LAW OF THE AZERBAIJAN REPUBLIC

of May 16, 2000 No. 878-IQ

About privatization of state-owned property

This Law establishes the organizational, economic and legal basis of privatization of the property which is in state-owned property in the Azerbaijan Republic.

Chapter I. General provisions

Article 1. Basic concepts

1.0. In this Law the following basic concepts are used:

1.0.1. privatization of state-owned property - transfer of state-owned property to property of buyers according to the rules established by this Law;

1.0.2. the moment of the announcement of state-owned property open for privatization - time of acceptance by relevant organs of the executive authority of the decision on privatization of state-owned property;

1.0.3. subject to privatization - property in the territory of the Azerbaijan Republic and beyond its limits, being in state-owned property of the Azerbaijan Republic, share of the state in authorized capital of joint businesses, the stocks owned by the state, the parcels of land which are under the privatized companies, except for state-owned property which privatization is prohibited;

1.0.4. the starting price of the company (object) - the price of the property submitted for the first auction, calculated using stipulated by the legislation procedure;

1.0.5. the state privatization share - the set of the bearer securities issued in cash form, including four privatization checks, gratuitously issued to each citizen of the Azerbaijan Republic registered for January 1, 1997 and which are expressed on average in 1/8000000 parts of the state-owned property privatized by checks;

1.0.6. the state privatization option - the personalized security issued in non-cash form and granting to the foreign investor right to use the state privatization checks in case of privatization of state-owned property;

1.0.7. the privatization transaction - the purchase and sale agreement signed according to this Law between the seller and the buyer of state-owned property;

1.0.8. the local investor - citizens of the Azerbaijan Republic, the founder (founders) or legal entities in whose authorized fund the share belonging to citizens of the Azerbaijan Republic exceeds 50%;

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