The authorized capital of the partnership with its founders (participants) and property rights
The authorized capital of a limited liability partnership is formed by its founders (participants) with the property and property rights listed in paragraph 2 of Article 115, Article 117 of the Civil Code and paragraph 3 of Article 23 of the Law, including the registration of the right of an individual to a conditional land share. The right to a conditional land share must be confirmed by a certificate issued in accordance with the procedure established by paragraph 5 of Article 103 of the Land Code of the Republic of Kazakhstan (hereinafter referred to as the Land Code). The right to a conditional land share is understood as the right of an employee of a privatized agricultural organization and other persons, on the grounds and in accordance with the procedure provided for by the legislative act on privatization, to receive in kind a land plot that was previously part of the land use of a privatized agricultural organization. The initial amount of the authorized capital is equal to the amount of the founders' contributions and may not be less than the amount equivalent to one hundred monthly calculation index as of the date of submission of documents for state registration of the partnership (hereinafter referred to as the LLP), with the exception of a limited liability partnership that is a small business entity, as well as a state-owned Islamic special financial company whose minimum authorized capital is it is defined by the zero level.
Within the period established by the decision of the general meeting, which should not exceed one year from the date of registration of the partnership, all participants of the LLP must fully contribute to the authorized capital of the partnership. If a participant in the partnership fails to fulfill the obligation to contribute a share within the prescribed period, the partnership must contribute the part of the share not contributed by the participant at the expense of its own capital. A participant who has not paid his share on time is obliged to compensate the partnership for losses caused by non-payment of the share, and also, unless otherwise provided by the founding agreement or the articles of association of the partnership, to pay the partnership a penalty in accordance with Article 353 of the Civil Code. The share or part of it contributed to the authorized capital of the LLP at the expense of its own capital may be distributed among the other participants in accordance with the procedure provided for in Article 31 of the Law, or offered for acquisition to third parties (paragraphs 3, 4 of Article 24 of the Law). If the unpaid part of the contribution has not been sold within the period specified in paragraph 2 of Article 24 of the Law, the authorized capital of the partnership is subject to reduction by this amount, and the shares of participants in the authorized capital are changed accordingly. In this case, if the amount of the authorized capital is less than the amount equivalent to one hundred monthly calculation index, the participants must make appropriate additional contributions to the authorized capital within one year. Otherwise, the partnership is subject to liquidation on the basis of a court decision at the request of an authorized state body or a participant in the LLP. This rule does not apply to a limited liability partnership that is a small business entity, as well as a state-owned Islamic special financial company, the size of the minimum authorized capital of which is determined by the zero level.
Immovable or movable things, property rights, including the right to a conditional land share, contributed to the authorized capital of a partnership as a participant's share, are subject to mandatory monetary valuation by agreement of all the founders or by decision of the general meeting of the participants of the partnership. If the value of the contribution exceeds the amount equivalent to twenty thousand monthly calculation index, the estimate of the participant's share must be confirmed by an independent expert. The appraiser's conclusion must comply with the requirements established by the Law of the Republic of Kazakhstan dated November 30, 2000 No. 109 "On Valuation Activities in the Republic of Kazakhstan". The costs of assessing the contribution are borne by the founder (participant) of the partnership who is interested in monetary assessment of the contribution. The right to a conditional land share is subject to monetary assessment based on the category of agricultural land (arable land, hay, pasture, irrigated land, etc.) and the bonus score indicated in the certificate of the right to a conditional land share. If, as a share in the authorized capital of a partnership, a land plot owned by a person on the right of ownership on which real estate objects are erected is contributed, then both the land plot and the real estate objects erected on it are subject to monetary valuation. If the right of land use is included as a share in the authorized capital of the partnership, and real estate objects have been erected on the land plot to be used by the partnership in economic activities, then both the right of land use and the amount of rent in respect of these real estate objects are subject to monetary assessment.
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