Article 85. The concept of a joint-stock company in the Civil Code of the Republic of Kazakhstan

     1. A joint-stock company is a legal entity that issues shares for the purpose of raising funds to carry out its activities. The shareholders of a joint-stock company are not liable for its obligations and bear the risk of losses related to the company's activities to the extent of the value of their shares, except in cases provided for by legislative acts.

     2. A joint-stock company has property separate from the property of its participants, is liable for its obligations within the limits of its property and is not liable for the obligations of its participants.

     3. A joint-stock company may be established by one person or consist of one person in the case of acquisition by one shareholder of all shares of the company, unless otherwise provided by legislative acts.

     4. The legal status of a joint-stock company, the rights and obligations of shareholders are determined in accordance with this Code and legislative acts. The specifics of the legal status of joint-stock companies established through the privatization of state-owned enterprises or a controlling stake owned by the State are determined by legislative acts of the Republic of Kazakhstan.

     5. In cases stipulated by law, non-profit organizations may be established in the organizational and legal form of a joint-stock company.

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