Article 166. Affiliated companies of legal entities of the Entrepreneurial Code of the Republic of Kazakhstan
1. For the purposes of this section, affiliated companies of legal entities with more than fifty percent of the shares (shares in the authorized capital) owned by the state are understood to be legal entities in which more than fifty percent of the shares (shares in the authorized capital) are owned directly or indirectly by legal entities, more than fifty percent of the shares (shares in the authorized capital) which belong to the state.
2. Indirect affiliation means that each subsequent affiliated person owns more than fifty percent of the shares (shares in the authorized capital) of another legal entity.
President
Republic of Kazakhstan
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