Article 18. General Meeting of the Consumer Cooperative of the Consumer Cooperative Law

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1. The General Meeting of the consumer cooperative is its highest body and is authorized to resolve all issues related to its activities. At the same time, regular or extraordinary general meetings may be convened, which are recognized as valid if more than half of all members of the consumer cooperative are present at them. The decision of the general meeting is considered adopted if more than half of the members present at the meeting voted for it. At the same time, each member of the consumer cooperative has one vote when making decisions at the general meeting, regardless of the size of his share in the property of the consumer cooperative.

2. The next general meeting of a consumer cooperative is convened by the executive body within the time limits established by the charter, but at least once a year.

The general meeting devoted to the approval of the annual financial statements of the consumer cooperative must be held no later than three months after the end of the reporting financial year.

3. An extraordinary general meeting of a consumer cooperative shall be convened in the cases provided for by this Law, the charter, as well as in any other cases when the interests of the consumer cooperative require the convening of such a meeting.

An extraordinary general meeting of a consumer cooperative is convened by the executive body on its own initiative, as well as at the request of the audit commission (auditor) or at the initiative of at least one tenth of the total number of members of the consumer cooperative.

If, despite the demands of the audit commission (auditor) or the members of the consumer cooperative, the executive body does not convene an extraordinary general meeting, it may be convened by the audit commission (auditor) or at least one tenth of the total number of members of the consumer cooperative independently.

An extraordinary general meeting of a consumer cooperative in the process of liquidation may also be convened by the liquidation commission.

4. A decision of the general meeting of a consumer cooperative taken in violation of the procedure for holding the general meeting, and making decisions established by this Law, the charter or rules and other documents regulating the internal activities of the consumer cooperative, as well as a decision of the general meeting that contradicts this Law or the charter, including a decision that violates the rights of members of the consumer cooperative, may be declared invalid by the court in whole or in part at the request of the members of the consumer cooperative. Such an application may be submitted within six months from the date of the general meeting.

5. The procedure for convening, holding, and making decisions is determined by the charter of the consumer cooperative.

The Law of the Republic of Kazakhstan dated May 8, 2001, No. 197.

This Law defines the legal status of consumer cooperatives, the organizational, economic and social conditions of their creation, operation, reorganization and liquidation, the rights and obligations of members, the powers and responsibilities of management and control bodies.

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Republic of Kazakhstan

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