Document from CIS Legislation database © 2003-2021 SojuzPravoInform LLC

ORDER OF THE PRESIDENT OF THE AZERBAIJAN REPUBLIC

of March 30, 2006 No. 1395

About additional measures for encouragement of investing activities

(as amended on 16-08-2016)

Deepening in recent years of social and economic reforms in the Azerbaijan Republic and the measures performed in the field of enhancement of system of public administration, having provided creating favorable conditions for free economic activity, stimulated development of entrepreneurship in all industries and played important role in increase in economic power of the country in general.

Intensive growth of currency resources of the country as a result of consecutive implementation of oil strategy which foundation was laid by the national leader of the Azerbaijani people Heydar Aliyev opens new opportunities for use of these means in development of not oil industries and bigger attraction of foreign investments in these industries. And it, in turn, providing opening of new workplaces, serves all-round development of economy and further improvement of living conditions of the population.

For the purpose of encouragement of attachment of investments into development of not oil industries of economy according to the Law of the Azerbaijan Republic "About the government budget of the Azerbaijan Republic for 2006" and the Azerbaijan Republic approved by the Presidential decree "Long-term strategy for management of oil and gas revenues" of September 27, 2004 128, in updating of material and technology resources of the companies functioning in these industries I decide No.:

1. Create Azerbaijani Investment Company Open joint stock company (further - the Company).

2. Determine that:

2.1. the original authorized capital of the Company is created at the expense of means of the State oil fund of the Azerbaijan Republic;

2.2. the purpose of investing activities of the Company, generally constitutes implementation of urgent investment attachment by equity acquisition, including shares, in the authorized capital of the joint-stock companies and other commercial organizations functioning in not oil industries of national economy;

2.3. the investing activities of the Company rely on the following principles:

2.3.1. the decision of the Company on attachment of investments into the authorized capital of the functioning or again founded commercial organizations is accepted on the basis of the analysis of the business plans reflecting commercial profitability of organization activity which equity is offered, and also accounting of the experience accumulated by other participants in the field of business activity, and success achieved by them;

2.3.2. The company shall not have preferential participation in the authorized capital of the commercial organization in which puts investments;

2.3.3. in case of the conclusion by the Company of the agreement on attachment of investments with the commercial organization to which share in the authorized capital is offered this agreement shall include condition about availability at the Company of the participation right in governing bodies (general meeting, Board of Directors (supervisory board) of the commercial organization and right of protest (veto) as a result of which in established by the Supervisory board of the Company cases and according to the procedure the decisions made by these bodies do not become effective;

2.3.4. after the management of the Company of term established by the supreme body for attachment of investments into the authorized capital of the commercial Company organizations, having implemented the received equity at market prices, stops the participation in the commercial organization.

2.4. The company can provide expansion of the activities and increase in the volume of investment by release of additional shares, loans or attraction of the credits.

2.5. Storage of the stocks of the Company owned by the state and them exercises control the Ministry of Economics  of the Azerbaijan Republic, and dividends according to these shares are listed in the State oil fund of the Azerbaijan Republic.

2.6. When stocks of the Company are owned in full by the state, powers of its supreme body of management (except for abolition or reorganization of the Company) are performed by its Supervisory board.

2.7. The current management (management) of activities of the Company is performed by the chief executive appointed by the Supervisory board.

3. Approve the Supervisory board of the Company in the following structure: Chairman:

Shakhin Mustafayev is the Minister of Economic Affairs of the Azerbaijan Republic

Vice-chairman:

Shakhmar Movsumov is chief executive of the State oil fund of the Azerbaijan Republic

Members:

Ilgar Fatizade is the 1st Deputy Minister of Finance of the Azerbaijan Republic

Rustam Shakhbazov is the vice-chairman of the State committee of the Azerbaijan Republic on management of state-owned property

Vadim Hubanov is the vice chairman of the board of the Central bank of the Azerbaijan Republic

4. Charge to the Supervisory board to prepare and approve in a month the company charter, organize implementation of stipulated by the legislation measures for its state registration and the beginning of activities and to inform on it the President of the Azerbaijan Republic.

5. Charge to the Ministry of Justice of the Azerbaijan Republic, to the Ministry of Economics of the Azerbaijan Republic, the Ministry of taxes of the Azerbaijan Republic, to the State committee of the Azerbaijan Republic according to the statistics, to the State committee on securities in case of the President of the Azerbaijan Republic, to the State committee of the Azerbaijan Republic on management of state-owned property and the State oil fund of the Azerbaijan Republic to provide within the powers acceptance of stipulated by the legislation measures in connection with state registration and the beginning of activities of the Company.

6. To the Cabinet of Ministers of the Azerbaijan Republic to resolve other issues following from this Order.

7. This Order becomes effective from the date of signing.

President of the Azerbaijan Republic

Ilham 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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