Amendments to Georgian Civil Code February 2005

This document explains amendments to the "Georgian Civil Code" that were approved by the Parliament Legal Committee. It lists the provisions of Article 1511, which deals with the re-registration of microfinance organizations, stating that:

• Non-commercial organizations, established in order to reduce poverty and therefore engaged in micro-lending activities, are called Microfinance Organizations (MOs);
• MOs disburse micro-loans either to individual borrowers or to groups of borrowers;
• The loan size cannot exceed 10,000 Gel for a single borrower;
• They should provide the following documents to the organization that provides their re-registration:
  • Application for re-registration;
  • Decision of the authorized organ;
  • The new edition of the charter.
• The National Bank of Georgia should draft the special law on 'Microfinance Organizations Activities' and all the related amendments in the legislative acts and present them to the Georgian Parliament for approval.

The President of Georgia signed this document.