Article 14. Consumer Cooperative of the Law on Non-Profit Organizations

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1. A consumer cooperative is recognized as a voluntary association of citizens on the basis of membership to meet the material and other needs of participants, carried out by combining property (share) contributions by its members.

In cases stipulated by legislative acts, legal entities may join a consumer cooperative.

2. Excluded by the Law of the Republic of Kazakhstan dated 29.10.2015 No. 373-V (effective from 01.01.2016).

3. The members of a consumer cooperative jointly and severally bear subsidiary responsibility for its obligations within the limits of the unpaid part of the additional contribution of the cooperative members.

4. The income received by a consumer cooperative cannot be distributed among its members and is used for statutory purposes.

5. The members of the consumer cooperative are obliged to cover the losses incurred by additional contributions within three months after the approval of the annual balance sheet. In case of non-fulfillment of this obligation, the cooperative may be liquidated in court at the request of creditors.

6. The specifics of the legal regulation of consumer cooperatives are regulated by special legislative acts.

The Law of the Republic of Kazakhstan dated January 16, 2001 No. 142.

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