Article 14. The procedure for the sale of shares of a credit partnership participant of the Law on Credit Partnerships

Home / RLA / Article 14. The procedure for the sale of shares of a credit partnership participant of the Law on Credit Partnerships

1. The sale of a share by a member of a credit partnership is carried out in accordance with the procedure established by the legislative acts of the Republic of Kazakhstan, unless otherwise provided by the founding documents of the credit partnership and this Law.

2. The sale of a participant's share to other participants in a credit partnership is allowed, unless this leads to a reduction in the number of participants in the credit partnership below the minimum number provided for by this Law.

3. If it is impossible for a participant to sell his share to other participants of the credit partnership or to third parties, the participant wishing to sell his share has the right to apply to the credit partnership with a demand to buy back this share.

When a share is repurchased by a credit partnership, the share price is determined by agreement of the parties, and if an agreement is not reached, by the court.

4. After the repurchase of the participant's share, the credit partnership is obliged to offer other participants to purchase this share at a price determined by a decision of the general meeting.

By decision of the general meeting, the credit partnership has the right to sell this share on behalf of the partnership to third parties.

5. If the participants or third parties are unwilling to purchase the share repurchased by the credit partnership from the retired participant, the share shall be repaid within six months from the date of repurchase with a corresponding decrease in the authorized capital of the credit partnership, and in the event of a decrease in the authorized capital below the minimum level, the credit partnership is subject to liquidation on the grounds provided for by this Law.

6. The sale of a share by a participant in a credit partnership in accordance with the procedure provided for in this article shall be carried out within the time limits determined by legislative acts of the Republic of Kazakhstan, unless otherwise established by the constituent documents or by agreement of the parties.

The Law of the Republic of Kazakhstan dated March 28, 2003 N 400.

This Law defines the legal status, the procedure for the creation, reorganization and liquidation, as well as the regulation of the activities of credit partnerships.

President

Republic of Kazakhstan

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