BAKU, Azerbaijan, August 25. President of
Azerbaijan Ilham Aliyev signed a decree on certain issues related
to the activities of the public legal entities “Primorsky Boulevard
Administration” and “Intellectual Property Agency of the Republic
of Azerbaijan.”


This was reported on the official website of the President of
Azerbaijan.


According to the decree, the public legal entity “Primorsky
Boulevard Administration” will be reorganized by transforming it
into the closed joint-stock company “Primorsky Boulevard.”


It has been established that:



  • the closed joint-stock company “Primorsky Boulevard”
    (hereinafter referred to as the Company) is a state-owned
    commercial legal entity engaged in the protection of the National
    Seaside Park located in the city of Baku, the control and
    management of its territory, and the provision of its maintenance,
    day-to-day operations, and long-term development;

  • the protection of the State Flag Square and the State Flag
    Museum, located in the city of Baku, as well as the control,
    management, and maintenance of their territories, and the provision
    of their day-to-day operations and long-term development, are
    carried out by the Presidential Administration of the Republic of
    Azerbaijan;

  • The Society is the legal successor to the public legal entity
    “Primorsky Boulevard Administration” (hereinafter referred to as
    the “Administration”), and the Administration’s rights,
    obligations, and property (subject to paragraph 2.4 of this decree)
    are transferred to the Society;

  • the Administration’s rights and obligations related to the
    protection of the State Flag Square and the State Museum


The day-to-day management of the Company’s activities is carried
out by the Board of Directors, consisting of three members: the
chairperson and two vice-chairpersons;


The Company’s authorized capital is formed from the assets
transferred to it in accordance with paragraph 2.3 of this
decree;


The Management Board shall continue its activities until the
date of the Company’s state registration in accordance with the
procedure established by the Law of the Republic of Azerbaijan “On
State Registration and the State Register of Legal Entities.”



  • The powers of the Company’s general meeting shall be vested
    in:

  • the President of the Republic of Azerbaijan:

  • the reorganization and liquidation of the Company;

  • the establishment of the Company’s governing bodies;

  • the appointment and removal from office of the chairperson and
    other members of the Company’s Supervisory Board;

  • the appointment and dismissal of the Chair of the Company’s
    Management Board and his or her deputies;


To the Cabinet of Ministers of the Republic of Azerbaijan:


The approval of the Company’s Articles of Incorporation and the
determination of the amount of its authorized capital, as well as
the introduction of amendments thereto.


The Supervisory Board is authorized to resolve other matters
falling within the purview of the general meeting of shareholders
in accordance with the Civil Code of the Republic of Azerbaijan,
except for the matters specified in paragraphs 3.1 and 3.2 of this
Decree.


The Cabinet of Ministers of the Republic of Azerbaijan must
prepare and submit to the President of the Republic of Azerbaijan,
within three months, proposals on the following matters:



  • Improving regulatory and legal acts in accordance with Part 1
    and paragraph 2.2 of this Decree;

  • Revocation of civil servant status for employees of the
    Intellectual Property Agency of the Republic of Azerbaijan who
    provide services (perform legal acts) related to the registration
    of relevant legal facts as provided for by the Law of the Republic
    of Azerbaijan “On Civil Service”;


The following regulatory legal acts must be approved within two
months and submitted to the President of the Republic of
Azerbaijan:



  • The company’s charter;

  • Based on proposals from the Ministry of Economy of the Republic
    of Azerbaijan, in accordance with paragraph 2.2 of this Decree, to
    define the boundaries of the territory under the control of the
    Administration of the President of the Republic of Azerbaijan and
    the list of facilities located within that territory;

  • In accordance with paragraph 2.4 of this Decree, ensure that
    all property of the State Flag Square and the State Flag Museum is
    transferred to the balance sheet of the Administration of the
    President of the Republic of Azerbaijan within two months;

  • The Company is required to ensure that the necessary measures
    are taken to transfer the assets from the Department’s balance
    sheet (subject to paragraph 2.4 of this Decree) to the Company’s
    balance sheet within one month from the date of state registration,
    in accordance with the procedure established by the Law of the
    Republic of Azerbaijan “On State Registration and the State
    Register of Legal Entities”;

  • To resolve other issues arising from this Decree.


The Ministry of Finance of the Republic of Azerbaijan, in
accordance with paragraph 3.7 of Decree No. 489 of the President of
the Republic of Azerbaijan dated August 25, 2025, “On Additional
Measures for the Organization of Effective Management of Public
Finances,” must conduct a financial review of the company’s
structure, staffing levels, and compensation system and take
measures to optimize them.