Article 60. General conditions for the voluntary reorganization of banks (bank holdings) Section II. Conditions for changing the legal status and specifics of termination of banks and Bank holding companies Chapter 7. Voluntary reorganization of banks and Bank Holding Companies of the Law on Banks and Banking Activities in the Republic of Kazakhstan
The footnote. Title as amended by the Law of the Republic of Kazakhstan dated December 28, 2011 No. 524-IV (effective after ten calendar days after its first official publication).
1. Voluntary reorganization (merger, affiliation, division, separation, transformation, conversion) of banks (bank holdings) may be carried out by resolution of the general meeting of shareholders (participants) with the permission of the authorized body.
The procedure for issuing a permit for the voluntary reorganization of a bank (bank holding company) or for refusing to issue such a permit is determined by a regulatory legal act of the authorized body.
1-1. The procedure for reorganizing a bank in the form of conversion into an Islamic bank is established by Chapter 4-2 of this Law.
2. The basis for submitting an application for permission to conduct a voluntary reorganization of a bank (bank holding company) is the existence of a resolution of the general meeting of shareholders (participants) of the bank (bank holding company).
3. The following documents must be attached to the application for permission from the authorized body to conduct a voluntary reorganization of the bank (bank holding company):
a) the decision of the supreme body of the bank (bank holding company) on its voluntary reorganization;
b) documents describing the proposed conditions, forms, procedure and terms of the voluntary reorganization of the bank (bank holding company);
c) financial forecast of the consequences of the voluntary reorganization, including the settlement balance of the bank (bank holding company) after its voluntary reorganization and/or legal entities formed as a result of the voluntary reorganization of the bank (bank holding company).
In addition to the documents specified in part one of this article, the application for permission from the authorized body to conduct a voluntary reorganization in the form of an affiliation must be accompanied by an affiliation agreement signed by the first heads of the executive bodies of the reorganized banks.
4. An application for permission to conduct a voluntary reorganization of a bank (bank holding company) must be considered by the authorized body within two months from the date of its receipt.
5. The reorganized bank (bank holding company) is obliged to inform all its depositors, clients, correspondents and borrowers about the upcoming changes within two weeks from the date of receipt of the authorized body's permission to carry out the reorganization by publishing an appropriate announcement in the media, including on the bank's Internet resource.
6. The state registration or re-registration of legal entities formed as a result of reorganization is carried out in accordance with the legislative act of the Republic of Kazakhstan.
7. The requirements of this article do not apply to non-residents of the Republic of Kazakhstan who are a bank holding company, a person with the characteristics of a bank holding company, provided one of the following conditions is met:
the presence of an individual credit rating not lower than the A rating of one of the rating agencies, the list of which is established by the authorized body, as well as written confirmation from the financial supervisory authority of the country of origin of the bank holding company, a person with the characteristics of a bank holding company, that these non-resident persons of the Republic of Kazakhstan are subject to consolidated supervision;
the existence of an agreement between the authorized body and the relevant supervisory authority of a foreign state on the exchange of information, as well as the minimum required rating of one of the rating agencies. The minimum rating and the list of rating agencies are established by a regulatory legal act of the authorized body.
The footnote. Article 60 as amended by the Laws of the Republic of Kazakhstan dated 07/11/1997 N 154; dated 07/10/2003 N 483 (effective from 01.01.2004); dated 12/28/2011 No. 524-IV (effective after ten calendar days after its first official publication); dated 12/26/2012 No. 61-V (effective from 02/04/2012); dated 19.03.2014 No. 179-V (effective from the date of its first official publication); dated 24.11.2015 No. 422-V (effective from 01.01.2016).
The Law of the Republic of Kazakhstan dated August 31, 1995 No. 2444.
President
Republic of Kazakhstan
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