of June 27, 2019 No. 1625-VQD
About introduction of amendments to the Law of the Azerbaijan Republic "About credit unions"
Millie Majlis of the Azerbaijan Republic, being guided by Item 27 of part I of article 94 of the Constitution of the Azerbaijan Republic, in connection with execution of the Law of the Azerbaijan Republic "About agricultural cooperation", decides:
Make the following changes to the Law of the Azerbaijan Republic "About credit unions" (Collection of the legislation of the Azerbaijan Republic, 2000, No. 7, Article 485; 2001, No. 12, Article 736; 2010, No. 10, Article 839; 2016, No. 3, Article 408; 2019, No. 1, Article 32):
1. Add to Article 1 part 4 following of content:
"4. "Provisions of this Law extend also to credit cooperatives, except as specified establishments of other rule the Law of the Azerbaijan Republic "About agricultural cooperation.".
2. Before words of "this Law" to add the word to Article 2.1", the Civil code of the Azerbaijan Republic, the Law of the Azerbaijan Republic "About non-bank credit institutions".
3. Add to article 3 part 2 following of content:
"2. The credit union is forbidden to attract deposits from legal entities and physical persons.".
4. Add Article 18-1 of the following content:
"Article 18-1. Prevention of legalization of money or other property got in the criminal way and terrorism financings
Activities of credit unions in connection with prevention of legalization of money or other property got in the criminal way and financings of terrorism are regulated according to the Law of the Azerbaijan Republic "About counteraction of legalization of money or other property got in the criminal way and terrorism financings".".
5. After the word of "size" to add the word to part 2 of article 20" (except for the member of credit cooperative)".
6. Replace in the text of the word "special permission" in the corresponding case with the word "license" in the corresponding case.
President of the Azerbaijan Republic
Ilham Aliyev
Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info
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