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Of a Limited Partnership

amended by (11) Law of 11th July 1997 of the Republic of Kazakhstan. Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan Concerning Issues of Banking Activity; and

(12) Law of No. 211 of 2nd March 1998 of the Republic of Kazakhstan. Concerning the Introduction of Amendments and Additions to the Civil Code of the Republic of Kazakhstan (General Part), and to the Decree of the Supreme Soviet of the Republic of Kazakhstan "Concerning the Implementation of the Civil Code of the Republic of Kazakhstan (General Part)".

1. The charter fund authorised capital of a limited partnership shall be made up of the contributions of its participants. In the course of business activities, the charter fund authorised capital may be altered. The charter fund authorised capital less contributions of the investors shall determine the share of general partners in the property of a limited partnership.

2. The amount of the charter fund authorised capital shall be determined by the general partners of a limited partnership and it may not be less than the minimum established by legislative acts. The total amount of shares of the investors may constitute not more than 50% of the charter fund authorised capital of a limited partnership.

3. The reduction of the charter fund authorised capital of a limited partnership shall be allowed after notifying all its creditors. The latter shall have the right in that case to require a premature termination or execution of the relevant obligations and compensation to them of their losses. Reduction of a charter fund authorised capital in violation of the procedure established in this Article shall be a reason for the liquidation of the limited partnership in accordance with the decision of the court upon the application of the interested parties.

Article 75. Managing Affairs of a Limited Partnership

Managing the affairs of a limited partnership shall be carried out by general partners. The procedure for managing and maintaining affairs of a general partnership by its general partners shall be established by themselves in accordance with the rules concerning general partnership. The investors shall not have the right to participate in the managing of the affairs of the limited partnership, nor to act on its behalf otherwise than on the basis the power of attorney. The investors of a limited partnership shall not have the right to challenge the actions of general partners with regard to managing the affairs of the partnership.

Article 76. The Cessation a Limited Partnership

1. A limited partnership shall be terminated when all the investors participating in it exit from it. The general partners shall have the right, instead of liquidation, to transform the limited partnership into a general partnership. A limited partnership shall be liquidated also upon the bases which are stipulated for the liquidation of a general partnership.

2. In the liquidation of a limited partnership the investors shall have a priority right, as compared to general partners, to receive their contributions from the property of the partnership, which remain after the satisfaction of the claims of its creditors. The assets which remain after that of the limited partnership, shall be distributed between the general partners and investors in proportion to their contributions to the assets of the partnership, unless another procedure is established in the foundation documents.

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