Article 3. Credit Partnership Chapter 2. Establishment of credit partnerships of the Law On Credit Partnerships

Home / RLA / Article 3. Credit Partnership Chapter 2. Establishment of credit partnerships of the Law On Credit Partnerships

1. Credit partnerships are established in the form of limited liability partnerships on the basis of a founding agreement and operate in accordance with their articles of association. A credit partnership is considered established from the moment of its state registration.

2. The name of the credit partnership must contain the words "credit partnership".

No legal entity that is not registered as a credit partnership can be called a credit partnership.

3. The number of participants in a credit partnership must be at least three.

The participants of the credit partnership are not liable for its obligations and bear the risk of losses related to the activities of the credit partnership, within the limits of the value of their mandatory contributions and additional contributions, unless otherwise provided by the founding documents of the credit partnership.

A credit partnership is liable for its obligations with all its property and is not liable for the obligations of its members.

4. A credit partnership is a commercial organization engaged in microfinance activities.

5. The property of a credit partnership belongs to it by right of ownership and is formed at the expense of mandatory contributions and additional contributions from its participants, income received by the credit partnership, as well as other sources not prohibited by the legislation of the Republic of Kazakhstan.

6. (Deleted by the Law of the Republic of Kazakhstan dated December 23, 2005 No. 107 (for the procedure of entry into force, see art. 2 of the Law No. 107).

7. (excluded)

The Law of the Republic of Kazakhstan dated March 28, 2003 N 400.

This Law defines the legal status, the procedure for the creation, reorganization and liquidation, as well as the regulation of the activities of credit partnerships.

President

Republic of Kazakhstan

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