LAW OF THE KYRGYZ REPUBLIC

of October 5, 2011 No. 163

About entering of amendments into the Law of the Kyrgyz Republic "About joint-stock companies"

Accepted by Jogorku Kenesh of the Kyrgyz Republic on September 8, 2011

Article 1. Bring in the Law of the Kyrgyz Republic "About joint-stock companies" (Sheets of Jogorku Kenesh of the Kyrgyz Republic, 2003, No. 6, the Art. 240) the following amendments:

1. Third Item 1 of Article 31 after words of "net profit" to add the paragraph with the words "following the results of activities in year".

2. To add Item 1 of Article 58 with paragraphs of the following content:

"The persons elected in executive body of society in whom the state owns more than 50 percent of shares cannot be re-elected repeatedly in case of deterioration in financial performance of society for the period of their work and/or preserving negative tendency on profitability indicators.

The officials of society who resulted it in bankruptcy or discharged of post for unsatisfactory work, not irreproachable behavior or making on offense place of employment cannot be elected in governing bodies of society with the state block of shares.".

3. To add Item 1 of Article 62 with the paragraph of the following content:

"Persons, the elected to audit committee members (auditor) of society in which the state owns more than 50 percent of shares cannot be re-elected more than three time in a row.".

Article 2. This Law becomes effective from the date of official publication.

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