From Business Insider By Linette Lopez February 27, 2014 Yesterday, Max Baucus (D-MT) and Dave Camp (R-MI)...
Decree on Requirements and the Procedure for Issuing and Revoking the Operating Permit
(enacted in 2007)
Decree on Requirements and the Procedure for Issuing and Revoking the Operating Permit (2007) defines the general requirements and the procedure for issuing operating permits for the provision of microcredit and other approvals to microcredit companies (MCCs) and microcredit foundations/microcredit organizations (MCFs/MCOs) in the Federation of Bosnia and Herzegovina.
The decree states that:
- Acts of a MCO must be submitted to the Banking Agency of the Federation of Bosnia and Herzegovina (FBA) together with the application and must be signed and certified by an authorized body;
- Person authorized to represent the MCO must submit the application for the issuance of the operating permit, together with other specified documents;
- Founding enactment of the MCO must contain information such as:
- Name and address of the founder;
- Name of the company and the address of the headquarters;
- Objectives of the establishment and its activities;
- Total amount of capital that the founders have contributed, etc;
- Founding enactment must be signed by all the founders and their proxy holders; and
- Proposal of the MCO’s statute must include the name and the headquarters, the activity, the provision of capital, etc.
The decree also specifies the details of:
- Establishment of the MCO and the changes in organizational parts;
- Approval of the statute;
- Approval for appointing the external auditor;
- Procedure for issuing the operating permit and other approvals;
- Procedure for revoking the operating permit; and
- Transitional and closing provisions.