Article 32. Sale of a share of a participant in a limited liability partnership if other participants refuse to purchase a share Law on Limited and Additional Liability Partnerships
1. The constituent documents of a limited liability partnership may provide for the prohibition or restriction of the sale by a member of the partnership of his share to third parties (for example, the sale of a share only to other members of the partnership or to a limited number of third parties). In this case, the sale must be carried out in compliance with such prohibitions or restrictions.
The procedure for the sale by a participant of a share in the authorized capital of a limited liability partnership, the registers of which are maintained by the central depository, is established by the charter of the partnership.
2. In the event that the sale of a share due to circumstances beyond the control of the seller cannot be carried out in compliance with the prohibitions or restrictions provided for in paragraph 1 of this article, a participant wishing to sell a share has the right to apply to a limited liability partnership with a demand to buy back this share or allow its sale to a third party.
The choice of one of these options is made by the general meeting of the partnership's participants.
3. When a share is repurchased by a limited liability partnership, the share price is determined by agreement of the parties, and if an agreement is not reached, by the court.
4. If the limited liability partnership agrees to sell the share to a third party, the participants of the partnership retain the pre-emptive right to purchase the share provided for in Article 31 of this Law.
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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