Article 32. Recovery of debts of a cooperative member and the rights of legal successors of a cooperative member in the case of inheritance and reorganization of a legal entity that is a member of the cooperative Law on Agricultural Cooperatives
1. A share of a cooperative member may be the subject of an appeal against the claims of its creditors in accordance with the procedure established by the legislation of the Republic of Kazakhstan, if there is a shortage of other property to cover such debts.
2. The heirs of a cooperative member have the right to acquire the rights of a cooperative member on the basis of an application, unless otherwise established by the charter of the agricultural cooperative.
3. When reorganizing a legal entity that is a member of a cooperative or an associate member of a cooperative, by converting it into other organizational and legal forms, the newly created legal entity acquires the rights of a member of the cooperative, except in cases where there are grounds for termination of membership due to conversion.
4. In case of reorganization of a legal entity that is a member of a cooperative or an associate member of a cooperative, by joining, the membership of the affiliated legal entity is terminated and its share is transferred to the legal entity to which the merger took place. If the legal entity to which the merger took place is not a member of the cooperative, its admission to membership in the cooperative is carried out in accordance with the general procedure.
5. In case of reorganization of a legal entity that is a member of a cooperative or an associate member of a cooperative, through division or merger, the membership of the reorganized legal entity is terminated. The right to receive shares of such members passes to newly formed legal entities in accordance with the separation balance sheet and the transfer act. Such persons acquire the rights of a cooperative member on the basis of an application.
6. In the event that the heirs of a cooperative member do not acquire the rights of a cooperative member, they must be paid (given) their share, as well as the cooperative payments due to the cooperative member and part of the net income of the agricultural cooperative in accordance with the procedure established by the legislation of the Republic of Kazakhstan and the charter of the agricultural cooperative.
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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