Article 7. Property contribution of a cooperative member of the Production Cooperative Act
1. The property contributions of the members of the production cooperative form the initial capital and are intended for the creation and organization of the cooperative's activities, as well as to cover expenses.
2. The composition and amount of property contributions, as well as the procedure, methods and terms of their payment are determined by the founding agreement or the charter.
3. By decision of the general meeting of the cooperative, additional property contributions may be provided for by the members of the cooperative. The decision on this is made in accordance with the procedure established by Article 15 of this Law.
4. The entrance fee of a newly admitted member is determined by his agreement with the cooperative and is recorded in the minutes of the general meeting of the cooperative members.
5. Each member of the cooperative is given a document certifying the amount and type of his entrance fee.
6. Property contributions to a cooperative may include money, securities, things, property rights, including land use rights, intellectual property rights, and other property.
The monetary assessment of the property contribution of a cooperative member cannot be made only by agreement between the founders of the cooperative and is subject to independent audit. An independent audit is not conducted in cases where the property contributions of the cooperative members consist only of money.
When a production cooperative is re-registered, the monetary assessment of its member's property contribution may be confirmed by the cooperative's accounting documents or an audit report.
7. In the event that the property is transferred by a member of the cooperative as a contribution to the cooperative only for use, the amount of the contribution is determined based on the rent for the use of this property, calculated for the period determined by the agreement of the cooperative members.
The Law of the Republic of Kazakhstan dated October 5, 1995 N 2486.
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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