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CONSTITUTIONAL LAW OF THE AZERBAIJAN REPUBLIC

of May 25, 1991 No. 116-XII

About bases of economic independence of the Azerbaijan Republic

The Supreme Council of the Azerbaijan Republic, noting low level of living of the people of Azerbaijan, considerable unemployment of able-bodied population, degradation of natural wealth as natural result of system of tough central planning and distribution, alienation of the worker from means of production and assignment of results of work, strong-willed administration in economy, ignorings of interests of the republic in policy of regional development and placement of productive forces, rootings of nonequivalent interregional exchanges,

realizing the responsibility for destiny of the people of Azerbaijan and caring for its welfare and spiritual revival,

adopts this Constitutional Law determining content, the purpose and the basic principles of economic independence of the Azerbaijan Republic as the sovereign state.

Section 1. General provisions

Article 1. Content and purpose of economic independence

The Azerbaijan Republic independently performs the economic and social policy which is equitable to interests of its population and consistent with international law and universal values.

Economic independence of the Azerbaijan Republic consists in independent determination of structure of the national economy and the priority directions of its development, implementation of the financial and budget, monetary, price, investment, scientific and technical and external economic policy, establishment of social guarantees to the population.

Economic independence of the Azerbaijan Republic aims to provide to each citizen worthy living conditions, satisfaction of spiritual needs and self-expression of the personality, preserving and enhancement of national wealth of the Azerbaijani people by creation of steady motivational mechanisms of creative and productive activity.

Article 2. Basic principles of economic independence

Economic independence is based on the following basic principles:

exclusive property of the Azerbaijan Republic on the earth, its subsoil, internal and territorial waters, the continental shelf, plant and animal life, the air basin within the republic territory;

right of possession, uses and orders resources of the economic zone of the Caspian Sea adjacent to the territory of the Azerbaijan Republic, in the limits recognized as international law;

possession of shares in the created all-union wealth;

right of possession, uses and orders the share in diamond and currency funds and gold stock of USSR for the benefit of the republic;

equality and legal security of all patterns of ownership, freedom of enterprise, market relations of the demand and supply, state regulation of economy;

voluntariness of the accession to economic unions with other states and free exit from them;

securities of foreign investments in the territory of the Azerbaijan Republic.

Section II. Property right

Article 3. Competences of the owner and pattern of ownership

The owner possesses rights of possession, uses and orders of property in the limits set by the legislation of the Azerbaijan Republic.

The relations of property are established and regulated by the legislation of the Azerbaijan Republic, international treaties and intergovernmental agreements.

Equal are recognized the Azerbaijan Republic and the following patterns of ownership are protected by the law:

state-owned property of the Azerbaijan Republic;

ownership in common;

private property;

the mixed property.

Within, determined by the legislation of the Azerbaijan Republic, in its territory the property of the republics of the Union and other states, their legal entities and citizens, property of the international organizations are allowed.

Article 4. State-owned property of the Azerbaijan Republic

Person of law of state-owned property in the territory of the Azerbaijan Republic is the Azerbaijan Republic as the sovereign state.

The companies of all industries of the national economy, network (system) of power, transport and communication which are in its territory (except for the fixed assets and means providing functioning of transport and communication as whole and being joint property of subjects of the allied agreement), the state housing stock, property of public institutions, cultural values and historical monuments, infrastructure facilities, including resort and tourist appointment, other fixed assets created at the expense of public funds, national banks, financial and credit resources, securities and other property necessary for implementation of the tasks facing the Azerbaijan Republic as the sovereign state treat state-owned property of the Azerbaijan Republic.

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