PRESIDENTIAL DECREE OF THE AZERBAIJAN REPUBLIC

of December 19, 2017 No. 1740

About ensuring activities of the Azerbaijani state news agency (AZERTADZh)

(Extraction)

Being guided by Item 32 of article 109 of the Constitution of the Azerbaijan Republic, for the purpose of ensuring activities of the Azerbaijani state news agency (AZERTADZh) I decide:

1. Approve "The charter of the Azerbaijani state news agency (AZERTADZh)".

2. To assign implementation of powers of the founder in the Azerbaijani state news agency (AZERTADZh) (further - the Agency) on:

2.1. President of the Azerbaijan Republic:

2.1.1. approval of the Charter of the Agency, determination of the size of authorized fund;

2.1.2. creation of executive body, establishment and early termination of its powers;

2.1.3. reorganization and abolition of the Agency;

2.2. Cabinet of Ministers of the Azerbaijan Republic:

2.2.1. approval of limit of number of employees of the Agency and annual financial statements;

2.2.2. consent on creation of economic societies or participation in them, creation of managements, branches and representations;

2.2.3. consent on the conclusion of the transaction in the amount exceeding 25 percent of net assets value (the transaction of special value) and the transaction with the corresponding person which cost constitutes 5 and more percent of assets of the legal entity of the public law;

2.3. Agency:

2.3.1. determination of the directions of development;

2.3.2. approval of structure.

3. Determine that:

3.1. the initial authorized fund of the Agency is created at the expense of means of the government budget and constitutes 25.000.000 (twenty five million) manats;

3.2. the state-owned property which is on balance of the Azerbaijani state news agency (AZERTADZh) is estimated and finds reflection in authorized capital of the Agency;

3.3. the body performing management of activities of the Agency is the Board consisting of 5 members;

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