MPs including Deputy Speakers N.Enkhbold and G.Batkhuu, S.Byambatsogt
and Ts.Bayarsaikhan submitted a draft law on Savings and Loan
Cooperatives (SLCs) to Speaker D.Demberel on Friday. The draft has been
prepared after careful study. It has 11 chapters and 57 Articles that
cover all aspects of SLCs’ work.

It is modeled on internationally accepted principles of SLC activity and
restrictions on them, and of the norms of membership. There are
detailed regulations on organization of an SLC, its management
structure, internal monitoring arrangements, raising capital, financial
reporting, and on any eventual dissolution.

Demberel received the draft and said he would forward it to the Standing Committee on the Economy.