NATIONAL BANK OF THE AZERBAIJAN REPUBLIC

About rules of the address for receipt of banking licenses and permissions

The instruction "About rules of the address for receipt of banking licenses and permissions", accepted by board decision of National Bank of the Azerbaijan Republic of July 28, 2004 and undergone state registration in the Ministry of Justice of the Azerbaijan Republic on August 12, 2004, goes to you for management.

At the same time we bring to your attention that the aforesaid decision of Board of "Rules of Licensing of Credit Institutions and Their Branches (Issue of Permissions to Carrying Out Banking Activities) and Organization of Activities No. 1" National Bank (the register No. 65), approved by board decision of National Bank of November 09, 1996, and amendment and the changes to above-mentioned Rules approved by board decisions of National Bank of February 25, 1997, on May 26, 1999, and also "Rules of dividend payout in credit institutions" (the register No. 126), approved by the decision Board of National Bank of May 26, 1999 are considered invalid.

Approved by board of National Bank of the Azerbaijan Republic on June 28, 2004 the Protocol No. 11

The instruction about rules of the address for receipt of banking licenses and permissions

1. General provisions

1.1. This Instruction is prepared according to the Laws of the Azerbaijan Republic "About National Bank of the Azerbaijan Republic", "About banks", other regulatory legal acts of the Azerbaijan Republic and determines form and content of addresses for receipt of the banking license in the territory of the Azerbaijan Republic for banks and local branches of foreign banks, and also addresses for receipt of permissions for foreign missions and local representative offices of foreign banks and documents attached to them.

1.2. The bank, foreign and local bank, branch, local representation, the administrator accepted and having necessary qualities of person, civil faultlessness, the prevailing share, and also other concepts used in this Instruction are used in values which they have in the Law of the Azerbaijan Republic "About banks".

1.3. If this Instruction does not provide other procedure, all data and lists attached to addresses shall be signed by the chairman of the Supervisory Board of Bank.

1.4. The documents submitted according to this Instruction (except for the documents certified of notarial procedure), shall be certified by the signature of the Chairman of the Supervisory Board and bank seal (if the bank has the status of the legal entity). If the number of pages of documents exceeds one, they shall be hemmed and numbered.

1.5. All documents shall be completed with use of technical means and surnames, name and middle name are signed only by authorized persons with indication of position. Documents shall be submitted in the folder.

1.6. All documents submitted by foreign legal entities and physical persons shall undergo legalization according to the procedure, corresponding to the legislation, and translation into Azerbaijani shall be certified in notarial procedure.

1.7. The procedure of the request for receipt of the banking license consists of two stages:

1.7.1. the first stage including the initial address for receipt of the banking license and its consideration;

1.7.2. the second stage including the final address for receipt of the banking license and its consideration after passing by bank and local branch of foreign bank of state registration.

1.8. Addresses for receipt of banking licenses and permissions are considered by National Bank of the Azerbaijan Republic (further - National Bank) according to the procedure, corresponding to the Law of the Azerbaijan Republic "About banks" then addressed information on results is provided in writing.

1.9. By positive consideration of the initial address provided according to this Instruction, the National Bank determines requirements of rather minimum size of the original authorized capital of the banks and means equated to the capital of local representative offices of foreign banks then asked similar question information in writing is provided.

2. The initial address for receipt of the banking license

2.1. The initial address for receipt of the banking license (Appendix No. 1) is signed by all founders of bank, or persons authorized by them in the appropriate order whose signature(s) are certified of notarial procedure. The following documents shall be attached to the initial address:

2.1.1. the size of the offered authorized capital of bank, information on share of each offered participant in the authorized capital of bank;

2.1.2. for each owner acquiring bank voting shares:

If the above-mentioned owner is legal entity:

- information entering his name, the address, type of business activity, the prevailing shares of its participation in other organizations, and also the prevailing shares in its capital of other persons (Appendix No. 4);

- the copies of documents on state registration certified of notarial procedure (the charter, the certificate) and decisions of authorized body of management on acquisition of the provided share;

- originals or copies of the financial statements (the report on balance, the profits and losses, the cash flow statement) covering at least three last financial years which underwent audit inspection certified of notarial procedure (if the legal entity is created less than 3 years, the last financial years, or the last year in time), and audit opinion;

If the above-mentioned owner is foreign legal entity:

- Information provided by the third paragraph of subparagraph 2.1.2 these Instructions (Appendix No. 4);

- the document confirming passing of state registration in the country of its arrangement, the charter (provision) which underwent audit inspection the financial statement (the report on balance, profits and losses, the cash flow statement) at least in three last financial years and audit opinion.

If the above-mentioned owner is physical person:

- information specifying its surname, name, middle name, nationality, data of the identity certificate or other identity document, the place of permanent residence, occupation, and also its prevailing shares in other organizations (Appendix No. 5);

- copy of the identity certificate, or other identity document;

- the copy of the document certified of notarial procedure certifying occupation.

If the above-mentioned owner is foreigner, except the documents provided by the ninth or nineteenth paragraphs of paragraph 2.1.2. this Instruction - positive recommendations of one or several financial organizations of the country which resident it is (may contain data on time of creation of business relations with this person, that he is solvent client, or other positive indicators able to characterize its financial position and/or bank account statements.

2.1.3. if the offered owner of the prevailing share in bank is legal entity:

- list of heads of its executive bodies;

- the statement for civil faultlessness for each of heads with its signature certified of notarial procedure (Appendix No. 7).

If the head is foreigner, the certificate of attraction / not attraction it to criminal liability issued by appropriate authorities of the country which resident it is;

2.1.4. if the legal entity - the owner of the prevailing share is included into group of companies, the information about this group, including the information about persons owning the prevailing shares in other organizations entering into group, the information about administrators of these persons (it shall be constituted in a free form in detail and correctly, names of physical persons and legal entities shall be written without reducings);

2.1.5. if the offered owner of the prevailing share in bank is physical person, the statement for its civil faultlessness with its signature certified of notarial procedure (Appendix No. 7);

If the owner of the prevailing share is foreigner, the certificate of attraction/not attraction it to criminal liability issued by relevant organs of the country which resident it is.

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