Article 47. Transfer act and separation balance Sheet of the Civil Code of the Republic of Kazakhstan

     1. The property rights and obligations of the reorganized legal entity are transferred to the newly formed legal entity: upon merger and acquisition - in accordance with the transfer act, upon division and separation - in accordance with the separation balance sheet.

     The transfer act and the separation balance sheet must contain provisions on succession for all obligations of the reorganized legal entity in respect of all its creditors and debtors, including obligations disputed by the parties.

     2. The transfer act and the separation balance sheet are approved by the owner of the property of the legal entity or the body that made the decision to reorganize the legal entity, and are submitted together with the constituent documents for registration of newly formed legal entities or amendments to the constituent documents of existing legal entities.

     Failure to submit a transfer act or a separation balance sheet, respectively, with the constituent documents, as well as the absence of provisions on succession to the obligations of the reorganized legal entity, entails refusal of state registration of newly formed legal entities.

     3. The property (rights and obligations) shall pass to the legal successor at the time of its registration, unless otherwise provided by legislative acts or a decision on reorganization.

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