Article 747. Bank Account Agreement of the Civil Code of the Republic of Kazakhstan
1. Under a bank account agreement, one party (a bank, an organization performing certain types of banking operations) undertakes to accept money received for the benefit of the other party (the client), execute the client's orders to transfer (issue) the corresponding amounts of money to the client or third parties, and provide other services provided for in the bank account agreement.
It is allowed to open a bank account of a current or savings account in the name of a third party under the agreement, subject to the deposit (blocking) of money held in this current or savings account, without the right of the owner of the current or savings account to perform spending operations before the occurrence or fulfillment of the conditions defined by the bank account agreement.
When opening a bank account, the client or the person indicated by him/her for the purposes of accounting the client's money in the bank (an organization performing certain types of banking operations) is assigned an individual identification code of the client on the terms agreed by the parties. The procedure for assigning and canceling the customer's individual identification code, and for the bank (an organization engaged in certain types of banking operations) to keep records of the customer's money is determined by the banking legislation of the Republic of Kazakhstan.
2. Legal entities and citizens independently choose banks for servicing and have the right to conclude bank account agreements with both one and several banks.
3. The bank account agreement is open-ended, unless otherwise established by legislative acts or by agreement of the parties.
President
Republic of Kazakhstan
© 2012. RSE na PHB "Institute of Legislation and Legal Information of the Republic of Kazakhstan" of the Ministry of Justice of the Republic of Kazakhstan
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