Article 37. Conflict of Interest Resolution of the Law On Non-Profit Organizations
A transaction involving a conflict of interest must be approved by the authorized body of a non-profit organization. The interested party must inform the authorized body of the organization about the proposed conclusion of such a transaction.
The interested party is responsible for compensation of losses caused to a non-profit organization as a result of such a transaction concluded in the presence of a conflict of interests, if the transaction has not been approved by the authorized body.
In addition to compensation for losses, such an interested party must also return to the non-profit organization all the income received by this person as a result of such a transaction.
If losses have arisen as a result of the actions of several interested parties, they must be jointly and severally liable to the non-profit organization.
The Law of the Republic of Kazakhstan dated January 16, 2001 No. 142.
President
Republic of Kazakhstan
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