Law of the Republic of Kazakhstan ‘On state property’

Law of the Republic of Kazakhstan ‘On state property’ № 413-IV adopted on March 1, 2011.

The Law defines the legal status of state property and prescribes the legal framework for its management (including property allocated to public corporations and state-owned shares and participating interest in legal entities). It also defines the legal grounds for acquisition and termination of rights to state property, aiming to enable the State to effectively exercise all of its relevant rights to state property.

In relation to the public enterprises, privatized prior to the adoption of the present law, the Law states that a correspondent record about the termination of operations by such public enterprises shall be made by the registering authorities within 6 months following the date of the present Law, on the basis of a sales and purchase agreement and a transfer act, to be provided by the seller of state property.

All public enterprises which have been established prior to the adoption of the present Law and whose business activities are not provided for by the Law, shall either be closed down, re-structured or privatized in accordance with the legislation of the Republic of Kazakhstan within 1 year of the adoption of the Law. This doesn’t apply to the enterprises providing forest engineering services as they can continue to operate until January 1, 2015.