PRESIDENTIAL DECREE OF THE AZERBAIJAN REPUBLIC

of May 14, 1997 No. 579

About approval of the Regulations on specialized check investment funds

For the purpose of ensuring creation of necessary conditions for market grouping of securities, I decide savings of investments made by the population in the securities issued during privatization of the state companies, and effective placement of the state privatization shares (checks) in the Azerbaijan Republic:

1. Approve Regulations on specialized check investment funds it (is applied).

2. Ceased to be valid

3. Ceased to be valid

4. This Decree becomes effective from the date of its signing.

Approved by the Presidential decree of the Azerbaijan Republic of May 14, 1997 No. 579

Regulations on specialized check investment funds

1. General provisions

1. This Provision determines rules of creation and activities of specialized check investment funds in the Azerbaijan Republic (further - "check investment funds"). Check investment funds are created for the collection of checks performed for the purpose of ensuring participation of physical persons and legal entities in the course of privatization of the state companies by means of the state privatization shares (checks) (further - "privatization checks").

2. The check investment fund is public joint stock company which accepts privatization checks and makes with them transactions, raises funds by issue of own shares, puts investments into securities of other issuers, is engaged in purchase and sale of securities.

3. The organization and activities of check investment funds in the territory of the Azerbaijan Republic are performed according to regulatory legal acts of the Azerbaijan Republic taking into account the features established by this Provision.

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