Baku Metro closed joint-stock company established in Azerbaijan

Baku Metro closed joint-stock company established in Azerbaijan

Baku, Azerbaijan, Feb. 27
By Emin Aliyev - Trend:

Azerbaijani President Ilham Aliyev has signed a decree on the establishment of the Baku Metro closed joint-stock company.

The closed joint stock company is created on the basis of restructuring the Baku Metro and Azertunelmetrotikinti Company (Azertonnelmetrostroy). It will become the legal successor of the two organisations. It will obtain all rights and duties, as well as the property of Baku Metro and Azertunelmetrotikinti.

The Cabinet of Ministers was instructed to approve the charter and structure of the closed joint stock company and to determine the amount of authorised capital and direction for developing society in an agreement with President Aliyev within two months, according to the decree.

Moreover, the Cabinet of Ministers will coordinate the appointment and dismiss the heads of subsidiaries, including offices, branches and representative offices of Baku Metro. It will also approve the annual report, balance sheet and share the profit and loss of the closed joint stock company and approve the reports.

The Cabinet of Ministers is entitled to approve the transactions of particular importance that is those where the amount exceeds 25 percent of the company's net asset value. It will also deal with other issues related to the competence of the general meeting of shareholders.

The Azerbaijani State Committee for Property Affairs was instructed to coordinate the creation, reorganisation and liquidation of subsidiaries, divisions, branches and representative offices of Baku Metro.

The appointment and dismissal of the CJSC chairman and his deputies (board), as well as issues related to the reorganisation and liquidation are carried out by the president of Azerbaijan.

Under the document, the country's Cabinet of Ministers has also been ordered to work out and submit proposals to the head of state on bringing the acts of the president of Azerbaijan in a two-month period, normative legal acts of the Cabinet of Ministers and central executive power bodies in a five-month period in line with this decree, as well as to solve other issues stemming from it.

The Ministry of Taxes and the State Committee for Property Affairs have been ordered to take the necessary measures on the public registration of Baku Metro CJSC. The country's Justice Minister has been ordered to bring the normative and normative legal acts of executive power bodies in line with this decree and to inform the country's Cabinet of Ministers about this.

Zaur Huseynov was appointed chairman of the CJSC upon another presidential decree.
Zaur Huseynov was born in 1964 in Baku. From 2006 until his appointment to this post, Huseynov was the first deputy head of Bakuelektrikshebeke JSC. He is married and has two children.

Translated by N.H., L.Z.

Edited by S.M.

Additional editing by C.N.

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