LAW OF THE REPUBLIC OF KAZAKHSTAN

of October 5, 1995 No. 2486

About production cooperative

Chapter 1. General provisions

Article 1. Concept of production cooperative

1. Production cooperative voluntary consolidation of citizens on the basis of membership for the joint business activity based on their personal labor participation and consolidation by his members of property fees (shares) is recognized.

2. The production cooperative is the commercial organization.

3. The production cooperative is legal entity.

Article 1-1. Basic principles of creation and activities of production cooperatives

Production cooperatives function on the basis of the following principles:

voluntariness of the introduction and exit;

obligation of introduction of property (share) fee;

democratic character of management;

mutual assistance and providing economic benefit for his members;

availability of information on activities of production cooperative.

Article 1-2. Main objectives and tasks of this Law

1. Main objective of this Law is creation of conditions for support of development of cooperation, strengthening of small and medium business, creation of new workplaces, increases in level of living of the population and strengthening of economic stability.

2. The main objectives of this Law are:

1) establishment of the legal basis for creation, registration, functioning and liquidations of production cooperatives;

2) determination of the rights and obligations of members of production cooperatives, and also rules of their interaction;

3) regulation of procedure for profit distribution and losses between members of production cooperative;

4) establishment of mechanisms of decision making in production cooperative;

5) ensuring development of small and medium business and strengthening of economic stability in the country.

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