BAKU, Azerbaijan, January 8. President of the
Republic of Azerbaijan Ilham Aliyev has consolidated authority over
the future of state-owned credit institutions, granting the
presidency final say on their reorganization and dissolution under
a newly signed decree, Trend reports.
Under the decree, the list of individuals authorized to
represent the state in resolving matters assigned to the general
meetings of banks and non-bank credit institutions with state-owned
shares in their charter capital has been expanded, to the extent
permitted by those shares. These institutions are hereinafter
referred to as credit institutions.
President Ilham Aliyev has signed the relevant decree
formalizing these changes.
The Ministry of Economy, based on a proposal from the Ministry
of Finance, will approve the charter of a credit institution and
determine the size of its charter capital in coordination with the
head of state.
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