Article 85. Separation of the company The Law on Joint-Stock Companies

     1. The separation of a company is recognized as the creation by a company of one or more companies with the transfer to them, in accordance with the separation balance sheet, of part of the property, rights and obligations of the reorganized company without termination of its activities.

     Upon allocation, the authorized capital of the reorganized company is not subject to reduction.

     The reorganized company carries out measures to register the selected companies with the justice authorities or the Government for Citizens State Corporation.

      2. The sole founder of a dedicated company is the reorganized company.  

      The amount of the authorized capital of the allocated company is equal to the difference between the assets and liabilities transferred to it by the reorganized company according to the dividing balance sheet, and must comply with the requirements established by Article 11 of this Law.  

      3. Excluded by the Law of the Republic of Kazakhstan dated December 28, 2011 No. 524-IV (effective after ten calendar days after its first official publication).

      4. The Board of Directors of the reorganized company submits for consideration by the general meeting of shareholders issues on the reorganization of the company in the form of allocation, the price of placement (sale) of shares of the allocated company, the procedure and conditions of allocation, as well as a draft separation balance sheet.  

      5. The General Meeting of Shareholders of the reorganized company decides on the reorganization in the form of allocation, the price of placement (sale) of shares of the allocated company, the procedure and conditions of allocation and approval of the separation balance sheet.  

      6. The Company is obliged to send written notices of reorganization in the form of a separation to all its creditors within two months after the date of the decision of the general meeting of shareholders on the separation and to place a corresponding announcement in Kazakh and Russian on the Internet resource of the financial reporting depository.

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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