Unofficial translation (c) Soyuzpravoinform LLC

PRESIDENTIAL DECREE OF THE AZERBAIJAN REPUBLIC

of March 25, 1996 No. 451

About approval of number of regulating documents on regulation of privatization of state-owned property

For the purpose of accomplishment of "The state program of privatization of state-owned property in the Azerbaijan Republic in 19951998 years" and creation of necessary conditions for active participation of citizens in privatization process I decide:

1. Approve the following regulating documents on ensuring privatization of state-owned property (are applied):

* "Regulations on privatization of objects which construction is suspended, objects with the expired normative terms of construction and incomplete objects";

2. To the Cabinet of Ministers of the Azerbaijan Republic within two weeks to resolve the issues assigned to it by the regulating documents listed in Item 1 of this Decree.

3. Charge to the ministries, to the state committees, the companies, concerns, head departments, the district and city executive authorities on the basis of request of Public service on property questions under the Ministry of Economics to provide provision to it all documents and data necessary for privatization of state-owned property.

Approved by the Presidential decree of the Azerbaijan Republic of March 25, 1996 No. 451

Regulations on privatization of objects which construction is suspended, objects with the expired normative terms of construction and incomplete objects

1. This Provision regulates rules of privatization of objects by physical persons and legal entities which construction is suspended, objects with the expired normative terms of construction and incomplete objects (further - "incomplete structures").

2. Privatization of incomplete structures is performed by Public service on property questions under the Ministry of Economics of the Azerbaijan Republic (further - Public service). At the same time Public service acts as the seller of incomplete structures.

3. Incomplete structures are included in the list of objects which privatization is obligatory, and privatized according to the decision of the Ministry of Economics of the Azerbaijan Republic.

4. The ministries, the state committees, concerns and the companies, head departments, associations and the companies, and also the corresponding local executive bodies at least once a quarter represent to Public service short data on incomplete structures (design capacity of object, year of the beginning of construction, its price after revaluation and others).

5. Incomplete structures are estimated for the purpose of privatization according to "Regulations on assessment of the privatized state-owned property", No. approved by the Presidential decree of the Azerbaijan Republic of December 23, 2000 432, on the basis of the submitted documents, by results of assessment the statement is drawn up. The price specified in the appraisal report is considered the original (starting) price of the privatized company.

6. For establishment of degree of readiness of incomplete structure and amount of the construction works of Public service performed on it if necessary conducts its examination directly on the place with involvement of representatives of the ministries, state committees, concerns, companies, associations, the companies and organizations by request of which this object is under construction. By results of inspection the special statement is drawn up and the privatization prices are specified.

7. Can be buyers of the privatized incomplete structures:

* citizens of the Azerbaijan Republic;

* the legal entities who do not have the state companies, associations and the organizations;

* legal entities from shares of the state in authorized fund no more than 20 percent;

* foreign legal entities and physical persons.

During privatization acquisition of one privatized object by both one, and several buyers in joint property is possible.

8. Requests for privatization of incomplete structures are submitted to Public service in the application form or letters. Data on the buyer and documents on structure of its authorized capital are attached to these requests.

9. Incomplete structures are privatized by auctions and tenders.

10. If completion and subsequent use of incomplete structure require accomplishment of certain conditions, the specified structure is privatized by investment tender. The agreement is signed with the winner of tender. In the agreement are specified: the price which the buyer, date of completion of construction, profile and purpose of object after completion of construction shall pay, condition of creation of new workplaces, responsibility of the buyer and other private conditions.

11. If in Public service only one request for privatization of any incomplete structure by tender arrives, the specified structure is implemented to the addressed candidate directly under the terms of the agreement.

12. Privatization of joint objects is performed based on the corresponding terms of the contract with revaluation of share part of the state.

13. Auctions and competitions on privatization of incomplete structures will be organized by Public service. The realization of the privatized objects according to requests of foreign physical persons and legal entities is enabled at special auctions and tenders. At the same time original price on incomplete structure is established according to the international market prices.

14. In case of transfer of property to other person to the new owner passes to the privatized incomplete structure also the property right to the parcel of land on which this structure is located, or right to use by the specified site according to the procedure and on the conditions established by the current legislation. Transfer of the specified right to the buyer is drawn up according to the procedure, established by the legislation.

15. The fact of privatization of incomplete structure affirms the corresponding order of Public service.

16. In case of privatization of incomplete structures by auctions buyers completely pay their selling price, and the paid amount is completely credited in the government budget.

17. After receipt of funds from privatization into the corresponding accounts and accomplishment of the conditions established by the purchase and sale agreement which was concluded by results of tender Public service issues to the buyer the statement from the state register immovable imushchestvo.

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