Membership Conditions

MEMBERSHIP

Art.11. (1) A member of the ASSOCIATION must be a duly licensed and registered consumer lending company with the Bulgarian Central Bank.

 

 

  1. A member of the ASSOCIATION shall share the goals of the ASSOCIATION and accept its Statute.
  2. A member of the ASSOCIATION shall have paid the initiation fee.

 

 

Art.12. (1) The procedure for admission of new members in the ASSOCIATION shall be opened upon receipt of a written application to the Management Board, containing the data of the legal entity according the Commercial Register Act (other law regulating the registration of the entity) and accompanied with: 

 

  1. A document certifying the registration of the Company with the Bulgarian Central Bank; 
  2. A decision of the competent management body of the applicant for its becoming a member in the ASSOCIATION; 
  3. The last two audited financial statements of the Company according to IFRS and including all notes;
  4. A document evidencing paid initiation fee;
  5. A balance sheet with assets greater than 50 million BGN.

 

  1. By the application for admission, the applicant shall declare that it accepts the Statute, principles and goals of the ASSOCIATION. 
  2. The Management Board shall take a decision on the application by a simple majority.

 

The admittance of a new member shall take valid legal effect after the member pays the membership for the current financial year.

 

 

Art.13. The membership in the ASSOCIATION shall be terminated due to: 

 

  1. Voluntary quitting of a Member of the ASSOCIATION; 
  2. Dismissal of a Member of the ASSOCIATION; 
  3. Winding-up of the legal entity – Member of the ASSOCIATION.

 

Art.14. The voluntary quitting shall be done by filing of a written application by the Company – Member to the ASSOCIATION’s Management Board with a three-month prior notice. It shall be reviewed and honored by the Management Board providing  that the entity wishing to quit has fulfilled all its obligations according this Statute. 

 

Art.15. (1)  A Member of the ASSOCIATION may be dismissed where such Member: 

 

  1. Systematically violates and/ or does not fulfill the Statute of the ASSOCIATION and the decisions of the General Meeting and/or the Management Board; 
  2. Carries on activity incompatible with the goals, tasks and the Statute of the ASSOCIATION ; 
  3. Acts against the interests of the ASSOCIATION;
  4. Failed to pay the due membership fee within the time limit set by the General Meeting of the Members, that adopted the current year budget, or within three months for its determination by the General Meeting. 

 

  1. A proposal for dismissal along with motives thereof can be made by any Member of the ASSOCIATION. 
  2. The decision for dismissal must be reasoned and shall be taken by the Management Board by secret vote and a 3/4 majority of its members. 
  3. The dismissed Member of the ASSOCIATION shall forfeit  rights over the made pecuniary contributions and shall not be entitled to a liquidation quota. 
  4. The grounds for dropping off of a Member from the membership of the ASSOCIATION shall be established by a resolution of the General Meeting, minutes from a meeting of the Management Board and accounting documents. 

 

Art.16. The Members of the ASSOCIATION have right to: 

 

  1. Elect the management bodies of the ASSOCIATION ; 
  2. Participate in the management bodies of the ASSOCIATION by elected by the General Meeting their representatives; 
  3. Participate in the work of the General Meeting by their legal representatives; 
  4. Exercise control over the activity of the management bodies, as requested by the present Statute; 
  5. Raise issue for debate/consideration and seek protection and assistance on principle problems related to the pursued by them business; 
  6. Make proposals for amendment and supplement to the Statute; 
  7. Have an access to the information system of the ASSOCIATION, by using the specifically designed for the user password;
  8. Quit freely the ASSOCIATION under the conditions of this Statute; 
  9. On request to receive copies of the minutes of the Management Board meetings.

 

Art. 17. The Members of the Association must: 

 

  1. Observe the Statute and fulfill the decisions and the recommendations of the General Meeting, Management Board and the other bodies of the ASSOCIATION; 
  2. Not use in any whatever way their membership in the ASSOCIATION for the achievements of objectives which contradict or do not conform to the Statute; 
  3. Safeguard the good name of the ASSOCIATION; 
  4. In case of any changes in its respective registration, notify immediately the ASSOCIATION of it;
  5. Pay an initiation fee; 
  6. Pay equal in size annual membership fee, as determined by the General Meeting that adopted the budget for the current year.