Article 12. General provisions on the Company's securities Chapter 4. Shares and other securities of the Company The Law on Joint-Stock Companies

Home / RLA / Article 12. General provisions on the Company's securities Chapter 4. Shares and other securities of the Company The Law on Joint-Stock Companies

1. The Company has the right to issue common shares or common and preferred shares. Shares are issued in an undocumented form.

2. Non-profit organizations established in the organizational and legal form of a joint-stock company are not entitled to issue preferred shares.

3. The share is not divisible. If a share is jointly owned by several persons, they are all recognized as one shareholder and enjoy the rights certified by the share through their common representative.

4. A share of one type grants each shareholder owning it the same amount of rights as other owners of shares of this type, unless otherwise established by this Law.

5. Legislative acts of the Republic of Kazakhstan may establish restrictions on:

1) making transactions with the company's shares;

2) the maximum number of shares of the company owned by one shareholder;

3) the maximum number of votes on the company's shares granted to one shareholder.

6. The Company has the right to issue other securities, the terms and procedure of issue, placement, circulation and repayment of which are established by the legislation of the Republic of Kazakhstan on the securities market.

The Law of the Republic of Kazakhstan dated May 13, 2003 No. 415.

This Law defines the legal status, procedure for the establishment, operation, reorganization and liquidation of a joint-stock company; the rights and obligations of shareholders, as well as measures to protect their rights and interests; the competence, procedure for the formation and functioning of the bodies of a joint-stock company; the powers, procedure for the election and responsibility of its officials.

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Republic of Kazakhstan

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