Article 16. The Supervisory Board of the Production Cooperative of the Law On the Production Cooperative

Home / RLA / Article 16. The Supervisory Board of the Production Cooperative of the Law On the Production Cooperative

1. A supervisory board may be established in a production cooperative, which monitors the activities of the executive body of the cooperative.

Only members of the cooperative can be members of the supervisory board.

2. The members of the Supervisory Board are elected at the general meeting of the cooperative members. The number, duration and competence of the supervisory board are determined by the charter of the cooperative. A member of the supervisory board may not simultaneously be a member of the management board or chairman of the cooperative.

3. The Charter of the cooperative may include the competence of the supervisory board to periodically hear reports from the board of the cooperative (chairman of the cooperative), consent to the appointment of officials of the executive office, preliminary approval of transactions in excess of the amount established by the charter, monitoring the implementation of decisions of the general meeting of cooperative members.

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

5. Members of the supervisory board may not act on behalf of a production cooperative.

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

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