Article 18. The procedure for issuing permits to attract money from equity holders in the organization of shared-equity housing construction by participating in a second-tier bank project or after the construction of the frame of an apartment building The Law on Equity Participation in Housing Construction
1. The attraction of money from shareholders is carried out by an authorized company based on the permission of the local executive body of the region, the city of republican significance, the capital, the district, the city of regional significance to attract money from shareholders.
2. The issuance of a permit to attract money from shareholders is carried out in accordance with the Law of the Republic of Kazakhstan "On Permits and Notifications".
3. To obtain permission to raise money from shareholders, the developer and the authorized company send an application to the local executive body with copies of documents confirming compliance with the requirements specified in paragraphs 1, 1-1, 3 and 5 of Article 9 or paragraphs 1 and 3 of Article 10 of this Law (depending on the method of organizing equity participation in housing construction).
4. The local executive body, within eight working days from the date of receipt from the developer and the authorized company of the documents specified in paragraph 3 of this article, is obliged to issue a permit to attract money from shareholders or send a written reasoned refusal.
5. The reason for refusal to issue a permit by a local executive body to attract money from shareholders is the non-compliance of the developer and (or) the authorized company with one or more of the requirements set out in paragraphs 1, 1-1, 3 and 5 of Article 9 or paragraphs 1 and 3 of Article 10 of this Law (depending on the method of organizing equity participation in housing construction).
6. The developer and the authorized company have the right to appeal a reasoned refusal to issue a permit to attract money from shareholders in accordance with the procedure established by the laws of the Republic of Kazakhstan.
7. The developer and the authorized company have the right to reapply for a permit to raise money from shareholders after eliminating the comments indicated in the reasoned refusal.
8. A permit to raise money from shareholders is issued by a local executive body for the entire period of construction of an apartment building or a complex of individual residential buildings until it is put into operation.
9. Suspension and revocation of permission to attract money from shareholders are carried out in accordance with the Law of the Republic of Kazakhstan "On Permits and Notifications".
The Law of the Republic of Kazakhstan dated April 7, 2016 No. 486-V SAM.
This Law regulates public relations related to the activities of equity participation in the housing construction of multi-family residential buildings by attracting money from individuals and (or) legal entities, and also establishes guarantees for the protection of the rights and legitimate interests of the parties to the agreement on equity participation in housing construction.
President
Republic of Kazakhstan
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