Article 28. Property of a liquidated non-profit organization of the Law On Non-Profit Organizations
1. In the event of liquidation of a non-profit organization, the property remaining after satisfying creditors' claims is directed to the purposes specified in the constituent documents, unless otherwise provided for by legislative acts.
In the case when a non-profit organization enjoyed tax and other benefits and existed on contributions from members and (or) founders, income from its activities, donations from the public, received grants from the state or non-governmental organizations, the property remaining during liquidation after settlements with creditors cannot be redistributed among members, founders, officials or employees of the organization, and should be used in accordance with the charter of the organization for its statutory purposes. If the organization's charter does not provide for such an order, by decision of the body that made the decision on liquidation, the remaining property may be transferred to a non-profit organization pursuing the same or similar goals as the organization being liquidated.
2. In case of liquidation of a consumer cooperative or withdrawal of a member of the cooperative from it, he has the right to allocate his share in the property of the consumer cooperative in proportion to his share.
In the event of the death of a member of a consumer cooperative, his heirs have the primary right to become members of the cooperative, unless otherwise provided for by legislative acts and the cooperative's charter. In the latter case, the cooperative pays the heirs a share in the property of the consumer cooperative, proportional to its share.
3. The founders retain ownership of the property of the institution.
4. The property of a non-commercial joint-stock company remaining after settlements with creditors is distributed among all shareholders in proportion to the number of shares owned by them.
The Law of the Republic of Kazakhstan dated January 16, 2001 No. 142.
President
Republic of Kazakhstan
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