Article 12. Cooperation between the Government of the Republic of Kazakhstan and the Foundation of the Law on the National Welfare Fund

Home / RLA / Article 12. Cooperation between the Government of the Republic of Kazakhstan and the Foundation of the Law on the National Welfare Fund

1. The interaction of the Government of the Republic of Kazakhstan and the Foundation is carried out in accordance with this Law, other legislation of the Republic of Kazakhstan and the agreement on cooperation between the Government of the Republic of Kazakhstan and the Foundation.

The Agreement on Cooperation between the Government of the Republic of Kazakhstan and the Foundation contains:

1) basic principles of interaction between the Government of the Republic of Kazakhstan and the Foundation;

2) issues of interaction between the Government of the Republic of Kazakhstan and the Fund, including the requirements of the Government of the Republic of Kazakhstan to the Fund regarding its activities;

3) issues of interaction between government agencies within the structure of the Government of the Republic of Kazakhstan and the Fund.

2. The Government of the Republic of Kazakhstan, as the owner of the Fund's shares, contributes to the Fund's achievement of the goal of improving the national welfare of the Republic of Kazakhstan by providing conditions for the effective management of the Fund by its bodies.

3. The Government of the Republic of Kazakhstan, as a collegial body heading the system of executive authorities, does not interfere in the operational (ongoing) activities of the Fund, except in cases provided for by laws and acts of the President of the Republic of Kazakhstan.

4. The Government of the Republic of Kazakhstan manages the Fund solely through the exercise of the powers of the sole shareholder provided for by this Law and (or) the Charter of the Fund, as well as the representation of members of the Government of the Republic of Kazakhstan on the Board of Directors of the Fund.

The general management and management of the Fund's day-to-day operations are carried out, respectively, by the Board of Directors and the Management Board, who make decisions on matters within their competence.

The Law of the Republic of Kazakhstan dated February 1, 2012 No. 550-IV.

This Law defines the legal status, operating procedure, goals, objectives and powers of the National Welfare Fund, the procedure for interaction between the National Welfare Fund and government agencies, as well as certain features of the legal status of legal entities whose shares (participation interests) belong to the National Welfare Fund and other organizations belonging to the National Welfare Fund group.

President

Republic of Kazakhstan

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