Article 12-2. Features of the issue of non-government bonds without maturity The Law on the Securities Market

     1. Non-government bonds with no maturity date are issued by an issuer established in the organizational and legal form of a joint-stock company, subject to the following requirements:

     1) as of the date of submission to the authorized body of documents for state registration of the issue of non-government bonds without maturity, the issuer has been operating for at least five years;

      2) according to the results of the last five years preceding the submission to the authorized body of documents for state registration of the issue of non-government bonds without maturity, there are no cases of violation of the conditions provided for in Articles 15 and 18-4 of this Law.

     2. It is prohibited to place non-government bonds without maturity among investors who are not qualified investors.

     3. Non-government bonds without maturity are not subject to conversion into shares.

     4. The decision on the issue of non-government bonds with no maturity date and the determination of the terms of their issue shall be taken by the general meeting of shareholders of the joint stock company. This decision is made by a simple majority of votes from the total number of voting shares of the company.

     5. The volume of issue of non-government bonds without maturity may not exceed ten percent of the equity capital of a joint-stock company.

      6. Holders of non-government bonds without a maturity date may not demand the redemption of such bonds, including on the grounds provided for in Articles 15 and 18-4 of this Law.

The Law of the Republic of Kazakhstan dated July 2, 2003 No. 461.

    This Law regulates public relations arising in the process of issuance, placement, circulation and repayment of equity securities and other financial instruments, the specifics of the creation and operation of securities market entities, defines the procedure for regulation, control and supervision of the securities market in order to ensure the safe, open and effective functioning of the securities market, protection of investors' rights. and holders of securities, fair competition of securities market participants.

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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