Article 38. The procedure for the fulfillment by a Single operator of obligations under a guarantee agreement and a guarantee agreement within the framework of renovation The Law on Equity Participation in Housing Construction

Home / Laws / Article 38. The procedure for the fulfillment by a Single operator of obligations under a guarantee agreement and a guarantee agreement within the framework of renovation The Law on Equity Participation in Housing Construction

Article 38. The procedure for the fulfillment by a Single operator of obligations under a guarantee agreement and a guarantee agreement within the framework of renovation The Law on Equity Participation in Housing Construction

1. A single operator, no later than the next business day after the decision on the occurrence of a warranty event, carries out the following activities:

1) notify the authorized body, the local executive body and the participants of equity participation in housing construction of the occurrence of a guarantee event.;

2) decides to replace the contractor (general contractor) by terminating the current construction contract and concluding an agreement with another contractor (general contractor), who is selected by a Single Operator in accordance with the procedure determined by the authorized body;

3) notifies the developer and the authorized company of the entry into force of the trust management agreement for voting shares (shares of participation in the authorized capital) of the authorized company;

4) notifies the second-tier bank in the event of a decision to replace the management of an authorized company, accompanied by supporting appointment documents, as well as documents with signature samples, copies of identity documents of persons authorized to sign payment documents when performing transactions related to maintaining an authorized company's bank account with a second-tier bank, in accordance with the trust management agreement voting shares (shares of participation in the authorized capital) of the authorized company;

5) finances the completion of the construction of an apartment building or a complex of individual residential buildings at the expense of a Single Operator by providing an authorized company with financing on the terms of their payment, urgency and repayment if the authorized company's own funds are insufficient in accordance with the internal documents of the Single Operator; the operator on the terms of their payment, urgency and repayment if the authorized company's own funds are insufficient;

6) carries out further monitoring of the completion of the construction of an apartment building or a complex of individual residential buildings, its acceptance into operation and transfer to shareholders and (or) shareholders as part of the renovation of shares in an apartment building or a complex of individual residential buildings.

2. In case of full reimbursement of the costs of the Single Operator from the funds of the authorized company, the contract of trust management of voting shares (shares of participation in the authorized capital) of the authorized company is terminated in accordance with the requirements of this Law.

3. In case of insufficient funds of the authorized company for reimbursement of funds (expenses) Upon completion of the construction of an apartment building or a complex of individual residential buildings, the obligation to reimburse them is borne by the developer under subsidiary responsibility by concluding an agreement on the procedure for paying off debts to the Single Operator after confirming their validity by an independent audit company.

4. If the developer's funds are insufficient to reimburse the funds (costs) Upon completion of the construction of an apartment building or a complex of individual residential buildings under an agreement on the procedure for debt repayment after performing the actions provided for in paragraphs 1, 2, 3 of this article, the Single Operator initiates bankruptcy proceedings for the developer in accordance with the legislation of the Republic of Kazakhstan on rehabilitation and bankruptcy.

5. The limitation period does not apply to the claims of a Single Operator for improper performance of a guarantee agreement.

The Law of the Republic of Kazakhstan dated April 7, 2016 No. 486-V SAM.

This Law regulates public relations related to the activities of equity participation in the housing construction of multi-family residential buildings by attracting money from individuals and (or) legal entities, and also establishes guarantees for the protection of the rights and legitimate interests of the parties to the agreement on equity participation in housing construction.

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Republic of Kazakhstan

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