Article 21. Bankruptcy of an Individual Entrepreneur
replaced by (10) Law of 2nd July 1997 of the Republic of Kazakhstan. Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan; and amended by (12) Law of No. 211 of 2nd March 1998 of the Republic of Kazakhstan. Concerning the Introduction of Amendments and Additions to the Civil Code of the Republic of Kazakhstan (General Part), and to the Decree of the Supreme Soviet of the Republic of Kazakhstan "Concerning the Implementation of the Civil Code of the Republic of Kazakhstan (General Part)".
1. Insolvency of an individual entrepreneur (Article 52 of this Codex) shall be the basis for his recognition as bankrupt.
2. Bankruptcy of an individual entrepreneur shall be recognised in a voluntary or compulsory procedure in accordance with the rules established by Article 53 of this Code. From the moment of recognition of an individual entrepreneur as bankrupt his registration as individual entrepreneur shall become invalid.
3. When bankruptcy procedures are applied to an individual entrepreneur, his creditors with regard to obligations which are not connected to entrepreneurial activities shall also have the right to file claims provided the date of execution with regard to such obligations has arrived. Claims of said creditors which are not filed by them in such a procedure as well as claims which have not been satisfied in full volume out of competitive estate, shall remain valid and may be filed against a debtor who is a physical person for collection after the completion of bankruptcy procedures. Amounts of such claims shall be reduced by amounts of satisfaction received in the procedure of debtor's bankruptcy.
4. Court expenses as well as expenses associated with remuneration to the administrator, competitive or rehabilitation managers if they were appointed shall be covered out of competitive estate prior to the satisfaction of creditors' claims. Satisfaction of creditors' claims against an individual entrepreneur in the case of his recognition as bankrupt shall be carried out at the expense of his properties in the following sequence:
1) in the first line the claims associated with collection of alimonies and with compensation for harm caused to lives and health shall be satisfied;
2) the claims of the creditors which are secured with pledge of property owned by the individual entrepreneur shall be satisfied in the second line, within the limits of the pledged amount;
3) in the third line, the liability shall be repaid with regard to obligatory payments to the Budget and non-budgetary funds;
4) the settlements associated with work remuneration of persons who work under service agreements, and payment of remuneration on authorship agreements shall be carried out in the fourth line;
5) in the fifth line, the settlements with other creditors shall be carried out in accordance with legislative acts.
Satisfaction of creditors' claims with regard to each line shall be carried out in accordance with the rules provided for by the legislative act concerning bankruptcy of legal entities.
5. After the completion of settlements with creditors, a debtor recognised as bankrupt shall be released from execution of outstanding obligations connected to entrepreneurial activity, except for claims of citizens to whom a person announced as bankrupt is liable for causing harm to live or health, as well as other claims of personal nature as provided for by the legislative acts of the Republic of Kazakhstan.
Article 22. The Deed Capacity of Minors From Fourteen to Eighteen
Years Old
1. Minors from fourteen to eighteen years old shall enter into transactions with the consent of their parents, adopters or guardians. The form of such consent must be consistent with the form which is established by legislation for transactions entered into by minors.
2. Minors from fourteen to eighteen years old shall have the right to independently dispose of their wages, grants and any other income and the intellectual property rights associated with the items created by them, and also to enter into small day-to-day transactions.
3. Where sufficient reasons exit, the body of guardianship and sponsorship may restrict or deprive the minor of the right to independently dispose of his wages, grants and any other income and of the intellectual property items created by him.
4. Minors from fourteen to eighteen years of age shall independently bear responsibility with regard to the transactions committed by them in accordance with the rules of this Article and they shall be held responsible for any harm caused by their acts, in accordance with the rules of this Code.
Article 23. The Deed Capacity of Minors Under Fourteen Years Old
1. For minors who have not reached 14 years of age, transactions shall be committed by their parents, adopters, or guardians on their behalf, unless otherwise provided for by legislative acts.
2. Minors under the age of fourteen years shall have the right to independently enter only into small day-to-day transactions which are performed when they are entered into.
Article 24. The Consent of the Bodies of Guardianship and
Sponsorship to Commitment of Transactions by Minors and On Behalf of
Minors
Legislative acts may establish cases where the commitment of a transaction by a minor and on behalf of a minor shall require prior consent of the guardianship or sponsorship authorities.
Article 25. The Right of Minors to Lodge Savings into Banks and to
Dispose of the Savings
1. Minors shall have the right to lodge their savings in banks and to independently dispose of their savings which are lodged by themselves.
2. Savings which are lodged by somebody else on behalf of minors who have not reached fourteen years of age, shall be managed of by their parents or any other legitimate representatives, while minors who have reached fourteen years of age may independently dispose of savings lodged on their behalf by somebody else.
Article 26. The Recognition of a Citizen as Incapable
1. A citizen who, as a result of psychic disease or mental weakness, can not understand the meaning of his acts or direct them, may be recognised by the court as incapable, and in this connection, guardianship shall be established over him.
2. On behalf of citizens recognised as incapable, the transactions shall be carried out by a guardian.
3. In the case of a recovery or a significant improvement of the health of the incapable person, the court shall recognise him as capable, after which guardianship over him shall be alleviated.
Article 27. Restriction of Citizens Capacity
1. A citizen who consequential to the abuse of alcoholic drinks or narcotic substances puts his family into a difficult financial position my be restricted by the court with regard to his deed capacity in accordance with the procedure established by the Civil Procedural Code of the Republic of Kazakhstan. Tutorship shall be established over him. He shall have the right to independently enter into small day-to-day transactions. He may commit any other transactions, receive wages, pensions and any other income, and he may dispose of them [but] only with the consent of the tutor.
2. Where a citizen severs the abuse of alcoholic drinks or narcotic substances, the court shall abolish restrictions of his capacity. On the basis of the court decision the tutorship established over the citizen shall be abolished.
Article 28. The Recognition of a Citizen as Missing
1. Pursuant to the application of interested persons a citizen may be recognised by the court as missing, if within one year in the place of his domicile there is no information on his whereabouts.
2. When it is impossible to establish the date of receipt of the last information concerning the missing person, the beginning of the absence shall be deemed to be the first date of the month following the one in which the last information was received on the absentee, and if it is impossible to establish that month, - it shall be the first of January of the following year.
Article 29. The Protection of Property of a Missing Person
1. On the basis of a court decision, guardianship shall be established with regard to the property of a person who is recognised as missing. Subsistence shall be paid from that property to the persons whom the missing person was to support, and his debts shall be repaid with regard to taxes and any other liabilities.
2. Pursuant to the application of the interested persons, the guardianship and tutorship authority may appoint an administrator to guard and manage the property until the one year expires after the date when last information concerning the location of the missing person was received.
Article 30. The Abolition of a Decision to Recognise A Person As
Missing
In the case of his arrival or the establishment of the locations of a person who is recognised as missing, the court shall abolish its decision to recognise him as missing and to establish guardianship over his property.
Article 31. The Announcement of a Citizen as Deceased
1. Pursuant to the application of interested persons, a citizen may be announced by the court as deceased, if there is no information about him in the place of his domicile for three years; and, if he disappeared under circumstances which threatened death or which give grounds to assume his demise in an accident, for six months.
2. A military serviceman, or any other person who is missing in connection with military actions, may be announced deceased not earlier than upon the expiry of two years from the date of the termination of the military operations.
3. The date of the demise of a person who is announced as deceased shall be deemed to be the day that the decree of the court, which announced him as deceased, enters into legal force. In the cases of announcing persons as deceased, a person who is missing under circumstances which threaten death or which invoke the assumption of his demise in an accident, the court may recognise the date of the assumed demise of this person as the date of his death.
4. When the decision of a court announcing a person as deceased enters into legal force, his death shall be entered into the books for the registration of civil status acts. The consequences of such an entry shall be the same as of an entry of actual death.
Article 32. The Consequences of the Re-Appearance of a Person
Announced as Deceased
1. In the case that a person who has been announced as deceased, re-appears or his location is established, the relevant court decision shall be annulled.
2. Irrespective of the time of his re-appearance, the citizen may claim the return of remaining assets which were free of charge transferred to persons after the announcement of the citizen as deceased, from those persons.
3. If the property of a person announced as deceased, was sold by his legal successor to third parties who by the time of re-appearance failed to pay the full purchase price, then the person who reappeared shall have the right to claim the outstanding amount.
4. The persons to whom the property of a citizen who was announced as dead was transferred through commercial transactions, shall be obliged to return to him that property; and in case they do not have it, they must compensate for its value, if it is proved that at the time of the acquisition of the property they knew that the citizen who was announced deceased, was alive.
5. The alienator of the assets who knew at the moment of the alienation that the person announced as dead is alive, shall bear, jointly with the buyer, the responsibility to return or compensate the value of the property.
6. When the property of a person who is announced as deceased was transferred to the State under its right to inherit and was sold, then, after the abolition of the decision to announce the person as deceased, he shall be repaid the amount which is received from selling his property subject to its market value as on the date of the payment.
§ 2. Legal Entities
I. GENERAL PROVISIONS
Article 33. The Definition of a Legal Entity
1. An organisation which has under the right of ownership, the right of business authority or operational management, its separate assets and which is liable with this property for its obligations, which may, in its name, acquire and exercise property rights and personal non-property rights and obligations, and may be the plaintiff or defendant in the court of law, shall be recognised as a legal entity. A legal entity must have its independent balance-sheet or budget.
2. A legal entity shall have a seal with its name.
Article 34. The Types and Forms of Legal Entities
amended by (11) Law of 11th July 1997 of the Republic of Kazakhstan. Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan Concerning Issues of Banking Activity; and
(12) Law of No. 211 of 2nd March 1998 of the Republic of Kazakhstan. Concerning the Introduction of Amendments and Additions to the Civil Code of the Republic of Kazakhstan (General Part), and to the Decree of the Supreme Soviet of the Republic of Kazakhstan "Concerning the Implementation of the Civil Code of the Republic of Kazakhstan (General Part)";
(15) Law No. 282 of 10th July 1998 of the Republic of Kazakhstan. Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan Concerning Issues of Joint-Stock Companies; and
(17) Law No. 320 of 16th December 1998 of the Republic of Kazakhstan. Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan Concerning Issues of the State-Owned Legal Entities.
1. A legal entity may be an organisation which pursues the extraction of profits income as the principal purpose of its activities (commercial organisation), or which does not have the extraction of profits income as such a goal and which does not distribute earned profits earned net income between its participants (non-commercial organisation).
2. A legal entity which is a commercial organisation (enterprise) may be created solely in the form of a state-owned enterprise, business partnership, joint-stock company or production cooperative.
3. A legal entity, which is a non-commercial organisation, may be created in the form of an institution, public association, joint-stock company consumer co-operative, public foundation, religions association and any other form which is provided for by legislative acts. A non-commercial organisation may engage in entrepreneurial activity only for as long as it is consistent with the objectives of its charter.
3-1. A legal entity that is a non-commercial organisation and maintained at the expense of the state budget may be formed exclusively in the form of a state-owned institution.
4. Legal entities may create associations.
5. A legal entity shall act on the basis of this Code, the Law concerning each type of legal entities, any other legislative acts and their foundation documents.
Article 35. The Legal Capacity of a Legal Entity
amended by (12) Law of No. 211 of 2nd March 1998 of the Republic of Kazakhstan. Concerning the Introduction of Amendments and Additions to the Civil Code of the Republic of Kazakhstan (General Part), and to the Decree of the Supreme Soviet of the Republic of Kazakhstan "Concerning the Implementation of the Civil Code of the Republic of Kazakhstan (General Part)"; and
(17) Law No. 320 of 16th December 1998 of the Republic of Kazakhstan. Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan Concerning Issues of the State-Owned Legal Entities.
1. A legal entity may have civil rights and bear obligations associated with its activity in accordance with the present Code. Commercial organisations, except for state-owned enterprises, may have civil rights and bear civil obligations, which are necessary for the exercise of any types activity which are not prohibited by legislative acts or their foundation documents.
In the cases stipulated by legislative acts, for legal entities carrying out certain types of activity, a possibility may be excluded or restricted to engage in another activity.
A legal entity may engage in certain types of activities, the list of which is defined by legislative acts, only on the basis of a licence.
2. The legal capacity of a legal entity shall arise at the moment of its creation and it shall cease at the time of completion of its liquidation. The legal capacity of a legal entity in a sphere of activities which requires a licence, shall arise from the moment of the procurement of such a licence and it shall cease at the moment of its revocation, expiry of the term of its validity, or recognition of it as invalid in accordance with the procedure established by legislative acts. 3. The legal capacity of a legal entity who is a non-commercial organisation and maintained solely at the expense of the state budget (state institution) shall be defined by this Code and other legislative acts of the Republic of Kazakhstan.
Article 36. The Rights of Foundation Parties (Participants) With
Regard to the Property of the Legal Entities Formed by Them
as amended by (15) Law No. 282 of 10th July 1998 of the Republic of Kazakhstan. Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan Concerning Issues of Joint-Stock Companies.
1. The foundation parties (participants) of a legal entity may have obligatory or corporeal rights with regard to the separate property of the legal entity.
2. Business partnerships, joint-stock companies and co-operatives shall be recognised as legal entities whose property remains under the obligatory rights of their participants (foundation parties).
3. The organisations which hold their property under the right to business authority or under the right of operational management shall be recognised as legal entities whose properties remain under the right of ownership or under other corporeal rights of their participants (foundation parties).
4. Public associations, public foundations and religious associations shall be recognised as legal entities, and their foundation parties (participants) shall not retain any property rights with regard to their property.
Article 37. Bodies of a Legal Entity
amended by (12) Law of No. 211 of 2nd March 1998 of the Republic of Kazakhstan. Concerning the Introduction of Amendments and Additions to the Civil Code of the Republic of Kazakhstan (General Part), and to the Decree of the Supreme Soviet of the Republic of Kazakhstan "Concerning the Implementation of the Civil Code of the Republic of Kazakhstan (General Part)".
1. A legal entity shall acquire civil rights and assume obligations solely through its bodies which operate in accordance with legislative acts and the foundation documents.
2. The types of, the procedure for appointing or electing the bodies of a legal entity, and their powers shall be defined in legislative acts and the foundation documents.
Article 38. The Name of a Legal Entity
[as amended by (4) Law No. 30 - I of the Republic of Kazakhstan. Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan. July 15, 1996;
12) Law of No. 211 of 2nd March 1998 of the Republic of Kazakhstan. Concerning the Introduction of Amendments and Additions to the Civil Code of the Republic of Kazakhstan (General Part), and to the Decree of the Supreme Soviet of the Republic of Kazakhstan "Concerning the Implementation of the Civil Code of the Republic of Kazakhstan (General Part)"; and
(19) Law No. 440 of 16th July 1999 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan Concerning Issues of Taxation.
1. A legal entity shall have its name, which permits to distinguish it from any other entities. The name of a legal entity shall consist of its name and an indication of its organisational and legal form. It may contain any additional information provided for by legislation. The name of a legal entity shall be indicated in its foundation documents. It shall be prohibited to use in the name of a legal entity, names which contradict the requirements of legislation or the norms of public ethics; the proper names of persons, unless they coincide with the names of participants, or where the participants failed to obtain the permission from those persons (their heirs) to use the proper name;
2. The name of a legal entity which is a commercial organisation, after the registration of the legal entity, shall be its commercial name. Under their commercial names, legal entities shall be entered into the single state register of legal entities.
A legal entity shall have an exclusive right to use its business name. A person who illicitly uses somebody else's business name must terminate the use of such a name and to compensate the losses caused, pursuant to the requirement of the owner of the right to the business name.
The rights and obligations of a legal entity which are associated with the use of a business name shall be determined in legislation.
3. For the use by legal entities (except for state-owned enterprises, state institutions and non-commercial organisations) and physical persons of the words "Kazakhstan", "Republic", "National" (in full, as well as any derivations from them) in their business names, services signs, trade marks, they shall pay levy in accordance with the procedure and in amounts established by tax legislation.
4. It shall be prohibited to use in business names, service signs, trade marks of the legal entities which are not state authorities of references to official names of the state authorities of the Republic of Kazakhstan as established by legislative acts, acts of the President and Government of the Republic of Kazakhstan.
Article 39. The Location of a Legal Entity
amended by (12) Law of No. 211 of 2nd March 1998 of the Republic of Kazakhstan. Concerning the Introduction of Amendments and Additions to the Civil Code of the Republic of Kazakhstan (General Part), and to the Decree of the Supreme Soviet of the Republic of Kazakhstan "Concerning the Implementation of the Civil Code of the Republic of Kazakhstan (General Part)".
1. The place where the permanently operating body of a legal entity is situated shall be recognised as the location of that legal entity.
2. The location of a legal entity shall be indicated in its foundation documents with the inscription of its full address.
3. In its relations with third parties a legal entity shall not have the right to refer to non-compliance of its actual address to the address entered into the state register. In this respect, third parties shall have the right to sent to a given legal entity postal and other correspondence both to the address entered into the state register, and to its actual address.
Article 40. The Foundation Parties of a Legal Entity
1. A legal entity may be founded by one or several foundation parties.
2. The owners of the property, or the bodies and persons authorised by them, and in the cases specifically provided for by legislative acts, any other legal entities may be foundation parties of a legal entity. In that respect, the legal entities who own the property under the right to business authority or operational management, may be foundation parties of other legal entities after the approval of their owner or the body authorised by their owner.
Article 41. Foundation Documents of a Legal Entity
[as amended by (4) Law No. 30 - I of the Republic of Kazakhstan. Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan. July 15, 1996; and
(8) Law of 19th June 1997 of the Republic of Kazakhstan. Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan]
(11) Law of 11th July 1997 of the Republic of Kazakhstan. Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan Concerning Issues of Banking Activity;
(12) Law of No. 211 of 2nd March 1998 of the Republic of Kazakhstan. Concerning the Introduction of Amendments and Additions to the Civil Code of the Republic of Kazakhstan (General Part), and to the Decree of the Supreme Soviet of the Republic of Kazakhstan "Concerning the Implementation of the Civil Code of the Republic of Kazakhstan (General Part)";
(13) Law No. 221 of 22nd April 1998 of the Republic of Kazakhstan. Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan; and
(15) Law No. 282 of 10th July 1998 of the Republic of Kazakhstan. Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan Concerning Issues of Joint-Stock Companies.
1. A legal entity shall carry out its activities on the basis of its Charter or the Foundation Agreement and the Charter, unless it is otherwise provided for by legislative acts. In the cases specified by legislative acts, a legal entity which is not a commercial organisation, may operate on the basis of general regulations concerning the organisations of that type.
A legal entity which is a small business may carry out its activities on the basis of the Model Articles the content of which is defined by the Government of the Republic of Kazakhstan.
2. The foundation agreement of a legal entity shall be entered into and its charter shall be approved by its foundation parties. No foundation agreement shall be entered into when a commercial organisation is established by one person.
3. The foundation documents of a non-commercial organisation and of a state-owned enterprise, must define the objects and aims of the activities of that legal entity.
Foundation documents of a business partnership, joint-stock company and a production co-operative may provide for the objects and purposes of their activity.
4. In the foundation agreement parties (foundation parties) undertake to create a legal entity, and they define the procedure for their joint activities to create it, the conditions for the vesting into its ownership (business authority, operational management) of their property and for their participation in its activities. The agreement shall also define the terms and procedure for the distribution of net income between the foundation parties, management of the business of the legal entity, exit of foundation parties from it, and the agreement shall approve its charter, unless it is otherwise provided for by this Code or legislative acts concerning specific types of legal entities.
Any other provisions may be included into a foundation agreement, based on the consensus of the foundation parties.
5. Name, location, procedure for the formation and the authority of its bodies, provisions concerning the reorganisation and termination of its activities shall be provided for by the charter of a legal entity.
When a legal entity is established by one person, then a procedure for the formation of the property and for the distribution of profits shall also be defined in its charter.
Other provisions may be specified in a charter, which do not contradict legislation.
6. In the case of contradictions between the foundation agreement and the charter of the same legal entity, their provisions must apply as follows:
1) those of the foundation agreement, when they are associated with internal relationship of foundation parties;
2) those of the charter, when their application may have significance for relations of the legal entity with third parties.
7. Any interested parties shall have the right to peruse the charter of a legal entity.
Article 42. The State Registration and Re-registration of Legal
Entities
[as amended by (4) Law No. 30 - I of the Republic of Kazakhstan. Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan. July 15, 1996;
(11) Law of 11th July 1997 of the Republic of Kazakhstan. Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan Concerning Issues of Banking Activity;
(12) Law of No. 211 of 2nd March 1998 of the Republic of Kazakhstan. Concerning the Introduction of Amendments and Additions to the Civil Code of the Republic of Kazakhstan (General Part), and to the Decree of the Supreme Soviet of the Republic of Kazakhstan "Concerning the Implementation of the Civil Code of the Republic of Kazakhstan (General Part)"; and
(15) Law No. 282 of 10th July 1998 of the Republic of Kazakhstan. Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan Concerning Issues of Joint-Stock Companies.
1. A legal entity shall be subject to state registration by the bodies of Justice. The procedure for the state registration shall be defined by legislation.
2. Information concerning state registration, in particular, the business names of commercial organisations, shall be included in the Single State Register of Legal Entities.
3. A legal entity shall be deemed to be created from the moment of its state registration.
4. Affiliates and representations shall be registered in accordance with the procedure established by legislative acts.
Affiliates and representations shall be subject to re-registration in the event that they change the name.
5. Violation of the procedure established by the law for the formation of a legal entity or non-compliance of its foundation documents with the law, shall entail denial to that legal entity of state registration. The denial of registration on the basis of non-expedience of the formation of a legal entity shall not be allowed. The denial of state registration and also the evasion of such registration may be challenged in a court.
6. A legal entity shall be subject to re-registration in the following cases:
1) reduction of the size of the authorised capital and of the announced authorised capital of a joint-stock company;
2) change of name;
3) alteration of the membership of participants in business partnerships and closed-type joint-stock societies;
Amendments introduced to foundation documents on said bases shall be invalid, unless the legal entity is re-registered.
In the case of passing other amendments and additions to foundation documents, a legal entity shall within one month notify the registering body to that effect.
Article 43. Affiliates and Representations
[as amended by (4) Law No. 30 - I of the Republic of Kazakhstan. Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan. July 15, 1996]
1. A separate subdivision of a legal entity which is located outside the place of its location and which carries out all or part of its functions including the function of representation, shall be an affiliate.
2. A separate subdivision of a legal entity, which is located outside the place of its location, which carries out the protection and representation of the interest of the legal entity and which enters transactions and any other legal acts on its behalf, shall be recognised as representation.
3. Affiliates and representations shall not be legal entities. They shall be vested with property by the legal entity that created them, and they shall operate on the basis of the by-laws approved by it.
4. Managers of structural subdivisions (affiliates and representations) of public associations shall be elected in the procedure specified by the charter of the public association and the by-laws concerning its affiliate or representation.
Managers of structural subdivisions (affiliates and representations) of religious associations shall be elected or appointed in the procedure specified in the charter of the religious association and the by-laws concerning its affiliate or representation.
Managers of affiliates and representations of other forms of legal entities shall be appointed by authorised bodies of the legal entities and they shall operate on the basis of powers of attorney.
Article 44. The Liability of a Legal Entity
amended by (11) Law No. 154 of 11th July 1997 of the Republic of Kazakhstan. Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan Concerning Issues of Banking Activity; and
(12) Law of No. 211 of 2nd March 1998 of the Republic of Kazakhstan. Concerning the Introduction of Amendments and Additions to the Civil Code of the Republic of Kazakhstan (General Part), and to the Decree of the Supreme Soviet of the Republic of Kazakhstan "Concerning the Implementation of the Civil Code of the Republic of Kazakhstan (General Part)";
(17) Law No. 320 of 16th December 1998 of the Republic of Kazakhstan. Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan Concerning Issues of the State-Owned Legal Entities; and
20) Law No. 472 of 4th November 1999 of the Republic of Kazakhstan. Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan Concerning Issues of Functioning of Public Enterprises.
1. Legal entities, except for institutions, state institutions and public enterprises financed by their foundation party, shall be liable for their obligations with all the assets that they have.
An institution shall be liable for its obligations with the funds at its disposal. When those are not sufficient the liability for the obligations of an institution shall be borne by its foundation party.
A state-owned institution shall be liable for its obligations with the funds at its disposal.
When funds of a state owned institution are not sufficient, the liability for its obligations shall be borne by the Government of the Republic of Kazakhstan or the relevant local executive body. The liability under contractual obligations shall arise within the limits of the approved budget for the maintenance of the given state-owned institution in accordance with legislation.
A public enterprise shall be liable for its obligations with the funds at its disposal.
When funds of a public enterprise are not sufficient, the Government of the Republic of Kazakhstan or the relevant administrative and territorial unit shall bear the subsidiary liability for its obligations. With regard to contractual obligations, the liability shall arise in accordance with the procedure as defined by legislative acts concerning state owned enterprises.
Civil law transactions entered into by public enterprises within the framework of their performance of the state order and by state institutions, shall be subject to registration in accordance with the procedure defined by the Government of the Republic of Kazakhstan.
