Article 20. The Executive Body of the Consumer Cooperative of the Consumer Cooperative Act

Home / RLA / Article 20. The Executive Body of the Consumer Cooperative of the Consumer Cooperative Act

1. The executive body of the consumer cooperative carries out the day-to-day management of the activities of the consumer cooperative and the management of its affairs and is accountable to the general meeting.

The members of the executive body of the consumer cooperative are elected in the composition and for the term determined by the charter, and may be relieved of their duties (powers) at any time by decision of the general meeting of the consumer cooperative.

2. The procedure for the work and decision-making of the executive body is determined by the charter of the consumer cooperative.

3. The competence of the executive body includes all matters related to ensuring the activities of the consumer cooperative that do not fall within the competence of the general meeting, as defined by this Law and the cooperative's charter.

The competence of the executive body of the consumer cooperative also includes the powers of the general meeting, which are not related to its exclusive competence, transferred to the executive body in accordance with paragraph 4 of Article 19 of this Law.

4. In relations with third parties, a consumer cooperative has no right to refer to the restrictions on the powers of the executive body established by it. However, a consumer cooperative has the right to challenge the validity of a transaction made by its executive body with a third party in violation of the established restrictions if it proves that at the time of the transaction the third party knew or should have known about such restrictions.

5. Members of the executive body of a consumer cooperative are prohibited from:

1) without the consent of the general meeting, conclude transactions with a consumer cooperative aimed at obtaining property benefits from it (including gift, loan, gratuitous use, purchase and sale agreements, etc.);

2) receive commission from both the consumer cooperative itself and from third parties for transactions concluded by the consumer cooperative with third parties;

3) act on behalf of or in the interests of third parties in their relations with the consumer cooperative;

4) to carry out entrepreneurial activities that compete with the activities of this consumer cooperative.

6. The restrictions provided for in subparagraphs 1)-3) of paragraph 5 of this Article shall also apply to close relatives and relatives - members of the executive body 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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