Article 36. Merger, joining of consumer cooperatives of the Consumer Cooperative Act
1. The merger of two or more consumer cooperatives is carried out through the complete unification of their property. As a result of the merger, a new consumer cooperative is created, and the merging consumer cooperatives cease their activities. At the same time, all rights and obligations of each of the consumer cooperatives participating in the merger are transferred to the newly formed consumer cooperative in accordance with the transfer act.
2. The joining of one or more consumer cooperatives to another consumer cooperative is carried out by including the property of the affiliated consumer cooperatives in the property of the joining consumer cooperative. At the same time, the affiliated consumer cooperatives cease their activities, and all their rights and obligations are transferred in accordance with the transfer act to the affiliated consumer cooperative, whose charter is amended and supplemented in connection with the reorganization.
3. The executive bodies of consumer cooperatives participating in mergers and mergers shall prepare a draft agreement on mergers and mergers and submit issues on mergers and mergers to the general meeting of each consumer cooperative and approve the agreement on mergers and mergers.
The agreed text of the merger agreement is signed by the authorized executive bodies of consumer cooperatives.
The agreement on merger and affiliation must contain information about the name, location and address of each of the consumer cooperatives participating in the merger and affiliation, the main data of their balance sheets, and also provide for the procedure and conditions of merger and affiliation.
4. Each consumer cooperative participating in the merger or merger is obliged, within two months from the date of the general meeting's decision on the merger or merger, to send written notices of the merger or merger to all its creditors and place an appropriate announcement in the official press. The notification (announcement) shall be accompanied by information about other consumer cooperatives participating in the merger or merger, as specified in paragraph 3 of this article.
The creditors of the consumer cooperative have the right, within two months from the date of receipt of the notification or publication of the announcement, to demand from the consumer cooperative additional guarantees or early termination or fulfillment by the consumer cooperative of the relevant obligations and compensation for losses. The demands are sent to the consumer cooperative in writing.
5. Each of the consumer cooperatives participating in the merger or merger is obliged, from the moment the general meeting makes a decision on the merger or merger, to inform creditors of this decision on obligations arising after the decision is made.
On the basis of an agreement on the merger and affiliation of consumer cooperatives, the members of merging and joining consumer cooperatives at a general meeting adopt the charter of the newly formed consumer cooperative and elect executive, supervisory and other bodies.
The Law of the Republic of Kazakhstan dated May 8, 2001, No. 197.
This Law defines the legal status of consumer cooperatives, the organizational, economic and social conditions of their creation, operation, reorganization and liquidation, the rights and obligations of members, the powers and responsibilities of management and control bodies.
President
Republic of Kazakhstan
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