LAW OF THE KYRGYZ REPUBLIC

of May 20, 2016 No. 68

About modification of some legal acts of the Kyrgyz Republic (and the laws of the Kyrgyz Republic "About economic partnerships and societies", "About joint-stock companies", "About the security market")

Accepted by Jogorku Kenesh of the Kyrgyz Republic on April 21, 2016

Article 1. Bring in the Law of the Kyrgyz Republic "About economic partnerships and societies" of November 15, 1996 No. 60 the following changes:

in Article 39:

add Item 1 with paragraphs of the following content:

"For bond issue society shall conform to the following requirements:

1) to be profitable for the last accounting year and on the amount of three last years;

2) it is continuous to perform the activities within the last year;

3) the financial reporting of society shall be confirmed with the conclusion of the independent auditor;

4) to have the following governing bodies:

a) general meeting of participants;

b) Board of directors;

c) executive body;

d) audit committee;

5) to have the code of corporate governance.

For bond issue the society formed by reorganization shall approve at least one year balance after reorganization, and also conform to requirements of this Article.";

add Article with Item 3 following of content:

"3. In economic societies, being bond issuing institutions, the code of corporate governance - the internal document of society approved by general meeting of participants, containing the body of principles, the rules and procedures directed to observance of the rights and legitimate interests of all participants of the corporate relations, and regulating relations between bodies of society, officials and shareholders is applied.".

Article 2. 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:

Article 2 to add 1) with the paragraph the seventh the following content:

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