Article 20. Sources of formation of agricultural cooperative property of the Law on Agricultural Cooperatives

Home / RLA / Article 20. Sources of formation of agricultural cooperative property of the Law on Agricultural Cooperatives

1. The property of an agricultural cooperative is formed at the expense of property (share) contributions, entrance and additional contributions from its members, property (share) contributions from associate members of the cooperative, income from their own activities and other sources not prohibited by the legislation of the Republic of Kazakhstan.

2. The property of an agricultural cooperative belongs to it by right of ownership.

3. The ownership, use and disposal of the property of an agricultural cooperative is carried out by its governing bodies within the limits of their powers.

In cases stipulated by the charter of an agricultural cooperative, the authority to dispose of its property is exercised by a decision of the general meeting of the cooperative's members.

4. To carry out its activities, an agricultural cooperative has the right to form funds (unit, reserve). The types and sizes of these funds, the procedure for their formation and use are provided for by the charter of the agricultural cooperative in accordance with the decision of the general meeting of the cooperative members.

5. In the event of liquidation of an agricultural cooperative, its property remaining after payments made in the order of priority established by the civil legislation of the Republic of Kazakhstan, as well as payments (disbursements) of shares, distribution of cooperative payments and income, is distributed among the members of the cooperative in proportion to the property (share) contributions made.

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

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