Article 21. Payment of outstanding shares of the company The Law on Joint Stock Companies

Home / RLA / Article 21. Payment of outstanding shares of the company The Law on Joint Stock Companies

1. Money, property rights (including intellectual property rights) and other property may be contributed to the payment of the company's outstanding shares, except in cases provided for by this Law and other legislative acts of the Republic of Kazakhstan.

Payment with property other than money (with the exception of securities) is carried out at a price determined by the appraiser.

Payment for the company's outstanding shares in securities traded on the stock exchange is carried out at the market price determined by the stock exchange in accordance with the securities valuation methodology of the stock exchange. In the absence of a market price for such securities calculated by the stock exchange according to the specified methodology for the type of securities to be paid for shares, their value is assessed by an appraiser.

The requirements of the second part of this paragraph do not apply to the payment of outstanding shares of the company in the event of reorganization of the company.

2. If the right to use property is included in the payment for the company's outstanding shares, such right is assessed based on the amount of the fee for the use of this property for the entire period of its use by the company. Prior to the expiration of the specified period, the seizure of such property without the consent of the general meeting of shareholders of the company is prohibited.

3. The Company is prohibited from offering shares:

1) purchase outstanding shares;

2) conclude contracts (purchase a derivative security), the terms of which (the terms of issue of which) provide for the right or obligation of the issuer to redeem the outstanding shares of the issuer.

The Law of the Republic of Kazakhstan dated May 13, 2003 No. 415.

This Law defines the legal status, procedure for the establishment, operation, reorganization and liquidation of a joint-stock company; the rights and obligations of shareholders, as well as measures to protect their rights and interests; the competence, procedure for the formation and functioning of the bodies of a joint-stock company; the powers, procedure for the election and responsibility of its officials.

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Republic of Kazakhstan

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