Article 99. Management of a production cooperative of the Civil Code of the Republic of Kazakhstan
1. The highest body of a production cooperative is the general meeting of its members.
A supervisory board may be established in a production cooperative, which monitors the activities of the executive body of the cooperative. The members of the supervisory Board are not entitled to act on behalf of the production cooperative.
The executive body of the cooperative is the board or chairman of the cooperative.
The executive body carries out the day-to-day management of the cooperative's activities and is accountable to the supervisory Board and the general meeting of the cooperative's members.
Only members of the cooperative may be members of the supervisory board and the board of the production cooperative. A member of a cooperative may not simultaneously be a member of the supervisory board and a member of the management board (chairman of the cooperative).
2. The competence of the management bodies of a production cooperative, as well as the procedure for their decision-making and speaking on behalf of the cooperative, are determined by legislative acts and constituent documents.
3. The exclusive competence of the general meeting of the members of the production cooperative includes:
1) amendment of the cooperative's charter;
2) formation of the executive body, audit bodies and the supervisory board and recall of their members;
3) admission and exclusion of cooperative members;
4) approval of the financial statements of the cooperative and distribution of its net income;
5) the decision on the reorganization and liquidation of the cooperative.
Legislative acts and constituent documents may also include the resolution of other issues within the exclusive competence of the general Meeting.
Matters falling within the exclusive competence of the general meeting or the supervisory board of the cooperative may not be transferred by them to the decision of the executive body of the cooperative.
3-1. In cases where a production cooperative 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.
4. A member of the cooperative has one vote when making decisions by the general meeting.
The footnote. Article 99 as amended by the Laws of the Republic of Kazakhstan dated 11.07.1997 No. 154; dated 07.03.2014 No. 177-V (effective after ten calendar days after the date of its first official publication); dated 27.02.2017 No. 49-VI (effective after ten calendar days after the date of its first official publication).
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