Article 14. Management of the affairs of the General Partnership of the Law on Business Partnerships
1. The supreme body of a general partnership is the general meeting of participants.
Decisions on internal issues of the general partnership are made by general agreement of all participants.
The founding documents of a partnership may provide for cases when a decision is made by a majority vote of the participants. Each participant in a general partnership has one vote, unless the founding agreement provides for a different procedure for determining the number of votes of its participants.
The constituent documents may provide that the number of votes held by the participants is determined in proportion to their share in the authorized capital of the partnership.
2. The management of a general partnership, subject to the provisions of paragraph 1 of this article, shall be carried out by the executive bodies of the general partnership.
The types, procedure for the formation of governing bodies and their competence are determined by the constituent documents.
3. A participant in a general partnership may not, without the consent of the other participants, make transactions on his own behalf and in his own interests or in the interests of third parties that are similar to those that constitute the subject of the partnership's activities. In case of violation of this rule, the partnership has the right, at its discretion, to demand from such a participant either compensation for losses caused to the partnership, or the transfer to the partnership of all benefits acquired through such transactions.
4. The bodies of the general partnership, which are entrusted with the management of the partnership's affairs, are obliged to provide all participants, upon their request, with complete information about their activities.
5. A participant who acted in the common interest without authority, in cases where his actions are not approved by all other participants, has the right to demand compensation from the partnership for the expenses incurred by him, provided that he proves that due to his actions the partnership has saved or acquired property exceeding the cost of the expenses incurred by the partnership.
The Law of the Republic of Kazakhstan dated May 2, 1995 No. 2255.
President
Republic of Kazakhstan
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