Presidential Decree of the Republic of Azerbaijan on the establishment of "Azerbaijan Industrial Corporation" Open Joint Stock Company

Provision of balanced, competitive and steady growth of economy in the country is one of the priorities of government's economic policy. As a result of continuous economic reforms and economic diversification policy, great achievements has been made in the development of industry as all fields of economy, and industrial production volume has been increased substantially.

For successful development, considering modern challenges and new initiatives, it is necessary to take several measures corresponding with the principal strategic targets of economic reforms, as well as to involve existing natural and economic resources to economic turnover, to efficiently manage the property which is taken to the balance of legal entities, control packet of shares of which belongs to the government and which is under government's ownership.

Based on the paragraph 32 of the article 109 of the Constitution of the Republic of Azerbaijan, related with the application of the Presidential Decree of the Republic of Azerbaijan no. 1138 of 06 December 2016 "on Strategic Road Map on National Economy and Key Sectors of the Economy of Azerbaijan", in order to increase the effectiveness of the management of government property, to form an reporting and control system based on corporative management principles and to achieve the increase in production potential on value chains, I decide that:

1. "Azerbaijan Industry Corporation" Open Joint Stock Company shares of which are owned by the government shall be established.

2. The structure of "Azerbaijan Industry Corporation" Open Joint Stock Company (hereafter called "AIC" OJSC) shall be approved.

3. It shall be determined that:

3.1. The Supervisory Board consisting of 5 members in "AIC" OJSC is formed;

3.2. The current management of "AIC" OJSC is implemented by the General Director;

3.3. In "AIC" OJSC, the issues deemed as exceptional authorities of the general meeting by the National Assembly of the Republic of Azerbaijan are resolved the President of the Republic of Azerbaijan;

3.4. Approval of the structure of "AIC" OJSC, determination of employee payments and other authorities assigned to the Supervisory Board by the charter are realized by "AIC" OJSC;

3.5. Charter capital of "AIC" OJSC and other assets for its operation are formed on the basis of the property that is obtained by "Aqrarkredit" Closed Joint Stock Company from "Azerbaijan International Bank" Open Joint Stock Company in exchange for bad assets (debts), is owned by (is in the balance of) it and will be transferred to the ownership (balance) of "AIC" OJSC.

4. The Administration of the President of the Republic of Azerbaijan shall prepare and submit its proposals related with the following within a month:

4.1. The list of property that is obtained by "Aqrarkredit" Closed Joint Stock Company from "Azerbaijan International Bank" Open Joint Stock Company in exchange for bad assets (debts), is owned by (is in the balance of) it and will be transferred to the ownership (balance) of "AIC" OJSC and transfer mechanisms of that property;

4.2. The list of bad assets (debts) that is obtained by "Aqrarkredit" Closed Joint Stock Company from "Azerbaijan International Bank" Open Joint Stock Company in exchange for bad assets (debts), is under the management of it and will be transferred to the management of "AIC" OJSC and mechanisms of transfer of that property to the management.

5. The Cabinet of Ministers of the Republic of Azerbaijan:

5.1. within three months:

5.1.1. shall prepare its proposals related with the coordination of the statements of the President of the Republic of Azerbaijan with this Decree and submit them to the President of the Republic of Azerbaijan;

5.1.2. shall provide the coordination of normative legal acts of the Cabinet of Ministers of the Republic of Azerbaijan with this Decree and inform the President of the Republic of Azerbaijan;

5.1.3. shall take measures to provide "AIC" OJSC with relevant administrative building for its operation;

5.2. shall maintain control over the coordination of the normative legal acts of central executive powers with this Decree and inform the President of the Republic of Azerbaijan about the execution within five months;

5.3. shall resolve other issues arising from this Decree.

6. 2nd part of this Decree shall be deemed cancelled after the approval of the charter of "AIC" OJSC.

7. The Ministry of Justice of the Republic of Azerbaijan shall provide the coordination of normative legal acts and normative acts of central executive powers with this Decree and inform the Cabinet of Ministers of the Republic of Azerbaijan.

Order of the President of the Republic of Azerbaijan "on the assignment of N.A.Amirov as the chairman of the Supervisory Board of "Azerbaijan Industry Corporation" Open Joint Stock Company".

Based on the paragraph 32 of the article 109 of the Constitution of the Republic of Azerbaijan, I decide that:

Natiq Arziman Amirov shall be assigned as the chairman of "Azerbaijan Industry Corporation" Open Joint Stock Company.

Ilham Aliyev

The President of the Republic of Azerbaijan

Baku city, 6 November 2017