LAW OF THE REPUBLIC OF KAZAKHSTAN

of May 8, 2001 No. 197-II

About consumer cooperative

This Law determines legal status of consumer cooperatives, organizational, economic and social conditions of their creation, activities, reorganization and liquidation, the right and obligation of members, powers and responsibility of governing bodies and control.

Chapter 1. General provisions

Article 1. Basic concepts

In this Law the following concepts are used:

property (share) fee - fee of members of consumer cooperative in property (share) fund of consumer cooperative the money, property or property rights having money value;

property (share) fund - the fund consisting of the property (share) fees brought by members during creation of consumer cooperative or the introduction in it, and being one of sources of forming of property of consumer cooperative;

consumer cooperative - the voluntary consolidation of citizens on the basis of membership for satisfaction of material and other needs of participants performed by consolidation by his members of property (share) fees;

the reserve fund - fund which is intended for covering of the losses caused as a result of force majeure procedure for forming and which use is determined by the charter of consumer cooperative;

the member of consumer cooperative - the citizen and (or) the legal entity who is meeting requirements of this Law, brought property (share) fee in the size and procedure established by the charter of consumer cooperative and accepted in consumer cooperative with voting power.

Article 2. Legislation on consumer cooperative

1. The legislation of the Republic of Kazakhstan on consumer cooperative is based on the Constitution of the Republic of Kazakhstan, the Civil code and consists of this Law and other regulatory legal acts.

2. It is excluded according to the Law of the Republic of Kazakhstan of 29.10.2015 No. 373-V ZRK

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