LAW OF THE REPUBLIC OF KAZAKHSTAN

of July 7, 2006 No. 180-III ZRK

About equity in house construction

This Law governs the public relations connected with activities for the organization of construction of residential buildings due to fund raising of physical persons and legal entities for equity in their construction and also establishes guarantees of protection of the rights and legitimate interests of agreement parties about equity in house construction.

Article 1. The basic concepts used in this Law

In this Law the following basic concepts are used:

1) agent bank - the bank of the second level accepting the deposit of the shareholder;

2) the project company - the legal entity whose more than fifty percent of the authorized capital are created by the builder, performing the licensed activities for the organization of construction of residential buildings due to fund raising of shareholders;

3) warranty period - time throughout which the builder guarantees preserving quality of the indicators of construction object specified in project (project and estimate) documentation and possibility of operation of construction object (residential building) according to the agreement on equity in house construction;

4) the builder - the legal entity performing activities for the organization of shared-equity construction of residential buildings on the parcels of land belonging to it on the property right or on the land use right granted by local executive body, way of organization of the project company for construction of each residential building due to fund raising of shareholders;

5) cycle zero - complex of building and construction works on construction of the parts of the residential building located below the conditional project mark accepted for zero;

6) permission to commissioning - the signed act of the state inspection of acceptance of the residential building;

7) share in the apartment house (residential building) - the residential and (or) non-residential rooms transferred to the shareholder under the transfer act which are part of the apartment house (residential building) built according to the construction project under the agreement on equity in house construction. In case of origin on such residential and (or) non-residential rooms of the right of private property at the same time there is right of common ownership to common property in the residential building;

8) equity - the relations of the parties in case of which one party shall build the residential building and transfer in house construction by results to other party share in premises type;

9) authorized body in the field of equity in house construction (further - authorized body) - the state body performing management in the field of equity in house construction;

10) the agreement on equity in house construction - the agreement signed between the builder, the project company, the shareholder and agent bank, regulating the legal relationship connected with construction of residential buildings due to fund raising of shareholders;

11) the apartment house (residential building) under the agreement on equity in house construction (further - the residential building) - the structure consisting generally of premises, and also non-residential premises and other parts which are common property;

12) it is excluded

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