Article 55. Term of office of members of the Board of Directors The Law on Joint-Stock Companies
1. Persons elected to the Board of Directors may be re-elected an unlimited number of times, unless otherwise provided for by the legislation of the Republic of Kazakhstan and the articles of association of the company.
2. The term of office of the Board of Directors is established by the General Meeting of Shareholders.
The term of office of the Board of Directors expires at the time of the general meeting of shareholders, at which a new board of directors is being elected.
3. The General Meeting of Shareholders may prematurely terminate the powers of all or individual members of the Board of Directors.
The powers of such a member of the Board of Directors shall be terminated from the date of the decision of the general meeting of shareholders on the early termination of his powers.
4. Early termination of the powers of a member of the Board of Directors on his initiative is carried out on the basis of a written notice from the Board of Directors.
The powers of such a member of the Board of Directors shall terminate upon receipt of the said notification by the Board of Directors, unless the notification specifies the date of early termination of the powers of a member of the Board of Directors.
5. In case of early termination of the powers of a member of the Board of Directors, a new member of the Board of Directors is elected by cumulative voting, represented at the general meeting of shareholders, while the powers of the newly elected member of the Board of Directors expire simultaneously with the expiration of the term of office of the Board of Directors as a whole.
The Law of the Republic of Kazakhstan dated May 13, 2003 No. 415.
This Law defines the legal status, procedure for the establishment, operation, reorganization and liquidation of a joint-stock company; the rights and obligations of shareholders, as well as measures to protect their rights and interests; the competence, procedure for the formation and functioning of the bodies of a joint-stock company; the powers, procedure for the election and responsibility of its officials.
President
Republic of Kazakhstan
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