Legal status

Alter Modus was established as a non-governmental organisation in 1997.

Alter Modus was operating as the non – governmental organisation up to the end of 2008. In early 2009, Alter Modus has established a new company having the status of legal entity – Micro - credit Financial Institution (MFI) Alter Modus DOO implementing the overall micro – crediting programme. Changes in the establishment were the result of amendments to the legal framework of Montenegro. Specifically, in late 2007 and in early 2008, two new laws entered into force - Law on Banks and the Law on Amendments to the Law on Non - Governmental Organizations. Both Laws, inter alia, required that the micro – crediting activities are implemented through a company having the status of legal entity.

 

In the light of the above, the NGO Alter Modus has independently established aforementioned MFI Alter Modus LLC, becoming its sole owner. MFI Alter Modus DOO, as its predecessor, is registered with the Commercial Court, reg. No. 5 - 0510844/001. It obtained the licensed to carry out microcredit operations by the Central Bank of Montenegro on 23rd December 2008.