Article 12. Management bodies of the Endowment Fund of the Law on Endowment Funds and Endowment Funds (Endowments)

Home / RLA / Article 12. Management bodies of the Endowment Fund of the Law on Endowment Funds and Endowment Funds (Endowments)

1. The management bodies of the endowment fund are:

1) the collegial supreme body is the Board of Trustees;

2) executive body – a collegial body or a person solely exercising the functions of an executive body, the name of which is established by the charter of the endowment fund;

3) the Internal Audit Service is a control body elected or appointed by the Board of Trustees.;

4) other bodies in accordance with this Law and the charter of the endowment fund.

2. The procedure for appointment, dismissal, powers and responsibilities of employees of the endowment fund are established by the laws of the Republic of Kazakhstan and the charter of the endowment fund.

3. Advisory bodies of the endowment fund may be established solely by decision of the Board of Trustees in order to develop proposals and recommendations on issues falling within the competence of the Board of Trustees.

The Law of the Republic of Kazakhstan dated June 30, 2025 No. 199-VIII SAM.

This Law regulates public relations that arise during the creation, management and liquidation of endowment funds, the formation, replenishment, and dissolution of endowment funds (endowment funds) and the use of their investment income, and the trust management of assets of endowment funds (endowment funds).

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