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LAW OF THE AZERBAIJAN REPUBLIC

of December 2, 2022 No. 669-VIQD

About modification of the Civil Code of the Azerbaijan Republic

Millie Majlis of the Azerbaijan Republic, being guided by Item 12 of part I of article 94 of the Constitution of the Azerbaijan Republic in connection with execution of the Law of the Azerbaijan Republic No. 1285-IVQD of May 15, 2015 "About modification of the Civil code of the Azerbaijan Republic", decides:

Make the following changes to the Civil code of the Azerbaijan Republic (Collection of the legislation of the Azerbaijan Republic, 2000, No. 4 (volume I), the Art. 250, No. 5, Art. 323; 2002, No. 12, Art. 709; 2003, No. 12, Art. 8, Art. 420, 2004, No. 3, Art. 123, No. 5, Art. 318, No. 6, Art. 415, No. 10, Art. 761, No. 11, Art. 901, 2005, No. 2, Art. 61, No. 6, Art. 466, No. 8, Art. 684, 692, 693, No. 11, Art. 996, No. 12, Art. 1085, 2006, No. 2, Art. No. 5, Art. 387, No. 6, Art. 478, No. 8, Art. 657, No. 12, Art. 1005, 2007, No. 2, Art. 80, No. 6, Art. 560, No. 8, Art. 745, No. 10, Art. 937, No. 11, Art. 1053, No. 12, Art. 1215, 1219, 2008, No. 3, Art. 145, No. 6, Art. 1049, 2009, No. 2, Art. 47, No. 5, Art. 295, No. 6, Art. 404, No. 7, Art. 517, 2010, No. 2, Art. 75, No. 3, Art. 171, No. 4, Articles 265, 266, 276, 2011, No. 7, Article 586, No. 8, Article 750, No. 12, Articles 1073, 1102, 2012, No. 1, Article 5, No. 5, Article 403, No. 6, Art. 498, 2013, No. 1, Art. 15, No. 6, Art. 620, No. 11, Art. 1280, No. 12, Art. 1469, 14 78; 2014, No. 2, Art. 96, No. 7, Art. 768; 2015, No. 3, Art. 254, No. 5, Art. 512, No. 7, Art. 814, No. 10, Art. 1093; 2016, No. 1, Art. 26, No. 2 (volume I), Art. 186, 204, No. 3, Art. 401, No. 4, Art. 640, 646, No. 6, Art. 1248, No. 12, Art. 1998, 2018; 2017, No. 2, Art. 151, 153, No. 4, Art. 524, No. 5, Art. 703, 735, No. 6, Art. 1035, No. 11, Art. 1953, No. 12 (volume I), Art. 2210, 2234, 2239; 2018, No. 2, Art. 142, No. 4, Art. 650, No. 5, Art. 845, 851, No. 11, Art. 2212, No. 12 (volume I), Art. 2467, 2518, 2526, 2533; 2019, No. 1, Articles 23, 50, No. 5, Articles 806, 812, 814, No. 6, Articles 994, 996, No. 7, Article 1202, No. 8, Article 1369, No. 11, Article 1681, No. 12, Art. 1908; 2020, No. 5, Art. 515, No. 7, Art. 822, 832, 839, 843, No. 12 (volume I), Art. 1423, 1435; 2021, No. 1, Art. 8, No. 4, Art. 307, No. 6 (volume I), Art. 556, 558, No. 7 Art. 711, No. 8, Art. 894, No. 11, Art. 12, Article 1335; 2022, No. 6, Art. 580, No. 8, Art. 824, 828, 833):

1. In Article 105-1.3 to replace the word of "owners" with the word of "owners".

2. In the second offer of Article 105-1.5 of the word "is subject to cancellation" shall be replaced with words "is subject to retirement".

3. In Article 106.1 the word "cancellation" shall be replaced with words "retirement".

4. In the third and fourth offers of Article 106.2 to "owners" to replace the word with the word to "owners".

5. In Articles 106-1.3 and 106-1.4 of the word "owner-shareholder" to replace with the word "owner".

6. In Article 106-1.5 to replace the word "owner" with the word "owner".

7. In Article 106-1.6.2 of the word "keeping the register" shall be replaced with words to "the central depositary".

8. In the first offer of Article 106-3.4 to "owners" to replace the word with the word to "owners".

9. In Article 107-2. And in the second offer of Article 107-2.3 the word "owners" to replace 1, in the third offer of Article 107-2.2 with the word "owners".

10. In Article 139-1.1.3 the word "apartment" shall be replaced with words "real estate".

11. In Article 183 of the word "after the date of transmission alienating security to the acquirer" shall be replaced with words "on thing from the moment of acquisition of property right to security".

12. In the second offer of Article 403-1.1 after the words "security" to add the word" (except shares of investment funds)".

13. From the second offer of Article 946.1 to exclude words "the bank or deposit certificate".

14. The second offer of Article 987.1 to state in the following edition:

"The person which issued, issued or gave security for the purpose of Chapter 54 of this Code hereinafter is referred to as as the issuer.".

15. In Article 992 the word is "acquired" shall be be replaced with words "entered in the state register of securities by acquisition".

16. To exclude the words "at the place of residence of the issued physical person or" from Article 995.1;

17. Repeal Articles 997.6 and 1078-2.9.

18. Add with Article 1078-20.10-1 of the following content:

"1078-20.10-1. The form of the endorsement is not allowed in mortgage and mortgage securities.".

19. Exclude the word "discretionary" from the first offer of Article 1078-21.7.

20. Exclude the second offer of Article 1078-23.4.

21. In Article 1078-23.14 of the word of "legal executives" shall be replaced with words "executive officials".

22. In Article 1078-26.7 shall be replaced with words the word "Valuable" "Documentary valuable"

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