Article 3. Joint Stock Company The Law on Joint Stock Companies

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1. A joint-stock company (hereinafter referred to as the company) is a legal entity that issues shares in order to raise funds for its activities.

The Company has property separate from the property of its shareholders and is not liable for their obligations.

The Company is responsible for its obligations within the limits of its property, with the exception of the obligations of the Government for Citizens State Corporation.

2. A shareholder of the company is not liable for his obligations and bears the risk of losses related to the company's activities, within the limits of the value of his shares, except in cases provided for by legislative acts of the Republic of Kazakhstan.

In relation to the Government for Citizens State Corporation, the Government of the Republic of Kazakhstan bears subsidiary responsibility for its obligations.

3. In cases stipulated by the legislation of the Republic of Kazakhstan, non-profit organizations may be established in the organizational and legal form of a joint-stock company.

4. A company (except for a non-profit organization established in the organizational and legal form of a joint-stock company) has the right to issue bonds and other types of securities.

5. Legislative acts of the Republic of Kazakhstan may establish the obligation of the organizational and legal form of a joint-stock company for organizations engaged in certain types of activities.

6. The Company has a corporate name, which must include an indication of the organizational and legal form of the "joint-stock company" and its name. It is allowed to shorten the company's name using the abbreviation "JSC" before the company's name.

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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