ORDER OF THE GOVERNMENT OF THE REPUBLIC OF KAZAKHSTAN

of June 9, 2012 No. 772

About approval of Rules of carrying out temporary management of the cotton-processing organization

According to the subitem 4) of article 6 of the Law of the Republic of Kazakhstan of July 21, 2007 "About development of cotton industry" the Government of the Republic of Kazakhstan DECIDES:

1. Approve the enclosed Rules of carrying out temporary management of the cotton-processing organization.

2. This resolution becomes effective after ten calendar days from the date of the first official publication.

Approved by the order of the Government of the Republic of Kazakhstan of June 9, 2012 No. 772

Rules of carrying out temporary management of the cotton-processing organization

1. General provisions

1. These rules of carrying out temporary management of the cotton-processing organization (further - Rules) are developed according to the subitem 4) of article 6 of the Law of the Republic of Kazakhstan of July 21, 2007 "About development of cotton industry" and determine procedure for carrying out temporary management of the cotton-processing organization.

2. In these rules the following basic concepts are applied:

1) fund of guaranteeing obligation fulfillment for cotton receipts - the legal entity performing the activities for the purpose of ensuring protection of the rights and legitimate interests of holders of cotton receipts from non-execution of obligations by the cotton-processing organizations for the cotton receipts issued by them;

2) the holder of the cotton receipt - the owner of cotton who transferred to the cotton-processing organization raw cotton to storage and (or) slaughtering; cotton-fiber and cottonseeds - on storage; in case of making on the cotton receipt of the endorsement - the endorsee;

3) the cotton-processing organization - the legal entity having ginnery on the property right, rendering services in warehouse activities with issue of cotton receipts;

4) temporary management of the cotton-processing organization (further - temporary management) - forced carrying out complex of the administrative, legal, financial, organizational and technical and other actions and procedures directed to recovery of capability of the cotton-processing organization to fulfill the obligations according to cotton receipts;

5) temporary administration - the collegiate organ including representatives of holders of cotton receipts, authorized body, cotton-processing organization, fund of guaranteeing obligation fulfillment for cotton receipts which member is the cotton-processing organization, exercising control of the cotton-processing organization during action of temporary management;

6) the commission on temporary management - the collegiate organ including representatives of authorized body in the field of development of cotton industry (further - authorized body), territorial subdivision of department of authorized body in the field of development of cotton industry and local executive body of area, exercising temporary control of the cotton-processing organization.

3. Temporary control is exercised of the commission on temporary management and temporary administration at the expense of means of the cotton-processing organization.

4. Temporary management is entered for the term of no more than six months.

2. Bases and conditions of carrying out temporary management

5. Temporary management is entered in the presence of at least one of the following bases:

1) systematic (two and more times during six consecutive calendar months) improper execution of contractual commitments on rendering services in warehouse activities with issue of the cotton receipts expressed in refusal to issue cotton on the first demand of the holder of the cotton receipt;

2) identifications of the fact of exceeding of amount of the cotton provided with cotton receipts, over the actual amount of the stored cotton.

6. Temporary management is entered on condition of carrying out by authorized body in the field of development of cotton industry (further - authorized body) inspections (check) of activities of the cotton-processing organization based on representation of local executive body of area or the schedule of conducting checks or official addresses (claims) of holders of cotton receipts for two and more facts of refusal in cotton issue, with the subsequent creation of the act of the revealed violations.

3. Procedure for carrying out temporary management

7. The local executive body of area directs to authorized body the idea of introduction of temporary management containing the conclusion about availability of the bases for introduction of temporary management and the candidate for inclusion in structure of the commission on temporary management with appendix of the inspection statement of the cotton-processing organization.

8. The authorized body within three working days from the date of receipt of representation makes the decision on introduction of temporary management which contains:

1) name and location of the cotton-processing organization;

2) basis for introduction of temporary management;

3) beginning and effective period of temporary management;

4) the list of restrictions of activities of the cotton-processing organization including cotton leave suspension;

5) staff of the commission on temporary management;

6) instruction to leading employees of the cotton-processing organization:

about preparation of the report for work and representation to its temporary administration;

about the obligatory notification of the famous holders of the cotton receipts issued by the cotton-processing organization on introduction of temporary management.

9. The commission on temporary management in time no later than two working days from the date of decision making about introduction of temporary management:

1) nominates the commission chairman on temporary management and direct her to approval in authorized body;

2) is directed by the written notice to the bank servicing the cotton-processing organization of suspension of account account transactions of the cotton-processing organization.

10. The authorized body within three working days from the date of decision making about introduction of temporary management publishes in republican periodic printing editions in the state and Russian languages at the expense of means of the cotton-processing organization:

1) decision on introduction of temporary management;

2) the message on the right of holders of cotton receipts to participate in meeting of holders of cotton receipts.

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