Article 151. The Form of Transactions

1. Transactions can be entered into orally or in written form (simple or notary).

2. A transaction for which legislation or the agreement of the parties does not establish a written form (simple or notary), or any other definite form, may be entered into orally, in particular, any transactions which are executed by their commitment. Such a transaction shall be deemed to be entered into also in the case where the will of the person to enter into the transaction is clear from the behaviour of the person.

3. A transaction which is confirmed by issuing a ticket, label or any other sign which is generally acceptable for confirmation, shall be deemed to be concluded in oral form, unless otherwise is stipulated in legislation.

4. Silence shall be recognised as the expression of will to enter into a transaction in cases which are stipulated by legislation or the agreement of the parties.

5. Transactions to execute an agreement which is concluded in writing may, by agreement of the parties, be entered into orally, provided that does not contradict legislation.

Article 152. The Written Form of Transactions

as amended (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 following transaction must be entered into in writing:

1) those which are carried out in the course of entrepreneurial activities, except for transactions which are fulfilled by their execution itself, unless it is otherwise stipulated in legislation for individual types of transactions, nor does it ensue from the customs of the business practice;

2) for the amount of more than one hundred assessment indices, except for the transactions which are executed by their commitment itself;

3) in any other cases which are stipulated in legislation or the agreement of the parties.

2. A transaction which is executed in writing, must be signed by the parties or their representatives, unless otherwise ensues from the usual business practice.

It shall be allowed, when entering into transactions, to use facsimile copying of signatures, unless this contradicts legislation or the requirements of one of the participants.

3. Bilateral transactions may be entered into by way of exchanging documents, each one of them shall be signed by the sending party.

The exchange of letters, telegrams, telephonograms, teletypograms, facsimiles or any other documents which identify the entities and the contents as expression of their will, shall be equated to the execution of transactions in writing, unless it is otherwise stipulated in legislation or in the agreement of the parties.

Legislation and the agreements of parties may establish additional requirements to which the form of the transaction must correspond, in particular, the execution in accordance with a certain type of pro-forma, affixing the seal and stipulation of the consequences of the failure to comply with those requirements.

4. Where a citizen as a result of a physical shortage, disease or illiteracy is not able to personally sign, then upon his request a transaction may be signed by any other citizen. The signature of the latter, unless it is otherwise stipulated in legislation, must be witnessed by a notary or any other official who has the right to enter into such notary action with an indication of the reasons for which the person who entered into the transaction failed to sign it personally.

5. The party that fulfilled a transaction which was executed in writing, shall have the right to claim from the other party a document which confirms that fulfilment. The same right shall belong to the party which fulfilled an oral entrepreneurial transaction, except for the transactions which are fulfilled by their commitment itself.