Article 112. Invalidation and termination of the contract of sale of the Law on State Property

1. The grounds for the recognition by the court of the contract of sale of the object of privatization as invalid are:

     1) sale of an object to a person who does not have the right to purchase it;

     2) providing illegal benefits and advantages to the buyer;

     3) significant violation of the bidding procedure;

     4) other grounds provided for by the Civil Code of the Republic of Kazakhstan and other laws of the Republic of Kazakhstan.

     2. In case of subsequent alienation of the object of privatization by the buyer before the recognition of the contract of sale as invalid, its claim from the acquirer is possible according to the rules provided for in Articles 260 - 262 of the Civil Code of the Republic of Kazakhstan.

     3. The limitation period for disputes related to the invalidation of a purchase and sale agreement is three years from the date of its signing, if the claim is filed by a party to the contract. If a claim is filed by other interested parties or by the prosecutor, the limitation period for disputes is six months from the date when the plaintiff learned or should have learned about the circumstances that are the basis for declaring the contract invalid, but no later than three years after the date of signing the contract.

     4. The contract of sale of an object of privatization may be terminated on the grounds and in accordance with the procedure provided for by the Civil Code of the Republic of Kazakhstan.

     5. Termination of the contract of sale entails the return by the parties of what was fulfilled by them under the obligation prior to the termination of the contract, and compensation for losses by the party that violated the contract.

The Law of the Republic of Kazakhstan dated March 1, 2011 No. 413-IV.

         This Law defines the legal regime of state property, the legal basis for the management of State property, including property assigned to State-owned legal entities, and state-owned shares and stakes in the authorized capital of legal entities, the legal grounds for the acquisition and termination of rights to state property, and is aimed at ensuring the effective exercise by the State of the rights of the owner and holder of other rights. on state property.

President    

Republic of Kazakhstan     

© 2012. RSE na PHB "Institute of Legislation and Legal Information of the Republic of Kazakhstan" of the Ministry of Justice of the Republic of Kazakhstan  

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