DECREE HAVING AUTHORITY OF LAW OF THE PRESIDENT OF THE REPUBLIC OF KAZAKHSTAN CONCERNING PRIVATISATION The 23rd of December, 1995 № 2721 (does not act)

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DECREE HAVING AUTHORITY OF LAW OF THE PRESIDENT OF THE REPUBLIC OF
KAZAKHSTAN CONCERNING PRIVATISATION
The 23rd of December, 1995 № 2721

In accordance with Article 1 of the Law of the Republic of Kazakhstan, dated December 10, 1993 "Concerning the Temporary Delegation of Additional Authorities to the President of the Republic of Kazakhstan and the Heads of Local Administrations", I issue this Decree:

Chapter 1. General Provisions

Article 1. The Definition of Privatization

Privatization means the sale of the state property to the natural persons, private legal entities and foreign legal entities, this sale is conducted by the state as an owner by means of special procedures, established by the present Decree, or by the order established by the present Decree.

Article 2. Participants of Privatization.

1. The seller and the buyer shall be the participants of the process of privatization.

2. Seller means the state body authorized to carry out privatization.

3. Buyer means a physical person, private legal entity or foreign legal entity which purchase assets in the course of privatization.

When Buyer consists of several entities participating on behalf of the Buyer, they act jointly.

4. The following may not be the Buyers in privatization:

1) legal entities in whose charter fund the share of the state exceeds 20 per cent;

2) legal entities which in accordance with legislative acts of the Republic of Kazakhstan or foundation documents have no right to engage in those types of activities the performance whereof is a pre-condition for buying the property at the auction.

5. In the course of selling a state block of shares, the Buyer which is a joint stock company may not acquire more than 25 per cent of shares of the joint stock company if the latter owns shares of the Buyer.

6. The Seller shall have the right to hire an intermediary to organize the process of privatization.

Article 3. Legislation of Concerning Privatization

1. Legislation of the Republic of Kazakhstan concerning privatization shall consist of the present Decree, other legal acts, edicts and regulations of the President of the Republic of Kazakhstan, and the regulations of the Government of the Republic of Kazakhstan.

2. The authorized bodies may issue acts which regulate relations connected with privatization in the cases and within the bounds stipulated by this Decree and other legal acts concerning privatization.