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LAW OF THE KYRGYZ REPUBLIC

of November 15, 1996 No. 60

About economic partnerships and societies

(as amended on 16-02-2023)

Accepted by General Court of Jogorku Kenesh of the Kyrgyz Republic on June 5, 1996

Section I. General provisions

Article 1. Basic provisions about economic partnership and society

1. Economic partnership and society the commercial organizations with the authorized capital divided into shares (deposits) which main objective of activities is generation of profit are recognized. The property created at the expense of deposits of participants, and also made and acquired by economic partnership and society in the course of its activities belongs to it on the property right.

2. Economic partnerships and societies can be created in the form of complete partnership, partnership in commendam, limited liability company, additional liability company.

3. Ceased to be valid according to the Law of the Kyrgyz Republic of 07.07.2014 No. 113

Article 2. Legislation on economic partnerships and societies

2. Features of formation of the authorized capital and its use, legal regime of property, and also feature of activities of governing bodies, restrictions of economic activity of separate types of the commercial organizations: banks, the insurance companies, joint businesses and other economic partnerships and societies along with this Law are regulated by other regulatory legal acts of the Kyrgyz Republic.

Article 3. Participants of economic partnership and society

1. Citizens and (or) legal entities can be participants of complete partnerships and complete companions in partnerships in commendam.

2. The citizen can be the participant only of one complete partnership or the complete companion in one partnership in commendam.

3. In economic partnership there shall be at least two participants.

4. Citizens and (or) legal entities, except for bodies of legislative, executive and judicial authority can be members of limited liability company, additional liability company and investors in partnership in commendam.

Cases when the executive bodies which are specially created for these purposes can be participants of economic partnership can be provided by regulatory legal acts of the Kyrgyz Republic.

5. The limited liability company, additional liability company can be created by one person or consist of one person in case of acquisition by this person of all shares of the authorized capital of society.

6. Foreign legal entities and citizens, and also persons without citizenship take part in the economic partnerships and societies created according to this Law, in accordance with general practice, if other is not established by regulatory legal acts of the Kyrgyz Republic.

Article 4. Constituent documents of economic partnership and society. State registration of economic partnership and society

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

2. The constituent document of economic society which is founded by one person is the charter.

3. Ceased to be valid according to the Law of the Kyrgyz Republic of 07.07.2014 No. 113

4. The foundation agreement of economic partnership and society is signed by all his participants.

5. The charter of economic society is signed by person designated by the general meeting of participants managing this society.

The charter of economic society which participant is one person is signed by this participant.

6. Ceased to be valid the Law of the Kyrgyz Republic of March 30, 2009 No. 105.

7. In the foundation agreement participants shall create economic partnership and society, to establish procedure for activities for its creation and to determine: conditions of transfer of the property to partnership property and societies, participations in its activities, distributions between participants of profit and losses, managements of its activities, exit from its structure; size of shares of each of participants; size, structure, terms and procedure for introduction of deposits by them; responsibility of participants for violation of obligations on introduction of deposits, the size and structure of the authorized capital.

The foundation agreement may contain other data, stipulated by the legislation or participants.

8. The charter of economic society affirms participants that is reflected in the foundation agreement.

In the charter of economic society, and also the foundation agreement of economic partnership are determined: type of partnership and society, its name, the location, activities term (if it is established under its organization), powers of the head, bodies of board and control, their competence, procedure for formation of property, procedure for profit distribution and indemnification, activities termination condition (reorganization or liquidation) partnerships and societies, and also relations between partnership or society and participants.

The charter of economic society and in the foundation agreement of economic partnership can contain also other provisions, stipulated by the legislation or participants.

The charter of economic society shall contain the provisions determining the powers of general meeting, executive body of society on making of large deals and also prohibiting or limiting alienation by executive body of society of the property entering the authorized capital.

9. Constituent documents in addition to the conditions specified in Items 7 and 8 of this Article shall contain also the conditions provided by this Law for the corresponding types of partnerships and societies.

10. In the absence of the conditions provided by Items 7, 8 and 9 these Articles, constituent documents are recognized invalid upon the demand of state bodies to which such right is granted by regulatory legal acts of the Kyrgyz Republic, and also upon the demand of other interested persons judicially.

11. After state registration of economic partnership and society participants are participants of partnership and society.

12. The list and contents of the constituent documents of separate types of the commercial organizations established in the form of economic partnerships and societies which are not provided by this Law are determined by regulatory legal acts of the Kyrgyz Republic about these organizations.

13. State registration of economic partnerships and societies is performed according to the procedure, established by the legislation in the sphere of registration of legal entities.

Article 5. Property of economic partnership and society

1. The property of economic partnership and society constitute fixed assets and current assets, and also other property which cost is reflected in separate balance of partnership and society.

2. The property belongs to economic partnership and society on the property right.

3. Sources of forming of property of partnership and society are:

1) deposits of participants to the authorized capital;

2) income gained from its activities;

3) other sources which are not forbidden by regulatory legal acts of the Kyrgyz Republic.

Article 6. Authorized capital of economic partnership and society

1. Set of deposits of participants forms the authorized capital of economic partnership and society.

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