LAW OF THE KYRGYZ REPUBLIC

of March 22, 2016 №25

About introduction of amendments to the Law of the Kyrgyz Republic "About joint-stock companies"

Accepted by Jogorku Kenesh of the Kyrgyz Republic on February 18, 2016

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 changes:

Item 3 of Article 1 to state 1) in the following edition:

"3. The state body regulating the corporate legal relationship following from this Law, and exercising supervision of them is the authorized state body of the Kyrgyz Republic regulating the security market.";

2) in Article 31:

a) Item 2 in paragraph one in official language of the word "within three months" to exclude;

b) the paragraph one of Item 3 to state in the following edition:

"3. The payment procedure of dividends is determined by the charter of society or the decision of general shareholder meeting. Day of dividend payout is determined by the decision of general shareholder meeting and cannot be before day of decision making about dividend payout and after 120 days after adoption of such decision.";

c) in item 4:

- in paragraph one of the word "at the scheduled time to pay" shall be replaced with words "from the date of approach of day of dividend payout to pay to all shareholders on claiming";

- in the paragraph the second to replace words of "fixed term" with the word of "day";

3) in Article 55:

a) state Item 1 in the following edition:

"1. Board members of society are elected by general shareholder meeting according to the procedure, provided by this Law and the charter of society, for the term of no more than 3 years.

If the term of office of board members expired, and the new structure of the board of directors is not elected, then the board of directors fulfills the duties before election of new structure of the board of directors.

Persons elected in structure of the board of directors of society can be re-elected unrestricted number of times.

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