Article 30. Sale, payment (issue) upon termination of membership in an agricultural cooperative, the Law on Agricultural Cooperatives

     1. A member of a cooperative has the right to alienate his share to another person and withdraw from the agricultural cooperative. Alienation of shares to persons who are not members of the cooperative is allowed, unless otherwise provided by the charter of the agricultural cooperative. When selling a share, other members of the cooperative enjoy the right of pre-emptive purchase.

     2. Upon termination of membership in an agricultural cooperative on the grounds specified in subitems 1), 3) – 6) of paragraph 1 of Article 29 of this Law, a member of the cooperative or his legal successor shall be paid (issued) his share, as well as the cooperative payments due to the member and a portion of the net income of the agricultural cooperative. Decision on payment (issue) The share in accordance with the charter of the agricultural cooperative is adopted by the general meeting of the cooperative members.

     3. Payment (issue) The share is carried out within the time limits set by the board of the agricultural cooperative, but not more than one year from the date of termination of membership in the agricultural cooperative.

     4. If an agricultural cooperative is unable to pay (issue) its share to a retiring cooperative member, the general meeting of cooperative members shall decide on additional contributions by other cooperative members, at the expense of which the share is paid (issued).

     5. Upon termination of the activity of an individual or liquidation of a legal entity that is an associate member of a cooperative, the payment of the property (share) contribution made by him may be made in cash and (or) in kind at the expense of agricultural products, aquaculture (fish farming) products, including through additional contributions from cooperative members. If the associate members of the cooperative alienate the right to demand guaranteed supply of agricultural products, aquaculture (fish farming) products to third parties, the agricultural cooperative fulfills the obligation to such persons in accordance with the terms of the contract or other document concluded with the associate member of the cooperative.

     6. Payment (issue) features shares in the form of land plots or property rights to them to the members of the cooperative upon their withdrawal from the agricultural cooperative are established by the land legislation of the Republic of Kazakhstan.

The Law of the Republic of Kazakhstan dated October 29, 2015 No. 372-V SAM.

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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