Article 892. Trust management of shares and other securities of the Civil Code of the Republic of Kazakhstan

     1. The trustee has the right to carry out transactions with shares and other securities transferred to trust management and (or) acquired at the expense of the entrusted property or at the expense of income from the use of the entrusted property.

     2. Information about the trustee of equity securities is subject to reflection on the account of the founder of the trust management (the owner of the property or the competent authority authorized to transfer the property to the trust management), opened by a professional participant in the securities market in accordance with the procedure established by the legislation of the Republic of Kazakhstan.

     3. The trustee in the management of the shares (shares) entrusted to him, unless otherwise provided by the act on the establishment of the trust management of property:

     1) participates in the management of a joint-stock company;

     2) receives the dividends due on the shares and transfers them to the beneficiary;

     3) in the event of liquidation of the joint-stock company, receives the property due to the shares and transfers it in accordance with the agreement to the beneficiary or founder.;

     4) carries out the alienation of shares and other transactions with them, including collateral.

     3-1. The transfer of ownership of shares and other securities transferred to trust management terminates the trust management of these securities, unless otherwise provided by the trust management agreement and (or) the agreement on the alienation of shares and other securities.

     In the event of transfer of ownership of shares and securities, the requirements of this chapter established in respect of the founder of the trust management of shares and other securities shall apply to the new owner of shares and other securities held in trust.

     4. The specifics of the trust management of securities are established by the legislation of the Republic of Kazakhstan.

President    

Republic of Kazakhstan     

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