A member of a productive co-operative may be excluded from it upon the decision of the General meeting in relation to the membership in a similar co-operative.
A member of a productive co-operative who is excluded from it shall have the right to get the share and any other benefits which are stipulated in the charter of the co-operative, in accordance with the paragraph 1 of this Article.
3. A member of a productive co-operative shall have the right to transfer his share or its part to any other co-operative member, unless otherwise stipulated in legislative acts and the foundation documents. The transfer of a share (part thereof) to a citizen who is not a member of the productive co-operative, shall only be allowed with the consent of the co-operative. In that case, the other members of the co-operative shall exercise the pre-emption right in the purchase of such a share (its part).
4. In case of death of a member of a production co-operative, his heirs may be accepted into the co-operative as members, unless it is otherwise stipulated in the charter of the co-operative. In the case of a refusal of an heir of the deceased co-operative member to enter the co-operative, or a refusal of the co-operative to accept an heir, he shall be paid a share in the property proportionate to the share of the deceased co-operative member, as well as a part of the co-operative's net income due to the deceased, and remuneration for personal labour participation in the activity of the co-operative.
5. The claims against the share of a productive co-operative member related to his personal debts shall be allowed only in the case of the shortage of his other assets for covering such debts, in accordance with the procedure stipulated in legislative acts and the foundation documents of the co-operative.
Article 101. Reorganisation and Liquidation of a Productive
Co-Operative
1. A productive co-operative may be voluntarily reorganised or liquidated upon the resolution of the General meeting of its members.
Any other bases and the procedure for reorganisation and liquidation of a productive co-operative shall be determined in this Code and other legislative acts.
2. A productive co-operative, upon the unanimous decision of its members, may be transformed into a business partnership.
VI. STATE ENTERPRISE
Article 102. The Fundamental Provisions Concerning the State
Enterprise
as 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 following shall be referred to state-owned enterprises:
1) those based on the right to business authority;
2) those based on the right to operational management (public enterprise).
2. The assets of a state-owned enterprise shall be indivisible and it may not be distributed by contributions (shares, unit shares), including among the workers of the enterprise.
3. The commercial name of state-owned enterprises must contain the indication of the ownership of its assets.
4. A state-owned enterprise shall be created, liquidated, and reorganised pursuant to a decision of the authorised state body.
5. The manager of a state-owned enterprise who is appointed by the authorised state body, shall be its [governing] body accountable to it.
7. The status of a state enterprise and a public enterprise shall be determined by this Code and other legislative acts.
Article 103. An Enterprise Based on the Right to Business
Authority
as amended (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 charter approved by the foundation party, shall be the foundation document of an enterprise based on the right to business authority.
2. An enterprise which is based on the right to business authority, shall be liable on its obligations with all the property belonging to it. An enterprise which is based on the right to business authority shall not be liable upon the obligations of the state.
The state shall not be liable for the obligations of an enterprise based on the right to business authority, except for the cases, stipulated by this Code and other legislative acts.
Article 104. A Public Enterprise
as amended by (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. An enterprise which possesses the state-owned assets under the right to operational management shall be a public enterprise.
2. Public enterprises shall be created upon the decision of the Government of the Republic of Kazakhstan or a local executive body.
3. The charter approved by the foundation party shall be the foundation document of the of the public enterprise.
4. The commercial name of an enterprise based on the right to operational management, must contain an indication that the enterprise is public.
5. Business activities of a public enterprise shall be determined by its aims and objectives which are stipulated in its charter.
6. The Republic of Kazakhstan or the [relevant] administrative and territorial unit shall bear the subsidiary liability upon the obligations of public enterprises. With regard to contractual obligations the liability shall arise in accordance with the procedure as established by legislative acts concerning state owned enteprises.
VII. NON-COMMERCIAL ORGANISATION
Article 105. An Institution
replaced by (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.
replaced by (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.
Article 105. An Institution
1. An organisation created and financed by its founder for the performance of managerial, social and cultural or any other functions of non-commercial nature, shall be recognised as institution.
2. An institution created by the State in accordance with the Constitution and the laws of the Republic of Kazakhstan or on the basis of the decisions of the President of the Republic of Kazakhstan, Government of the Republic of Kazakhstan and the akims of the Capital City, Provinces, major cities, and maintained solely at the expense of the State Budget, unless it is otherwise established by legislative acts, shall be recognised as state-owned institution.
3. A state-owned institution may not create, nor act as the founder (participant) of any other legal entity, except for those institutions to which the right of ownership, use, disposal of state property is granted in accordance with the established procedure.
4. The rights of institutions and state-owned institutions with regard to the assets allotted to them shall be determined in accordance with Articles 202 - 208 of this Code.
Article 106. A Public Association
[as amended by (2) Edict No. 2489 Having the Force of Law of the President of the Republic of Kazakhstan. Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan and Edict Having the Force of Law of the President of the Republic of Kazakhstan "Concerning the State Registration of Legal Entities". October 5, 1995;
(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)".
1. In the Republic of Kazakhstan political parties, trade unions and other associations of citizens created on a voluntary basis for the attainment by them of the goals in common which do not contradict legislation, shall be recognised as public associations;
The participants (members) of public associations shall not have the right to the assets which are transferred to those associations, including the membership fees. They shall not be liable for the obligations of the public associations in which they participate as their members, and the indicated associations shall not be liable for the obligations of their members.
3. Public associations may on a voluntary basis unite into unions of public associations and to exit them.
7. Assets of a public association which is liquidated upon the resolution of the convention (conference) or the general meeting, shall be used on the purposes which are stipulated in its charter.
Assets of a public association liquidated upon a court decision shall be used in accordance with this Code or other legislative acts.
8. The legal status of public associations shall be determined by legislative acts in accordance with this Code.
Article 107. A Public Foundation
[as amended by (2) Edict No. 2489 Having the Force of Law of the President of the Republic of Kazakhstan. Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan and Edict Having the Force of Law of the President of the Republic of Kazakhstan "Concerning the State Registration of Legal Entities". October 5, 1995;
(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
(18) Law No. 436 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"
1. A public foundation shall be recognised as a non-commercial organisation which has not any membership, which is founded by citizens and (or) legal entities on the basis of their voluntary property contributions, and which pursues social, educational, and any other publicly-useful purposes.
2. A public foundation shall be a legal entity and in the Civil rights turnover it shall be represented by the bodies of the foundation, it shall have an independent balance-sheet and the bank account.
3. The assets which are transferred to a public foundation by its founders shall be property of the foundation.
Foundation parties of a foundation shall have not property rights with regard to the property of a given public foundation.
4. The s funds as well as other assets of the founders, sponsorship, voluntary, charity donations and any other legal receipts shall be the financial source of a public foundation.
5. The procedure for managing a public foundation and the procedure for the formation of its bodies shall be determined by its charter which is approved by the founder.
The charter of a public foundation, aside of the information contained in paragraph 5 of Article 41 of this Code, must contain the indications concerning the bodies of the foundation, concerning the procedure for the appointment of the foundation officials and their release, the destiny of the foundation property in the case of its liquidation.
6. The foundation shall be obliged to publish in official publications annually the reports concerning the use of its assets.
7. Upon the resolution of the court a public foundation may be liquidated in the following cases:
1) where the assets of the foundation are not sufficient for attaining its objectives and the probability of obtaining the required assets is not realistic;
2) where the purposes of a foundation may not be reached and appropriate changes of foundation's objectives may not be made;
3) in the event that the foundations in its activities deviates from the objectives which are stipulated in its charter;
4) in any other cases which are stipulated in legislative acts or the foundation documents.
8. The assets which remain after the liquidation of a public association shall be used for the purposes contemplated in its charter.
Article 108. Consumer Co-Operatives
as amended (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 consumer co-operative shall be recognised as a voluntary association of citizens on the basis of the membership, for the satisfaction of their financial and or any other needs, which is implemented by way of its members uniting their property (share) contributions.
2. Members of a consumer co-operative shall be obliged within three months after the approval of the annual balance-sheet to cover the losses which form, by way of additional contributions. In the case of a failure to execute this obligation, the co-operative may be liquidated in a judicial procedure upon n demand of the creditors.
Members of a consumer co-operative shall jointly bear a subsidiary liability with regard to its obligations, within the limits of the unpaid amount of the additional contribution of the co-operative members.
3. The charter of the consumer co-operative must contain, aside from the information indicated in the paragraph 5 of Article 41 of this Code, the conditions with regard to the size of the co-operative member shares; the composition and procedure for contribution of shares by the co-operative members and their responsibility for the violation the obligations associated with the contribution of the shares; concerning the composition and the authority of the governing bodies the co-operative and the procedure for adopting by them of the resolutions, including on the issues, the resolutions on which are to be adopted unanimously or by a qualified majority of votes; concerning the procedure for the compensation by the members of the losses incurred by the co-operative.
4. Income received by a consumer co-operative may not be distributed amongst its members and it shall be used on the charter purposes.
5. In the case of the liquidation of a consumer co-operative, or in the case of departure from it of a co-operative member, he shall have the right to appropriate his share in the assets of the consumer co-operative in proportion to his share. In the case of demise of a co-operative member, his legatees shall have the priority right to be accepted as members of the co-operative, unless otherwise stipulated in the co-operative charter. If the latter is the case, the co-operative shall pay to the legatees the share in the property of the consumer co-operative, in proportion to his share.
6. The legal status of the consumer co-operative, and also the rights and obligations of its members, shall be determined by legislative acts in accordance with this Code.
7. Rural consumer co-operatives may be created for the satisfaction of financial and any other needs of not only their members, but other citizens as well, who reside in rural areas. Special considerations in the rural consumer co-operation shall be determined by special-purpose legislation in compliance with this Article.
Article 109. Religious Association
[as amended by (2) Edict No. 2489 Having the Force of Law of the President of the Republic of Kazakhstan. Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan and Edict Having the Force of Law of the President of the Republic of Kazakhstan "Concerning the State Registration of Legal Entities". The 5th of October, 1995; 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)".
1. A voluntary association of citizens who unite in accordance with the procedure stipulated in legislative acts, on the basis of their common interests for satisfying their spiritual needs, shall be recognised as religious associations.
3. Religious associations in the Republic of Kazakhstan, which have governing centres beyond the boundaries of the Republic shall be subject to registration at the bodies of justice. Charters (articles) of the governing centres may be used as a basis of charter (articles) of such religious associations, if they do not contradict legislation of the Republic of Kazakhstan;
9. A religious association shall have the right to own the assets which are acquired or created by it at the expense of its own resources, as well as those donated by citizens, or organisations, or those transferred by the State, and acquired on any other bases, which do not contradict legislative acts.
10. The participants (members) of a religious association shall not retain rights with regard to the assets which are transferred by them to that organisation, including their membership fees. They shall not be liable for the obligations of the religious association and the religious association shall not be liable for the obligations of its members.
11. Special considerations concerning the legal status of religious associations shall be determined in accordance with this Code and legislative acts of the Republic of Kazakhstan.
Article 110. Amalgamation of Legal Entities in the Form of an
Association (Union)
as amended (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. Commercial organisations for the purpose of co-ordinating their entrepreneurial activities, and also for providing for the protection of their common property interests, may by agreement between themselves as well as in conjunction with non-profit organisations, create amalgamations in the form of associations (unions).
2. Public associations and any other non-commercial organisations, including institutions, may voluntarily unite into associations (unions) of those organisations.
3. Associations (unions) shall be non-commercial organisations.
4. Members of an association (union) shall retain their independence and the rights of legal entities.
5. An association (union) shall not be liable for the obligations of its members. Members of an association (union) shall bear subsidiary liability for its obligations in the amount and in accordance with the procedure stipulated in the foundation documents of the association (union).
3. Participation of the State and Administrative-Territorial Units
In Relations Regulated by Civil Legislation
Article 111. The Participation of the Republic of Kazakhstan in
the Civil Rights Relations
1. Republic of Kazakhstan shall act in relations which are regulated by the civil legislation on the basis of principles which are equal with any other participants in those relations.
2. The bodies of the state power and administration of the Republic of Kazakhstan within the bounds of their authority established by legislative acts, regulations or any other acts which determine the status of those bodies, may by their actions acquire and exercise property and personal non-property rights and obligations and to act in the court on behalf of the Republic of Kazakhstan.
Any other State bodies, legal entities and citizens may act on behalf of the Republic of Kazakhstan in the cases and in accordance with the procedure stipulated in legislation, upon its special mandate.
3. The civil rights disputes in which the Republic of Kazakhstan is a participant shall be settled by courts.
Article 112. The Participation of the Administrative and Territorial
Units in the Civil Rights Relations
1. An administrative and territorial unit shall act in the relations which are regulated by the civil rights legislation on principles equal to those by which any other participants of those relations act.
2. Local representative and executive bodies, within the framework of their authority established by legislative acts, regulations or any other acts which determine the status of those bodies, may by their actions acquire and exercise property and personal non-property rights and obligations on behalf of an administrative and territorial unit, and represent it in the court.
In the cases and in accordance with the procedure stipulated in legislation, and upon special instructions, local state bodies, legal entities and citizens may act on the behalf of an administrative and territorial unit.
3. In the cases determined by legislation, an administrative and territorial unit may act in civil rights relations on behalf of the State.
4. The provisions of this Code concerning the participation, respectively, of the State and its bodies in relations regulated by civil rights legislation shall apply to administrative and territorial units and their bodies, unless otherwise ensues from legislation.
5. Civil rights disputes with the participation of an administrative and territorial unit shall be settled by the courts.
Article 113. Imposition of Claims for the Obligations of the
Republic of Kazakhstan and Administrative and Territorial Units
1. The Republic of Kazakhstan shall be liable for its obligations with the property of the State treasury, while a administrative and territorial unit shall be liable for its obligations with the property of the local treasury.
2. The Republic of Kazakhstan and the administrative and territorial units shall not be liable for the obligations of one another and also for the obligations of citizens and legal entities, while citizens and legal entities shall not be liable for the obligations of the Republic of Kazakhstan and administrative and territorial units except for the cases stipulated by this Code and legislative acts.
Article 114. Application of the Provisions Concerning Legal
Entities to the State and to Administrative and Territorial Units
The provisions which determine the participation of legal entities in the relations regulated by civil legislation shall apply to the State and to administrative and territorial units, unless otherwise ensues from legislative acts.
Chapter 3. Items in Civil Rights
§ 1. General Provisions
Article 115. Types of Items in Civil Rights
1. The property and the personal non-property privileges and rights may be items in civil rights.
2. Objects, money, including foreign currency, securities, work, services, and the objectivised results of creative and intellectual activities, commercial names, trade marks, commercial names and trade marks and any other means of individualisation of products, property rights and any other assets, shall be recognised as property privileges and rights (property).
3. Life, health, the dignity of a person, honour, good name, business reputation, inviolability of private life, personal and family secrets, the right to name, the right to be an author, the right to inviolability of production and any other intangible privileges and rights shall be referred to the personal non-property privileges and rights.
Article 116. The Turnover Capacity of the Items of Civil Rights
1. Items of the civil rights may be freely alienated or transferred from one person to another in the course of the universal legal successorship (inheritance, reorganisation of a legal entity) or by any other method, unless they are exempt from circulation or restricted in their turnover.
2. The types of things the alienation whereof is not prohibited, (the things exempt from the circulation) must be directly indicated in legislative acts.
3. The types of objects which may not belong only to specific participants in circulation, or those, the acquisition and alienation whereof is allowed only upon special-purpose permission, (things whose circulation is restricted), shall be determined by legislation.
4. The personal non-property privileges and rights shall be unalienable and non-transferable by any other method, except for the cases which are established by legislative acts.
Article 117. Movable and Immovable Assets
as 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 real estate (immovable assets, immovables) shall comprise the following: land plots, buildings, structures, perennial plantations, and other property, which is firmly associated with land, i. e. items the transportation of which is impossible without infliction of unreasonable damage to their designation.
2. Also, air and sea vessels, vessels of domestic water travel, vessels of river and sea sailing, and cosmic facilities, shall be equated to immovable objects which are subject to state registration. Any other assets may be recognised as immovable objects by legislative acts.
3. Assets which are not recognised as immovables, including money and securities, shall be recognised as movable assets. The registration of rights in relation to movable assets shall not be required, except for the cases stipulated in legislative acts.
Article 118. The State Registration of Immovables
as amended (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 right to own and any other rights to immovable items, and restriction of those rights, their emergence, transfer and cessation, shall be subject to state registration.
2. The right of ownership, the right of business authority, the right of operative management, and the right to land use, for a period of more than a year, as well as the right of use for a period of more than a year, pledge of real estate, and rent for lease of immovable property, the right to management under concession, shall emerge from the moment of state registration.
3. Transactions involving immovables shall be subject to State registration in compliance with the rules of Chapter 4 of this Code.
4. The body which carries out the State registration of the rights to immovables and transactions therewith, shall be obliged upon the petition of the title holder to certify the effected registration, by way of issuing a document concerning the registration of the right or transaction or by executing an entry in the document presented for registration.
5. State registration of the rights to immovables and of transactions therein shall be public. The body which carries out the registration, shall be obliged to present the information concerning the effected registration and the rights which are registered, to any person. 6. The refusal of State registration of the right to immovables, or of transactions therein, or unmotivated evasion from registration, may be challenged in court.
7. The procedure of state registration, and the reasons for refusal to register, shall be established in accordance with this Code, and by the law of the Republic of Kazakhstan Concerning the Registration of Rights to Immovable Property and of Transactions Therein.
Article 119. An Enterprise
as 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. An enterprise, as an item in rights, shall be recognised to be a property complex which is used for carrying out entrepreneurial activities.
An enterprise in general as a property complex shall be recognised as immovable property.
2. As a property complex, an enterprise shall include all the types of assets which are intended for its operation, including buildings, installations, equipment, tools, raw materials, inventories, the right to a land plot, the right to claim, debts and also the right to designations which individualise its activities (commercial name and trade marks), and any other exclusive rights, unless otherwise stipulated in legislative acts or in an agreement.
3. An enterprise as a whole, or a part thereof, may be an item in purchasing and selling, pledging, leasing and any other transactions which are related to the establishment, alteration or cessation of corporeal rights.
4. When debts are acquired as part of an enterprise recognised as a property complex, the rights of creditors shall be guaranteed in accordance with the procedure provided for by Article 48 of this Code.
Article 120. Divisible and Indivisible Property
1. Property may be divisible and indivisible.
Divisible property shall be assets, parts whereof do not lose their designation (function) as result of division.
Indivisible property shall be property which may not be divided without changing its economic designation (function), or which is not to be subdivided by virtue of a prescription in a legislative act.
2. Specific features of indivisible objects as items in law, shall be determined in legislation.
Article 121. Compound Items
1. When heterogeneous items form a single unit which permits the use in accordance with its designation, determined by the nature of their combination, they shall be deemed to be one item (compound item).
2. The effect of a transaction which is concluded with regard to a compound item, shall apply to all its constituent parts, unless an agreement provides otherwise.
Article 122. A Principal Item and Its Accessory Item
An accessory, that is, an object which is intended to serve the principal object and which is tied to it by joint economic designations, shall follow the destiny of the principal object, unless legislation or agreement stipulate otherwise.
Article 123. Fruit, Production and Income
Income obtained as a result of using assets (fruit, production, income), shall belong to the person who uses those assets on a legal basis, unless it is otherwise stipulated in legislation or in the agreement concerning the use of that asset.
Article 124. Animals
General rules concerning objects shall apply to animals in so far as legislation does not stipulate otherwise.
Article 125. Intellectual Property
as 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. In cases and in accordance with the procedure stipulated in this Code and other legislative acts, an exclusive right of a citizen, or a legal entity shall be recognised with regard to the results of intellectual creative activities and to the ways of individualisation of a legal entity, of the production by a physical person or a legal entity, work performed by it or services rendered, which are equated thereto (commercial name, trade mark, service mark etc.).
2. The results of intellectual creative activities and of the means of the individualisation, which may be subject of exclusive rights (intellectual property), may be used by third persons only with the consent of the holder of the right.
Article 126. Service and Commercial Secrets
1. Civil legislation shall protect information which constitutes a service or a commercial secret in a case where the information has actual or potential commercial value by virtue of its being unknown to third parties, if there is no access thereto on a legitimate basis and the possessor of the information makes efforts to protect its confidentiality.
2. Persons who by illicit methods obtain such information, and also employees who in spite of their service agreement, or counter-parties in spite of their civil rights agreement, divulge a service or a commercial secret, shall be obliged to compensate for the inflicted damage.
Article 127. Money (Currency)
1. The Tenge shall be the monetary unit in the Republic of Kazakhstan.
2. The Tenge shall be the legal tender, which is obligatory for acceptance, in accordance with its nominal value, in the entire territory of the Republic of Kazakhstan.
3. Payments in the territory of the Republic of Kazakhstan shall be carried out in the form of cash payments and non-cash payments.
4. The cases, the procedure and the conditions for settlement in foreign currency in the territory of the Republic of Kazakhstan shall be determined by legislation of the Republic of Kazakhstan.
Article 128. Currency Assets
1. The types of assets which are recognised as currency assets and the procedure for transactions involving them, shall be determined by legislative acts.
2. The right to own currency assets shall be protected in the Republic of Kazakhstan on common principles.
§ 2. Securities
Article 129. A Security
[as amended by (7) Law of the Republic of Kazakhstan. Concerning the Introduction of An Addition and Amendments to the Civil Code of the Republic of Kazakhstan (General Part). March 5, 1997].
1. Securities shall be the documents which certify in compliance with a certain form and the required details, the property rights, the exercise whereof is only possible upon their presentation.
2. In the cases which are stipulated in legislative acts, for the exercise of a conveyance of the rights certified by a security, it shall be sufficient proof to establish in the special register (usual or computerised) of the issuer, the identity of the person who issues the securities and who is liable for the obligation indicated therein as well as the professional participants in the securities market which carry out registration of securities transactions.
