Article 15. General meeting of the members of the production cooperative  Chapter 4. Management of the Production Cooperative of the Production Cooperative Act

      1. The supreme body of a cooperative is the general meeting of its members.  

      In cooperatives with more than 100 members, the constituent documents may provide for the assignment of the functions of the supreme body to the meeting of commissioners.  

     2. The exclusive competence of the general meeting of cooperative members includes:  

     1) amendment of the cooperative's charter;  

      1-1) defining the main directions of the cooperative's activities;  

      2) formation of the executive body, audit bodies and the supervisory board and reviews of their members;  

      3) establishment of the types and sizes of funds and reserves of the cooperative and the directions of their use;  

      4) adoption and amendment of the rules of the internal labor regulations, regulations on remuneration of officials of the cooperative, its members and employees, and other acts of the cooperative;  

      5) establishment of branches and representative offices of a cooperative, establishment of business partnerships and joining them as a participant;  

      6) resolving the issue of making additional share contributions;  

      7) admission and exclusion from the membership of the cooperative;  

      8) approval of the annual reports and balance sheets of the cooperative, distribution of its profits and losses;  

      9) the decision on the reorganization and liquidation of the cooperative;  

      10) approval of the report of the audit commission (auditor);  

      11) hearing the report of the board of the cooperative (chairman of the cooperative).  

      3. By the founding documents of the cooperative, the resolution of other issues may also be attributed to the exclusive competence of the general meeting.  

      4. Matters falling within the exclusive competence of the general meeting may not be transferred to them for decision by the executive body of the cooperative.  

      5. The general meeting of the cooperative members may be regular or extraordinary.  

      6. The next general meeting is held within the time limits set by the board of the cooperative (the chairman of the cooperative), but not later than three months after the end of the next financial year.  

      The next general meeting of the cooperative members:  

      1) approves the annual report and balance sheet of the cooperative, the distribution of its profits and losses;  

      2) approves the report of the audit commission (auditor);  

      3) hears the report of the board of the cooperative (chairman of the cooperative);  

      4) resolves other issues of the cooperative's activities proposed for consideration in accordance with paragraph 8 of this Article.  

      7. The extraordinary general meeting is convened by the Board of the cooperative (chairman of the cooperative) on their own initiative, by decision of the supervisory Board, at the request of the audit commission (auditor), as well as at the request of at least twenty percent of the cooperative's members.  

      The request to the Management Board to convene an extraordinary general meeting is subject to execution within twenty days from the date of its application. Otherwise, the members of the cooperative who have requested the convening of an extraordinary general meeting are entitled to convene the meeting on their own.  

      8. The Chairman of the Management Board (chairman of the cooperative) shall notify the members of the cooperative in writing of the date, place, time and agenda of the general meeting of the cooperative members at least twenty days before the date of the meeting.  

      The General Meeting may not amend the agenda or make decisions on issues not included in it, unless otherwise decided unanimously by the members of the cooperative present at the meeting, provided there is a proper quorum. The general meeting is reconvened in the same manner if its term has been postponed due to the absence of a quorum.  

      9. The general meeting is considered valid if it is attended by more than half of the cooperative's members or their representatives.  

      10. The rules of procedure of the general meeting and the voting procedure (open or secret) are determined by the general meeting of the cooperative members.  

      11. Each member of the cooperative has one vote when making decisions by the general meeting, regardless of the size of his share.  

      12. The decision of the general meeting is considered adopted if more than half of the members of the cooperative or their representatives present at the meeting voted for it.  

      Decision on the issues provided for in paragraphs 1), 6), 7) and  

      9) paragraph 2 of this article is considered adopted if at least two thirds of all members of the cooperative voted for it.  

      The reorganization of a cooperative in the form of its transformation into an economic partnership is carried out on the basis of a unanimously adopted decision.  

      13. The Charter of the cooperative may define issues, decisions on which are taken by a qualified majority of votes or unanimously.  

      14. The member of the cooperative, in respect of whom the issue of exclusion is being considered, does not participate in the voting.  

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

President    

Republic of Kazakhstan     

© 2012. RSE na PHB "Institute of Legislation and Legal Information of the Republic of Kazakhstan" of the Ministry of Justice of the Republic of Kazakhstan  

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