earned on loans Union, constitute his income, which is then directed to the formation of funds, interest on the contributions of the members and the empowerment of credit.

The supreme governing body of the credit union is the General Assembly (meets once a year) in which the number of participants form

    Supervisory Board (representing the interests of the credit union between general meetings);
    Audit Commission (which controls the financial and economic activities of the credit union);
    the board of the credit union (the executive body, which supervises its current activities);
    Credit Committee - the body responsible for organizing the activities of the credit union.

The credit union, you set types of loans and deposits, and the conditions for granting loans return dates, methods of providing credit obligations, requirements for loan repayment. So that it is able to minimize their financial risks.
A bit of history

The concept of credit cooperatives came into use from the middle of XIX century. It is important to note that the Russian Empire before the Revolution had one of the highest number and credit cooperatives. In Russia and Ukraine, the idea of credit cooperation came from Germany. Credit cooperative movement was so strong that in 1916 in the Russian Empire were more than 14,000 credit unions, of which more than three thousand of them are in the Ukraine. With the 30's credit cooperatives ceased to exist as such, but mutual aid people to each other through the establishment and operation of mutual aid funds in enterprises. The main differences from the credit union is mutual aid funds that benefit society is deprived of legal personality and the right to provide loans for a fee.

To date, more than 800 in Ukraine credit unions.

Credit unions in the world

    40,424 credit unions in 84 countries
    123 million members
    656 billion dollars of savings
    482 billion dollars of loans

Credit Union: a civilized mechanism or trap

FreeDOM — Fri, 31 Aug 2012 16:43:23 GMT

Credit Union: a civilized mechanism or trap

It happened that, as part of a superstate, we are at the end of the twentieth century were the natives in democracy and market economy.

Along with the new economic and legal realities to us in Ukraine flooded most dangerous "viruses." Not having the proper immunity, worked out by developed countries on the path of its progressive development, the disease struck whole industries and trends. Find a recipe is impossible. Only their own intellectual and volitional capacity will help us cope with such diseases, whether corruption, illegal land transactions, or something else.

Credit unions (CUs) as a non-profit financial institutions, the purpose of which is lending to its members, in a form in virtually all developed countries. For example, residents of the fishing village united H credit union - it's the problem of unplanned repairs boat financing, buying gear. Is not it wonderful? After all, interest rates and other loan terms set by the members of the Union, which then loans and take.

In Ukraine, the Financial Services Commission granted the status finucherezhdeny 803 credit unions. According to data announced at the conference All-Ukrainian Association of Credit Unions, held in May this year, the assets of unions on 01.01.2008 amounted to 5,261 mln. Do not forget about the "Programme of deposit protection." In short, there is ongoing development of non-banking financial institutions.

Is on the development of credit unions and a number of problems. From the moment they started to operate on the territory of Ukraine (Law "On credit unions" from 2001), these problems have not been solved. The main objective of many credit unions was making money on the most lucrative consumer lending. It is not surprising, because for a bank, which is also engaged in this kind of lending, needs considerable statutory fund. And the control of banks is much more serious. And with the non-profit institutions that take, especially if the Financial Services Commission and its departments, the Department for Supervision of credit unions, the state of "real teeth", that is, the necessary apparatus, powers and laws enshrined responsibility for violation of its provisions do not actually give.

All this would have been so bad if it were not for the presence of the total number of credit unions, which are essentially involved in outright fraudulent schemes. They are created on the basis of financial pyramids, when the expense of money involved a period of high interest rates paid to depositors. Over time payments cease and the deposits are not returned.

How does the similar "pyramid schemes"? The work begins with an active campaign in the local media "carry money on deposit at 27% per annum." Who came to talk about the correctness of their choice and take the money in the bank ... If it is made relevant by the deposit agreement, the COP taking money under the contract payment "of shares." In this case, do not mind the lack of dealers at the time of making these the most "shares for" formal membership of new investors in the credit union.

After that (attention), according to the law "On credit unions", the investor bears the financial risk for the work of the credit union in the amount of their shares, the right to property, which was transferred to the credit union. Certain period of the investor pay the promised interest payments and then stopped ... The credit union had the difficult financial situation, large debts, losses, etc. In this situation, the credit union exists for quite a long time, money, investors, of course, no one returns.

It does not help in this case, even that department for the supervision of credit unions Financial Services Commission at the beginning of 2005 has deprived this credit union license to attract money by individuals on deposits. And from 2005 to 2008, he wrote about a dozen letters to various law enforcement agencies (the Ministry of Interior, Security Service of Ukraine, the State Tax Administration, and finally, to the GPU) on the presence of illegal fundraising individuals. Reaction to law enforcement, as you can guess, no.

The saddest thing is that the Financial Services Commission, under the law, can not even fine the credit union, as it is unprofitable institution. Not to mention the necessary in the circumstances, the deprivation of the legal entity status of financial institutions and the right to call the credit union.

COP such diverse geography. Operate and function in Donetsk, Khmelnitsky, Cherkassy, Kharkov and other regions of Ukraine. This year alone, for example, the paper "Governmental Courier" twice wrote about the criminal charges against officials of the credit union.

Here it is, the disease of bureaucracy on the one hand, certify and license the "everything that moves", and the other - to allow complete lack of effective regulation of the entire industry.

It can be argued that if the law enforcement agencies, prosecutors, working effectively, and our citizens thought to have money ... It is that way, but that's just the problem of the effective direction to the right, the legal mainstream financial relationship with the state is not removed.

And yet, if you read the laws governing the operational-search activity, we find an explicit task for the authorities to combat economic crime - "providing pecuniary damage, the return of a victim of their property" - you will not find. And, for example, in the U.S. finance departments for combating economic crimes is in proportion to the funds returned to their rightful owners. We have the same problem of Economic Crimes, tax police, etc. provide statistics of solved ... See the difference?

And prove fraud dealers like very difficult. After all, it is necessary to prove that, but cheating, the party that dates cash is certainly not going to carry out the contract. Why people write, the victims of these COP, in all sorts of instances, but no good there. For example, the credit union "Financial Company" Capital-service "only deputy calls to law enforcement agencies is written about a dozen, but not that no criminal case was opened, or at least deny the excitement (because then people could go to court to protect their rights) ... A credit union continues to operate on, looking for new "investors" ...

Credit unions

FreeDOM — Fri, 31 Aug 2012 16:42:38 GMT

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

The cost of registration of the credit union

FreeDOM — Fri, 31 Aug 2012 16:42:06 GMT

The cost of registration of the credit union

Tuition Director of Credit Union - 2000

Tuition Accountant Credit Union - 2000

Tuition fin.monitoringu responsible for the credit union - 1350
Payment of notarial services for registration of the credit union - 2000

Our fees for registration of a credit union - negotiated.