On August 27, 2014 the Ministry of Economy submitted for public discussion the draft Regulation “On the draft Law of the Kyrgyz Republic “On Amendments and Additions to Certain Legislative Acts of the Kyrgyz Republic”.

Amendments and additions were proposed to the Civil Code of the KR and to the Law of the KR No. 60 “On Business Partnerships and Companies” dated November 15, 1996. It was proposed to establish the possibility to create board of directors in LLC. Therefore a business entity of the mentioned type will have the right to create board of directors at its own option. The draft law contains recommendations with regard to the powers of this body. Specific list of powers of board can be determined by charter of company.

According to the explanatory note, the draft Law was aimed to introduce principles of corporate management in LLC and development of business activity in the Kyrgyz Republic.

You can find more detailed information on the draft law in the attachment.