Article 5. Founders of the company Chapter 2. Establishment of the company The Law on Joint-Stock Companies
1. The founders of a company are individuals and (or) legal entities that have made the decision to establish it.
2. State bodies of the Republic of Kazakhstan and state institutions may not act as founders or shareholders of the company, with the exception of the Government of the Republic of Kazakhstan, local executive bodies, as well as the National Bank of the Republic of Kazakhstan, in accordance with the laws of the Republic of Kazakhstan.
By decision of the Government of the Republic of Kazakhstan, the authorized body for state property management acts as the founder of joint-stock companies.
By decision of the local executive body, the founder of joint-stock companies is an executive body funded from the local budget, authorized to dispose of communal property.
A state-owned enterprise has the right to act as the founder of a company and acquire its shares only with the consent of the state body that performs the function of owner and public administration body in relation to this enterprise.
3. The founder of the company may be one person.
4. The founders of the company are jointly and severally liable for the payment of expenses related to the establishment of the company and incurred prior to its state registration. The Company reimburses its founders for these expenses only if such expenses are subsequently approved by the general meeting of shareholders of the company.
5. The establishment of the company in order to implement a public-private partnership project is carried out taking into account the provisions established by the Law of the Republic of Kazakhstan "On Public-Private Partnership".
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.
President
Republic of Kazakhstan
© 2012. RSE na PHB "Institute of Legislation and Legal Information of the Republic of Kazakhstan" of the Ministry of Justice of the Republic of Kazakhstan
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