LAW OF THE AZERBAIJAN REPUBLIC

of May 6, 2016 No. 228-VQD

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, in connection with application of the Law of the Azerbaijan Republic "About modification of the Civil code of the Azerbaijan Republic" of May 15, 2015 the Majlis of the Azerbaijan Republic decides Millie's No. 1283-IVQD:

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; 2013, No. 7, Article 790; 2014, No. 7, Article 772, No. 12, Article 1517; 2015, No. 11, Article 1262) to make the following changes:

1. In Article 1 to state the fourteenth paragraph in the following edition and to exclude the fifteenth paragraph:

"Affiliates of bank are persons specified in Article 49-1.1 of the Civil code of the Azerbaijan Republic and also any person who, irrespective of share in the authorized capital of bank, on the basis of the agreement, directly or indirectly has the share allowing to have significant effect on decision making of bank; members of Auditing committee of bank; staff of division of internal audit; other bank employees participating in decision making; chief accountants of bank and its branches; the faces consisting in stipulated in Article 49-1.1.3 Civil codes of the Azerbaijan Republic the related relations with specified persons; persons who have the right to act on behalf of the affiliate of bank; legal entities in whom persons specified in Articles 49-1.1.6 and 49-1.1.7 of the Civil code of the Azerbaijan Republic, at least with 20 percent share participate.".

2. In the second offer of Article 19.3 "Bank" shall be replaced with words the word "Except as specified, stipulated in Article 106-1.5 Civil codes of the Azerbaijan Republic, bank".

3. Under Article 24:

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