LAW OF THE AZERBAIJAN REPUBLIC

of November 15, 2011 No. 247-IVQD

About modification of the Civil code of the Azerbaijan Republic

Being guided by Item 13 of part I of article 94 of the Constitution of the Azerbaijan Republic, according to the Law of the Azerbaijan Republic "About investment funds" Millie the Majlis of the Azerbaijan Republic decides:

In the Civil code of the Azerbaijan Republic (Collection of the legislation of the Azerbaijan Republic, 2000, No. 4, book I, Article 250, No. 5, Article 323; 2002, No. 12, Article 709; 2003, No. 8, Article 420; 2004, No. 3, Article 123, No. 5, Article 318, No. 6, Article 415, No. 10, Article 761, No. 11, Article 901; 2005, No. 2, Article 61, No. 6, Article 466, No. 8, Articles 684, 692, 693, No. 11, Article 996, No. 12, Article 1085; 2006, No. 2, Article 68, No. 3, Article 225, No. 5, Article 387, No. 6, Article 478, No. 8, Article 657, No. 12, Article 1005; 2007, No. 2, Article 80, No. 6, Article 560, No. 8, Article 745, No. 10, Article 937, No. 11, Article 1053, No. 12, Articles 1215, 1219; 2008, No. 3, Article 145, No. 6, Article 456, No. 7, Article 602, No. 12, Article 1049; 2009, No. 2, Article 47, No. 5, Article 295, No. 6, Article 404, No. 7, Article 517; 2010, No. 4, of Article 265, of 266, of 276) to make the following changes:

1. Exclude from Article 992-1.5 of the word "or physical".

2. State Article 992-1.9 in the following edition:

"992-1.9. Asset management - the professional activity in the security market consisting of making transactions for the benefit of the client or the third party specified to them with transferred to cash management, securities and other property established by the legislation which exclusive subject belongs to the client.".

3. State Article 992-1.11 in the following edition:

"992-1.11. Depository activity - the professional activity consisting of provision of services in connection with storage of securities, accounting and the certificate of the rights to them and the facts of encumbrance by their obligations, and also opening, maintaining cash accounts and money transfers according to the procedure, established by the legislation.".

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