Article 60. Management of an economic partnership of the Civil Code of the Republic of Kazakhstan

     1. The supreme body of an economic partnership is the general meeting of its members.

     In business partnerships, except for general and limited partnerships, established by one person, the powers of the general meeting belong to its sole participant.

     2. An executive body (collegial and/or sole) is created in a business partnership, which carries out the day-to-day management of its activities and is accountable to the general meeting of its participants. The sole governing body may be elected not from among its members.

     Partnerships may be established as collegial bodies.:

     1) the Management Board (directorate);

     2) the Supervisory Board;

     3) other bodies in cases stipulated by legislative acts or by a decision of the general meeting of participants of the business partnership.

     2-1. In cases where a business partnership is declared bankrupt or a rehabilitation procedure is applied and a temporary or bankrupt or rehabilitation manager is appointed in accordance with the procedure established by law, all powers to manage it are transferred to the temporary or bankrupt or rehabilitation manager, respectively.

     3. The competence of the bodies of a business partnership, the procedure for their election (appointment), as well as the procedure for their decision-making shall be determined in accordance with this Code, legislative acts and constituent documents.

     4. In order to verify and confirm the correctness of financial statements, a business partnership may involve an audit organization that is not related by property interests to the partnership or its participants (external audit).

     An audit of a business partnership must be carried out at any time at the request of one or more participants of the partnership at the expense of his (their) funds.

     The procedure for conducting an audit of the activities of a business partnership is determined by the legislation and the constituent documents of the partnership.

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