Article 28. Restrictions on the Company's repurchase of outstanding shares The Law on Joint-Stock Companies
1. The total number of outstanding shares repurchased and redeemed by the company should not exceed twenty-five percent of the total number of outstanding shares, and the cost of repurchasing outstanding shares of the company should not exceed ten percent of its equity capital.:
1) in case of repurchase of outstanding shares at the request of a shareholder – as of the date:
adoption by the General Meeting of Shareholders of the resolutions specified in subitems 1), 1-1) and 3) of paragraph 1 of Article 27 of this Law;
the decision of the organizer of the auction on the delisting of the company's shares;
making a decision on concluding a major transaction and (or) a transaction in which the company has an interest;
2) in case of repurchase of outstanding shares at the initiative of the company - as of the date of the decision on the repurchase of outstanding shares of the company.
1-1. The requirements of paragraph 1 of this Article do not apply to cases when a bank repurchases its own shares from the Government of the Republic of Kazakhstan or the national managing holding company previously acquired by them in accordance with Article 17-2 of the Law of the Republic of Kazakhstan "On Banks and Banking Activities in the Republic of Kazakhstan".
2. The shares repurchased by the company are not taken into account when determining the quorum of the general meeting of its shareholders and do not participate in voting at it.
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.
President
Republic of Kazakhstan
© 2012. RSE na PHB "Institute of Legislation and Legal Information of the Republic of Kazakhstan" of the Ministry of Justice of the Republic of Kazakhstan
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