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RESOLUTION OF THE CABINET OF MINISTERS OF THE AZERBAIJAN REPUBLIC

of July 14, 2005 No. 136

About approval of Rules of management of shares (shares) in joint businesses and joint-stock companies with the shares (shares) belonging to the state in the authorized capital

(as amended on 22-12-2015)

For the purpose of ensuring execution of the tenth paragraph of item 4 of the Presidential decree of the Azerbaijan Republic "About application of the Law of the Azerbaijan Republic "About the government budget of the Azerbaijan Republic for 2005" of December 29, 2004 the No. 161 Cabinet of Ministers of the Azerbaijan Republic decides:

1. Approve "Rules of management of shares (shares) in joint businesses and joint-stock companies with the shares (shares) belonging to the state in the authorized capital" (are applied).

2. Consider invalid the resolution of the Cabinet of Ministers of the Azerbaijan Republic "About approval of Rules of participation of the state representatives in governing bodies of the joint-stock companies created in the course of privatization in leaving cases in these joint-stock companies of the controlling stake or restrictive part of shares in state-owned property" of May 10, 2001 No. 92.

3. This resolution becomes effective from the date of signing.

 

Prime Minister of the Azerbaijan Republic
Artur Rasi-Zade

Approved by the resolution of the Cabinet of Ministers of the Azerbaijan Republic of June 14, 2005 No. 136

Rules of management of shares (shares) in joint businesses and joint-stock companies with the shares (shares) belonging to the state in the authorized capital

I. General provisions

1. These rules are prepared according to the Civil code of the Azerbaijan Republic, the Law of the Azerbaijan Republic "About privatization of state-owned property", the Presidential decree of the Azerbaijan Republic of August 10, 2000 No. 382 "About application of the Law of the Azerbaijan Republic "About privatization of state-owned property", the "Regulations on Rules of transformation of the state company to joint-stock company" approved by the Law of the Azerbaijan Republic of November 29, 1996 No. 208-IG, "the II State program of privatization of state-owned property in the Azerbaijan Republic" the Azerbaijan Republic approved by the Presidential decree of August 10, 2000 No. 383, the Presidential decree of the Azerbaijan Republic of April 18, 2002 No. 691 "About introduction of amendments to the Decree of August 10, 2000 No. 383 "About approval of the II State program of privatization of state-owned property in the Azerbaijan Republic" and other existing regulatory legal acts in connection with execution of the Presidential decree of the Azerbaijan Republic of December 29, 2004 No. 161 "About application of the Law of the Azerbaijan Republic "About the government budget of the Azerbaijan Republic for 2005".

2. These rules establish rules of appointment and participation of representatives of the state in governing bodies of joint businesses and joint-stock companies for the purpose of effective management of shares (shares) in joint businesses with the shares (shares) belonging to the state in the authorized capital and joint-stock companies on which in case of privatization by the President of the Azerbaijan Republic or the State committee on questions of property the decision on preserving the certain share which is in state-owned property (controlling stock (51%) or restrictive part of shares (% 25,5)), and also not completely privatized joint-stock companies is made.

3. Representatives of the state for the purpose of management of the shares (shares) belonging to the state in joint businesses and joint-stock companies with the shares (shares) belonging to the state in the authorized capital, are provided in the governing bodies determined by charters of the corresponding legal entities according to the procedure, established by the legislation and constituent documents.

4. For representative office of the state in governing bodies of joint businesses and joint-stock companies with the shares (shares) belonging to the state the ranking officers of the State committee on questions of property, the Ministry of Finance of the Azerbaijan Republic and other relevant ministries, the state committees and executive bodies having the higher education and length of service in managerial area more than 2 years are appointed.

5. Representatives of the state in joint businesses and joint-stock companies with the shares (shares) belonging to the state in the authorized capital have the appropriate rights and obligations according to the legislation of the Azerbaijan Republic and constituent documents of legal entities.

II. Procedure for appointment of representatives of the state

6. For the purpose of performance on behalf of the state in governing bodies in joint businesses and joint-stock companies representatives of the state are appointed in the below-specified procedure:

* in joint businesses on which the decision on privatization of the share belonging to the state was made, and also in case of abolition of the ministries and departments acting as founders of joint businesses or change of pattern of ownership by the state companies or organizations - according to the decision of the State committee on property questions;

* in joint businesses on which the decision on privatization of the share belonging to the state, and also in the joint businesses founded with participation of the state companies and organizations after entry into force of the presents of Pravilpo to the decision of head governing bodies of the state companies and organizations acting as founders in coordination with the State committee on property questions was not made;

* in case of preserving controlling stock of joint-stock company in state-owned property - according to the decision of the Ministry of Economic Development based on representation of the relevant state bodies;

* in cases of preserving restrictive part of shares of joint-stock company in property of the state - according to the decision of the State committee on property questions;

* in the joint-stock companies created in the course of privatization and not completely privatized - according to the decision of the State committee on property questions.

7. In all cases in managerial bodies of joint businesses and joint-stock companies in which authorized capital there are shares (shares) belonging to the state participation of the representative appointed according to the procedure, established by these rules, and representing the state shall be provided.

Activities of the representatives in managerial bodies appointed according to these rules and representing the state can be performed along with the representative of joint business participating in managerial bodies of the involved state companies and the organizations which acted as the founder.

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