Foreign persons cannot be appointed as executive employees [i.e.the chairman of the credit organization and his deputies, the chairman of the board and other members, the chief accountant of the credit organization, as well as the head and chief accountant of a branch of a credit organization] of credit unions.
"SECTION I. GENERAL PROVISIONS [...]
2. Credit partnership - a legal entity that is not a bank, formed for the purpose of lending and servicing its participants, operating on the basis of a license from the National Bank of Tajikistan for conducting loan operations and other types of banking operations. A credit partnership is a commercial organization. The activities of credit partnerships are regulated by the Law of the Republic of Tajikistan "On Banks and Banking Activities" and other legislative acts that do not contradict the requirements of the current banking legislation.
[...]
SECTION II. ORDER OF CREATION AND LICENSING OF CREDIT PARTNERS [...]
9. Executive employees of a credit partnership are appointed to positions with the consent of the National Bank of Tajikistan and must be citizens of the Republic of Tajikistan. Data submitted for candidates for senior positions in a credit partnership may be verified by the National Bank of Tajikistan (Banking Supervision Authority). [...]
10. Foreign founders (participants) non-residents of the Republic of Tajikistan must submit a written notification to the state or supervisory authority of their country that it allows this legal entity or individual to participate in the charter capital of a credit partnership created in the Republic of Tajikistan.[...]" (Regulation No. 83 "On Credit Partnerships" [google translated])
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"CHAPTER 1. GENERAL PROVISIONS
Article 1. Basic concepts
The following basic concepts are used in this Law: [...]
- executive employees - the chairman of the credit organization and his deputies, the chairman of the board and other members, the chief accountant of the credit organization, as well as the head and chief accountant of a branch of a credit organization, including a branch of a foreign bank; [...]" (Law of the Republic of Tajikistan dated May 19, 2009 No. 524 "On Banking" [google translated])
Regulation No. 83 "On Credit Partnerships" [google translated]
Law of the Republic of Tajikistan dated May 19, 2009 No. 524 "On Banking" [google translated]
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