BAKU, Azerbaijan, January 8. President of the Republic of Azerbaijan Ilham Aliyev has consolidated authority over the future of state-owned credit institutions, granting the presidency final say on their reorganization and dissolution under a newly signed decree, TurkicWorld reports.
Under the decree, the list of individuals authorized to represent the state in resolving matters assigned to the general meetings of banks and non-bank credit institutions with state-owned shares in their charter capital has been expanded, to the extent permitted by those shares. These institutions are hereinafter referred to as credit institutions.
President Ilham Aliyev has signed the relevant decree formalizing these changes.
The Ministry of Economy, based on a proposal from the Ministry of Finance, will approve the charter of a credit institution and determine the size of its charter capital in coordination with the head of state.
