Azerbaijan Investment Holding to supervise International Bank of Azerbaijan

BAKOU, Azerbaijan, September 23


President of the Republic of Azerbaijan Ilham Aliyev signed a decree on the transfer of the OJSC from the International Bank of Azerbaijan to the management of Azerbaijan Investment Holding, Trend reports.

According to the decree, the right to participate on behalf of the State in the resolution of problems related to the powers of the general assembly to the extent permitted by the shares held by the State in the authorized capital of the bank was entrusted to the president and investment held by agreement with the president.

The right to participate in the sale, reorganization and liquidation of the bank was entrusted to the president and the resolution of the following issues – to the holding company:

– Appointment of the Chairman and members of the Bank’s Supervisory Board and early termination of their powers;

– Appointment of the chairman of the bank’s executive body and premature termination of his powers;

– Take a decision, based on the conclusion of an independent auditor, when signing a transaction with a competent person for an amount of 5% or more of the assets of the credit institution;

– Take decisions on the increase and decrease of the authorized capital of the bank, determine the conditions of issue of the shares, as well as the authorization to acquire a significant part of the participation;

– Approval of the annual accounts closed by the non-bank auditor and recommended by the Audit Committee, as well as the decision to build up reserves through net income and payment of dividends;

– Approval and modification of the bank’s charter;

– Creation of banking subsidiaries and cessation of their activities, decision-making on the acquisition of another bank;

– Resolve the other questions attributed to the powers of the general assembly by the Civil Code, the law “On banks” and the bank charter, taking into account the clauses of this decree.

The decree also provides for establishing that the general management and control of the bank’s activities are exercised by the Supervisory Board made up of five members, including the chairman.

The Cabinet was tasked with resolving the issues arising from the decree.

In addition, Azerbaijan Investment Holding was instructed to take the necessary measures to resolve the issues arising from the decree.

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