LAW OF THE REPUBLIC OF KAZAKHSTAN

of March 28, 2003 No. 400-II

About credit partnerships

This Law determines legal status, procedure for creation, reorganization and liquidation, and also regulation of activities of credit partnerships.

Chapter 1. General provisions

Article 1. The basic concepts used in this Law

In this Law the following basic concepts are used:

1) additional contribution - the amount of money given by the participant to property of credit partnership;

2) credit partnership - the legal entity created by physical and (or) legal entities for requirements satisfaction of his participants in the credits and others financial, including bank, services by accumulation of their money and at the expense of other sources which are not forbidden by the legislation of the Republic of Kazakhstan;

3) credit committee - the division of credit partnership performing its credit policy;

4) obligatory deposit - the money which is subject to entering by the participant into the authorized capital of credit partnership;

5) it is excluded

Article 2. Legislation of the Republic of Kazakhstan on credit partnerships

1. The legislation of the Republic of Kazakhstan on credit partnerships is based on the Constitution of the Republic of Kazakhstan, consists of this Law and other regulatory legal acts of the Republic of Kazakhstan.

2. The legislation of the Republic of Kazakhstan regulating activities of limited liability partnerships is applied to credit partnerships in the part which is not settled by this Law.

3. If the international treaty ratified by the Republic of Kazakhstan establishes other rules, than those which are provided by this Law then are applied rules of the international treaty.

Chapter 2. Creation of credit partnerships

Article 3. Credit partnership

1. Credit partnerships are created in the form of limited liability partnerships based on the foundation agreement and are effective according to the charter. The credit partnership is considered created from the moment of its state registration.

2. The name of credit partnership shall contain words "credit partnership".

Any legal entity who is not registered as credit partnership cannot hereinafter be referred to as as credit partnership.

3. The number of members of credit partnership shall be at least three.

Members of credit partnership do not answer for its obligations and bear risk of the losses connected with activities of credit partnership, within the cost of the obligatory deposits and additional contributions made by them if other is not provided by constituent documents of credit partnership.

The credit partnership answers for the obligations all property belonging to it and does not answer for obligations the participants.

4. The credit partnership is the commercial organization performing microfinancial activities.

5. The property of credit partnership belongs to it on the property right and is created at the expense of obligatory deposits and additional contributions of his participants, income gained by credit partnership and also other sources which are not forbidden by the legislation of the Republic of Kazakhstan.

6. it is excluded

7. it is excluded

Article 4. Constituent documents of credit partnership

1. Constituent documents of credit partnership are the foundation agreement and the charter.

2. The foundation agreement of credit partnership in addition to the data provided by legal acts of the Republic of Kazakhstan shall contain:

1) the minimum size of the obligatory deposit which is subject to payment in case of the accession to credit partnership;

2) procedure and conditions of introduction of obligatory deposit by members of credit partnership;

3) procedure for net income allocation of credit partnership taking into account the obligatory deposits and additional contributions made by participants.

3. The charter of credit partnership in addition to the data provided by legal acts of the Republic of Kazakhstan shall contain:

1) trade name and location of credit partnership;

2) rights and obligations of members of credit partnership;

3) procedure and conditions of participation in credit partnership;

4) data on the size of the authorized capital of credit partnership;

5) procedure, conditions of introduction and withdrawal of additional contribution by members of credit partnership;

6) regulations on bodies of credit partnership, procedure for decision making, including on questions on which the qualified majority in three quarters of voices of the participants who are present and provided on general meeting of members of credit partnership is necessary;

7) distribution of competence between bodies of credit partnership;

8) procedure for placement of money of credit partnership;

9) procedure for modification and amendments in the charter of credit partnership;

10) procedure for education and use of the reserve capital of credit partnership.

4.  No. 262-VI ZRK is excluded according to the Law of the Republic of Kazakhstan of 03.07.2019

Chapter 3. Participation in credit partnership

Article 5. Rights and obligations of members of credit partnership

1. Members of credit partnership have the right:

1) to use services of credit partnership;

2) to participate in administration of credit partnership;

3) to choose and be elected to bodies of credit partnership;

4) to gain income from activities of credit partnership according to this Law and constituent documents of partnership;

5) to stop participation in the credit partnership according to the procedure provided by this Law and the charter of credit partnership;

6) to obtain information on activities of credit partnership and to get acquainted with its accounting and other documentation according to the procedure, provided by the charter of partnership.

Members of credit partnership can have and other rights provided by legal acts of the Republic of Kazakhstan and constituent documents.

2. Members of credit partnership shall:

1) to observe requirements of the foundation agreement and the charter, to carry out decisions of bodies of credit partnership;

To provide 2) in bodies of credit partnership reliable information about the financial condition, sufficient for decision making about crediting of participants.

Members of credit partnership can perform also other duties provided by legal acts of the Republic of Kazakhstan and constituent documents.

Article 6. Termination of participation in credit partnership

1. Participation in credit partnership stops in cases:

1) voluntary exit;

2) alienations of the share to other members of credit partnership or third parties;

3) disposals from among members of credit partnership upon the demand of credit partnership;

4) terminations of activities of credit partnership;

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