Article 40. Reorganization of the Agricultural Cooperative Law on Agricultural Cooperatives
1. The reorganization of an agricultural cooperative (merger, affiliation, division, separation, transformation) is carried out by a decision of the general meeting of the cooperative's members or by a court decision in accordance with the legislation of the Republic of Kazakhstan.
2. When reorganizing an agricultural cooperative, amendments and (or) additions to the charter of the agricultural cooperative or the adoption of the charter of the agricultural cooperative in a new version are carried out in accordance with the requirements of the legislation of the Republic of Kazakhstan.
3. When an agricultural cooperative is reorganized, its rights and obligations are transferred to its legal successors in accordance with the transfer act and (or) the separation balance sheet. These documents must contain provisions on succession for all obligations of the reorganized agricultural cooperative in respect of all its creditors and debtors, including obligations disputed by the parties.
4. The transfer act and (or) the dividing balance sheet shall be approved by the general meeting of the cooperative members and submitted for state registration in accordance with the procedure established by the legislation of the Republic of Kazakhstan.
The Law of the Republic of Kazakhstan dated October 29, 2015 No. 372-V SAM.
President
Republic of Kazakhstan
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