Article 29. Disposal by a participant of a limited liability partnership of his share in the property of the partnership The Law on Limited and Additional Liability Partnerships
1. A participant's share in the property of a limited liability partnership may be alienated or mortgaged until the deposit is fully paid only in the part in which the contribution has already been paid.
2. A participant in a limited liability partnership has the right to sell or otherwise cede his share in the partnership's property or part of it to one or more participants of this partnership at his choice. A participant in a partnership has the right to pledge a share to secure its obligations to another participant in the partnership. The consent of the partnership or other participants in these transactions is not required. However, if the founding documents of the partnership provide for the conditions specified in paragraph 3 of Article 28 of this Law, these conditions must be met when assigning a share.
An agreement on the alienation (assignment) of the right of a retiring member of a partnership to a share in the property (authorized capital) of the partnership or a part thereof, to which an individual is a party, is subject to notarization.
2-1. A person who, independently or jointly with his affiliated persons, intends to acquire a total of fifty percent or more of the shares in the authorized capital of the partnership, sends a notification to all participants of the partnership about his intention.
The notice must contain information about the person and its affiliated companies that intend to acquire a total of fifty percent or more of the shares in the authorized capital, and about the proposed share purchase price.
At the same time, the proposed price must not be lower than the price indicated in the notice of intent to purchase.
The deadline for responding to the notice of intent by the participants of the partnership must be at least thirty days.
3. Registration of the pledge of a share in the property of the partnership is carried out in accordance with the legislation of the Republic of Kazakhstan. In the case of maintaining the register of participants of the partnership by the central depository, the registration of the pledge of a share in the partnership's property is carried out in accordance with the internal documents of the central depository in compliance with the requirements of this Law and (or) the charter of the partnership.
The Law of the Republic of Kazakhstan dated April 22, 1998 No. 220-1.
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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