Regulations

 

STATUS 

Art.1. The Bulgarian Consumer Credit Association, hereinafter referred to as the „ASSOCIATION”is a non-profit association of the consumer lending institutions (companies) in the Republic of Bulgaria. 

 

Art.2. The ASSOCIATION shall be a body corporate with its seat in the city of Sofia, having a registered office at: 52-54 Dimitur Hadzhikotsev Street. 

 

Art.3. The ASSOCIATION shall carry out its activities for private sake and in compliance with the Constitution of the Republic of Bulgaria, the laws in the Republic and this Statute. 

 

TERM

Art.4. The existence and operation of the ASSOCIATION shall not be limited with term. 

 

PRINCIPLES

Art.5. The ASSOCIATION shall be set up and work under freedom of association, free will, equality and solidarity, in accordance with the domestic and international normative acts in the field of consumer lending industry. 

 

Art.6. For the performance of its goals and activities the ASSOCIATION may associate with other organizations from Bulgaria and abroad.

 

Art.7. The ASSOCIATION shall establish and maintain bilateral and multilateral relations with various authorities, organizations and persons in the Republic of Bulgaria and abroad with a view to the fulfillment of its goals and tasks.

 

INDEPENDENCE

 Art.8. (1) The ASSOCIATION shall be independent of political parties and organizations. 

 

(2)The ASSOCIATION shall take its decisions autonomously from the government institutions, in strict compliance with the imperative provisions of the acting normative acts. 

 

FINANCES

Art.35. (1) The funds of the ASSOCIATION shall be raised from:

  1. Voluntarily paid initiation fees and annual membership fees; 
  2. Other allowed by law sources.

 

  1. The cash of the ASSOCIATION shall be kept on a bank account at a bank determined by the Management Board. 
  2. The expenditures of the ASSOCIATION shall be made in accordance with the annual budget by decision of the Management Board.

 

Art.36. (1) Each Member of the ASSOCIATION is obligated to make the following contributions to the ASSOCIATION’s assets: 

 

  1. Initiation fee as defined by the General Meeting; 
  2. Annual fee – in amount fixed on annual basis by the General Meeting.

 

  1. The annual fee shall be paid within the time limit set by the General Meeting that adopted the current year budget. 

 

 

TERMINATION OF THE ASSOCIATION 

Art.37. The ASSOCIATION shall be terminated:

 

  1. By decision of the General Meeting; 
  2. By court decision in the cases envisaged by law.

 

Art.38. Upon the ASSOCIATION’s liquidation, the estate remaining after the satisfaction of its creditors shall be distributed among the Members equally.

 

FINAL PROVISIONS 

§1. The ASSOCIATION has a round stamp with inscription "Българска асоциация за потребителско кредитиране" and a logo. The name of the ASSOCIATION is written out in the Roman alphabet in the following way “BULGARIAN CONSUMER CREDIT ASSOCIATION”. 

 

§2. All unsettled herein matters shall be resolved by the bodies of the ASSOCIATION according their competence and in compliance with the Non-profit Legal Entities Act and the acting in the Republic of Bulgaria legislation.