PRESIDENTIAL DECREE OF THE AZERBAIJAN REPUBLIC

of October 11, 2021 No. 1461

About enhancement of management in the field of the state support of development of entrepreneurship

Being guided by Item 32 of article 109 of the Constitution of the Azerbaijan Republic, for the purpose of encouragement of investment of not oil sector of economy, optimization and increase in system effectiveness of management, strengthening of coordination in the field of the state support of development of entrepreneurship, further increase in transparency and satisfaction of entrepreneurs in this sphere of POSTANOVLYAYU:

1. By reorganization in the form of consolidation of the legal entity of the public law "Fund of Development of Entrepreneurship of the Azerbaijan Republic" and Azerbaijani Investment Company Open joint stock company in subordination of the Ministry of Economics of the Azerbaijan Republic to create the legal entity of the public law "Azerbaijani Fund of Business Development" (further - Fund) in subordination of the Ministry of Economics of the Azerbaijan Republic (further - the Ministry).

2. The fund is legal successor of Fund of development of entrepreneurship of the Azerbaijan Republic and Azerbaijani Investment Company Open joint stock company, their right and the obligation, and also the property is passed to Fund.

3. Determine that:

3.1. The fund is the legal entity of the public law keeping development of not oil sector of economy, providing stimulation of activities in this area, and also giving financial support to development of entrepreneurship;

3.2. for implementation of the common directorship activities of Fund and control of it create the Supervisory board consisting of 9 (nine) members;

3.3. 5 (five) members of the Supervisory board are appointed by the Ministry, and 4 (four) members - the following government institutions (on one from each structure):

3.3.1. Central Bank of the Azerbaijan Republic;

3.3.2. Ministry of Finance of the Azerbaijan Republic;

3.3.3. Ministry of Labour and Social Protection of the population of the Azerbaijan Republic;

3.3.4. State agency on tourism of the Azerbaijan Republic;

3.4. the chairman of the Supervisory board is appointed to position and dismissed by the Minister of Economic Affairs of the Azerbaijan Republic;

3.5. the current management of activities of Fund is performed by the Board consisting of 5 (five) members. Appoints members, including the chairman of the board to position and the Minister of Economic Affairs of the Azerbaijan Republic dismisses.

4. To assign implementation of powers of the founder in Fund on:

4.1. President of the Azerbaijan Republic:

4.1.1. approval of the fund charter and determination of the size of its authorized fund, their change;

4.1.2. creation of governing bodies of Fund;

4.1.3. reorganization and abolition of Fund;

4.2. Ministry:

4.2.1. the solution of the questions carried in article 8.2 of the Law of the Azerbaijan Republic "About legal entities of the public law" to powers of the founder of the legal entity of the public law except for noted in Item 4.1 of this Decree.

5. To the Cabinet of Ministers of the Azerbaijan Republic:

5.1. in three-months time:

5.1.1. based on offers of the Ministry to prepare and provide to the President of the Azerbaijan Republic offers on regulation of questions of repayment of the soft credits granted by Fund of development of entrepreneurship of the Azerbaijan Republic to subjects of entrepreneurship in connection with creation of Fund, and also through the authorized credit institutions which are in process of liquidation, improvement and repeated inclusion in turnover of the available credits and also managements of non-working (toxic) assets;

5.1.2. prepare and provide to the President of the Azerbaijan Republic the draft of the fund charter, and also the offer on the size of its authorized fund.

5.1.3. prepare and provide to the President of the Azerbaijan Republic the offers connected with reduction of acts of the President of the Azerbaijan Republic in compliance with this Decree;

5.1.4. provide reduction of regulatory legal acts of the Cabinet of Ministers of the Azerbaijan Republic in compliance with this Decree and inform the President of the Azerbaijan Republic;

5.2. check reduction of regulatory legal acts of the central executive bodies, acts of normative nature in compliance with this Decree and in five-months time to inform the President of the Azerbaijan Republic on execution;

5.3. within a month from the date of state registration of Fund according to the procedure, established by the Law of the Azerbaijan Republic "About state registration and the state register of legal entities" to take the measures connected with transfer of the state-owned property which is on balance of Fund of development of entrepreneurship of the Azerbaijan Republic and Azerbaijani Investment Company Open joint stock company on balance of Fund;

5.4. resolve other issues following from this Decree.

6. In a month to provide to the relevant state bodies based on Item 3.3 of this Decree appointment of members of the Supervisory board of Fund.

7. Recommend to the Central bank of the Azerbaijan Republic based on Item 3.3 of this Decree in a month to provide appointment of the member of the Supervisory board of Fund.

8. Prior to the day of passing of state registration by Fund according to the procedure, established by the Law of the Azerbaijan Republic "About state registration and the state register of legal entities", to Fund of development of entrepreneurship of the Azerbaijan Republic and to Azerbaijani Investment Company Open joint stock company to continue the activities.

9. To the ministry:

9.1. within 3 (three) days after approval of the fund charter to take measures for its state registration according to the procedure, established by the Law of the Azerbaijan Republic "About state registration and the state register of legal entities";

9.2. in a month from the date of passing of state registration to resolve material logistics issues for the organization of activities of Fund;

9.3. resolve other issues following from this Decree.

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