REGULATION OF THE SECTION FOR ORGANIZING SPECIALIZED AUCTIONS OF THE AUCTION CENTER FOR ORGANIZING AUCTIONS UNDER THE STATE COMMITTEE ON PROPERTY ISSUES OF THE REPUBLIC OF AZERBAIJAN

 

 

      1.1  1.2 This regulation is prepared  in accordance with “ The  Decree of the President  of the Republic of Azerbaijan to ensure the action of State Committee on Property Issues of the Republic of Azerbaijan ” dated 24 June 2009, 116,  “ The Regulation of the Auction Center for Organizing Auctions under the State Committee on Property Issues” that was approved according to that Decree, “ the structure of the Auction Center approved with the order of the Chief  of the State Committee on Property Issues” dated 29 June, 06, “The Rules about the  selling of the state property through cheque and money auctions” approved by the  Decree  of the President of the Republic  of Azerbaijan dated 23.12.2000 432, other valid normative juridical acts and defines the activity and the rules of organizing performance of the sector for organizing discount sales  of the Auction Center for Organizing Auctions (hereinafter referred as the Auction Center) Under the State Committee on Property Issues (hereinafter referred as the  Committee).

 1.2 The main function of the section is to organize the auction of shares  of joint-stocks established on the base of state enterprises and other measures about it.

1.3. Activity of the section is guided by the Constitution of the  Republic of Azerbaijan, laws of the Republic of Azerbaijan, decrees and orders of the President of the Republic of Azerbaijan, decisions and orders of the Cabinet of the Ministers of the Republic of Azerbaijan,  other normative juridical acts, orders and decrees of the Chair of the State Committee on Property Issues of the Republic of Azerbaijan, the order and constructions of the director of the Auction Center and this regulation.

                                                                                        II Duties of the sector.

 2.1 To execute duties from the regulation of the AuctionCenter,

2.2 to inform physical and juridical persons about joint stocks offering their shares for public as defined in the legislation,

- to organize the  specialized cash and money auction of the shares of joint stocks in the manner and duration in accordance with the order of the Chief of the Committee,

- to ensure the registration of the orders and other documents attached to them given by the physical and juridical persons to participate at the specialized cash and money auctions,

- to ensure the delivery of the orders and documents attached to them  given by the the physical and juridical  persons to the auction commission in a manner as defined in the legislation,

- to ensure the participation of buyers in equal, healthy competitive environment, transparent condition, in conformity to transparency and legislative principles,

- to ensure the receiving of the orders from physical and juridical persons for participation at the specialized cheque and money auctions, documents attached  to them, disposal state privatization shares in the zone divisions.

- to ensure the disposal of the state privatization shares presented through 1st order form by the physical and juridical persons to participate in the specialized cheque and money auctions as defined in the legislation

-  to ensure the disposal of the state property shares presented through 2nd  paid order form by the physical and juridical reasons as defined in the legislation,

-  to provide the returning of the state property shares presented through 2nd unpaid order form by the physical and juridical persons as defined in the legislation.

2.3 As the result of selling joint-stock companies through investment competition;

-  to ensure the receiving and disposal of the state privatization shares from the winner shown on the contract signed between winner and Committee ,

- to provide the receiving and disposal of the state privatization options and  shares accepted from the foreign investors as defined in the legislation,

2.4 After the end of the auctions;

- to  provide the submission of the disposed state property shares to the NationalDepositCenter for keeping  or storage,

- to provide the delivery of notifications to the winner by the cheque auction Commission,

- to provide the storage of data about the selling of the shares of the joint-stocks through specialized auction in electronic and paper form.

                                                      III Organization of  the activity of the sector.

3.1 The head of the sector is   appointed and discharged by the chairman of the Committee.

3.2 The other employees of the section are appointed and discharged by the director.

                                                      IV Responsibilities of the employees of the sector.

 4.1  The employees of the section bear responsibility  for execution of the duties shown  on the II part of this Regulation in accordance with defined legislation.

                                                       V The cancellation of the sector.

 5.1 The cancellation and re-creation of the section is realized in accordance with legislation.