Article 20. Liquidation of the Endowment Fund of the Law on Endowment Funds and Endowment Funds (Endowments)

Home / RLA / Article 20. Liquidation of the Endowment Fund of the Law on Endowment Funds and Endowment Funds (Endowments)

1. The Endowment Fund may be liquidated voluntarily or forcibly.

2. The decision on the voluntary liquidation of the endowment fund is made by the Board of Trustees or the body of the endowment fund authorized to do so by the constituent documents.

The body of the endowment fund that has decided on the voluntary liquidation of the endowment fund appoints a liquidation commission and establishes the procedure and deadlines for the liquidation of the endowment fund in accordance with the Civil Code of the Republic of Kazakhstan, this Law and the laws of the Republic of Kazakhstan.

3. The compulsory liquidation of the endowment fund is carried out by the court in the cases and in the manner prescribed by the laws of the Republic of Kazakhstan.

The requirement to liquidate the endowment fund may be brought to court by interested parties, unless otherwise provided by the laws of the Republic of Kazakhstan.

4. From the moment the liquidation commission is appointed, the authority to manage the property and affairs of the endowment fund is transferred to it. The liquidation Commission acts in court on behalf of the target capital fund being liquidated.

5. The composition of the liquidation commission is determined taking into account the specifics of the endowment fund's activities, with the mandatory inclusion of the following participants:

1) representatives of the Board of Trustees;

2) representatives of the executive body;

3) representatives of the internal Audit service;

4) representatives of depositors who are not members of the management bodies of the endowment fund.

6. Upon liquidation of the endowment fund, the property remaining after satisfying creditors' claims is directed to the purposes specified in the charter of the endowment fund.

The procedure for satisfying the claims of its creditors is regulated by the laws of the Republic of Kazakhstan.

7. Information on the liquidation of the endowment fund is subject to mandatory publication on the official Internet resource of the endowment fund within thirty calendar days after the decision on liquidation is made. The responsibility for publication lies with the liquidation commission.

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).

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