Article 18. Special powers of the Fund for ensuring national welfare The Law On the National Welfare Fund

Home / RLA / Article 18. Special powers of the Fund for ensuring national welfare The Law On the National Welfare Fund

1. In order to increase the competitiveness and sustainability of the national economy and ensure national welfare, the Fund has the following special powers:

1) the priority right to acquire strategic facilities by decision of the Government of the Republic of Kazakhstan in cases of the intention of an individual or a non-governmental legal entity to make a transaction on the alienation of a strategic facility, as well as foreclosure on a strategic facility or alienation of a strategic facility by a rehabilitation or bankrupt manager, or the sale of pledged property (strategic facility) by a mortgagee out of court, or foreclosure to a strategic object on the basis of a judicial act;

2) the priority right to acquire, by decision of the Government of the Republic of Kazakhstan, property in the event of bankruptcy of organizations whose blocks of shares (shares in the authorized capital, units) are classified as strategic facilities in accordance with the legislation of the Republic of Kazakhstan, or organizations of strategic importance to the economy of the Republic;

3) the right to purchase shares of banks in accordance with the procedure provided for by the legislation of the Republic of Kazakhstan.

2. In accordance with the procedure and under the conditions stipulated by the Code of the Republic of Kazakhstan "On Subsoil and Subsoil Use", in the event of the intention of the person holding the right of subsoil use (shares in the right of subsoil use) and (or) the object associated with the right of subsoil use, to alienate the right of subsoil use (shares in the right of subsoil use) and (or) the object associated with under the right of subsurface use, the state, through a Foundation, a national company or an authorized state body, has the priority right to acquire the alienated right of subsurface use (shares in the right of subsurface use) and (or) the object, related to the right of subsurface use.

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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