of May 14, 1997 No. 579
About approval of the Regulations on specialized check investment funds
For the purpose of ensuring creation of necessary conditions for market grouping of securities, I decide savings of investments made by the population in the securities issued during privatization of the state companies, and effective placement of the state privatization shares (checks) in the Azerbaijan Republic:
1. Approve Regulations on specialized check investment funds it (is applied).
4. This Decree becomes effective from the date of its signing.
President of the Azerbaijan Republic
Approved by the Presidential decree of the Azerbaijan Republic of May 14, 1997 No. 579
1. This Provision determines rules of creation and activities of specialized check investment funds in the Azerbaijan Republic (further - "check investment funds"). Check investment funds are created for the collection of checks performed for the purpose of ensuring participation of physical persons and legal entities in the course of privatization of the state companies by means of the state privatization shares (checks) (further - "privatization checks").
2. The check investment fund is public joint stock company which accepts privatization checks and makes with them transactions, raises funds by issue of own shares, puts investments into securities of other issuers, is engaged in purchase and sale of securities.
3. The organization and activities of check investment funds in the territory of the Azerbaijan Republic are performed according to regulatory legal acts of the Azerbaijan Republic taking into account the features established by this Provision.
4. Before approval of this Provision the legal entities performing investing activities in the Azerbaijan Republic can act as check investment funds only after coordination of the constituent documents with requirements of this Provision.
5. Foreign investors can participate in activities of check investment funds according to the procedure, determined by regulatory legal acts of the Azerbaijan Republic, and only by means of the state privatization options.
6. Licensing of activities of check investment funds in the territory of the Azerbaijan Republic is performed by the President of the Azerbaijan Republic.
The legal entity, according to the procedure, established by this Provision, not obtained license for activities as check investment fund, cannot act as check investment fund.
7. In this Provision the following concepts are used:
* Investment fund of the closed type - the investment fund which does not have the right to take the shares at shareholders;
* Representative group check investment the fondachekovy investment fund managing check investment fund and also all representative persons of this check investment fund and its manager;
* Representative person physical or legal litsauchreditel (founders), the head, officials and shareholders of the legal entity who own 25 percent and more stocks, or the company which more than 25 percent of shares granting voting power belong to this person;
* Representative faces of the manager of check investment fund - all investment funds which signed the contract for management with the manager of check investment fund;
* The investment declaration of check investment fondasvedeniye, the reflecting restrictions delivered on activities of check investment fund, main objectives and the directions of investing activities, and also the limiting part of the authorized capital invested in this or that security;
* Depositary of check investment fund - the legal entity rendering depositary services to check investment fund based on the agreement and not being representative person of this check investment fund;
* The manager of check investment fund - legal entity or physical person which in accordance with the established procedure obtained license for activities on management of check investment fund and with which the contract for management is signed;
* The independent auditor of check investment fund - the auditor who is not representative person of check investment fund.
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