Article 24. Dividends on preferred shares of the Law on Joint Stock Companies

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1. Payment of dividends on preferred shares of the company does not require a decision of the company's body.

The frequency of payment of dividends and the amount of the dividend per preferred share are established by the articles of association of the company.

The payment of dividends must be made no later than ninety days after the date of drawing up the list of shareholders entitled to receive dividends.

In the absence of information about the current details of the shareholder from the company or in the system of registers of holders of securities, or the system of accounting for nominal holding, the payment of dividends on preferred shares of the company must be carried out in the manner and within the time limits specified by the regulatory legal act of the authorized body to the account opened in the central depository for the accounting of unclaimed money.

The amount of dividends accrued on preferred shares may not be less than the amount of dividends accrued on common shares for the same period.

Payment of dividends on common shares of the company is not made until the full payment of dividends on preferred shares to shareholders entitled to receive dividends, and for which there are current details in the company's share register system.

2. The guaranteed amount of a dividend on a preferred share may be set either in fixed terms or indexed relative to any indicator, provided that its values are regular and publicly available.

3. Within five working days before the deadline for payment of dividends on preferred shares, the company is obliged to publish information on the payment of dividends in Kazakh and Russian on the Internet resource of the financial reporting depository, indicating the information listed in the sub-paragraphs 1), 2), 4), 5) paragraph 3 of Article 23 of this Law, as well as the amount of the amount of the dividend per preferred share of the company.

The Law of the Republic of Kazakhstan dated May 13, 2003 No. 415.

This Law defines the legal status, procedure for the establishment, operation, reorganization and liquidation of a joint-stock company; the rights and obligations of shareholders, as well as measures to protect their rights and interests; the competence, procedure for the formation and functioning of the bodies of a joint-stock company; the powers, procedure for the election and responsibility of its officials.

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Republic of Kazakhstan

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