Article 6. Termination of participation in a credit partnership of the Law on Credit Partnerships

Home / RLA / Article 6. Termination of participation in a credit partnership of the Law on Credit Partnerships

1. Participation in a credit partnership is terminated in the following cases::

1) voluntary withdrawal;

2) alienation of his share to other participants of the credit partnership or to third parties;

3) withdrawals from the membership of the credit partnership at the request of the credit partnership;

4) termination of the activities of the credit partnership;

5) in other cases stipulated by the legislative acts of the Republic of Kazakhstan.

2. An application for voluntary withdrawal from a credit partnership must be submitted for consideration by the board of the credit partnership, which is obliged to consider it within one month from the date of filing the application and submit it to the general meeting of the participants of the credit partnership.

Participation in a credit partnership may be terminated by voluntary withdrawal of a participant after fulfilling his property obligations to the credit partnership in accordance with the procedure provided for by this Law.

3. In case of violation by a member of a credit partnership of its obligations established by legislative acts of the Republic of Kazakhstan, constituent and other documents of the credit partnership, non-fulfillment of its obligations to the credit partnership, as well as in case of damage to the credit partnership, the partnership, in accordance with the decision of the general meeting, has the right to demand in court the compulsory redemption of such participant's share and his withdrawal from the membership.

4. The decision on compulsory share repurchase and disposal may be appealed by a member of a credit partnership in court.

The Law of the Republic of Kazakhstan dated March 28, 2003 N 400.

This Law defines the legal status, the procedure for the creation, reorganization and liquidation, as well as the regulation of the activities of credit partnerships.

President

Republic of Kazakhstan

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