Article 1. Basic concepts of the Consumer Cooperative Law

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The following concepts are used in this Law:

property (share) contribution is the contribution of members of a consumer cooperative to the property (share) fund of a consumer cooperative with money, property or property rights having a monetary value.;

property (unit) fund is a fund consisting of property (unit) contributions made by members when creating or joining a consumer cooperative, and is one of the sources of formation of the consumer cooperative's property.;

A consumer cooperative is a voluntary association of citizens based on membership to meet the material and other needs of its members, carried out by combining its members' property (share) contributions.;

reserve fund is a fund that is intended to cover losses caused as a result of extraordinary circumstances, the procedure for the formation and use of which is determined by the charter of the consumer cooperative.;

A member of a consumer cooperative is a citizen and (or) a legal entity that meets the requirements of this Law, has made a property (share) contribution in the amount and procedure established by the charter of the consumer cooperative and has been accepted into the consumer cooperative with the right to vote.

The Law of the Republic of Kazakhstan dated May 8, 2001, No. 197.

This Law defines the legal status of consumer cooperatives, the organizational, economic and social conditions of their creation, operation, reorganization and liquidation, the rights and obligations of members, the powers and responsibilities of management and control bodies.

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Republic of Kazakhstan

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