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Uganda - Apply For a Change in Particulars of Directors of Licensed Money Lending

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Procedure[edit]

  1. The Board of directors of a Money Lending Business should carry out a meeting and take minutes authorizing the change of particulars of the directors of the company signed by both outgoing and incoming officials.
    • Minutes should be submitted within 14 days from the date of meeting.
    • Minutes should have an agenda of incorporation of new particulars of directors if new members have been brought in the Company and were never in Company records.
    • Minutes should also indicate the process of Changing particulars of directors, if it was through elections, expiry of term/particulars, disciplinary decision, resignation or death. You can also specify other reasons which are not indicated here.
    • The meeting for changes can either Board Meeting or Special Board Meeting depending on the reason for changes of particulars of the Directors.
    • Minutes extracts or resolutions communicated in the absence of full minutes are not accepted.
  2. A money lender shall not change its management except with the written authorisation of the Authority.
  3. Visit the Uganda Microfinance regulatory Authority offices to obtain application forms.
    • Application for change in particulars of directors of licensed money lending Business can be done physically by visiting the Uganda Microfinance regulatory Authority Offices.
    • Where the Authority receives notice of change in management under regulation the Authority shall carry out due diligence on the directors and other persons to be involved in the management of the business and shall:-
  4. if satisfied that the new directors and the management of the money lender are fit to carry on the business of money lending, issue a notice of no objection to the change in management and directors;
  5. if not satisfied that the new directors and the management of the money lender are fit to carry on the business of money lending, issue a notice of objection to the change in management and directors.
    • All Money lenders intending to apply for change in particulars of directors of licensed money lending business should contact Authority offices to understand the money lending requirements.
    • Information on money lending requirements that is obtained by the money lender will be verified by Uganda Microfinance regulatory Authority.
  6. Then obtain an application form for Change of particulars of directors of Money Lenders business, fill as required.
    • Form – should be filled and signed by incoming officials only, the changes and particulars of the incoming official should be properly filled and legible.
  7. After that obtain an introductory/recommendation letter from Money lender Business/company showing the new intended appointed directors of the company.
    • The recommendation letter should show the Names and address of both the old and the new Directors of the money lending Business.
  8. Submit the application forms, minutes and all required documents to the Uganda Microfinance Regulatory Authority.
  9. You should then proceed to pay the processing fees and summit the receipt to Uganda Microfinance Regulatory Authority offices.
  10. The processing time is 2 days, thereafter the Authority contact person will contact the Outgoing Officials to be notified about the updated changes.
  11. Any Money lender company that has made changes within its structure, address or in its governing document, shall notify the Authority of the changes within thirty days from the date of changes.
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Required Documents[edit]

  • Dully filled Notification of Change of particulars Bearers Notice by both outgoing and incoming.
  • Dully Registration Form - filled and signed by incoming officials.
  • All applications must be accompanied by a Criminal Clearance Certificate. An equivalent of a certificate of good conduct in Uganda from the applicant.
  • Original minutes authorizing the change of particulars of the Director/ office bearers signed by both outgoing and incoming officials.
  • In case of death there should be a copy of the death certificate, Affidavit from the local Administration, Eulogy or copy of newspaper advertisement from any of the local dailies.
  • 2 passport size photographs of the incoming officials on a white background.
  • A copy of the ID/Passport of the incoming official(s).


Office Locations & Contacts[edit]

Uganda Microfinance Regulatory Authority(UMRA)
Ruwenzori Towers Block B Ground Floor
P.O.Box x 11545, Kampala Uganda.
Plot 6 Nakasero Road
Tel: +256 417 799 700
Fax: + 256 414 230 163
Email:[email protected]
Website:- Uganda Microfinance Regulatory Authority

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Eligibility[edit]

A Money lending business which wants to change the particulars of its directors.

Fees[edit]

Registration of notice of change (directors, secretaries or physical address) UGshs.100,000.

Validity[edit]

Validity: Until a new change is effected.

Documents to Use[edit]

Please attach documents that can be used by people. e.g. links
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Sample Documents[edit]

FORM - 4
THE REPUBLIC OF UGANDA

THE TIER 4 MICRO FINANCE INSTITUTIONS AND MONEY LENDERS ACT, 2016

NOTICE OF CHANGE IN PARTICULARS OF DIRECTORS OF LICENSED MONEY LENDING BUSINESS
TO THE EXECUTIVE DIRECTOR

TAKE NOTICE that effective this ............... day of ...........................,20......... the company .................................(Insert in the name of the company) intends to appoint the following as the directors of the company—

NAME AND ADDRESS OF
NAME AND ADDRESS OF
NEWDIRECTORS OR
FORMER
MANAGEMENT STAF
DIRECTORS OR
MANAGEMENT STAFF
1. …………………… ……………………………
2. ……………………. ……………………………
3. ………………………. ……………………………
4. ……………………….. …………………………….
5. ………………………… ……………………………
6. ……………………….. …………………………….
7. …………………………. …………………………….
8. …………………………. …………………………….
9. ……………………………. …………………………….
10. ………………………….. …………………………….

DATED at .............................this ........... day of.........................., 20......... .................................................
Director/Secretary

Processing Time[edit]

On Completion of this process, it will take Money Lender Company two days to acknowledge/ register notice of change and changes are effected within 30 days.

Related Videos[edit]

Videos explaining the procedure or to fill the applications. 
Attach videos using the following tag <&video type='website'>video ID|width|height<&/video&> from external websites. 	
Please remove the '&' inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver, 
sevenload, viddler, vimeo, youku, youtube
width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is displayed.
e.g In the following url 'http://www.youtube.com/watch?v=Y0US7oR_t3M' Video ID is 'Y0US7oR_t3M'.

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Instructions[edit]

  • Before an application to change in particulars of the director is made to UMRA the applicant should submit the changes to the Board first for approval. The registry will search and recommend the reservation.


Required Information[edit]

  1. Full name of Money Lender Business.
  2. Purpose of the application.
  3. Photograph and copy of any identification of the directors
  4. Name of Authorized Licensing Officer.
  5. Nationality /No./Passport No
  6. Mailing Address
  7. Telephone No.
  8. Business Location: Name of Building/Place
  9. Declaration form
  10. Copy of annual return
  11. Names of the directors and their designation.


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Need for the Document[edit]

This application allows for a money lender’s registration of notice of change of its directors, secretaries or physical address etc.

Information which might help[edit]

It shall be a condition of every licence that—

  • the licence shall be personal to the applicant and shall not be transferable or assignable;
  • a licencee shall give written notice to the Authority on the occurrence or alteration of any event which affects or may affect in any material respect, any matter in respect of which the licensee has supplied or was required to supply information to the Authority in the course of his or her application for the licence;
  • a licencee shall give written notice to the Authority of any intended change in the directors and other management staff of the company prior to the change;
  • a licensee shall communicate to the Authority notices which are required by the Act, in the forms as may be prescribed by the Authority.


Other uses of the Document/Certificate[edit]

Please explain what are other uses of obtaining this document/certificate.
e.g. Birth Certificate can be used as proof of identity.

External Links[edit]

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Others[edit]

More information which might help people.