Article 92. Management of a joint-stock company of the Civil Code of the Republic of Kazakhstan

     1. The supreme body of a joint-stock company is the general meeting of its shareholders.

     2. The exclusive competence of the General Meeting of Shareholders is determined by legislative acts.

     3. The resolution of issues falling within the exclusive competence of the general meeting of shareholders may not be transferred to other bodies of the joint-stock company.

     4. A board of directors is established in a joint-stock company, which exercises general management of the company's activities, with the exception of resolving issues referred by this Code, legislative acts and the charter of the joint-stock company to the exclusive competence of the general meeting of shareholders. The issues referred by this Code, legislative acts and the charter of the joint-stock company to the exclusive competence of the Board of directors may not be transferred for decision to the executive body of the joint-stock company.

     5. The executive body of a joint-stock company may be collegial (the management board) or sole (director, CEO, president). He carries out the day-to-day management of the joint-stock company and is accountable to the Board of Directors and the General Meeting of Shareholders.

     The competence of the executive body of the joint-stock company includes the resolution of all issues that do not constitute the exclusive competence of other bodies of the company, as defined by legislation or constituent documents.

     6. Other bodies may be established in a joint-stock company in accordance with legislative acts.

     6-1. In cases where a joint-stock company 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.

     7. The competence of the bodies of a joint-stock company, as well as the procedure for their decision-making and speaking on behalf of the company, shall be determined in accordance with this Code, legislation and constituent documents.

     8. (excluded)      

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