LAW OF THE AZERBAIJAN REPUBLIC

of December 25, 2009 No. 933-IIIQ

About non-bank credit institutions

This Law establishes rules of organization, management and regulation of activities of non-bank credit institutions for the purpose of more complete requirements satisfaction of physical persons and legal entities in the Azerbaijan Republic in financial resources, creating favorable conditions for use of financial services.

Chapter I. General provisions

Article 1. Basic concepts

1.0. The concepts used in this Law have the following values:

1.0.1. non-bank credit institution (further - NBKO) the specialized credit institution performing issuance of credits and other types of activity provided by this Law based on special permission (license);

1.0.2. group of solidary debtors - persons acting as mutual guarantors of the repayment of the loan received by members of group on the agreement;

1.0.3. it is cancelled;

1.0.4. The administrator - members of governing bodies, Committee on audit, the chief accountant (person which is carrying out the specified obligations), the internal auditor, the head of branch, including local branch of foreign NBKO;

1.0.5. affiliates are persons and administrators, and also persons consisting in the related relations with administrators, stipulated in Article 49-1.1.3 Civil codes of the Azerbaijan Republic. The head and the chief accountant of local branch of foreign NBKO (person which is carrying out the specified obligations), and also the other persons connected with foreign NBKO by the legislation of the country which resident is foreign NBKO are considered as the connected persons of local branch of foreign NBKO, specified in Article 49-1.1 of the Civil code of the Azerbaijan Republic.

1.0.6. it is cancelled.

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