LAW OF THE AZERBAIJAN REPUBLIC

of May 15, 2015 No. 1282-IVQD

About introduction of amendments to the Law of the Azerbaijan Republic "About the Central bank of the Azerbaijan Republic"

Being guided by Item 27 of part I of article 94 of the Constitution of the Azerbaijan Republic, Millie decides Majlis of the Azerbaijan Republic:

In the Law of the Azerbaijan Republic "About the Central bank of the Azerbaijan Republic" (Collection of the legislation of the Azerbaijan Republic, 2004, No. 12, Article 984; 2007, No. 6, Article 562, No. 10, Article 938, No. 12, Article 1196; 2009, No. 6, Article 404, No. 7, Articles 507, 517; 2010, No. 10, Article 839; 2011, No. 7, Article 612; 2014, No. 11, Article 1371) to make the following changes:

1. In Article 10.3 of the word "are determined in the amount of 15 percent from the released cash national currency and" shall be replaced with words "provided that they there is at least its authorized capital".

2. Under Article 12:

2.1. state Article 12.2 in the following edition:

"12.2. After forming of equity reserves and approval of the annual financial report of the Central bank together with the audit certificate the free remaining balance of realized profit is transferred to the government budget.";

2.2. exclude Article 12.3.

3. Under Article 13:

3.1. to the word of "manat" to add with figures "13.1".;

3.2. to exclude the words "also it is not considered when calculating the standard rate, the stipulated in Article 10.3 presents of the Law" from Article 13.1;

3.3. add with Article 13.2 of the following content:

"13.2. The covering of the losses which arose by the end of the year as a result of asset revaluation and liabilities in foreign currency and gold is provided at the expense of equity reserves of the Central bank.".

4. State Article 14.2 in the following edition:

"14.2. The lack of the capital which resulted from activities of the Central bank is settled at the expense of the securities issued by the state with delay in one financial year.".

(c) Soyuzpravoinform

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