Article 14. Responsibility of the members of the production cooperative for the obligations of the cooperative of the Law on the Production Cooperative

Home / RLA / Article 14. Responsibility of the members of the production cooperative for the obligations of the cooperative of the Law on the Production Cooperative

1. The members of a cooperative shall bear additional (subsidiary) responsibility for the obligations of the cooperative.

2. A member of a cooperative who joined the cooperative after its establishment by way of transfer of a share or inheritance of a share shall be liable on an equal basis with other members for obligations that arose before his entry into the cooperative.

3. A cooperative member who joined the cooperative after its establishment is liable for the obligations that arose after his entry into the cooperative.

4. A member of a cooperative who has left it by transferring a share to another member or a third party, in the event of foreclosure on his share by the creditor(s), as well as the heir of a deceased member who was refused admission to the cooperative, shall not be liable for the obligations of the cooperative.

5. The maximum amount of additional (subsidiary) liability of a cooperative member for the obligations of the cooperative is determined by the constituent documents, but may not be less than the value of a cooperative member's share. Responsibility is distributed among the members of the cooperative in proportion to the size of their shares.

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

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Republic of Kazakhstan

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