LAW OF THE AZERBAIJAN REPUBLIC

of December 25, 2009 No. 933-IIIQ

About non-bank credit institutions

This Law establishes rules of organization, management and regulation of activities of non-bank credit institutions for the purpose of more complete requirements satisfaction of physical persons and legal entities in the Azerbaijan Republic in financial resources, creating favorable conditions for use of financial services.

Chapter I. General provisions

Article 1. Basic concepts

1.0. The concepts used in this Law have the following values:

1.0.1. non-bank credit institution (further - NBKO) the specialized credit institution performing issuance of credits and other types of activity provided by this Law based on special permission (license);

1.0.2. group of solidary debtors - persons acting as mutual guarantors of the repayment of the loan received by members of group on the agreement;

1.0.3. it is cancelled;

1.0.4. The administrator - members of governing bodies, Committee on audit, the chief accountant (person which is carrying out the specified obligations), the internal auditor, the head of branch, including local branch of foreign NBKO;

1.0.5. affiliates are persons and administrators, and also persons consisting in the related relations with administrators, stipulated in Article 49-1.1.3 Civil codes of the Azerbaijan Republic. The head and the chief accountant of local branch of foreign NBKO (person which is carrying out the specified obligations), and also the other persons connected with foreign NBKO by the legislation of the country which resident is foreign NBKO are considered as the connected persons of local branch of foreign NBKO, specified in Article 49-1.1 of the Civil code of the Azerbaijan Republic.

1.0.6. it is cancelled.

1.0.7. the capital - set of elements of the capital on balance of NBKO, the amount of its authorized (joint) capital (property fees) and retained earnings (the amount which remained after tax payment and other state payments from profit), the reserve of the capital, grants and donations (provided in the form of cash under the terms of the agreement and NBKO being at the command) and difference of deduction from them;

1.0.8. considerable share - immediate or indirect possession of shares, component of 10 and more percent of the authorized (joint) capital or right of vote, or significant effect on decision making by the legal entity allowing to have which participant it is under the agreement;

1.0.9. civil faultlessness - the fact of compliance of beneficial owners, NBKO administrators, and also owners of considerable share in the authorized (joint) capital, the head of its executive body if the specified owner is legal entity, to requirements of article 17 of the Law of the Azerbaijan Republic "About fight against legalization of the property received in the criminal way, and terrorism financing";

1.0.10. the sphere of the financial markets - the sphere of regulation and supervision of the financial markets or fields of activity in which financial services are rendered, regulated and controlled by the Central bank.

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