LAW OF THE AZERBAIJAN REPUBLIC

of October 28, 2014 No. 1097-IVQD

About introduction of amendments to the Law of the Azerbaijan Republic "About banks"

Being guided by Item 27 of part I of article 94 of the Constitution of the Azerbaijan Republic, taking into account the Constitutional Law of the Azerbaijan Republic "About regulatory legal acts" Millie the Majlis of the Azerbaijan Republic decides:

In the Law of the Azerbaijan Republic "About banks" (Collection of the legislation of the Azerbaijan Republic, 2004, No. 3, Article 130; 2005, No. 4, Article 276; 2007, No. 5, Article 401, No. 6, Article 562, No. 11, Article 1070; 2008, No. 11, Article 960; 2009, No. 6, Article 404, No. 7, Article 517; 2010, No. 4, Article 276, No. 10, Article 839; 2011, No. 7, Article 590) to make the following changes:

1. In Article 2.3 of the word "the regulations of the Central bank, other regulatory legal acts of the Azerbaijan Republic adopted according to them" shall be replaced with words "other regulatory legal acts of the Azerbaijan Republic adopted according to them acts of normative nature of the Central Bank";

2. In Article 3.4 of the word "current legislation" shall be replaced with words "the Laws of the Azerbaijan Republic "On non-bank credit institutions" and "About credit unions";

3. In Article 5.3 in the first offer of the word "can obtain … information" shall be replaced with words "obtains … information" and in the second offer of the word "can perform" to replace with the word "performs";

4. State Article 6.3 in the following edition:

"6.3. If the applicant is not qualified sufficient organizational technical training, then in the granted banking license and permission the Central Bank imposes restrictions for implementation of the types of activity permited banks by article 32 of this Law.";

5. In Article 10.4 in the second paragraph of the word "can demand" to replace with the word "requires" and in the third paragraph of the word "can begin" "begin" to replace with the word;

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