Mutual lending society is the legal form of organization of support for small businesses, provided for by the legislation on state support of small businesses in force in the Russian Federation from 1995 to 2007 .
The purpose of the mutual lending companies was to accumulate temporarily free funds of the participants of these companies in order to provide them with financial assistance.
Mutual lending companies of small businesses were entitled not to place mandatory reserves with the Central Bank of the Russian Federation , could entrust their own resources to the bank - depository or other credit organization, had the right to independently determine the size, frequency and procedure for making contributions (contributions) by participants of these companies, and and size limits, terms and conditions for providing them with financial assistance, were not entitled to grant funds to physical and legal l Tsam , which are not parties to the credit unions.
The prototype of the legal form of mutual credit societies was the mutual credit society that existed in Russia in the 19th and 20th centuries.
Notes
See also
- Mutual Credit Society
Literature
- Law of the Russian Federation of June 14, 1995 No. 88-FZ “ On State Support of Small Business in the Russian Federation ” (ceased to be effective on January 1, 2008)
- Kurlaev A.M. et al. The Russian National Model of Credit Cooperation: A Concept. - St. Petersburg, 2002.