Article 87. Consequences of failure to comply with a court decision on compulsory reorganization of the company The Law on Joint-Stock Companies
1. If the company's bodies authorized to carry out compulsory reorganization by a court decision in the form of division or separation do not carry out the reorganization within the time period specified in such decision, the court appoints a trustee who meets the qualification requirements and instructs him to carry out the reorganization in the form of division or separation.
2. From the moment the trustee is appointed, the powers of the Board of Directors and the general meeting of shareholders to determine the terms of reorganization provided for in Articles 84 and 85 of this Law shall be transferred to him.
3. The trustee acting on behalf of the company shall draw up a dividing balance sheet and submit it to the court for consideration together with the constituent documents of the companies established as a result of the division or separation approved at the general meeting. The state registration of companies created as a result of reorganization is carried out on the basis of a court decision.
The Law of the Republic of Kazakhstan dated May 13, 2003 No. 415.
This Law defines the legal status, procedure for the establishment, operation, reorganization and liquidation of a joint-stock company; the rights and obligations of shareholders, as well as measures to protect their rights and interests; the competence, procedure for the formation and functioning of the bodies of a joint-stock company; the powers, procedure for the election and responsibility of its officials.
President
Republic of Kazakhstan
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