LAW ON THE CENTRAL CREDIT UNION, 18 May 2000 No. VIII-1682 (as amended by 19 April 2001 No. IX-280) (official translation, excerpt)

Chapter One. General Provisions

Article 1. Scope of the Law

1. This Law shall establish the grounds for democratic co-operative activities of the Central Credit Union, terms and conditions of the membership in it, establishment, management, reorganisation and liquidation of the Central Credit Union, supervision of the activities thereof, as well as principles of activities of the Stabilisation Fund formed by the Central Credit Union to ensure the stability of activities of credit unions and to restore the impaired solvency thereof.

2. The purpose of this Law - to set up and put into effect a co-operative banking system in Lithuania.

Article 2. Main Definitions Used in this Law

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2. “Credit union” means a credit institution organised on co-operative basis, voluntarily established by natural persons or by natural persons together with public organisations, trade union organisations, religious communities associations, agricultural co-operatives registered in the Republic of Lithuania, and registered in the manner prescribed by the Law of the Republic of Lithuania on Credit Unions, which pools savings from its members and its associate members and clients with the aim of satisfying business and social needs of its members that are provided for in the bylaws of the credit union by making member loans and assuming related risks and responsibility.

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Chapter Two. FUNCTIONS, Rights and Obligations of the Central Credit Union

Article 5. Functions of Credit Unions

1. The Central Credit Union shall:

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5) take time and demand deposits from its members, associations of credit unions, public organisations, religious communities registered in the Republic of Lithuania, institutions authorised by the Government of the Republic of Lithuania and/or local authorities, charity (sponsorship) foundations and financial institutions of the Republic of Lithuania, international charity (sponsorship) foundations and financial institutions and/or such foundations and institutions of foreign states;

6) borrow money in the manner prescribed by the laws of the Republic of Lithuania;

7) grant loans, issue guarantees and render, in the manner prescribed by the Bylaws of the Central Credit Union, financial assistance to credit unions-members of the Central Credit Union;

8) invest free funds into securities issued of the Government of the Republic of Lithuania, securities issued by the Bank of Lithuania, and securities issued by the governments of the foreign states which have the highest rating (A group countries);

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Chapter Three. Members OF the CENTRAL Credit Union, THEIR REGISTRATION, Rights and Duties

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Article 9. Rights and Duties of a Member of the Central Credit Union

1. A member of the Central Credit Union shall have the following rights:

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5) a credit union-member of the Central Credit Union shall have the right to receive from the Central Credit Union and the Stabilisation Fund loans, guarantees, as well as other financial assistance provided for in this Law, in the manner and under conditions established by this Law, the Bylaws and contracts of the Central Credit Union;

6) to keep time and demand deposits in the Central Credit Union;

7) to receive the share of profit distributed among the members dividend in proportion to the amount of the main and additional shares possessed by the member in the Central Credit Union;

8) to make use of other services rendered for credit unions under the conditions specified in the Bylaws and this Law;

9) to receive a portion of assets of the Central Credit Union in liquidation in proportion to the amount of his shares;

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