Article 108. Consumer Cooperative of the Civil Code of the Republic of Kazakhstan
1. A consumer cooperative is recognized as a voluntary association of citizens on the basis of membership to meet the material and other needs of participants, carried out by combining its members with property (share) contributions.
In cases stipulated by legislative acts, legal entities may join a consumer cooperative.
2. The members of the consumer cooperative are obliged to cover the losses incurred by additional contributions within three months after the approval of the annual balance sheet. In case of non-fulfillment of this obligation, the cooperative may be liquidated in court at the request of creditors.
The members of the consumer cooperative jointly and severally bear subsidiary responsibility for its obligations to the extent of the unpaid part of the additional contribution of the cooperative members.
3. The charter of a consumer cooperative must contain, in addition to the information specified in paragraph 5 of Article 41 of this Code, conditions on the amount of shares of cooperative members; on the composition and procedure for making shares by cooperative members and their responsibility for violating the obligation to make shares; on the composition and competence of cooperative management bodies and the procedure for their decision-making, including decisions on which are taken unanimously or by a qualified majority of votes; on the procedure for the members of the cooperative to cover the losses incurred by them.
4. The income received by a consumer cooperative cannot be distributed among its members and is used for statutory purposes.
5. In the event of the liquidation of a consumer cooperative or the withdrawal of a cooperative member from it, he has the right to allocate his share in the property of the consumer cooperative in proportion to his share.
In the event of the death of a member of a consumer cooperative, his heirs have the primary right to become members of the cooperative, unless otherwise provided by the cooperative's charter. In the latter case, the cooperative pays the heirs a share in the property of the consumer cooperative, proportional to its share.
6. The legal status of a consumer cooperative, as well as the rights and obligations of its members, are determined in accordance with this Code by legislative acts.
7. Excluded by the Law of the Republic of Kazakhstan dated 29.10.2015 No. 373-V (effective from 01.01.2016).
8. The specifics of the activities of consumer cooperatives - mutual insurance companies are determined by the legislative acts of the Republic of Kazakhstan.
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