PRESIDENTIAL DECREE OF THE AZERBAIJAN REPUBLIC

of October 23, 2003 No. 971

About approval of Rules of transfer of the parcels of land which are in state-owned property in authorized (equity) fund of legal entities and their use

According to article 11 of the Law of the Azerbaijan Republic "About the land market" I decide:

1. Approve "Rules of transfer of the parcels of land which are in state-owned property in authorized (equity) fund of legal entities and their use" it (is applied).

2. This Decree becomes effective from the date of signing.

Approved by the Presidential decree of the Azerbaijan Republic of October 23, 2003

Rules of transfer of the parcels of land which are in state-owned property in authorized (equity) fund of legal entities and their use

These rules are prepared in connection with execution of the Law of the Azerbaijan Republic "About the land market" and the Presidential decree of the Azerbaijan Republic of July 8, 1999 No. 150 about application of the specified Law, and also according to "The land code of the Azerbaijan Republic", the Law "About Land Reform" and other existing legal acts and regulate transfer of the parcels of land which are in state-owned property to authorized (equity) fund of legal entities and their use.

Land users can enclose the parcels of land which are in their permanent use and in state-owned property in the form of share in authorized fund of legal entities. At the same time the following principles are observed:

users of lands of the state fund are free in transfer of the parcels of land to authorized (equity) fund of legal entities;

transfer of lands of the state fund to authorized (equity) fund of legal entities is target and urgent, and also affirms as agreement form;

the parcel of land which is in state-owned property is contributed to authorized (equity) fund of legal entities only on the basis of right to use;

the state control of use of the lands contributed to authorized (equity) fund of legal entities to destination perform the State committee on property questions under the Ministry of Economics;

the cost of the parcel of land contributed to authorized (equity) fund of legal entities or the rights to this site is established by the agreement signed between participants according to the market rate;

the lands which are in state-owned property are contributed to authorized (equity) fund of legal entities with condition of preserving their appointment and used on the basis of the conditions discussed in the agreement;

in case of use of the lands contributed to authorized (equity) fund of legal entities, not to destination they are selected according to the procedure, established by the Land code of the Azerbaijan Republic;

the tax on the parcels of land contributed to authorized (equity) fund of legal entities keeps according to the relevant legislation;

the price of the parcel of land contributed to authorized (equity) fund of legal entities establishes share of the participant in authorized fund. At the same time as criterion the standard price of lands of the state fund is used.

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