Article 12. Foreclosure on the share of a member of a production cooperative of the Production Cooperative Act

Home / RLA / Article 12. Foreclosure on the share of a member of a production cooperative of the Production Cooperative Act

1. Foreclosure on the share of a cooperative member for his personal debts is allowed only if his other property is insufficient to cover such debts.

2. When foreclosing on a share, the cooperative allocates a share in the cooperative's property corresponding to the share of its debtor member. The size of the share is determined according to accounting data as of the date of receipt of the creditor's (creditors') claim.

The share is allocated in cash or in kind.

The Law of the Republic of Kazakhstan dated October 5, 1995 N 2486.

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Republic of Kazakhstan

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