Article 52. Competence of the executive body of a Limited Liability Company Law on Limited and Additional Liability Companies
1. The competence of the executive body of a limited liability company includes all issues of ensuring the activities of the company that do not fall within the competence of the general meeting or supervisory bodies, as defined by this Law, the articles of association of the company or the rules and other documents adopted by the general meeting, as well as issues specified in the second part of paragraph 2 of Article 43 of this Law.
The competence of the executive body of the partnership also includes the powers of the general meeting, which are not related to its exclusive competence, transferred to the executive body in accordance with paragraph 3 of Article 43 of this Law.
The competence of the executive body of a limited liability partnership includes the establishment of the amount of payment for the services of an audit organization, determined by the general meeting of participants in accordance with article 43 of this Law, for the audit of the partnership's annual financial statements.
2. In relations with third parties, a limited liability partnership may not invoke the limitations on the powers of the executive body of the partnership established by it. However, a limited liability partnership has the right to challenge the validity of a transaction made by its executive body with a third party in violation of the established restrictions, if it proves that at the time of the transaction the third party was aware of such restrictions.
3. Members of the executive body of a limited liability partnership may be held liable at the request of any of the participants of the partnership for damages caused by them to the partnership. At the same time, they are jointly and severally liable for losses caused by their joint improper management of the partnership.
4. Members of the executive body of a limited liability partnership may jointly and severally be held liable to third parties jointly with the partnership for losses incurred by these persons as a result of the insolvency (bankruptcy) of the partnership caused by improper management by members of the executive body of the partnership.
The Law of the Republic of Kazakhstan dated April 22, 1998 No. 220-1.
President
Republic of Kazakhstan
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