Article 21. Shares and contributions of cooperative members of the Law on Agricultural Cooperatives

Home / RLA / Article 21. Shares and contributions of cooperative members of the Law on Agricultural Cooperatives

1. The size of the share is proportional to the property contribution made by a member of the cooperative. When making an additional contribution, the share size increases accordingly.

2. Property (share) contributions are recorded in monetary terms. In case of making an in-kind property contribution to the account, the monetary assessment of such contribution is carried out by the board of the agricultural cooperative according to the methodology approved by the general meeting of the cooperative members.

If the value of the property exceeds the amount equivalent to twenty thousand times the monthly calculation index established for the relevant financial year by the law on the republican budget, its assessment must be confirmed in accordance with the procedure established by the legislation of the Republic of Kazakhstan.

The general meeting of the cooperative members may decide to evaluate the property in kind made as a property (share) contribution in accordance with the procedure established by the legislation of the Republic of Kazakhstan on valuation activities at the expense of the agricultural cooperative.

If a member of the cooperative does not agree with the assessment of the property (share) contribution made according to the methodology approved by the general meeting of cooperative members, the assessment of contributions is carried out in accordance with the procedure established by the legislation of the Republic of Kazakhstan, at his expense.

In cases where the right to use property is transferred to an agricultural cooperative as a property (share) contribution, the amount of such contribution is determined by the use fee calculated for the entire period specified in the title or constituent documents.

The transfer of the right of land use as a property (share) contribution is carried out in accordance with the land legislation of the Republic of Kazakhstan.

3. The decision on making additional contributions is made by the general meeting of the cooperative members.

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

President

Republic of Kazakhstan

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