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LAW OF THE AZERBAIJAN REPUBLIC

of July 6, 2023 No. 941-VIQD

About modification of the Law of the Azerbaijan Republic "About credit unions"

Being guided by Items 10 and 27 of part I of article 94 of the Constitution of the Azerbaijan Republic, Millie DECIDES: Majlis of the Azerbaijan Republic

In 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, No. 6, Article 993, No. 8, Article 1366; 2021, No. 7, Article 704, No. 12, Article 1298; 2023, No. 3, Article 334) to make the following changes:

1. under Article 5:

1.1. in part 8 of the word of "carrying out banking activity" shall be replaced with words "issuances of credits according to article 4 of this Law" and shall be replaced with words words of "supervision body behind the financial markets" "Central Bank of the Azerbaijan Republic (further - the Central bank)";

1.2. in parts 9 and 10 of the word "supervision body behind the financial markets" shall be replaced with words Central bank;

1.3. add with part 11 of the following content:

"11. The measures for supervision of activities of credit unions including performed for this purpose are performed by the Central bank according to the Law of the Azerbaijan Republic "About the Central bank of the Azerbaijan Republic".".

2. in the second offer of part 1 of Article 9 of the word "supervision body behind the financial markets" shall be replaced with words Central bank.

3. in Article 15-1.1 of the word "Central Bank of the Azerbaijan Republic" shall be replaced with words Central bank.

4. under Article 17:

4.1. in the second offer of part 2 and in part 5 of the word "Central Bank of the Azerbaijan Republic" shall be replaced with words Central bank;

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