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PRESIDENTIAL DECREE OF THE AZERBAIJAN REPUBLIC

of February 13, 2006 No. 368

About rules of the conclusion of agreements on the credits obtained under the state guarantee

(as of December 10, 2008)

For the purpose of unification of practice of the conclusion of agreements on the credits received under the state guarantee, increases in responsibility of executive bodies and state companies during obtaining and use of these credits, prevention of the conclusion of the credit agreements which are not corresponding to financial and economic interests of the state according to article 119 of the Constitution of the Azerbaijan Republic I decide:

1. Determine that:

1.1. The offer on the beginning of negotiations on the credits which receipt is provided under guarantee of the State is submitted in the Cabinet of Ministers of the Azerbaijan Republic the central executive bodies.

1.2. The state companies or the companies which controlling stock the state owns (further - the state companies) represent offers on the beginning of negotiations on the credits which receipt is provided under guarantee of the State, in the Cabinet of Ministers of the Azerbaijan Republic, as a rule, by means of the central executive bodies exercising state control in the respective area.

1.3. Also the documents confirming feasibility of the conclusion of the credit agreement and the conclusion of this agreement estimating financial and economic results are attached to the offers provided by Items 1 and 2 of this Decree.

1.4. The Cabinet of Ministers of the Azerbaijan Republic within two months considers the offers specified in Items 1 and 2 of this Decree, if necessary appoints additional legal and economic examination.

1.5. If receipt of the credit by the state company is provided, the Cabinet of Ministers of the Azerbaijan Republic researches availability of opportunities at this company for return of the credit on the conditions which are laid down by credit institution, constitutes about it the conclusion about financial and economic condition of this company.

1.6. If the Cabinet of Ministers of the Azerbaijan Republic counts reasonable receipt of secured loan of the State, provides to the head of the relevant central executive body or state company permission to the beginning of negotiations with the relevant credit institution.

1.7. In case of negotiation on the credits obtained under guarantee of the State it is necessary to consider that the draft of the credit agreement shall answer the following principles:

1.7.1. compliance of the Constitution of the Azerbaijan Republic;

1.7.2. rule of the laws of the Azerbaijan Republic;

1.7.3. not damnification to financial and economic interests of the Azerbaijan Republic;

1.7.4. providing the guarantee provided by the State, appropriate resources.

1.8. After coordination of the draft agreement by the parties on the credits obtained under guarantee of the State, the project is submitted in the Cabinet of Ministers of the Azerbaijan Republic. Results of financial and economic and legal examination of this project are applied to the draft agreement.

Financial and economic and legal examinations of draft agreements are prepared by specialists of the relevant central executive bodies (the state companies). If necessary the central executive bodies (the state company) can use for conducting financial and economic and legal examination of service of the specializing in this sphere and authoritative organizations. The Cabinet of Ministers of the Azerbaijan Republic can appoint additional financial and economic or legal project appraisal of the credit agreement.

1.9. After approval by the Cabinet of Ministers of the Azerbaijan Republic of the draft of the credit agreement, this project not later than month before date of agreement signature together with the documents specified in Items 1. 3, 1.4, 1.5 and 1.7 of this Decree, it is represented to the President of the Azerbaijan Republic.

1.10. After receipt of consent of the President of the Azerbaijan Republic to the conclusion of the credit agreement Cabinet of Ministers of the Azerbaijan Republic provides to the head of the relevant central executive body (the state company) the power to enter agreement on the credits obtained under guarantee of the State.

1.11. The agreement on the credit obtained under guarantee of the State, signed in the appropriate order affirms the Cabinet of Ministers of the Azerbaijan Republic and in the form approved by the parties the guarantee of the Government of the Azerbaijan Republic on this credit is provided.

1.12. The agreement on the credit obtained under guarantee of the State only in exceptional cases can provide the rules other than the rules determined by the laws of the Azerbaijan Republic or presidential decrees of the Azerbaijan Republic. In this case in case of representation to the President of the Azerbaijan Republic of the credit agreement Cabinet of Ministers of the Azerbaijan Republic in addition from the financial and economic and juridical party proves need of taking into account of the rules other than the rules determined by the laws of the Azerbaijan Republic or presidential decrees of the Azerbaijan Republic.

1.13. If the rules other than the rules determined by the laws of the Azerbaijan Republic are provided in the agreement on the credit obtained under guarantee of the State, this agreement for approval is submitted the President of the Azerbaijan Republic in Millie Majlis of the Azerbaijan Republic.

1.14. If the rules other than the rules determined by decrees of the Azerbaijan Republic are provided in the agreement on the credit obtained under guarantee of the State, the agreement affirms the President of the Azerbaijan Republic.

1.15. The Cabinet of Ministers of the Azerbaijan Republic at least once a year informs the President of the Azerbaijan Republic on efficiency and feasibility of use of the credit obtained under guarantee of the State. If the credit agreement is signed by term less than for year, this information is provided a month before the expiration covered by the credit agreement.

2. Charge to the Cabinet of Ministers of the Azerbaijan Republic to prepare and provide to two-month time to the President of the Azerbaijan Republic the draft of rules of carrying out tenders for provision of guarantee by the State on the credits obtained by private enterprises of the Azerbaijan Republic.

3. Charge to the Cabinet of Ministers of the Azerbaijan Republic to resolve other issues arising from this Decree.

4. This Decree becomes effective from the date of signing.

 

President

Azerbaijan Republic Ilgam ALIYEV

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info

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