BAKU, Azerbaijan, February 25. President of Azerbaijan Ilham Aliyev has signed the decree on the reorganization of Azerbaijan Railways Closed Joint Stock Company (CJSC), Trend reports.
According to the decree, the Closed Joint Stock Company Azerbaijan Railways (hereinafter - the company) will be reorganized in the form of a merger with the Closed Joint Stock Company “Baku International Sea Trade Port” (hereinafter - the port).
The implementation of the General Assembly's powers of the Society is entrusted to:
- The President of the Republic of Azerbaijan:
- Overseeing the reorganization and liquidation of the Society;
- Appointing and dismissing the head and members of the Society's executive body.
The Azerbaijan Transport and Communications Holding (AZCON) is tasked with:
- Implementing matters within the exclusive competence of the highest governing body under the Civil Code of Azerbaijan, in coordination with the President of Azerbaijan, except for those outlined in the decree.
- Carrying out other duties assigned to the general assembly by Azerbaijan's legal acts and the company's charter.
The decree also establishes that the rights and obligations of the Port, as outlined in international agreements and Azerbaijani laws, as well as its assets, will be transferred to the company.
The Cabinet of Ministers of Azerbaijan is required to prepare and submit proposals to the President within three months to improve the relevant legal acts and address other issues arising from the decree.
In addition, the Azerbaijan Holding Company for Transport and Communications (AZCON) must approve a new charter and structure of the company in coordination with the president within the same timeframe.
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