Article 23. Dividends on common shares of the Law on Joint Stock Companies

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1. Payment of dividends on common shares of the company based on the results of a quarter, half-year or year is carried out only after an audit of the company's financial statements for the relevant period and by decision of the general meeting of shareholders, if such payment is provided for by the company's articles of association. The decision of the general meeting of shareholders on the payment of dividends on common shares indicates the amount of the dividend per common share.

The decision on the payment of dividends on ordinary shares of the company based on the results of the year is made by the annual general Meeting of shareholders.

The General Meeting of Shareholders of the company may decide not to pay dividends on ordinary shares of the company.

2. Excluded by the Law of the Republic of Kazakhstan dated 07/02/2018 No. 166-VI (effective from 01/01/2019).

3. The decision to pay dividends on common shares of the company must contain the following information::

1) name, location, bank and other details of the company;

2) the period for which the dividends are paid;

3) the amount of the dividend per common share;

4) the date of commencement of payment of dividends;

5) the procedure and form of payment of dividends;

6) the name of the payment agent (if there is a payment agent).

4. The payment of dividends must be made no later than ninety calendar days from the date following the date of the decision of the general meeting of shareholders on the payment of dividends on ordinary shares of the company.

In the absence of information about the current details of the shareholder from the company or in the system of registers of holders of securities, or the system of accounting for nominal holding, the payment of dividends on common shares of the company must be carried out in the manner and within the time limits specified by the regulatory legal act of the authorized body to the account opened in the central depository for the accounting of unclaimed money.

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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