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Article 92. Managing a Joint-stock Company

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;

(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)"; and

(15) Law No. 282 of 10th July 1998 of the Republic of Kazakhstan. Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan Concerning Issues of Joint-Stock Companies.

1. The general meeting of the shareholders of a joint-stock company shall be its supreme body.

2. The exclusive authority of the general meeting of shareholders shall be defined in legislative acts.

3. The taking of decisions on the issues comprised by the exclusive authority of the general meeting of shareholders, may not be delegated to other bodies of the joint-stock company.

4. A board of directors shall be formed in a joint-stock company, which shall exercise the general guidance of the company's business, except for deciding on the issues conferred by this Code, legislative acts and the company's charter, to the exclusive authority of the general meeting of shareholders. The issues which are conferred by this Code, legislative acts and the joint-company's charter to the exclusive authority of the board of directors, may not be delegated to the executive body of the joint-stock company to be decided on.

The charter of a closed-type joint-stock company may provide for the possibility of managing the joint-stock company without creating a board of directors. In this case, the issues conferred by this Code and legislative acts to the exclusive authority of the board of directors, shall be transferred to the exclusive authority of the general meeting of shareholders.

5. The executive body of a joint-stock company may be a collective body (board) or (and) a personal one (director, general director, president). It shall carry out the current management of the activities the joint-stock company and it shall report to the board of directors and the general meeting of the shareholders.

The exclusive [inserted by 12] authority of the executive body of a joint-stock company shall include the deciding on all the issues which do not constitute the exclusive authority of any other governing bodies of the company which is determined by legislation or by the foundation documents.

6. An audit commission may be formed or a company's auditor may be elected from amongst its shareholders or professional auditors (accountants) in order to perform supervision of financial and operational activities. The general meeting of shareholders shall not have the right to define the joint-stock company's annual financial statements without a report from the audit commission (auditor).

Other bodies may be formed by a joint-stock company in accordance with legislative acts.

7. The authority of the governing bodies of a joint-stock company and also the procedure for adopting by them of the resolutions and acting on behalf of the company, shall be determined by legislation in accordance with this Code and by the foundation documents. 8. Any shareholder shall have the right to demand at his expense an audit of the company's annual financial statements and of current state of its business by an independent auditor.

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