President Kassym-Jomart Tokayev today in his address to the people of Kazakhstan ordered the adoption of a new Civil Code in the country. This was reported by Qazaqyia.kz citing Sputnik Kazakhstan.
"The current Civil Code was adopted in the 1990s of the last century. It would not be an exaggeration to say that the Code has fully fulfilled its historical mission. This document paved the way for the creation of the main institutions of a market economy and established the principle of property protection," Tokayev said.
The President noted that however high-quality this Civil Code may be, it was developed for a transitional economy. "At that time, not only the substance but even the name of advanced technologies did not exist. Of course, over the past 30 years, the whole world, including our society, has fundamentally changed. Taking all this into account, I believe it is necessary to adopt a new Civil Code that will serve as a legal basis for a solid transition to the economy of the future," Tokayev said.
This will ensure legal stability for entrepreneurs, investors and citizens to operate without hindrance. "The deputies of the Qurultai, together with the Government, should promptly begin developing this important document. It would be appropriate for the Qurultai to adopt the new Civil Code by the end of next year," the head of state said.