National Bank of the Azerbaijan Republic

of May 23, 2001 No. 02-10/217

To commercial (joint-stock and commercial) banks

To you rules of capture by banks to balance and estimates by them of property against outstanding debts", approved by National Bank of the Azerbaijan Republic on May 5, 2001 and registered in the Ministry of Justice of the Azerbaijan Republic on May 22, 2001 go for management in work ".

Approved by board decision of National Bank of the Azerbaijan Republic of May 5, 2001 the Protocol No. 15

Rules of capture by banks on balance and estimates by them of property against outstanding debts

1. General provisions

1.1. These rules are prepared according to the laws of the Azerbaijan Republic "About National Bank of the Azerbaijan Republic", "About banks and banking activity in the Azerbaijan Republic", the Civil code and other legal acts of the Azerbaijan Republic and determine rules of capture by banks on balance and estimates by them of property (movable and immovable) on which they according to the procedure, corresponding to the legislation, acquired the property right for the purpose of repayment of debts in case of failure to carry out by clients of credit obligations.

1.2. The purpose of these rules consists in reduction in compliance with international standards of control over banks and providing the correct assessment in the reports submitted by commercial (joint-stock and commercial) banks to National Bank, the property belonging to them and conducting its accounting.

1.3. These rules do not influence the obligations relations between the banks and faces alienating property for benefit of bank determined by the legislation and the agreement and clients borrowers and do not change these obligations.

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