Most professionals involved in supporting corporate operations are used to the idea that instruments of incorporation (pre-incorporation contract and/or charter) need to be notarized and registered with the justice department.
The responsibility of the legal entity and its officials is one of the most important issues of corporate law.
According to Kazakhstan legislation, the officials of the legal entity are the head of the sole executive body, the members of the collegial executive body, the members of the Board of Directors (JSC) and members of the supervisory board (LLP).
We had an issue in practice, what should the state court do when it receives the claim regarding the violation of the works contract, which has the arbitration clause.
According to the general provisions of civil legislation, the persons performing obligations may be changed further to the transaction, or based on the legislative act. Thus, it is assumed that the parties of any contract are entitled to assign a claim (with or without the debtor’s consent) or transfer a debt (with the creditor’s consent).
Unlike state procurement supply agreements which in most cases require to provide a bank guarantee as a security of obligations, in simple supply agreements the obligations performance very oft are secured by penalty only.
Dura lex, sed lex
Law “On amendments to certain legal acts of the Republic of Kazakhstan dedicated to dramatic improvement of conditions for entrepreneurial activity in the Republic of Kazakhstan” No 269-V ЗРК was adopted on December 29, 2014 (hereinafter the “Law”). This Law stipulates certain new provisions in several legislative acts, among such provisions is amending Article 23 (2) of Law on Limited Liability Partnerships (LLP(s)). As per the amended article 23, the minimum charter capitalamount of an LLP that fall under category of small-scale, is establish