LAW OF THE AZERBAIJAN REPUBLIC

of October 24, 2000 No. 937-IQ

About debts of the privatized state companies, the business entities liquidated as a result of agrarian reforms, and also located in the areas which are under occupation

This Law regulates rules of debt write-off of the state companies liquidated as a result of agrarian reforms of kolkhozes and sovkhozes, and also business entities of the areas which are under occupation according to the government budget, off-budget state funds, banks which stocks the state, and the state companies owns.

Article 1. Scope of the Law

1.0. The rules established by this Law extend on:

1.0.1. the companies on which the decision on privatization within the State program of privatization of state-owned property in the Azerbaijan Republic in 1995-1998 privatized is made and which privatization did not come to the end;

1.0.2. the state privatized companies on which the decision on privatization according to "the II State program of privatization of state-owned property in the Azerbaijan Republic" is made;

1.0.3. the kolkhozes and sovkhozes liquidated according to the legislation of the Azerbaijan Republic;

1.0.4. business entities of the areas which are under occupation.

Article 2. Debt write-off

2.1. Debts of the companies specified in Article 1.0.1. this Law, according to the government budget (except for credit debts, issued based on guarantee of relevant organ of the executive authority), in off-budget state funds, to banks which controlling stock is owned by the state, the state companies for use of products, works and services, the prices (rates) for which are regulated by the state, for date of privatization of data of the companies (including the main amount of debt, percent and financial sanctions) are written off.

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