Article 12. Shares of a joint-stock investment fund of the Law on Investment and Venture Funds

Home / RLA / Article 12. Shares of a joint-stock investment fund of the Law on Investment and Venture Funds

1. Shares of a joint-stock investment fund are paid for only with money in the national currency of the Republic of Kazakhstan.

Incomplete payment of shares is not allowed during their placement.

The requirement of the first part of this paragraph does not apply to the following cases::

1) payment of shares of a joint-stock investment fund during the reorganization of a joint-stock company carried out in accordance with the procedure established by the Law of the Republic of Kazakhstan "On Joint-Stock Companies";

2) payment of shares of a joint-stock investment fund during the transformation of a limited liability partnership, carried out in accordance with the procedure established by the Law of the Republic of Kazakhstan "On Limited and Additional Liability Partnerships";

3) conversion of securities into shares of a joint-stock investment fund on the basis of a prospectus for the issue of equity securities convertible into shares of a joint-stock investment fund;

4) exchange of outstanding shares of a joint-stock investment fund of one type for shares of this joint-stock investment fund of another type on the basis of the charter of the joint-stock investment fund and the decision of the general meeting of shareholders of the joint-stock investment fund.

When placing shares of a joint-stock investment fund in the cases provided for in this paragraph, an assessment is not required.

2. The money to pay for the shares of a joint-stock investment fund during their initial public offering is transferred by the buyer of the shares to the account of the joint-stock investment fund in the custodian of this fund.

3. Shares of joint-stock investment funds of risky investments are not allowed to be placed and traded in the trading system of the stock exchange, except in cases where such placement and circulation are carried out in accordance with the procedure and under the conditions established by a regulatory legal act of the authorized body.

The Law of the Republic of Kazakhstan dated July 7, 2004 No. 576.

This Law defines the legal status, specifics of the creation, operation, reorganization and liquidation of a joint-stock investment fund, the conditions and procedure for the creation, operation and termination of a mutual investment fund, the specifics of the legal status and activities of venture funds in the Republic of Kazakhstan, regulates relations related to the activities of professional securities market participants to ensure the functioning of investment funds, and It also defines the procedure for state regulation of investment funds.

President

Republic of Kazakhstan

Constitution Law Code Standard Decree Order Decision Resolution Lawyer Almaty Lawyer Legal service Legal advice Civil Criminal Administrative cases Disputes Defense Arbitration Law Company Kazakhstan Law Firm Court Cases