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ORDER OF THE GOVERNMENT OF THE KYRGYZ REPUBLIC

of August 15, 2011 No. 468

About approval of the Regulations on procedure for return to owners of securities of the money (property) received by the issuer in payment for securities which release is acknowledged cancelled or invalid

According to the Law of the Kyrgyz Republic "About the security market" the Government of the Kyrgyz Republic decides:

1. Approve the enclosed Regulations on procedure for return to owners of securities of the money (property) received by the issuer in payment for securities which release is acknowledged cancelled or invalid.

2. This Resolution becomes effective since January 1, 2011.

3. Publish this Resolution in official mass media.

Prime Minister

A. Atambayev

Approved by the Order of the Government of the Kyrgyz Republic of August 15, 2011 No. 468

Regulations on procedure for return to owners of securities of the money (property) received by the issuer in payment for securities which release is acknowledged cancelled or invalid

1. General provisions

1. This Provision developed according to the Law of the Kyrgyz Republic "About the security market" determines procedure for return to owners of securities of the money (property) received by the issuer in payment for securities which release is acknowledged cancelled or invalid.

2. In this Provision the following concepts are used:

- means of investment - the money, other property (including the securities, personal and real estate or property rights or other rights having money value) received by the issuer in payment for issued securities in case of their placement;

- owners of securities - physical persons or legal entities which acquired securities of the release recognized cancelled or invalid.

3. In case of recognition of issue of securities cancelled or invalid the issuer of securities shall provide their retirement and return to owners of securities of means of investment.

4. Return of means of investment by the issuer, acknowledged insolvent (bankrupt), is performed according to the procedure, stipulated by the legislation the Kyrgyz Republic.

2. The procedure and stages of withdrawal of securities from the address and return to owners of securities of means of investment

5. The procedure of withdrawal of securities of the address and return to owners of securities of means of investment consists of the following stages:

1) creation by the issuer of the commission on the organization of withdrawal of securities from the address and return to owners of securities of means of investment;

2) determination of total quantity of the securities withdrawn from circulation, and the total amount of return of means of investment to owners of securities;

3) determination of quantity of the securities which are subject to retirement at each owner of securities, and the size of means of investment who shall be returned to each owner of securities;

4) disclosure of information on procedure for withdrawal of securities from the address and return of means of investment to owners of securities;

5) withdrawal of securities from the address, including collection of certificates of securities in case of documentary form of issue of securities;

6) return of means of investment to owners of securities;

7) the issuer shall return means of investment to owners of securities after implementation of cancellation of such securities.

3. Procedure for the organization of withdrawal of securities from the address and return of means of investment

6. The issuer shall from the moment of decision making about cancellation of state registration of issue of securities create the commission on the organization of withdrawal of securities from the address and to return of means of investment to owners of such securities (further - the Commission). The commission performs the activities for the entire period before the end of all procedures connected with return of means of investment based on the legislation of the Kyrgyz Republic and according to requirements of this provision and constituent documents of the issuer.

7. The number of members of the commission shall not be less than three people. Members of the commission are appointed by the order of the head of the issuer. In structure of the Commission there cannot be nominated persons owning securities which release is acknowledged cancelled or invalid. Upon the demand of authorized state body on the security market according to which decision issue of securities is acknowledged cancelled the structure of the Commission shall include the representative of authorized state body on the security market.

The commission chairman is appointed (is elected) from among members of the commission.

8. Commission:

1) is provided by withdrawal of securities from the address which release is acknowledged cancelled or invalid;

2) is performed by the notification of owners of securities on procedure for return of means of investment;

Accepts 3) and considers certificates of securities in case of implementation by the issuer of independent maintaining the register of owners of personalized securities;

4) will be organized by return of means of investment to owners of securities;

5) is determined by the size of the securities of means of investment returned to each owner;

6) is constituted by the sheet of the securities of means of investment returned to each owner;

7) performs other actions, stipulated by the legislation the Kyrgyz Republic and this Provision.

9. The commission from the moment of decision making about cancellation of state registration of issue of securities shall constitute the sheet of the securities of means of investment returned to owners (further - the Sheet). The specified Sheet is constituted based on the list of owners of securities whose state registration of release is cancelled.

10. The sheet shall provide the following data:

- total quantity actually paid in case of securities placement (with indication of quantity and the size of partially paid securities) the release recognized cancelled or invalid;

- the general size of the means of investment which are actually received by the issuer in payment for securities (in case of payment of securities by cash and non-cash means separately general size of means on each of these categories shall be specified);

- the size of means of investment which shall be returned to each owner of securities;

- other data provided by appendix 1 to this Provision.

11. The Sheet form (appendix 1 to this Provision) is constituted concerning securities of one release, the sheet affirms the Board of directors of joint-stock company or executive body (if society performs activities without education of the board of directors) and is certified by the issuer's seal.

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