The Law of the Republic of Kazakhstan on Joint Stock Companies dated July, 10, 1998, № 281-1 (with the amendments introduced according to the Law of the Republic of Kazakhstan dated July 16, 1999 № 436-1; December 15, 1999 № 497-1) (утратил силу)

The Law of the Republic of Kazakhstan on Joint Stock Companies dated
July, 10, 1998, № 281-1 (with the amendments introduced according to
the Law of the Republic of Kazakhstan dated July 16, 1999 № 436-1;
December 15, 1999 № 497-1)

The Law of the Republic of Kazakhstan dated 10 July, 1998 «On Joint Stock Companies» (the Bulletin of the Parliament of the Republic of Kazakhstan, 1998, №17-18, Art. 223, 1999, № 20, Art. 727; № 24, Art. 1072; 2001, № 23, Art. 321; 2002, № 10, Art. 102) shall be considered to lost force

This Law defines the legal position, procedure for creation, capitalization, reorganization and liquidation of joint stock companies; the rights, obligations and conditions for the protection of rights and interests of shareholders and third parties; and the authorities and responsibilities of bodies and officers of Companies.

CHAPTER 1. General Provisions
Article 1. Legislation Pertaining to Companies

Legislation pertaining to Companies is based on the Constitution of the Republic of Kazakhstan and consists of the norms of this Law and other legal normative acts of the Republic of Kazakhstan.
Article 2. Basic Terms Used in This Law

In this Law, the following terms are used:

"Affiliated Person of a Given Person (affiliated person)" - any individual or legal entity (excluding state agencies exercising control over the activity of such Person in the framework of authority granted to them) that has the right directly and/or indirectly to determine and/or influence decisions made by such Person including on the basis of an agreement, an oral agreement or other transaction, and also any other individual or legal entity in relation to which the Person has such right. Mandatory affiliated persons of a Company are its officers and shareholders owning ten or more percent of the voting shares of a Company (five or more percent if a public Company);

"Issued Shares" - fully-paid shares distributed among shareholders;

"Discount Bond" - a bond having at a price lower than its nominal value that entitles its holder to receive the nominal value of the bond in the contemplated term of its redemption;

"Qualified Majority" - a two-thirds majority of all voting issued shares;

"Qualified Investor" - a legal entity operating in the securities market and having a shareholders' equity in the amount of not less than 50,000 times of the minimum calculation indicator;

"Convertible Security" - a security issued by a Company which is subject to exchange into another type of security of that Company on the terms established upon the issuance of such convertible security;

"Controlling Block of Shares" - the percentage correlation of a particular block of shares to the amount of issued (paid-in) charter capital of the Company which provides the owner of such block of shares the right to determine decisions made by the Company;