In the course of providing legal services, we have more than once come across the question of whether one can pay for stock of a joint-stock company (hereinafter referred to as JSC) by set-off of liabilities.
The International Financial Center “Astana” (hereinafter – the Financial center) will be established this year and a special law regulating activity of the participants of the Financial Center will be adopted under the Decree of the President of the Republic of Kazakhstan for the purposes of modernization of national economy.
The law of the Republic of Kazakhstan “On Subsoil and Subsoil Use» (hereinafter – the Law) has been significantly amended by virtue of the laws of the Republic of Kazakhstan № 269-V from 29.12.2014, № 271-V from 29.12.2014.
As is known, legal entities and individuals are prohibited to attract any funds from individuals as an entrepreneurial activity in the Republic of Kazakhstan, in other words to carry out entrepreneurial activity in form of loans raising from individuals, and any such transactions will be declared void from the time of signature.
The judicial practice is full of different cases: claimant seeks enforcement of execution of contract by a defender or extension of contract duration for performance etc.
In order to ensure duly protection of rights and basic freedoms and, in particular personal privacy regardless of citizenship and place of living, in view of today’ automatic data processing, the European Council Member States adopted Convention for the Protection of Individuals with regard to Automatic Processing of Personal Data (Strasbourg, 28 January 1981 with Additional Minutes to the Convention on Supervisory Bodies and Cross-Border Data Transmission, Strasbourg, 8 November 2001).