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PRESIDENTIAL DECREE OF THE AZERBAIJAN REPUBLIC

of June 11, 2001 No. 497

About approval of Rules of write-off and regulation of debts of the privatized state companies, the business entities liquidated as a result of the agrarian reforms and which are in the occupied areas, to the government budget, off-budget state funds, the state companies for consumption of products, works and services, the prices (rates) for which are regulated by the state, and unsettled debts of data of the companies to banks which controlling stock is owned by the state,

For the purpose of ensuring execution of Item 2.5 of the Law of the Azerbaijan Republic "About debts of the privatized state companies, the business entities liquidated as a result of the agrarian reforms and which are in the occupied areas" I decide:

1. Approve "Rules of repayment and regulation of debts of the privatized state companies, the business entities liquidated as a result of the agrarian reforms and which are in the occupied areas, to the government budget, off-budget state funds, the state companies for consumption of products, works and services, the prices (rates) for which are regulated by the state, and unsettled debts of data of the companies to banks which controlling stock is owned by the state" it (is applied).

2. To the Cabinet of Ministers of the Azerbaijan Republic to determine conditions of release of the government securities specified in Item 4.5 of these rules in a month.

3. Determine that in cases when the amount of credit debt is paid from the government budget due to the lack at the state companies which obtained secured loan of the Cabinet of Ministers of the Azerbaijan Republic, opportunity for timely loan repayment in case of privatization of data of the state companies debts in the government budget are written off according to the Rules approved in Item 1 of this Decree.

4. To the Ministry of Economics of the Azerbaijan Republic to take adequate measures for ensuring execution of this Decree.

5. This Decree becomes effective from the date of publication.

Appendix

to the Presidential decree of the Azerbaijan Republic of June 11, 2001 No. 497

Rules of write-off and regulation of debts of the privatized state companies, the business entities liquidated as a result of the agrarian reforms and which are in the occupied areas, to the government budget, off-budget state funds, the state companies for consumption of products, works and services, the prices (rates) for which are regulated by the state, and unsettled debts of data of the companies to banks which controlling stock is owned by the state,

1. General provisions

1.1. These rules are prepared based on the Law of the Azerbaijan Republic "About debts of the privatized state companies, the business entities liquidated as a result of the agrarian reforms and which are in the occupied areas".

2. Scope of rules

2.1. These rules establish procedure for write-off and regulation of debts of the companies privatized and on which privatization the decision within "The state program of privatization of state-owned property in the Azerbaijan Republic in 1995-1998", the Azerbaijan Republic approved by the Law of September 29, 1995 and which privatization did not come to the end, the state companies privatized is made and on which privatization the decision according to "the II State program of privatization of state-owned property in the Azerbaijan Republic" is made, to the government budget (except for credit debts, issued under guarantee of the Cabinet of Ministers of the Azerbaijan Republic), to off-budget state funds, banks which controlling stock the state owns (further - banks), and the state companies for consumption of products, works and services, the prices (rates) for which are regulated by the state, debts of the kolkhozes and sovkhozes liquidated according to the legislation of the Azerbaijan Republic, business entities of the areas which are under occupation, to banks business entities in the following procedure also extend to data:

2.1.1. on the companies on which privatization the decision within "The state program of privatization of state-owned property in the Azerbaijan Republic in 1995-1998", the Azerbaijan Republic approved by the Law of September 29, 1995 and which privatization did not come to the end, - for date of their opening for privatization, to the privatized companies - for date of completion of their privatization (till November 1, 2003) is made;

2.1.2. on the companies which privatization came to the end till November 1, 2003, - for date of completion of their privatization, on other companies according to "the II State program of privatization of state-owned property in the Azerbaijan Republic", - for November 1, 2003;

2.1.3. on the kolkhozes and sovkhozes liquidated according to the legislation of the Azerbaijan Republic - for date of their liquidation;

2.1.4. on business entities of the areas which are under occupation - for date of occupation.

2.2. The Ministry of Economics of the Azerbaijan Republic represents to the Ministry of Labour and Social Protection of the population of the Azerbaijan Republic, banks and the state companies which are producers of products, works and services, the prices (rates) for which are regulated by the state, within one month the list of the companies specified in Item 2.1.1 of these rules with indication of date of opening of these companies for privatization or completion of privatization (till November 1, 2003), and the list of the companies specified in Item 2.1. 2, - within 10 days after completion of their privatization (with indication of date of completion of privatization) and decision makings about their privatizations and forming according to the legislation of the starting (selling) price or the authorized capital for the purpose of privatization of data of the companies.

2.3. According to these rules to products, works and services, the prices (rates) for which are regulated by the state, belong: oil and oil products, electric power, heat energy, gas, water, services of the sewerage, communication services, cargo transportation railway, air, road and sea transport.

3. Debt write-off (including the main amount of debt, percent added on these debts for date of the last report and the amount of financial sanctions) to the budget, off-budget state funds

3.1. Based on written addresses about debt write-off (including the main amount of debt, the amount of percent on these debts on the date of execution of the decision on their write-off and financial sanctions) the companies specified in Item 2.1.1 of these rules upon completion of their privatization (till November 1, 2003), and the companies specified in Item 2.1. 2, in case of completion of their privatization till November 1, 2003 of godan date of completion of privatization, other companies, for November 1, 2003 after forming according to the legislation of the starting (selling) price or the authorized capital for the purpose of privatization of data of the companies, to the government budget, the off-budget Ministry of Economics of the Azerbaijan Republic, Ministry of Labour and Social Protection of the Population state funds of the Azerbaijan Republic within 15 days draw up together with these companies the reconciliation statement about amount of debt in 4 copies.

3.2. The drawn-up reconciliation statements within 10 days go the Ministry of Economics of the Azerbaijan Republic, the Ministry of Labour and Social Protection of the population of the Azerbaijan Republic to the Ministry of Finance of the Azerbaijan Republic for information and to the relevant companies for execution.

3.3. The reconciliation statements specified in Item 3.1 of these rules are drawn up on everyone respectively between the Ministry of Economics of the Azerbaijan Republic, the State Social Security Fund of the Azerbaijan Republic, the State fund of the help of employment of the population of the Azerbaijan Republic, Social Security Fund of disabled people of the Azerbaijan Republic, on the one hand, and with another - the companies, and for reliability of the figures specified in acts, and also the direction they to destination responsibility are carried at the scheduled time by the Ministry of Economics of the Azerbaijan Republic, the Ministry of Labour and Social Protection of the population of the Azerbaijan Republic.

4. Debt write-off (including the main amount of debt and the amount of the percent added on these debts for date of the last report) to banks which controlling stock is owned by the state

4.1. Debts to banks are written off in the following procedure:

4.1.1. debts (including the main amount of debt and percent on these debts on the date of execution of the decision on their write-off) the companies specified in Item 2.1.1 of these rules upon completion of privatization (till November 1, 2003), are written off for date of their opening for privatization, and the companies specified in Item 2.1. 2, in case of completion of their privatization till November 1, 2003 - for date of completion of privatization, other companies - for November 1, 2003 after forming according to the legislation of the starting (selling) price or the authorized capital for the purpose of their privatization to banks.

4.1.2. debts (including the main amount of debt and percent on these debts on the date of execution of the decision on their write-off) the kolkhozes and sovkhozes specified in Item 2.1.3 of these rules, to banks are written off for date of their liquidation.

4.1.3. debts (including the main amount of debt and percent on these debts on the date of execution of the decision on their write-off) the business entities specified in Item 2.1.4 of these rules, to banks are written off before their occupation.

4.2. Based on written addresses about debt write-off (including the main amount of debt and percent on these debts on the date of execution of the decision on their write-off) the companies specified in Item 2.1.1 of these rules upon completion of their privatization (till November 1, 2003), for date of their opening for privatization, and the companies specified in Item 2.1. 2, in case of completion of their privatization till November 1, 2003 of godan date of completion of privatization, other companies for November 1, 2003 after forming according to the legislation of the starting (selling) price or the authorized capital for the purpose of privatization of data of the companies the relevant banks within 15 days draw up together with the companies reconciliation statements about amount of debt in 5 copies.

Banks within 10 days represent the drawn-up reconciliation statements to the special commissions created by the decision of boards of banks, send them to the Ministry of Finance of the Azerbaijan Republic, to the Ministry of Economics and the Central bank of the Azerbaijan Republic for information and on the relevant companies for execution.

4.3. The amount of debts (including the main amount of debt and percent on these debts on the date of execution of the decision on their write-off) the business entities specified in Items 2.1.3 and 2.1.4 of these rules, to banks is determined by the commissions created in banks about what in 4 copies the statement is drawn up. Copies of the drawn-up statements within 10 days go for information respectively to the Ministry of Finance of the Azerbaijan Republic, the Ministry of Economics of the Azerbaijan Republic, the Central bank of the Azerbaijan Republic, the State committee of the Azerbaijan Republic for refugees and displaced persons.

These debts (including the main amount of debt and percent on these debts on the date of execution of the decision on their write-off) are written off by decisions of boards of banks based on the statements which are drawn up by the commissions.

4.4. Banks bear responsibility for reliability of the data specified in Items 4.2 and 4.3 of these rules and the direction them at the scheduled time to destination.

4.5. Debt write-off to the banks specified in Item 4.1 of these rules, and added on these debts of percent is performed due to write-off of obligations of data of banks to the Ministry of Finance of the Azerbaijan Republic (the tax liabilities, dividends paid according to the stocks owned by the state) on transfers in the government budget, their principal debts to the Central bank of the Azerbaijan Republic on centralized credit resources and percent added on these debts.

Debt write-off to the banks specified in Item 4.1 of these rules, and added on these debts of percent is performed as follows: if obligations of data of banks to the Ministry of Finance of the Azerbaijan Republic on transfers in the government budget are performed at the expense of payable taxes, the joint protocol between the Ministry of Economics of the Azerbaijan Republic and the relevant bank what the bank reports in the Ministry of Finance of the Azerbaijan Republic about if the specified debts and percent are performed at the expense of the dividends paid according to the stocks owned by the state, the joint protocol between the Ministry of Finance of the Azerbaijan Republic and the relevant bank is constituted is constituted.

The Ministry of Finance of the Azerbaijan Republic issues on long-term and preferential terms government securities on the amount of the written-off principal debt of the Central bank of the Azerbaijan Republic on centralized credit resources and transfers them to National Bank of the Azerbaijan Republic.

Conditions of release of these government securities are established by the Cabinet of Ministers of the Azerbaijan Republic.

5. Debt write-off (including the main amount of debt and percent on these debts on the date of execution of the decision on their write-off) to the state companies for consumption of products, works and services, the prices (rates) for which are regulated by the state,

5.1. After revenues to the state companies of written addresses about debt write-off (including the main amount of debt and percent on these debts on the date of execution of the decision on their write-off) for consumption of products, works and services, the prices (rates) for which are regulated by the state, the companies specified in Item 2.1.1 of these rules upon completion of privatization (till November 1, 2003), for date of their opening for privatization, and the companies specified in Item 2.1. 2, in case of completion of their privatization till November 1, 2003 of godan date of completion of privatization, other companies for November 1, 2003 after forming according to the legislation of the starting (selling) price or the authorized capital for the purpose of privatization of data of the companies the state companies within 15 days draw up reconciliation statements in 5 copies and bear responsibility for reliability of the figures specified in these acts.

The state companies within 10 days in coordination with the Ministry of Economics of the Azerbaijan Republic send the drawn-up reconciliation statements to the Ministry of Finance of the Azerbaijan Republic for information and on the relevant companies - for execution.

5.2. The debt of the state companies which debit debts are reduced as a result of debt write-off (including the main amount of debt and percent on these debts on the date of execution of the decision on their write-off) of the companies specified in Items 2.1.1 and 2.1.2 of these rules, to the state companies for consumption of products, works and services, the prices (rates) for which are regulated by the state, to the government budget in the amount of the reduced debt for November 1, 2003 is written off, in case of shortage of this amount their debts to other state companies which are producers of products, works and services, the prices (rates) for which are regulated by the state, for November 1, 2003 decrease (if the specified other companies have debts to the government budget for this date) if also it appears insufficiently, the remained amount of debt is ranked as loss of data of the companies.

The Ministry of Economics of the Azerbaijan Republic constitutes joint protocols on amounts of debt together with the relevant companies, written off at the expense of debts to the government budget, and informs on it the Ministry of Finance of the Azerbaijan Republic.

6. Regulation of repayment of debts of the companies transferred to the control

6.1. In case of decision making about privatization of the companies transferred to the control debt write-off of data of the companies is performed according to the procedure, provided for the companies specified in Item 2.1.2 of these rules.

7. Recognition of the written-off creditor debts of the companies

7.1. Written-off amounts of creditor debts of the companies specified in Items 2.1.1 and 2.1.2 of these rules are reflected according to the current legislation about financial accounting in increase in the reserve capital of the company.

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