8. Prohibition against conducting certain activities

(1) A Person must not conduct activities as an Incorporated Organisation in or from the AIFC unless the Person is incorporated as an Incorporated Organisation.

(2) Subsection (1) does not apply to a Person if the Person:

• (a) is an exempt Person under the Rules; or
• (b) [intentionally omitted]

(3) Contravention of this section is punishable by a fine.

9. Authorised Activities of Incorporated Organisations

(1) An Incorporated Organisation must not conduct an activity unless the activity is an Authorised Activity.

(2) For these Regulations, Authorised Activities are the following:

• (a) professional and financial services activities, except so far as the activities are activities declared by the Rules not to be authorised activities;
• (b) activities related to the promotion and development of financial services, so far as the activities are approved at the discretion of the Registrar of Companies in relation to the Incorporated Organisation, a class of Incorporated Organisations or Incorporated Organisations generally;
• (c) any activity (whether or not of a kind mentioned in paragraphs (a) and (b)) declared to be an authorised activity under the Rules.

(3) However, Authorised Activities do not include activities contrary to public interest and public morals of the Republic of Kazakhstan.

(4) Contravention of subsection (1) is punishable by a fine.

10. Restrictions on Incorporated Organisations

(1) An Incorporated Organisation must not be formed to conduct activities for the purpose of commercial or financial gain for its Founding Members or Ordinary Members or former Founding Members or Ordinary Members.

(2) An Incorporated Organisation must not distribute profits or revenues from its activities to its Founding Members or Ordinary Members or former Founding Members or Ordinary Members.

(3) An Incorporated Organisation must ensure that the revenues generated from its activities are used only for the following purposes:

• (a) funding the Authorised Activities of the Incorporated Organisation;
• (b) other purposes consistent with these Regulations that are approved by the Registrar of Companies.

(4) Contravention of this section is punishable by a fine.

11. Nature of Incorporated Organisations etc.

(1) An Incorporated Organisation is a body corporate with a legal personality separate from that of its Founding Members and Ordinary Members.

(2) An Incorporated Organisation has the capacity, rights and privileges of a natural person.

(3) An Incorporated Organisation is formed by being incorporated under Part 3 (Formation and registration).