Article 2. The basic concepts used in this Law of the Law on Agricultural Cooperatives

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The following basic concepts are used in this Law:

1) an association (union) of agricultural cooperatives is a voluntary association of agricultural cooperatives established to coordinate the activities of its members and protect their common property and other interests;

2) an associate member of an agricultural cooperative (hereinafter referred to as an associate member of the cooperative) – a natural or legal person who has made a property (share) contribution in the form of money provided for by the charter of an agricultural cooperative for such a member, on which he receives dividends, bears the risk of losses related to the activities of the agricultural cooperative, within the limits of the value of the property (share) contribution made by him, has the right of an advisory vote in the agricultural cooperative, as well as other rights and obligations subject to the restrictions established by this Law and the charter of the agricultural cooperative;

3) the founders of an agricultural cooperative (hereinafter referred to as the founders of the cooperative) are individuals and (or) legal entities that make a decision on the establishment of an agricultural cooperative at the constituent assembly.;

4) a member of an agricultural cooperative (hereinafter referred to as a cooperative member) is an individual and (or) a legal entity that meets the requirements of this Law and the charter of an agricultural cooperative, has made property (share) and entrance fees or acquired a share in accordance with the procedure established by the legislation of the Republic of Kazakhstan, as well as having other rights and obligations established by this Law and the charter of the agricultural cooperative;

5) the unit fund of an agricultural cooperative (hereinafter referred to as the unit fund) is a fund consisting of property (unit) contributions made by the founders of the cooperative at its creation, members of the cooperative, as well as associate members of the cooperative, and is one of the sources of the formation of the property of the agricultural cooperative, the procedure for the formation and use of which is determined by the charter of the agricultural cooperative;

6) the reserve fund of an agricultural cooperative (hereinafter referred to as the reserve fund) is a fund intended to cover losses incurred in the course of an agricultural cooperative's activities, including those caused as a result of unforeseen circumstances, and to provide for other expenses, the procedure for the formation and use of which is determined by the charter of the agricultural cooperative.;

7) agricultural cooperation – a system of agricultural cooperatives and their associations (unions);

8) entry fee – an initial contribution in the form of money, the amount of which is determined by the founders of the cooperative and may not exceed five times the monthly calculation index established for the relevant financial year by the law on the republican budget, intended to cover expenses related to organizational issues when an agricultural cooperative is established by the founders of the cooperative or when cooperative members join it, and non-refundable when a member of the cooperative leaves it;

9) additional contribution – the property contribution of a cooperative member, made by him on a voluntary basis to increase his share or in cases stipulated by the decision of the general meeting of cooperative members.;

10) property (share) contribution – the contribution of the founder and a member of the cooperative to the mutual fund in the form of property (money, securities and other financial instruments, things, objectified results of creative intellectual activity, brand names, trademarks and other means of individualization of products, property and real rights and other property), as well as a contribution an associate member of a cooperative in a mutual fund in the form of money;

11) share – the share of a cooperative member in a mutual fund.

The Law of the Republic of Kazakhstan dated October 29, 2015 No. 372-V SAM.

President

Republic of Kazakhstan

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