Article 14. Participation of the Development Bank in the authorized capitals of legal entities of the Law On the Development Bank of Kazakhstan

Home / RLA / Article 14. Participation of the Development Bank in the authorized capitals of legal entities of the Law On the Development Bank of Kazakhstan

1. The Development Bank, in accordance with the Memorandum and the legislation of the Republic of Kazakhstan, participates in the authorized capitals of legal entities in the following cases::

1) foreclosure on a share of participation or shares of legal entities previously secured by the Development Bank for the purpose of their further sale;

2) participation in the authorized capital of legal entities created by professional participants in the securities market (stock exchange, central securities depository);

3) participation in the authorized capitals of lessor organizations and other legal entities by resolution of the general meeting of shareholders;

4) participation in the authorized capitals of legal entities in the framework of financing investment projects, restructuring, as well as in the authorized capitals of borrowers with mezzanine financing.

2. The Development Bank has the right to independently determine the need for independent directors in the management bodies of organizations with one hundred percent participation of the Development Bank in the authorized capital.

The Law of the Republic of Kazakhstan dated April 25, 2001 No. 178.

President

Republic of Kazakhstan

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